The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1876-06-01

3 F--' ~ ~
Tenn. University not re-
quired to be registered, 100000 90
Making the sum of. $22, ,9Os, 400 90
Amt due from solvent
railroads & purchasers
of delinquent railroads. $3,Sl7, 1896 20
Bonded liability over as
sets ... .......... s19,O9O,5OS 75
Estimated amt of bonds
to be registered, -. 2,130,000 90
ability ssi ,ssO, SOB 70
Floating or current debt to
wit: Outstanding Treas
ury warrants -. $ 2s3, ,29O 40
Amount of loan account 65, 900 90
Inst. due Jan. /, 1873 " 6S7, $50 90
Total, ....... -. $1,O35,54O 40
Floating or current re-
ceipt account, ,uncollect-
ed taxes s.............. $I,S2S, 1882 OF
Cash on hand, ... 32S,7O4 %
Inst. due Jan. 1, 70, from
solvent railroads 9s,666 IS
Total, ................. $2,255 ,6O4 %
Cur. assets over liabilities 81 ,22O, ,763 76
Showing the total liabilities of
the State over the assets to be about
$20,OO0,000 on the 18th of Dec,
1874. Now suppose the bonded
and interest bearing debt of the
State only to be $20,000,O00, and
the whole to bear interest at the rate
of six per cent. per annum, and the
interest on the public debt will year
ly amount to $I,2OO,OOO, the inter
est on the school fund about $780,
900, and the ordinary expenses to
be $650,000; and we have the sum
Of 50, 100000.
The above l believe to be a mod
crate calculation, and shows that
the demands upon the Treasury will
be at least two millions of dollars a
year-taking into consideration no
part of the public debt, huge sum,
and heavy burden for the taX-pay-
ers of the State to carry. Can we
meet it with anything like a moder-
ate or reasonable tax? The case
looks frightful, and l am free to
say we cannot, under our present
revenue system. The assets under
our present revenue laws will moth
ing like meet our liabilities. What
shall we do? Shall we raise the
taxes, or shall we reduce the eX
penses? Or shall we stand still and
do nothing, and let the expenses of
the State go on increasing from year
to year until we are hopelessly
bankrupt, and then repudiate? The
crisis is upon US, and if we would
preserve the honor and credit of the
State we must act, and act speedily
The first thing in Importance is 6
just, wise and efficient revenue sys
TEN, and such a system we cannot
have under the present constitution
The great object of the government
is to protect life, liberty, property
and character, and its protection
and benefits are literally extended
to all persons and classes. There
fore, every person and class of per
sons should contribute to the sup
, port of the government in proper
tion to the protection given or Sc
/. cured, his or their ability to pay, Of
the amount of property they con
troll. l therefore think it was {
great blunder in the trainers of the
constitution to exempt the poll from
contributing its fair proportion tC
, the support of the State government
] also think the exemption in refer
ence to personal property was al
error, because it operates upeqBalY
Sometimes a mans Uife has sepa
, rate property, and then they ar,
both entitled to the $1,000 exemp
ton; and sometimes or 4 member:
of firm all claim it, and sometime.
every member of a family are al
lowed it, especially after the deatl
of the father, each child being a ta1
! payer, and in this way great injus
: tice is done between persoLs VIII,
: pay taxes on property. 1t wOulC
, be better for the constitution plain
ly to specify what should be taxa
J BILE, than to say what should b,
: exempt. The old constitution wa
| better than the new in that particu
lar. Every proper subject of taxa
2 tion should contribute its fair pro
t portion to the support of the Stat
, government, and the taxes ought t,
/ be so levied as to cause all person,
and classes to bear their fair pro
[ portion OF the burdens of taxation
e With the constitution so amende,
= as to authorize the enactment of
proper revenue system, the taXabl
= property of the State, under any
h thing like a fair assessment, woul
r. be at least $30O,OOG,O0O. That sur
f 1T so cents on the 500, the amour
e of taxes now levied by the STATE
e would be $I,500,000. There ar
Il about ISO,O poll, which at 81 pc
}, poll would raise $1SO,OOO. Tn
/, bonded debt of the State is abou
# $2O,000,000 or more, and the bond
d holders are looking to the Stat
g government for the protection c
It their interest, many of whom pa
o nothing towards the support OF til
/ State government. The ConstitI
y tion, Article II. sec. 2S, authorize
e the Legislature to levy an incom
It tax on stocks and bonds not take
q as property, from which we ougl
n to receive perhaps as much q
l. 100000. The taxes now collecte
< from privileges is about $320,OOt
st making in all about $2100,OOO A
low for commissions and delinquer
% cies only u per cent, and we onl
% have left 81 ,S4S,000, which shows
Ie deficit of 1882 900 less than fa
l. and moderate estimate of the liz
| bilities of the State. Now, VIII;
is shall we do to enable us to max
d our assets meet our liabilitiesg
4 again ask, shall we raise the take
e, or shall we reduce our expense:
re A very large item in the account {
Of our liabilities is for official salarie
D. amounting TO over $I50,000 a yea
lie as follows, to-wit: Governor, s., ,00t
Y, Governors private Secretary, 81 so
< Judges Of the Supreme Cour
" $4,000; Judges Circuit, Crimini
ID and common law courts and Chan
it cellors, 80, 500; Comptroller, $2,7
0 and clerk hire; Treasurer, S2,7C
g. and clerk hire; Secretary Stat
t; 81, 800 and fees, DC, DC, maxim
it over $I5O,OOO a year, besides Il
er executive and Judicial expenses, ST