Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-02-26

1t will be observed that if we can collect the
Sl,555,g0O out of the levy for 1870 (Which in
cludes the tax on railroSdS), and as much as
SSSo,4O6 OF arrearages, within the ensuing
twelve months, during which the eXpendi-
ture is TO be made, then We should fall short
of paying all outstanding claims aga1 1St The
treasury for one year S230, ,5S5, but would have
enough TO pay all except the outstanding
warrant account. And since the repeal OF
thel law making the interest preferred
claim, the warrants must be paid. One fact
must not be lost sight of. in providing means
to pay our liabilities. Our collections are so
uncertain that the taxes levied for any one
year, to meet the expenses OF that year, do not
reach the treasury, except in about the pro-
portion of sixty per cent. during the year for
which the levy Is made, and the remainder lat
all collectablel within the next two or three
years, so that deficits VIII always occur, and
can only be met by excessive levies or by
10 illustrate: or the tax on real estate and
personal property levied for 1874, and which
should have been in hand in time, at least, u
pay the January, 1875, interest, only thirty.
five per cent. has been collected up to the pre-
sent time. When the comptroller reported
december 20, 1874, although only ten days
before the interest fell due, Iess than one hun
dred thousand dollars been collected, and
much Of this in warrants. so that when the
January interest became due, had IT all been
presented AT maturity, it w9uld have Ie-
quired the raising OF, say sjOO,0JO by temporary
loans.
If it be true, as claimed by railroad gentle
men, that owing to The provisions OF their
charters, their property cannot be subjected
Tor ms year 10 taX8tlOn, or II q resort 10 the
courts is had, as is certain to be the case, then
tue deficit in our assets 10y reason OF a failure
to get this railroad taxi becomes still greater
when calculated on the forty cents basis.
ESTIMATE on RsSIs or SIXTY CENTS.
Sum TO be raised as befo 1851
Sixty cents on $500 900 will give....S2,0i00 900
Deduct fifteen per cent. (fOr tnSt Will
never reach the treasury ............... 3C6 OCO
................... l,734OOO
Privilege tax 32l 100
Clerks, banks, insurance companies,
etc. ................ - ...... lO5,OOO
MiSceIlan neous items s...................... 5000
COllectaO!e AREA ages, estimated at SO, ,lO6
Giving total ,O03 4O6
Now, If all collections can be made within
the year as above, including the tax on rail
roads, then we should have surplus in the
treasury OF S3l9,Si5, but if collections average
as they have since 1855, then even tins
tax would hardly yield enough to meet cur
demands as they mature.
In conclusion, desire to express as my
opinion, that a forty cents tax will not meet
our liabilities a incurred, unless IL is supple
mentet by yesting in the executive officers
of the Sta G, power to meet deficits by tempo
rary loans; but with this power TO borrow
guarded by such restrictions as would be
proper, we can get on with a forty cents tax.
1t Will be absolutely impossible, by any sort
terest, and rid ourselves of deots that must be
net before that time. No rate of taxation
thai may be imposed for 1915 Will bring the
FUNDS Ia time. II must be paid, If paid al all,
by TEN pOrary loans, now that the interest is
not preferred claim.