Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1879-07-19

AS to the ability OF the people IL
Tennessee paying an assessment OF
$223, 600, 900 of taxable property suf
ficient to pay the current running
expenses of the State and Interest
on the school fund, they are referred
to q letter recently published by
ex-Gov. James d. Porter, i'll which
/ he says: "The State has more
abundant resources than Alabama,
where one dollar is paid with no
exemption whatever from taxation,
or Louisiana, where one dollar and
/ forty-five cents is paid, or South
| Carolina, where seventy cents is
paid.
Tennessee escaped Congressional
reconstruction and was never SUBJ
iected to the ignominy of carpet-bag
rule.
"The State tax in Texas is so
cents; in New Jersey, So; in Cali
fornia, 49, F.; in Kansas, so; in Ohio,
%. And in all the States named
the local or municipal tax is equal
to our own. These twelve States
pay an average State tax of 65 cents.
1t is not put upon them by any for
eign or domestic agency; the ballot
is as free there as it is with us, and
their governments are administered
by their own chosen officials.
"If the debt is not adjusted now
upon terms that are acceptable to
the people and the creditors, the
State will arouse herself like strong
man after sleep and vindicate her
own good name"
One of the greatest benefits to ac-
crue from this settlement is the in
crease of currency it will give the
people of the State, by reason of the
small bond feature of the act. BY
reference to the accompanying act it
will be seen that one-third of the
compromise bonds are to be issued
in denomination of from five dol
lars to one hundred dollars. This !
plan has been successfully tried in |
Georgia, and to-day she is then most |
prosperous of all the Southern States |
and her bonds are above par in the |
markets.
The small bonds become a substi- |
tute for the greenback currency, |
which has been contracted by Fed /
eral legislation, and furnishes that |
increase of currency which is de-
manded by many of the people of
the State. The small bond has the
that it draws four per
cent. interest all the time, and
thereby makes every man who
chooses to be, to that extent, his
own banker. The owner of the
bond can have the use of it as
money, and all the time he holds it
the interest is accumulating on it.
The small bonds will furnish a
local currency, and at
the same time a desirable invest
ment for capital.
SUMMARY.
1t will be seen that the rate of
taxation required to meet the settle
nent is only 80 cents for State pur-
poses.
1t will be seen that not a dollar of
The tax On real estate will be required
70 meet this debt.
1t will be seen that four millions
Of money will he added to our cir
currency by the small-bon
eature of the act; and this, it is be-
ieved, will add so much to the
of the people that it will
De easier to pay the tax necessary
% meet the compromise than it is
% pay the tax now levied,
It viii be seen that The State owes
he whole debt now, ard that in
crest is accumulating at the rate of
81, ,465, 900 per year, whereas, if this
is made, she will owe
,nly half of it, and the interest will
,nly be $488, ,480 per year.
1t will be seen that the railroads
laYe paid their debt In full to the
state, and thag the State is liable in
aw to have to pay the whole debt.