Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-12-13
lrnnamlt sialn.

juasies aEd policy | transmit 9 state'
meut from the comptroller, exhibiting
the levy necessary 20 meet the obiiga'
nons Of the State If the proposition OF
the creditors is accepted. THIS state
ment does not include $10.500 income
from the lease of the penitentiary, not
less than $50, 900 from the present valna-
ton Of railroads, together with the reve-
nue. to be derived from the tax on tele-
graph lines and sleeping cars. 1t a
compromise Of the debt is made, It will
be the duty Of the general assembly to
provide the revenu necessary to carry
It out. II will also be necessary TO pro-
vide BY appropriate legislation for the
expenses OF the first aud present extra
sessions of the assembly.
The comptroller says, in reply to your
inquiry Of this date in regard to the esti.
mate as to what tax may be necessary to
levy on the assessed taxable property of
the State in order to pay the six per
cent. interest on the State debt adjusted
at fifty cents, convey herewith the esti
mate, which assumes that the current
expenses and interest on the school fund
we're provided for at the regular session
of this legislature. From this statement
il will be seen that an additional levy
of three mills or thirty cents on the 500
will be sufficient TO provide for the inter
est on the State debt, provided the debt
should be adjusted at fifty cents on the
dollar. fe
la conclusion the governor says:
l appeal to the general assembly to
rescue the Stste from its peril, and to
preserve something of its credit. The
people OF Tennessee are not prepared TO
learn the full lesson of reputation.
They are still sensible Of the RESPONSE
bllity resting upon them Of maintaining
the good name impressed upon the State
By so macy Of her sons. The time has
been when the prestige Of Tennessee,
the high standard Of her commercial
credit made all OF her sohs proud of
their nativity. Do not let us turn our
backs upon this honorable history.
The following statement from the
comptroller was likewise submitted:
In reply to your inquiry 10 regard to
the estimate as TO what tax it may be
necessary to levy 90 the assessed tax
able property of the State in order to psy
six per cent. interest on the State debt,
adjusted at fifty cents, | convey here
with an estimate which assumes the cur
rent expenses and interest. The school
fund was provided for at the regular
session Of this legislature. From this
statement it will be seer that the addi-
,ional levy of three mills, or thirty cents
on one hundred dollars, will be sufficient
10 provide for the interest on the State
la6t, provided the debt be adjusted at
fifty cents"
From this it will be seer hat the bond
holders and the State officials have
abandoned all idea Of raising the rate Of
taxation above forty cents, the rate which
prevailed for some years previous to
1877.
In the house yesterday Hon. A. S.
colyar made q four hours speech against
the acceptance of the fifty cents PROPOSE
ton. saying the debt should be left in
suspension, because the people we're un-
able to pay it now. and he was in favor,
if accepted. in paying the debt in State
warrants, receivable for taxes, the war
rants to act as so much currency. Il is
not likely that even tie ffty cents prop
osition viii pass at six per cent interest,
especially if the b~oudholders insist on
making the coupons receivable fortaxes.
-Four per cent. is enough, at least for
several years to come.