The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1877-11-29

State is s23 1875, 1876, sixty per cent. of
which Is S13, 917, AL 90. The interest
on this is 1885, 046. 80. The amount
necessary to carry on the State Gov
eminent is $3.50, $50, which, added to
interest on bonds, makes 81 ,515, 596. 80.
The taxable property, by the last as
sessment, IS about S235, 100000 1t
will take a tax of about 80 cents to
raise the above amount, Necessary for
interest and current expenses. have
not included the privilege tax, proba-
bly, S306000 will be realized from
that, but at least that amount ought to
60 yearly to the sinking fund for the
gradual payment of the debt. At that
rate, it~will take forty years to pay it.
Add to this IS cents State tax, the
County tax of 40 cents, Crowded it
goes no higher and we have Il tax of
S1.05 on the hundred dollars. 1t can
hardly be less, and may be more. 1t
has been said that some States have a
higher rate of tax than even this
But let us look for moment at how
they rate property for taxation in
other States as compared with ours.
The census valuation of the property
in this State is S498, 900, 600, and the
taxing valuation (before the last as
sessment, the time at which the other
States are taken) was S275, 900, 600;
the census valuation of New York is
/ So, 800, 841 ,264, the taxing valuation,
81, 532, 720, 907; Illinois, census valu-
alton, 81, 121 ,680,573, taxing valua-
ton, only 1913, 433, 1876; Connecticut,
census valuation, S704 900, 900, taxing
valuation, S204, 900, 900. 1t will be
seen from the above that the taxing
valuation in Tennessee is more than 30
per cent Of the census value, while in
New York it is only % per cent. i'll
! Illinois, less than II per cent, and IN
| Connecticut, % per cent. So that a
tax of $1,000 ON the $1,000 in Tennes-
see, is in reality equal to a tax OF
| S26.25 Ill New York, S21.00 in Con,
necticut and S34.63 on the $1,000 in
Illinois. Which of these States would
submit to such a tax? although they
have grown rich while we have beer
! becoming poorer. Our property has
decreased more than fifty per cent. il
value, and our ability to pay has de
creased III much greater ratio. VERY
few Of our farmers make more than 3
living, and have to put forth every
energy and use the utmost economy t
do this. The collection of taxes thi.
rail- has shown scarcity Of money
never before known in the State, anC
our tax collector IS already advertiser!
to sell the property of delinquent tax
payers of 1876. What will be tn,
result when the tax is almost doubled
1t is not the fault of the people tina
this state of things exist, but it is tn,
result Of a deliberate design, and vel
carried out plan Of the money power
IF the bOndholders and monied aris
tocracy OF the North and East. Shal
We and our children after us be newer
Of wood and drawers Of water for thes
men forever? They have cOntrOlle,
both houses of Congress ever since tn
war, and have 80 contracted the cm
rency that money is worth everythin
and property almost nothing. The
have by this process made their bond
and money worth two or three time
rs much as at the close of the war, an
the people must bear it. Farmers an
mechanics are making nothing, W
{. they are stigmatized as "repudiators
r because they don't take the very brea
o out Of the mouths Of their children
pay interest to bondhOlders who hay
trebled the value of their bonds,
u property, by their own manipulation
3, Of a corrupt Congress.
This letter is already longer than
intended it, and | close. l shall IL
vote for the 90 cents compromise b
cause think it more than in justi
6 and equity the bondholdors are en-
tied to-more than the people shou
pay and much more than they are all
to pay. / have been and am st
very anxious that the debt should
compromised and settled forever, b
Governor Porter, in his wisdom, h
seen proper to deny us the opportuni
to consider any proposition but the O
specifically mentioned in his proclaim
ton; and that, with due regard for t
\ interests of the people / represent,
+ cannot vote for. Were | a holder
&c Tennessee bonds | should use all n
% influence to defeat this propositio
l. because if settled at this rate no
u when the next adjustment cOmes-a7
J! will come-there Is no telling where
u will stop. l should want it COMP
u missed at a rate at which the peoI
L = ~.A