Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1876-09-14

pay what he can, altnOuSh there
is no power of compassion.
There is no peculiar honesty in
paying a debt when we can be
compelled to do it, but be who
pays when there is no compul-
sion shows true principle. If We
can make an arrangement with
our creditors, not nnder threats,
but upon full and free consulta-
tion, we should do SO, and this
will be an injury to no one.
RATE OF. TAXATION. g~,
In determining what arrange
ment we can make, we should
consider what should be our
late of taxation and what our
probable revenue. / do not be-
lieye that an increase Of taxes
will increase the receipts into
or State treasury. AS our
laws for the collection of taxes
now stand, we would merely
have more delinquent tax pay
ers. Unless we can collect the
taxes now levied, there is no
use in any further increase. The
first thing to be done is to Sc
cure the payment of the taxes
already levied, for it is unjust
that some men should pay taxes,
and others, who have as much,
or more property, should pay
none. An increase in The rate
Of taxation might reduce the
assessment, and thus no more
would be raised than under the
present rate. A few years hence,
when the private debts are all
paid, as they will be. the coun-
try will be in better condition
for an increase Of taxation than
it now is, even if such an in
crease should become necessary.
The people are slowly but sure
ly getting out of debt, and the
very scarcity of money is bring
ing this about by forcing men
to be economical in their habits
ard in their expenditures. |,
however, believe the present
rate will eventually pay the
debt by the increase in the
wealth ard productions of the
corItry.
WHAT THE PRESENTTAX SHOULD
IF the taxes are collected, as
they should be, the present rate
will bring into the treasury ST.
100000 as follows:
Tax on property. ...... 100000 600
Privileges, clerks, railroads, etc. -. $4,000
Total ....$1 600 900
Less expenses and insolyencies. -. 100000
Balance. ....... $l,5O0OOO
With the prope" laws proper
ly administered, the expenses
of collecting taxes and the in
solvencies will not exceed $780,
900 per annum. Let us now
see what is the amount of the
debt. According to the report
Of the comptroller, in 1875, the
debt of the State will not ex-
coed $22,000,000; but suppose
we put it at $25,000,000. Six
per cent. Of this amount is ST.
100000; 4 per cent per annum,
81 100000. If we put the ex-
penses Of the State government
at 100000, and the interest Cat
4 per cent 81, 0O0,0 900, the pres
ent tax will be sufficient to pay
that amount. The expenses of.
the State government can be re-
duced to 100000. per annum
with no detriment to the pub
lie service, and this will leave
an. ample amount to pay d per
cent. interest on your debt
without any increase in the
wealth of the country. But,
f the amount collected. should
only be 81, $780, 900, and the ex4
oenses of the State government
should be 100000, that would
cave $850,000 to be applied to
he payment of interest. IT the
ponds should bear3 cent. for
i've years, the interest would be
$4,000 per annum, and there
would be 100000 left, to be
lsed in paying the principal.
At the end Of five years the
ate of interest might be in
creased to four per cent, be-
cause the revenues of the State
would be increased by the
growth of the taxable property
# the State. We have good
eason to believe there will be
N increase. From 1852 to
$50 the1wealth increased $780,
=27 ,233; and from 1S65to 1875,
t increased over $03,000,000,
nd this latter increase took
,lace in times of extreme de-
'ression. Since 1873 there has
'een a decrease in the assess
nents. because of the very Pc