The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1875-02-04
STATE FINANCES.
Abstract of the Comptroller
Report.


was crowded out of our last issue:
The report of the ComptrOlIer's Office
/ for the past two years, says the Union
/ g. American of the Sth inst, embracing
as it does the Overhauling of the entire
! State debt either through registration,
or through funding, is one of the most
/ important documents ever issued from
that department. A series of tables &C
companying it, give a bird'seye view of
the whole financial history OF the State,
brought down to the present day.
From these it appears that the recog-
nized bonded Indebtedness Of the State
| is $22, $685. 400, while assets are held
against this bond account of SO, 81, $780,
! %, leaving the excess liabilities at
SIS, 1850, 504. IS. The floating debt is ST.
OBS, $40. 40, against $2,255, 704.25. Since
January /, 1873, the outstanding Treas
ury warrants have been reduced from
! sac, 834.72 to $2S3, 290.49, notwith-
standing the fact that 1898, 1883 worth
of warrants were issued in the mean
while, owing to the Interest on school
| fund, State debt, the new insane asy-
lums, etc. Since May /, 1873, the loan
account has been reCuced from $343,-
O53.30 to $65, 900; this is especially graf
flying, as most of these loans bore ten
per cent. interest. withstanding
the resumption of interest payments,
the receipts during the term exceed the
expenditures by 1925, 545.lI-this with
out counting among receipts the bonds
or coupons paid in by railroads.
The total taXables of the State in 1873
were returned at $308, 0S0, 73S, an in
crease over 1872 OF $34, 2l5, 4SO. Those
for 1874 show a decrease, aggregating
only $2S9, 1885, 61. The amount of priv
ilege tax reported from Oct. /, 1872, to
Oct. 1, 1874, S644, 91O.O4. The amount
due from delinquent officers prior to
Jan. l. 1874, is $40, 077.44. The proper
ty tax for 1874, is $l,13S,I34. Owing to
delay in the procuring of books, collect
ors have as yet sent in only $99,97S of
the taxes for 1874, leaving the total of
uncOllected taxes now due as 81 ,S28-
1874. Arrangements have been made
with the Fourth National Bank of
Nashville to secure the payment of the
January interest as the coupons are
presented.
The repeal of the assessment oath is
recommended also an amendment of
the law authorizing the renting or
leasing of property condemned for taxes
until all dues, costs and penalties be
paid.
On the subject of taxing corporations
and railroads, attention is called to sew
Il al VI lilC LdSLCIu DIdJCS WHICH Collect
One-half to three-fOurths of their reVe-
nues from this source alone. Kentucky
assesses her railroads.&c. $4,000 IA mile.
Alabama leVies on over $25,OOO,OOO of
this kind of property.
Attention is called to the 'EEndorsed
Bond account" or the bonds of rail-
roads which are endorsed by the State.
These are no source of expense, as the
interest is promptly paid by the roads
themselves, with the single exception of
the Memphis and Little Rock road.
There being some doubt concerning the
compliance of the road with the cOndi-
tiOns Of endorsement at the time, the
State officials have refused to either
register the bonds or fund the past due
coupons, and the matter reverts to the
Legislature.
The report calls attention to the con-
stitutiOnal provision that sail property
shall be taxed according to ITS UdIue,''
and mentions the variations among the
several States in the matter of assess
ment, Tennessee assessing at only one
half valuation. The discrepancies a.
mOng our several counties is surprising,
and works great injustice, only two
counties assessing at full value, while
the other ninety-One range all the way
down to one-fifth. To secure more uni
fOrmity, the establishment of State and
County Boards of Equalization is recon-
mended. The need for more prompt
settlement with the officers who collect
taxes is also emphasized. AS a means
for inducing prompt payment by the tax
payers themselves, the plan is suggested
of deducting ten per cent. on taxes paid
by the first Monday in September, and
five per cent. on those paid by October,
while penalty, similarly graduated, be
imposed on delayed payments. The
principle here suggested we regard as an
admirable one, which would in practice
tend to make the taxes collect them
selves. The idea is an old one in the
commercial world, and has been found
to work well. Rich men who now re
sist their taxes to the last, putting out
the money at 10 to 20 per cent. interest,
while they can redeem their property in
due time by paying only per cent;
would rub their spectacles and look at
that ten per cent. rebate. Poor taX-pay-
ers are already prompt, and would reap
its Iul benefit. In the course of a few
years the item of "uncollected taxes" on
the State books, would dwindIe almost
to cypher.
A number of suggestions are made as
to the cheapening of criminal prosecu-
tions, the most important one being that
the county, instead Of the State, should
pay the costs of trial whenever there is
n failure to convict. The matter of costs
will thus be brought closer home to the
pockets and minds of the people, and
set men to thinking more vigorously
on the subject. The reason assigned for
making the county pay the costs, in
case of failure, while the State pays in
case of conviction, is that the whole
State gets the benefit of the labor of the
convict.
The establishment of State bank is
urged as a matter of revenue The re-
port urges, l, a new source of revenue,
relieving the people to that extent: ,,
home currency for home folks; 3, in
creased banking facilities; 4, a reduction
of interest rates, as the State bank
would be limited to six per cent. and
other banks would have to follow, or let
/ { take all the business; ., home aid for
home enterprise; 6, the opening of a
practical campaign against the present
centralized system of finance.
In the meanwhile, until the constitu-
ton can be amended, it is suggested that
Comptroller's warrants be engraved in
bank-note form, of the denominations
of five, twenty, fifty and one hundred
dollars, and made receivable for taxes
and all other dues to the State. These
would, in some degree, furnish a State
currency, and in so far relieve the Strin-
gency that results from the unequal dis
tribution of the national article. The
establishment OF Fiscal Board compos-
ed of citizens of established financial
ability, to manage the assets and indeb-
tedness of the State under legislative
restriction, Is also recommended.
T.,.A -, CT UpsT =, - UTs-