Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-06-07
FACTS FOR HIGH TAX PEOPLE.


out every few days purporting to
show the rate of taxation in the
various States. Tennessee is set
down at six dollars and seventy
nine cents, entire tax, upon the
one thousand dollars worth Of
property (true value). The i'm
piled inference is that property in
Tennessee is assessed at less than
its true value. Exactly opposite is
the fact, with rare exceptions. If
all the taxable property Of the State
could be put up and sold at auction
to bona fide purchasers it would
not bring in the aggregate the
amount Of the assessed value. To
make the table complete and intel
ligible it should include the num-
Der Of consumers and producers in
each State, the amount of money
in circulation according to the best
estimates, the net profits Of labor,
the annual drainage of capital to
other States, the relation Of imports
TO nrOducts and manufactures sold
out of each State, the loss and gain
of property by the war and the
amount of money expended by the
government on internal improve
ments in each State since its ad-
mission to the Union. These facts
being given it would be easier to
Judge whether our taxes are so
exceedingly low or are relatively
high. The interest on the State
debt is, in round numbers, say one
million and a half per annum. In
whatever way the principal Was ex-
pended it is gone, and we have few
assets, except indeed the State CAPT
tai, to show for it. The railroads
and turnpikes we helped to build
before the war, when sold out a few
years ago, brought almost nothing.
This interest is a drain upon our
weakened resources, and a lien upon
the labor and muscle and sweat Of
the people of this State for forty
years. In that time we are ex-
pected to pay sixty millions Or more
without reducing the principal Q
dollar. When our children are
~gray-headed and we forgotten, this
debt will remain like a mill stone
about the necks of the people.
When the funding bill passed it,
authors and advocates assured the
world hat forty cents apart from
the school tax would be sufficient to
pay the interest regularly and meet
ordinary expenses. The very first in
terest that fell due under that bill
was paid with money borrowed Al
ten per cent. per annum; and thai
debt has only recently been dis.
charged. The next Legislature
passed a law taxing railroads anC
dogs, which two items will amour
to nearly a quarter Of amillion dol
lars, and by various other law
greatly diminished public expenses
Yet the accrued default Of interes
and other deficits will amount b,
the end Of this year to owe
two and a half millions. Thee
retically we might catch u.
and commence paying the intere'
regularly in three or four years,
the present rate of taxation wei
doubled and closely collected. b.
as a matter of fact such an increa:
Of taxation would more thar treb
the list Of delinquencies, for ii
people in their Encouragement al
repinings at such heavy and hop
less burdens, would loose spirit al
fail or refuse to pay, to a great
extent than ever known befol
The real enemy of the bond-hold
and of State credit, although n
perhaps thinking of it, is the m
who advocates higher tax.
Double the taxes and repudiati
will come in some shape, and
less than five years from now
bond-holders will be button-holi
every legislator and begging fol
compromise. This is not a r,
colored view of the situation,
it is the truth.
Al CAREFUL reading Of the lett