The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1882-05-25
Making total OF .............. $33, sos, 900
This upon the idea that no sinking
fund was created in either case.
RATE OF TAxATIoN
S33.6OO.OOO

]
RATE OF TAXATION.
! The average annual amount necessa-
/ ~ To be raised tor 30 years to meet thi:
| Interest viii he 1925, 900; add interes
on permanent school fund and bond;
| held by educational Institutions, $780,
! 900, and current expenses of state
| 100000, and We will require an annu4
revenue OF 81, GIj,0OO.
The taxable property of the state il
1850 was S2lI. 76S, 900.
Now grant that we raise from the tax
on privileges S25O,OOO, Gin 1850 it was
only SIG2, 1907 and that we can get from
the railroads SI50,0O0, we will have only
to raise in addition SI,215,OOO per an
mum, which would require but 65 cents
on the SlCO OF property. Add TO this a
school tax OF 10 cents, county tax of &c
cents for ordinary aud school purposes,
and we can safely say our average tax
will be SI.O5 on each 500.
Ot course for a few years while the
treasury is full of back taxes and we
have the benefit of the graded interest,
the rate will not be so high, but the es-
Inmates here given are the average for
30 years, paying interest alone and
leaving the principal untouched. Il
the principal is 10 be paid, d special tax
for sinking fund would be required tor
some years.
LEGAL AND OTHER QUESTIONS SETTLED.
When TIE bonds are thus funded the
state viii again have sOlemnly acknOwl-
edged the validity OF the entire debt, as
the act specially names and embraces
each class of bonds. Hereafter there
Will be no Estate debt proper" no '.raiI
road debt no "war interest,"" no
funding bonds" no capitol bonds, -
no agricultural bureau bonds" These
must all be delivered up and cancelled
and one uniform series issued without
distinction as % origin.
with the surrender of the old bonds
VIII 90 the liens on the railroads and on
the turn pixies, and on the capitol, and
all equities arising out OF war interest
or previous findings. In this respect
the act differs from the funding bill Of
1873, which did not fund any railroad
or war interest or funding bonds, but
simply stamped them and left them as
they were.
TIE RAIL ROADS.
The act viii be very beneficial to the
railroads in the state. When the held
ers OF the rail road bonds surrender
them for funding they release their
liens on the roads, il they have any.
The total claims against the rail roads
that will be thus eXtinguished will be
$I5 1888, 600.
Among tho railroads thus released
will be:
Louisville Il Nashville 1913 $4,000
East Tenn. & Georgia .-...... 1,4OO, 900
East Tenn. K Virginia .... l 100000
Memphis II Charleston ...-.-. 1915, 900
Nc /, q ~ .. F.fR..
Mobile & Ohio -...--....-.. l,245, 900
and other roads of less Importance in
like proportion. such a result can but
have very marked effect upon all the
rail road properties in the state.
FEES OF OFFICERS.
The comptroller, secretary OF state
ana treasurer are authorized to carry
the act into execution either in Nash
vile or New York, and the whole fund
ing must be completed by $st OF Janu-
airy, 1883. For their services these Off
GERS receive s. per bond. II this means
81 TO be divided between the three, the
total fees will be S3j, 300, and each will
receive for his seven months work
Sl2, 100, in addition TO his regular salary
tit means 81 to each then the total fees
will be Sos, 800, or $500 TO each.
Inc bHuluolAtE~ are required 90 pay ]
these fees The state pays for the
books, blanks, etc, amounting 10 about
1880.
REFLECTIONS AND sPECULATIONS.
The railroad bonds will all be funded. |
Their holders have but little confidence |
IN their claims against the railroads. |
The war interest," and funding bonds |
will also be funded. The state debt |
proper amounting to about $1,000, 600, |
wi, not come in so readily, inasmuch |
Is the low tax leaders have always in !
sisted on paying them in tull.
There will be no delay. The bond |
holder never expects to get better 4
terms. He viii not care to await the |
result OF the canvass. It can result in /
nothing for him. The contest will be /
sharp. The friends OF the measure will |
insist that e is settled, "let it stand ;" /
others will say, $50 far, so gOod;" but /
he supreme court has decided that one |
legislature cannot bind its successor, and |
We will "settle it aEaiU. Others will /
say, "inasmuch as you have mixed the /
good and bad together we will pay none /
)i it,"
After all &c is rs the people say" and |
{ they are for e., so am 1 ; and il they /
are not, then what good can l do TO OPP
pose it; and so [ conclude that what
.yer the people do, 1 viii submit TO, be-
,auSe l am one of the PEOPLE"