Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-01-10
THE STATE ooMPFROLEEBs re-


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
accompanying it, give a bird's-eye
view Of the whole financial history of
the State, brought down to the present
day. From these L appears that the
recognized bonded Indebtedness Of the
State is SD sos, 100, while assets are
held against this bond account Of So.
Sl7, 895.25. leaving the excess Of habil-
tiles at $4,000, 5O4.75. The floating
debt is s1.O35,540.49, against S.
255, 7GA25 Since January i, 1873.
the outstanding Treasury war
rants have been reduced from
s476,SSA72 to S2SS,29O.49, notwith-
standing the fact that 1895, 1888 worth
Of warrants were issued in the mean
while, owing to the interest on school
fund, State debt, the new insane asy-
Iums, etc. Since May l, 1873, the loan
account has been reduced from S343,-
O5330 to $4,000; this is especially
/ gratifying. as most of these loans bore
ten per cent. interest. Notwithstand-
ing the resumption Of interest pay
ments, the receipts during the term
exceed the expenditures by SS2s,545.I1
this without counting among re-
ceipts the bonds or coupons paid in by
railroads.
The total taxables of the State in
In 1873 were returned at sos, 0S9, 738,
an increase over 1872 of S34, 2I5, 4SO.
Those for 1874 show decrease, aggre-
| eating only S299, 533,561. The amount
of privilege tax reported from Oct. l,
1872, to Oct. l, 1874, is S644,91OO4.
The amount due from delinquent Off
GERS prior to Jan. l, 1874, is S770, 077.44.
The property tax for 1874 is 81, 1885, 94.
Owing to delay in the procuring of
books, collectors have as yet sent in
only S99,878 of the taxes for 1874,
leaving the total of uncoIlected taxes
now due as Sl,S2S, 1884. Arrange
ments have been made with the Fourth
National Bank Of Nashville to secure
the payment of the January interest ss
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 doubt concerning the
compliance of this road with the condi-
tons Of endorsement at the time, the
State officials have refused to either re-
gister the bonds OF fund the past due
coupons, and the matter reverts to the
Legislature.
The report calls attention to the con-
stitutiOnal provision that "al property
shall be taxed according to its Ualue, +"
and mentions the variations
among the several States in
the matter of assessment, Ten
nessee assessing at only One-half
valuation. The discrepancies among
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-ffth. To secure more uniformity,
the establishment Of State and County
Boards of Equalization Is recommend.
ed. The need for more prompt settle
ment with the officers who collect taxes
is also emphasized. As a means for
inducing prompt payment by the tax
payers themselves, the plan is suggest
ed of deducting ten per cent. on taxes
paid by the first Monday IN September,
and five per cent. on those paid by De-
tOber, while penalty, similarly gradu-
ated, 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
themselves. The idea is an old one in
the commercial 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 sef-collectable by this plan,
every debtor being 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 re-
deem their property in due time by
paying only 6 per cent, would rub
their spectacles and look at that ten
per cent. rebate. Poor 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 al
most to a CIPHER.
The repeal of the assessment oath is
recommended; also an amendment of
the law authorizing the renting or leas-
ing of property condemned for taxes
until all dues, costs and penalties be
paid.
On thesubjeot Of taxing corporations
and railroads, attention is called to
several Of the Eastern States which
collect one-half to three-fourthsof their
revenues from this source alone. Ken
lucky assesses her railroads at $4,000
a mile. Alabama levies on over S25.-
100000 of this kind of property.
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,