The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1877-11-14
STATE FINANCES.
he Tax Aggregate for 1877.

The Tax Aggregate for 1877.
From Nashville American, 9Th.
A reporter of the american asked Gov.
Porter, yesterday, whether he would, in
a message to the Legislature, recon-
mend the acceptance of the 60 cents
compromise.
Il shall, most assuredly," he respond
ed, recommend the acceptance of the
proposition by the Legislature-frst,
because it will save to the State nine
millions of dollars, place the debt within
the reach of the people, and will, be-
sides, put us in good repute and restore
our credit. We can honOrably accept it.
1t is the best way, in fact, out of our
financial difficulties.
The reporter also called on Comptrnl-
could not give him the exact status of
the State debt at the present time. Said
the Comptroller: 81 have just finished
making out such statement, and have
no objection to your having it, if you
SO desire"
The statement furnished by the Comp
troIIer is as follows:
Dec 10, 1876, the debt stood. .$23, Dos, 400
Accrued interest unpaid, FIVE install
ments, including January, 1873. -. S,48l, 200
1878. unpaid. ..,'..-.............' 10000
26,729, 500
Bonds Cancelled since Dec. 10. 1S76..... 1,67O,OO0
cs ons il do aoo'e 'D $4,000
2,O18,O
Subtract this from $26 729 $50 and $24, I'll $50
mains.
From this is to be taken the indebtedness
of the Mississippi Central 5 ,199, $50
Mississippi and Tennessee ........... SIG, IA
Take this amount. ............... 1,515,924
from $24, I'll, 500 leaves $23, 1875, 736, the
present actual Indebtedness. Sixty per
cent. of this debt is $13, 917, AL. so,
which, at 6 per cent, would call for an
aggregate interest of $685., O46. so per
annum.
The assessed value of property is $685.,
100000. By present legislative enact
ment the 1Oper cent. and privilege taxes
are already mortgaged for current ex-
penses for 1878. Now the Legislature,
if the proposed compromise is accepted,
will have to provide for this 1885, DAG, 80.
A levy of 40 cents on $235, 600, 900 of
property would give $94O, 900, less nee
essary expenses for collection. 1t
would, however, about pay the interest.
Revenue derived from the merchants
tax is large part of the privilege taxes,
but this, unlike the rest of the privileges
depends on the State tax levy; that is, if
the tax should be placed at 40 cents, the
adUolOrem tax on merchants would be
40 cents on the hundred, and privilege
taxes on merchants the same. All 9TH
er privileges are fixed and certain.
If the present ten cents levy and the
privilege taxes would pay current ex-
penses. and the additional tax were
placed at forty cents, a surplus of $780,,
600 would be derived from privilege
taxes which would give an annual sink
ing fund to that amount. 1t is possible,
however, that the ten cents tax will not
quite pay the current expenses, and in
this event this amount will have to be
increased. The total amount of taxes
necessary to be levied would depend
very much upon the amount of sinking
fund to be provided for.
The following is a recapitulation of
the aggregate tax of 1877, as compared
with that of 1876:
East Tennessee. s 81, 226, 494 81, 1878, 064
Middle Tennessee. log, 631, 6S7 lis, O96, AIS
West Tennessee. 75,724,621 9S,O33, 296
sas6,58a,752 $9e8, OO5, 8as
236, $50, 752
Decrease 1ec