The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1875-12-02
THE STATE FINANCES.
An original Plan 10 Pay s!se Debi 81
Counties.
From the Memphis Avalanche.

From the Memphis Avalanche.
We have recently seen some sug-
gestions in regard TO the revenue sys-
TEN of our State which it might be
well for our tax payers to consider.
Our City Register, N. I. Williamson,
who has given the matter much
thought and reflection, has prepared
about forty pages of manuscript, in
which the following propositions are
considered:
l. Twenty-one million Of the State
debt in bonds to be apportioned I'd the
different counties for redemption on
the basis of past Assessments. The
counties to levy annually sinking fund
and interest taxes and retire the bonds
aud coupons. For the first ten years
the bonds to be valued at 90 cents on
the dollar, bearing 5 per eentinterest;
during the next ten years at 70 cents
on the dollar, bearing 4 par cent inter-
est, and after twenty yeers at par
bearing 8 per cent. interest.
2. The expenses of the State gov
ernment to be reduced to less than
100000 per annum, by throwing
the EXPENSE as far as possible direct
" upon the counties, including the
costs of the State prosecutions and
the payment Of interest on the State
debt
8. The State to derive none Of its
revenue from assessments Of property;
but to surrender all revenue from as
sessments and tax on merchants to
the counties, to enable the counties
on their own valuation to provide for
the State debt and accruiug interest.
1. The school fund debt OF 81, 512,-
800 to be cancelled, and the counties
to levy a tax for the support Of
schools, instead of leyying tax to
pay the annual interest Ga tic above
sum.
1t is shown that the annual eX~
penses of the State government will
thus be reduced to less than $500, eco,
and that the revenue from privileges,
litigation, tax on railroads, banks and
insurance companies will be mof3 than
sufficient for the purpose.
Legislation and official labor at The
Capitol will be simplifed. The State
will be relieved from keeping the ac-
counts Of collections Of over ninety
revenue collectors, as all these will be
transferred to the counties. Each
county will look after and provide for
its own deficiencies and defalcatioAs;
will regulate the tax on merchants by
emitting on imposing Il privilege tax;
will supervise, allow and pay the costs
Of It's own criminal prosecutions, and
regulate the fees of county officials.
Under the propositions submitted, it IS
shown that the State debt can be paid
in q years, with 10 more rcTciiuo
than was levied in 1873, while under
our present system We will owe q,
much then as we DO now. The people
Of the State will thus save S1,CG0, 600
4 year for % years.
Under the proposition that the State
shall derive some Of its revenue from
assessments it is claimed that the pres
sure for low valuations will be rcmov-
cd, and as true values are approxima-
ted on the tax books the rates OF tax
alton will be reduced; and to carry
out this Idea limited rates Of taxation
and a restriction as to the creation Of
debts are urged.
The views of Mr. Williamson are
reformatory ard in the interest Of the
people. lie adopts the Pennsylvania
system Of assessments, and with it, by
an apportionment Of the State debt
among tie different counties Of the
State Gan original idea of lir VS.,
pays the debt in % years. and puts at
rest for all time to come the question
Of inequalities Of assessments in the
different counties.