Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-07-18

the taxable property in Tennessee in
1880, $347 SOC, 600; 1885, S417, 200, 900;
1895, 556, 100000. The present rate upon
! $347, 000, 600 would be 81, 800, 600; upon
S4l7, 900, 900 it would be 1858 600: up
on $5S7, 900, 900 it would be s., 248, 900, to
say nothing Of taxes on privileges, rail-
roads, etc, and this would soon pay the
debt. But it may he said that we will
not increase in wealth. If this be so,
which cannot for moment believe,
then there is danger that the debt will
not be paid, even if we reduce it to one
half what it now lie. A people who are
not prosperous, but who are going down
| hill and who are decreasing In wealth,
will feel very little like paying any pub
| Tic debt. The creditors of Tenness ae, il
| they are wise, will use their capital, or q
| portion tit, in improving our State, for
| by that means they will improve the
prospects Of the payment of the bonds
we owe them. If they will exchange a
portion of them for property in Tennes-
| see, and thereby become Taxpayers as
well as bondholders, they will increase
| tbs probabilities of the payment of the
| remaining Tennessee bonds held by
them, in addition to becoming owners
Of property which they may make val.
uable. The more of these bonds that
are held by the people of Tennessee the
easier and more certain will be the pay
ment OF all Of them. Wise creditors will
always help debtors who are pressed,
and who are trying in good faith to
meet their engagements.
ARE STATE TAXES BURDENsoME IN
TENNESSEE?
It is sometimes said that our State
taxes are grievous and heavy to be
borne. Is this true? Does not such an
assertion do our State great injustice?
The State tax is forty cents on every one
hundred dollars for State purposes, and
ten cents for schools, making in all, fifty
cents upon the hundred dollars. This is
only ten cents on an acre fland assessed
at $40, and is there any land in your
county assessed higher than this? Will
any man say that ten cents an acre on
land worth twenty dollars is very
heavy tax. The farm products of our
State exceed $50, 000, 600 per annum, and
our whole State tax is not above ST.
SOC, 1000, or not one-fiftieth of the value
of our farm products. This does not in
clude the profits of manufacturing or of
commercial pursuits, and this is what
some men call a high tax. Alabama
and Mississippi, two neighboring States,
lost nearly twice as much each by the
war as we did, in their slave property
and in the depreciation of their real es.
tate, as appears from the following table:
1865 1870
,I98, 1852 SIS, ,595
Mississippi 5O9,472912 I77,Z78,S90
Tennessee .............. SS9 04S, S52 25S,7S2 l6l
This was the assessed value OF real and
peIs Onal estate in these two States in
1860 and in 1870, and yet these States
TaHu houo Stofo t0voo No aol
fifty per cent. higher than Tennessee.
l have not compared Tennt ssee with
more northern States that have higher
taxes, because it is said they are more
able to pay them, but have selected
States that have sustained heavier losses
and that are not so prosperous as Ten
nessee. II all the State taxes were re-
moved, We would find very little relief.
1t would be like removing q feather
from the shoulders of man borne down
by load of iron. The taxation and bad
management of the Federal government
are the causes, in great degree, of your
pecuniary troubles, and these this cry of
State reputation only tends to fssten
upon you and make them perpetual.
Other and, perhaps, better plans than I
have suggested will be presented. / am
welded to no particular plan, but am
ready TO OeIor 10 b06 aSS0mDI6u WISDOM
of the Democracy of the State. All plans
of adjustment can be considered in con-
ference of clear-headed, sagacious, prac.
teal men, representing the State and its
creditors, who will doubtless agree upon
an arrangement satisfactory to the peo-
pie, and just and fair to the bondhOlders.
While have been disposed in this dis
cussion to advocate what believe to be
just and right to the Oondholders, l have
been influenced more by desire to ad.
vocate that policy which would be of
permanent and lasting benefit to the
State and to her citizens. AS l have be-
fore said, "the honor and good name of
Tennessee are the property of every cit
izen Of the State. They not only belong
to him, but he should leave them as a
legacy to his children. They are as dear
to the poor man, who only pays poll
tax, as they are to the man who counts
his land by the thousands OF acres and
his wealth by the hundreds ofthousands !
of dollars"