The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1879-03-27

State Debt be Made Within
the Limit Of a Forty
Cent Tax.
EXECUTIVE OFFICE, Mar. 20, 1873.
GENTLEMEN OF THE SENATE AND
HOUSE OF REPRESENTATIVES, have
the honor to submit herewith the ac-
companying communication from the
railroad commissioners of the State. 1t
will be seen from their communications
that the railroad companies propose to
abandon all claims to charter exemp-
tons and to submit to such an assess
ment Of their property as will require
1t to contribute from eighty to one hun
dred thou sand dollars per annum upon
a tax Of forty cents. This offer on the
part of railroad companies to contrib
ute to the common burden is a move
in the right direction. For obvious
reasons the railroad companies are
largely interested in a satisfactory adj
iustment of the State debt, and as
they declare themselves for a settle
ment that will not exceed a tax of forty
cents for all purposes, it simply re-
mains for you to determine whether
you viii meet on that basis. 1t is APP
parent that if the railroad companies
and the tax payers of the State can
unite upon common ground, that a
satisfactory settlement viii at once fol-
low, as the taxpayers of the State are
more interested In the amount they
have TO pay as taxes than they are III
the details of the settlement adopted.
1t is suggested that you first determine
the measure of taxes you are willing
to levy and let the details of the settle
ment follow. AS the people in con-
vention have number Of times declar-
ed their ability and willingness to sub
NIT to tax Of sixty cents, l am of the
opinion that they will ratify a settle
ment npon that basis. While this
subject remains unsettled it will con-
tinue fruitful source of distraction
and expense to the State, and if it is
in your power to reach q Just settle
ment at your present session it ought
to be done. Any settlement you may
agree upon will have my concurrence
which will not require greater rate of
taxation than forty cents, which does
not make coupons receivable for taxes,
and which provides for the submission
of the settlement adopted to the people
for their ratification or rejection at the
ballot-box. If you reach a basis OF
settlement, l suggest that you fix the
minimum amount to be paid by rail-
road companies and set it apart for
application to the public debt If this
is done, it will render the minimum
amount tO-be paid by them certain,
and il a failure to pay it occurs, the
responsibility for the failure will rest
where it will properly belong.
ALBERT S. MARKS.
PROPOSITIONS OF THE RAILROADS.
NASHVILLE, March IS, 1879.
To his Excellency, Albert S. Marks,
Governor of Tennessee:
SIR-The undersigned representa-
tives of the railroad companies named
below, believe that by a settlement of
the debt of the State of Tennessee upon
terms satisfactory to the people and
creditors, the State would, by q restor-
alton of confidence and credit, greatly
promote the agricultural, mechanical
and commercial prosperity of the peo-
pie and enhance the value of their
property. BY far the largest proper
ton of railroad property in the State,
in fact about two-thirds Of it, is, as the
companies confidently believe, protect
ed by o charter exemption from all
taxation whatever, but being DESTROYS
of aiding in such settlement, and there
by relieving the State and her people
from their present embarrassment,
said companies agree, in the event of
such settlement, that their said prop
erty shall in future be subjected to
taxation for State purposes, as and
upon the same assessment and rate as
property of private citizens. They
further believe that should the State
debt be settled, such will be the inn
provement in the value of property in
this State that a fair assessment upon
railroad property, including that por-
ton of il now for the first time sub
jected to taxation, will produce an an
nual fund of between eighty thousand
and one hundred thousand dollars,
which, with the forty cents tax on 9TH
er property IL the State, will enable
her to meet with ease the expense of
inc OtaVe government, ihcluuInS hef
charitable Institutions and school fund,
together with the interest upon her
bonded debt and the proper sinking
fund for its ultimate redemption.
Very respectfully, E. S. STANFORD.
President Louisville and Nashville
r. r. Co.
c. NJ. MGEHEE.
Vice-President East Tenn. Va. and
Ga. Railroad Co.
f. w. Cole,
President Nashville, Chat. and St,