Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-04-29

$780, 60 be $z1S, t1UO, QUO, which by re-
leases and otherwise may be reduced
to $275, 900, 900.
a tax rate OF six mills Oh this
,e VIM ma "a I slooOOOo
lectings fnsolvences, 6c..........- 165, 900
81. ass 900
Now add tax on railroads.-.....-.-.... $4,000
Average tax for 1881 for mer-
chants, privileges, &c........-..-..... 32l, ass
Increase these taxes in the same
ratio with the tax on lands,...-... 160,779
Tax on litigation and from other
sources'----..- oO,UVO
And we have total of....--.........- 1904, 2s7
Which will leave a surplus of more
than forty thousand dollars perannum.
Now observe, fellow -citizens, that
in this estimate no mention Is made of
other methods of supplementing the
aggregate, as by taxing litigation be-
fore Justices of the Peace but still
we have a fund sufficient to pay the
expenses of the State government, and
to pay the interest on the public debt.
1t may not be inappropriate in this
connection to refer to the suggestion
lately made by some of our creditors
in Maryland, to the effect that the
State shall tax the bonds themselves
wherever held, and collect the assess
ment by retaining the money in the
hands of the treasurer. If the tax
shall be levied it will yield, at the same
rate per cent, of six mills, about $3.50,
22S. and give US surplus of about
500, 600 per annum.
1t may admit of doubt whether we
can constitutiOnally levy this tax. The
| question was presented, in substance,
to the Supreme Court of the United
States in the Pennsylvania tax cases,
/ 10Th Wallace's reports, and the de-
clsion was adverse to the right claimed;
but the Court was divided in opinion,
five to four, and, inasmuch as it re-
versed a decision of the Supreme
Court of Pennsylvania, we may regard
the question as open for re-argument.
1t the tax shall be. assessed without
the consent of the nonresident bond
holder, the courts should be opened to
him to contest it.
Thus. said Col. b., trust I have de-
monstrated that we can pay the inter-
est that may hereafter become due, but
it will be asked what will you do
with that now due and unpaid, or to
become due to January, 1877? Why,
fellow citizens, our floating debt is
now extinguished, warrants drawn on
the treasury are paid when presented,
| money is now flowing into our Golfers
| from every county in the State, and
with proper effort the Treasurer will
be able to pay the interest to become
due in July next, and perhaps to pay
great part of that to become due in
January 1877. But should he not pay
any part of the sum to fall duein jan
uary 1877. that together with the in
terest for July 1875, and January 1876,
will make in all 81 ,909, 805. In this [
do not estimate interest on the school
bonds, because it has been paid to this
day and will have been paid to Jan
uary 1877, and from the sum should
be deducted interest upon bonds held
by schools and charitable institutions,
amounting to $4,000. the interest
upon which will be $67 800, leaving
81 $40. 300.
To the extinguishment of this debt
we can apply the uncollected taxes,
and if they shall, as they probably will,
be not sufficient for the purpose, we
may provide by law that after certain
/ time. say three or four years, the
coupons, to a limited extent, each year
may be receivable for taxes.
Col. Bailey proceeded to say, that
he had shown how the debt could be
paid without oppressive taxation, and
| then asked his hearers, sitting as triers
of their own cause, what is your judg-
ment? Can you, in view of the grave
responsibilities that rest upon you as
men, and as a constituent part of the
sovereignty of the State, refuse to do
justice merely to save yourselves from
some Inconvenience Can you not
pay these taxes without, as is some
times said, bringing ruin and bank
ruptcy upon your country? The in
terest to be paid to creditors, other
than the school fund, is just one dol
lar to each inha bitant of the State, ac
cording to the census of 1870. 1t is
less than five mills on the dollars
worth of property, according to your
tax-lists. 1t is only two and one-half
mills to the dollar upon your wealth,
as shown by the census. VIII it op-
press you? will it bankrupt you? If
you refuse to pay, what will you do
with your assets? Will you give them
into the hands of an assignee? Who
will take your railroads? To whom
will you assign your beautiful capitol?
Who shall enjoy the Hermitage?
Said he, no, gentlemen, it will not
Cypress you to pay the debt; other
people are to-day paying higher
rates of taxation, and still they pros
per; but they do not spend their time
in lamentng their sad misfortunes.
Bravely and cheerfully they press for
ward with eager step to the goal of
wealth and independence-they look
not to the past, but with hope and con-
fident expectation to the future they
prosper because they will to prosper.
''Posspnt qufa posse otdentur."
Again, said he, can you afford to
leave your debt unpaid =? Are the good
name and fame of your State not to be
cherished Will you not hand down
to your children, without blot, the
escutcheon you received unsullied.
You boast, that in respect to soil and
climate, Tennessee stands to-day with
out a rival among the States; that
nature has with bountiful prodigality
stored up in your hills and mountains
minerals of every kind, that only wait
upon the industry and energy of your
people to make you the richest OF all
people. You have been engaged for
years in the endesvor to bring your
unsurpassed natural advantages to the
knowledge of the world, and to attract
to your waste places the hardy sons of
toll and the capitalist with his wealth.
Your efforts are just beginning to be
crowned with success. Will you undo
all this work? Will you repel the i'm
migrant now looking hopefully to this
fair land, and the capitalist now in
specting your vast deposits of iron and
of coal? Will you drive from your
borders the most vigorous and enter
prising of your own youth ? If you
would do this, unlurl the banner of re-
pudiation Proclaim to the nations
that. from poverty or other causes,
Tennessee cannot or will not pay her
honest debts From that moment your
genial climate and fertile soils, and
mineral deposits will, TO the stranger,
become as the deso.stion of Petrea
your young men will go out from amoDg
you to enrich other and moro favored
societies, and you will sink into a con-
dition of,moral and business decrepi-
tude, that will be hopeless helpless
The State, the fountain of all law,
the dispenser of justice, cannat do Ia