Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-02
FIVE BANKRUPT COUNTIES
In Alabama fer whose Indebtedness
The STATE IN Asked 10 Make
Provision.
They Pay Neither state, County Nor
school Isxes-Wh hat They Pro.
pose 10 Do

MONTGOMERY, ALA, February 1.-The
Adre, tiseT and Nail says that tine bill now
before the Legislature to settle the debts OF
the strangulated counties provides substan-
TALLY as foliowe:
The aggregate amount of the deb.s OF The
FIVE counties Is about s., 57S, 947 This debt
the creditors, in the sh pc OF bond holders,
agree 10 Compromise al nineteen cents on the
dollar, cash; besr in mind, cash. This makes
the total amount Of cash Necessary, in round
numbers, $500, 900. The counties propose TO
raise SOL, 900 Of that amount and the State
is asked to furnish 5000 0e0. For the $780,
900 asked from The State, 1t IS proposed that
the State sh al! either nave the old bonds Or
the new bonds to the value of 5000 600, and
sha all receive interest thereon from the ceun-
ties at the rate OF six per cent. per annum.
1t is allied an investment by the State in the
bonds o! those counties.
Three of the five counties are without tax
collectors, and paying no taxes TO the
State. Tneir several deficits are as follows:
Randolph county owes on her assessment
for taxes the current fiscal year, 1888, the
SUN of $3776 IS, minus 1926 paid, or the net
amount of 1924 IS
Pick-ns county owes for tie taxes OF 1888,
$738s 40, aud balance brought forward
from October l, 1882, of 5000 "a
Chambers county owes for the current year
Sl1 ,952 As, and balance brought forward
from October l, 1882, of S13,9S6 6S.
Tsllapoosa owes only for the current year,
Sill, 4S2 "a
Lee county owes for he current year 49,
| 527 Is, and on the balance brought forward
| from October l, 1882, SlS,251 IA.
The sum total Of me taxes owed by the
five counties 10 the State Is thus seen 10 be
$SS, AL 81. l. must be borne in mind that
the taxes for 1888 might yet be collected and
| turned into the Safe treasury by settling
day, il the counties only had any tax-col-
| lectors. But as they have moi, and will not,
nnless some settlement be reached, the whole
| sum may be set down as the amount hither-
| to loaf TO the State. Tue longer a settlement
is delayed, the less will Ds the States
chances TO collect these old taxes.
The counties now propose il the State will
advance the $500, 900 asked, to pay it inter.
est on the advance and pay up the taxes
! now due.
BY paying out 100000 then, the State
will get in SSS,44l 81, now dead loss
| Unless some settlement is affected, these
counties will continue to pay no taz, and the
deficit in the States income will continue tC
grow year by year. Tue rest OF the counties
| will continue to have The whole burden o
the State government TO bear, besides the
school fund which will coutinus TO go to the
strangulated counties in their just proper.
ton. This is stated TO show the urgency tina
some settlement be reached. The o,he
counties cannot afford to pay for the ad
ADMINISTRATION of law in these five
COUNTIES, and the school fund fol
those counties, and the State cannot
afford longer to lose the taxes of THOSE coun
ties. We do not say the settlement proposed
is the best that can be made, but the question
TO b. decided on, 30 fsr as this proposition il
concerned, is as follows: Il it wise for thu
State TO invest S200,0 in the bonds of thu
five straDgulated COUNTIES and by that mean
not only relieve the counties OF their d iii eul
ties with the foreign bondholder, but cove
into her treasury SIS, 900 now virtuslly los
and sseHse lac coiiectioa OF The taxes to b
due her in the future?