The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1881-07-20

lOE f0UO; tue DdldnCG OF JDeSe judgments
were rendered on coupons II; from
which it will appear that the Corpora
ton is liable on judgments unpaid as
follows:
| 1 Judgment in favor of f. w. Taylor, bal S47s.62
Judgment in favor of John Murphey' 62j.95
! judgment in favor of James skeen % 569, ,35
Judgment in favor of James Skeen ." 1926
Total due OIL judgments. $I,e21.Js
2EoAPIrULATIoN.
Total bonded indebtedness and interest
shown page 6 of this report. S14, 4,57l.15
! Total Indebtedness on judgments as
| shown above. .....-.--. ....-..---.- i,oZllo
Total debt bearing interest is ..... SIG, 1898
The above statement does not en-
| brace the floating debt of the Corpora
tion, the amount and particulars OF
which it is impossible to give, as no
! system of accounts has been used by
which to ascertain the liabilities of the
Corporation on this account, nor has
any account ever been kept so far as
l'can ascertain showing the financial con-
ditiOn of the Corporation-either its
liabilities or its assets, and hence the
difficulty of ascertaining what the con-
dition of the Cooperation really is.
1t is proper to say here in reference to
the original issue Of bonds referred to
in the foregoing report, that there is
now a bill pending in the Chancery
Court of Hamblen county seeking to
scale all the foregoing bonds held by K.
w. Taylor, Mrs. Mary Shannon and
Collins heirs to the price actually paid
for them by the present holders, upon
the grounds of usury, and also seeking
to have the bonds held by John Muir
phey, upon which he has now a judg-
ment, declared absolutely void. 1t this
bill is successfully prosecuted and the
relief sought is obtained, then it will re-
duce the liabilities of the Corporation
as shown by this report to that extent.
l have now no expectation that this will
be done, and it is very probable that the
liabilities of the Corporation will be in
creased To the extent of all the cost to-
gether with lawyers fees.
To meet the payment of the debt re-
ferred to, the assets and resources OF
the Corporation, SO far as / can ascer-
tain, consist Only in tho unpaid taxes
assessed upon the property within the
Corporate limits, as follows, viz;
1. Unpaid taxes for the years 1856 the
particulars of which shown by
list presented herewithl -. s1sS,O7
2. Unpaid taxes for 1867 (the particulars
Of which are shown by list present -
ed herewith) ...... ......... ....,. S7.2O /
Of which are shown by list present
4 For the years 1889 no tax book is to
be found and 1t is supposed no tax
was assessed ........... ..... .......
3. Unpaid taxes for the years 1879 80 [the
particulars of which are shown by
list presented herewith ....... ... 2S6.6s |
Total unpaid taxes. ..........., s5g8s7
In addition to which tuxes wero assessed
on real estate within the corporate linn
its, for which the same was sold and
purchased by the Corporation, to the
amount of sold for taxes prior to 1876 $615.73
(Gbe names of the parties and partieu-
lars of which are shown by state
ment presented herewith.)
Total unpaid taxes prior to Oct l. 80, g, ,214G
1t is proper to say that in reference to
these unpaid taxes very little is likely to
be realized. Many of the persons who
owe it are gone, dead or Insolvent, and
in the utter want of system in keeping
the accounts and the lose and reckless
manner in which the finances have been
managed, it is impossible to say now
how much is really unpaid, but appa-
rently the above amounts are unpaid.
1t is further proper to say that several
suits are now pending TO compel the
payment of taxes assessed on real estate
and for which it has been sold and pur
chased by the Corporation, to which
have referred-the result of which l
cannot state, but will report from time
to time as circumstances may require.
The parties are generally disposed to
resist the payment, but no doubt part Of
it will be paid.
In the matter of litigation the Cor
poration has now, so far as | know, no
suits pending, except the one referred
to in relation to the outstanding bonds,
and one with g. d. Merritt 81 Co, which
has been already decided in the Circuit
Court in favor of the Corporation, but
which has been taken by appeal to the
Supreme Court and yet pending.
The revenue of the Corporation is de-
rived from taxes on property within the
corporate limits and upon license and
privilege taxes; all the revenue from
these sources up to 1st October, 1880,
has been collected and expended, ex-
cept the balances uncollected herein re-
ferred to-
The revenue for 1S8O-s1 consists OF
the taxes assessed on real and personal
estate within the corporate limits as
follows, to-wit:
The aggregate taxes assessed for 1ssO-s1
was --., ....-.-..--. ..... s., 2,O96.9b
Levied for the following specific pur-
poses, to-wit:
Taxes for general Corporation purposes, s2i0.s0K
Taxes for judgments and interest ..... 2l9.o99
Taxes for payment Of bonds and int. 9S9.o7K
sl,979.os
Taxes, III polls, a 81 90 ............... ii7.OO
s2,o0s.0O
1t will be seen that the debts in judg-
ments now unpaid amounts to 81 ,621 18.
The tax levy for the payment thereof is
$212 994-being about 123 per cent. Of
the amount.
The entire bonded debt unpaid to the
1st of October, 1880, was $14, ,571 Is, be-
ing an annual interest charge of 1874. .26,
and the tax levied for 1S80-81 for this
purpose, if applied to the payment
would pay the interest, but for several
years past no interest has been paid on
the original issue of bonds now out
standing, and interest is now running
not only on the whole of the debt but
the coupons each carry interest after
maturity. The interest has been paid
o, the compromise bonds; as no account
has heen kept there has heretofore beeu
no appropriation of the taxes To the
special purpose for which the levy was
made, but the whole amount collected
has been applied to the general purposes
of the Corporation, without any special
reference TO the particular purpose Zoe
which levied. And, insmuoh as con
siderable amount Of warrants were is
sued by former Boards and left out
standing and unpaid. tax payers claim /
to pay their taxes in full in such war
rants, and it is now impossible To aseer-
tain accurately the amount outstanding
and unpaid.
2ut it is suge ested now that some
system should be adopted by which to
keep an accurate account of all liubili-
a., 81