Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1875-01-16
THE STATE COMPrR0LLER'S RE.
PORT.

OIate ueDt, either through registration
or through funding, is one of the most
important documents ever Issued from
that department. A series of tables
accompanying it, give bird 's-eye view
OF the whole financial history of the
State, brought down to the present
day. From these it appears that the
recognized bonded Indebtedness of the
State is S22,908, 400, while assets are
held against this bond account of So
81, $685., leaving the excess of liabil-
tiles at $4,000, 504.75. The floating
debt is 81 ,035, 54049, against s., 255,-
704-25. Since January l, 1873, the
outstanding Treasury warrants have
been reduced from S476. S3472 to $283,-
1909, Notwithstanding the fact that
$685., 1888 worth of warrants were Is
sued In the meanwhile, owing to the
interest on school fund, State debt,
the new insane asylums, etc. Since
May l, 1873. the loan account has been
reduced from $343, 05330 to $65, GOO !;
this is especially gratifying, as most of
these loans bore ten per cent. interest.
Notwithstanding the resumption of
interest payments, the receipts during
the term exceed the expenditures by
1928, 545.l1 = this without counting
among receipts the bonds or coupons
paid in by railroads.
The total taxables of the State in
1873 were returned at $30S, 0S9, 73S, an
increase over 1872 of $34, 2l5, 4S0.
Those for 1874 show a decrease, aggre-
eating only $3.50, 533, 561. The amount
of privilege tax reported from October
l, 1872, to October l, 1874, is 1914, 910-
4. The amount due from delinquent
officers prior to JAN l, 1874, is $770,-
or A. The property tax for 1874 is
81, 138, 134. Owing TO delay in the pro-
curing of books, collectors have as yet
sent in only $99,878 of the taxes for
1874, leaving the total of uncollected
taxes now due as 81 ,S28, 1884. Ar
raDgements have been made with the
Fourth National Bank of Nashville
to secure the payment of the January
interest as the coupons are presented.
Attention is called to the Endorsed
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 doubtconcerning the
compliance of this road with the con-
ditions 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 "all property
shall be taxed according to its value, :"
and mentions the variations among the
several States in the matter of assess
ment, Tennessee assessing at only one
half valuation. The discrepancies
among our several counties is surpris-
ing, and works great injustice, only two
counties assessing at full value, while
the other ninety-o one range all the way
down to one-ffth. To secure more
uniformity, the establishment of State
and County Boards of Equalization is
recommended. The need for more
prompt settlement with the officers
who collect taxes is also emphasized
As means for inducing prompt pay
ment by the taxpayers 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 de-
layed payments. The principle here
suggested we regard as an admirable
one, which would in practice tend to
make the taxes collect themselves.
The idea is an old one in the CONNER
cial world, and has been found to work
well. As an instance familiar to the
citizens of Nashville, the bills of our
gas company are made almost SELF
lectable by this plan, every debtor be-
ing anxious to secure the rebate by
paying promptly. Rich men who now
resist 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 6
per cent, would rub their spectacles
and look at that ten per cent. rebate.
Poor tax payers are already prompt,
and would reap its full benefit. In
the course of a few years the item of
unsolicited taxes" on the State books
would dwindle almost to a CIPHER.
The repeal of the assessment oath
is recommended; also az 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 corpora
tons and railroads, attention is called
to several of the Eastern States which
collect one-half to three-fourths Of
their revenues from this source alone.
Kentucky assesses her railroads at
$4,000 a mile. Alabama levies on
over So, 100000 of this kind of prop
erty.
A number of suggestions are made
as to the cheapening of criminal prose-
cutions, the most important one being
that the county, instead of the State,
should pay the costs of trial wherever
there is failure to convict The mat
ter of costs will thus be brought closer
home to the pockets and minds of the
people, and set them 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 bunk is
urged as a matter of revenue. This
subject we debated at some length dur
ing last summers campaign. Its bene-
fits would be: l, al new source of rev.
enue, relieving the people to that ex-
tent; 2, home currency for home folksi
3, increased banking FACILITIES 4, a re-
duction of interest rates, as the State
bank would be limited to six per cent.
and other banks would have to follow,
or let it take all the business; 5, home
aid for home enterprise 6, the open
ing of practical campaign against the
present centralized system of finance
The situation is, that our people now
pay two or three prices for the bank
ing facilities they have. The proposed |
plan would enlarge those facilities, and |
cheaper them, and turn into the State
Treasury a large proportion of the
amount now paid to outsiders for such
facilities.
In the meanwhile, until the copsti- |
tuition can be amended, it is suggested
that OomptrOller's warrants be engrav-
ed in bank note form, of the denomi-
nations Of five, ten, twenty, fifty and
one hundred dollars, and made receiv-
able for taxes and all other dues to the
State These would, in some degree,
furnish State currency, and in SO far
relieve the stringency that results
from the unequal distribution of the