Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-02-26

n the single item Of Statepr0secuhons,
for the reason perhaps that this covers
all the retrenchment yet accomplished
by the Legislature. In such items as
sending convicts to the Penitentiary,
land sales, and arTesting fugitives, he
lakes the average of thepast five years.
The opinion Is universal that much
economizing can be effected by the
present Legislature on these and other
sources Of expense. He also includes
interest on the S213O,OOO Of State
bonds not Jet funded or registered. 1t
Is therefore evident that this estimate
for 1875 is liable to reduction by such
further retrenchmentas the Legislature
may effect and such laggard bonds as
may not come in.
On the other hand, the estimates of
revenues is placed on the lowest, safest
basis. Theassessment Of 1874 is taken,
without any allowance for improve
ment in values as the panic recedes, or
improved crops this year and next, or
the political revolution since the last
assessment, which, as its accomplish
ment approaches, viii have a most In
spring effect on orr people md indus
tries, and inevitably result IN an in
creased production Of wealth. Taking
the assessment Of 1874 also presumes
that the Legislature viii make no i'm
proyement in our VIGOROUSLY defective
and unjust assessment laws; it assumes
no increase from the equalization of
taxation which is demanded By natural
Justice and the State Constitution; it
assumes no improvement in the way of
more certain and punctual payments
from tax collectors. Railroad property
is set down at a reasonable aggregate,
but We 6nd no taxes expected from
other corporations which have hitherto
escaped.
Again. The privilege taxes and
those from clerks Of court, etc, aggre-
eating $4,000 are based on the aver
age Of the past two years-that Is, on
the business Of two panic. years. Surely
there is room for expectation that bust
ness IN al its branches viii be vastly
better this year and next, resulting in
proporuonate increase Of receipts
from that source.
Now al these mitigating considcra-
tions are subjects for the Legislature
TO estimate, not tue Treasure. The
latter cannot discount measures for re-
trenchmcnt until they be enacted. Nor
need he differentiaie between the past
two years and the two on which We
have entered. But the Legislature can
DO So, and justice 90 hepcop.e requires
II. Under the new Constitution, that
body is compelled to forecastthe States
future for two years. Aud they must
look on tee bright side, as well as the
dark, il they would forecast wisely.
The signs OF the times III point one
way.
TO recapitulate. Treasurer Nor
rows estimate Of Liabilities for 1875 IS
a sweeping one. embracing all that can
possibly come IN, allowing for no re-
trenchment that is not yet enacted,
and leaving clean books az the end Of
the year. If this eslima G IS provided
for, the levy Of 1876 viii be less by
S736, 926, still surprising that the Leg
islature passes no more measures Of en-
economic nature. The total for the
term, distributed between the two
years, would require for each a levy Of
So 2S5,O7S.
With regard to assets, the Treas1-
rer's estimate IS based on two years Of
financial distress, allowing nothing for
any improvement in the thoroughness
or equalization Of assessments, or n
the way Of effective collections. He
cannot tell the probable results Of as
sessment and collection laws which are
yet in embryo-that rests with the
Legislature; and we beg leave to say
tLat the people expect from the efforts
Of the present body more equitable as
sessments and a shorter roll Of delin-
quent collectors.
Finally, for the benefit Of Legislators
who are trying to convert our debts in
to ready money, or IN ether words, to
float a home substitute for currency on |
the peoples faith IN their own State, |
we would call attention to the fact that !
Of the total interest estimated by |
Morrow at Sl,43O,654, the !
sum Of SI5O.750, being interest on the !
school fund, Is paid in warrants which |
generally return to the Treasury in the !
shape Of tax-payments. The same is |
true Of the S395,0G IN bonds held by |
the East Tennessee University, leaving |
SI,253,If4 as the amount Of annual IN |
terest on the State debt, which should /
be met IN greenbacks.
GEN. FORREST, of the late Confed- !
crate army, made a speech 1T MuldoH,
Tenn, on the #th inst, IN which he Is /
reported TO have said that he believed /
there would bee another war, and his ]
policy would be TO raise the black flag, /
with the skull and cUoss-bgues on it. |
and not leave q Republican, white or
black, alive In the State" We are IN
clined to Gisbclieye this report; bat we /
have no doubt that Gen. Forrest is ca
pablo. Ike m uyothcr White Leaguers. /