The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-16

DISPOSITION OF THE MASSES TO CoMpR1 MIsH
THE BONDED DEBT AT FIFTY PER GENT
GOVERNMENT EXPENSES EXCEED THE REV
ENUE.
NASHVILLE, August Is. 1877
large number OF letters holders of Tennessee
bonds making inquiries 10 the probabilities OF their
payment continue to pour in hero from tho Eastern
ctos. great deal OF anxiety is shown this
spondenco The writer's to fear that the Legisa-
will be very slow in reaching point OF great
magnitude to tbcm, aud tho fear an uniounded
Tho average legislator has fully dccstcd tho
s1bjcc and It is likely that he VIII not make up hts
mind until the body is called together for tho purpose
Tho fact that Tennessee has heavy liabilities is pain.
fully realized by all her citizens Tho moro intelligent
classes recognize the strait and sec q
compromise elected and measures taken for tho
wIpiug Of the debt. In order do this however,
The CO. operation OF the bondboldcrs is necessary
majority o them must say whether they will accept
the ''Cearing House," or what rs known here tho
.Coc Compromise Tho popular inclination here Is
to compromise tho dcDt at nity cents the
dollar, If possible; yet could settlement be
made at even sixty cents II would be approved
OF bv the they arc tired OF the subject ever
looming up before them, liko a spectro and de-
csion ever being arrived at concerning IT, From timo
to time and from Legislature u Legislature the ques-
has been postponed one OF tho several bodies
caring 70 take the responsibility OF settling The mo-
mcnous question. But sooner or later some action
must be taken, and now, should Governor Porter DO
assured that tho Clearing House compromise would DO
accepted by the bondbodcrs, he would It is believed,
call the Legislature meet In October for the express
purpose OF adjusting the difficulties. By that tmc tho
lax aggregates will have been ascertained, and
could then DO fixed Tor the next year 10 meet tho
demands.
DEFICIT REVENUE
rho returns far received show general decrease
In assessments, and should tho tax OF next year DO
continued at ton ceuts, will be tho unless tho
Legislature shall otherwise decree, tho current OK
pcnses the State cannot be paid while the warrants
will be heavily discounted
Tho running expense OF the State Is something over
5000 900 per annum About 500, 900 IN taxes
realty will b. collected under the ten cent tax and
5000 900 on privileges, leaving deQcit OF about
5000 600 which has last TO DO madc by direct
alton.
Tho surplus amount IN tho State Treasury
about 5000 OOO--wlll not than pay expenses OF
royernmcnt up 10 January 1878, so that aftcr thas
time the State Will depend upon Tho collection
of the $500 900 for running expenses, and tho de-
0c wi, not DO seriously felt until the TALL Of 1878.
winch time great deal OF difficulty will DO expert
cnced IN state finances
Outstanding warrants now amount to $l25 900, and
under the present state OF things must increase the
rate OF about $685. 900 per mouth As warrants arc
Tor taxes ~ easy to be seen that
than onehrd tho taxes will be collected in currency
Tnis condition OF affairs, # not rcmcdcd rs likely
TO produce grow among the people, and very
nticrinG opinion Will DC held OF the members OF the
present Legislature
Ia an educational point of Wow Tennessee stands
foremost among southern States and tho state tax Tor
school purposes amounts TO about $3.50, 600 wno tho
special levy by tho counties brings II up TO round
million. In this particular tho state has advanced
rapidly, n she has tailed to pay tho interest on her
$24, 900, 900 bonded debt.