The comet. (Johnson City, Tenn.) 1884-1916, 1896-04-23
A HALF MILLION DEFICIT
Said to Confront Those in Charge Of the
States Finances.
But Comptroller Harris Says Such
Is Not the Case.
Memphis Scimitar, April IS.

Memphis Scimitar, April Is.
The financial affairs of the great
state OF Tennessee are in shaky con
dition, and by the first of January,
1897, the distance between the amount
of money on hand and the amountof
money due the creditors will run from
S450,000 to $4S0,000.
This is the contention Of one wing
of those now running the affairs of the
state of Tennessee, though some Of
those who cut figure in shaping
legislation during the last term say it
will not be so much, and if times are
good the state may pull through.
However, as the time goes on and
the day for settlement approaches, it
looks as if the deficit may reach the
amount which hovers close to the half
million dollar mark.
The conditions of things has been
known among the officials at Nashville
for some time. This is a political
year, aud when th )se familiar with the
ins and ouls OF the affairs OF the state
saw what was almost certainly in sight
conference was held. Those high in
favor and authority were called on and
some time ago they met in Nashville.
Four years ago the state had been in
the habit OF borrowing money to meet
shortages when they appeared, but
this created trouble, aud either by
resolution or legislative enactment
this has been forbidden.
The present and threatening state
Of affairs grows out of the grand stand
play made at the last Legislature, when
the revenue bill was framed which cut
Town the state tax rate aud fastened
into the taxpayers number OF ad-
ditlonal offices. Out OF this bill grew
the state board of equalization and
lther offices too numerous to mention.
The cutting of the tax rate at the time
was merely at shifting OF the burden
Under this bill it will be remembered
shat the cost of criminal prosecution,
etc, was shifted to the county. In
This county the placing of this ad-
litional burden was bitterly fought
and was placed back on the state,
wEee it rightly belonged. Then the
state board of equalization came along,
operating under the bill The rate Of
state taxes had been reduced, but the
board, after spending a few hours in
this county, concluded TO raise the
valuation OF property 15per ceut. This
would more than double the amount
that was lost by the reduction of the
rate. But the taxpayers did not tame
ly submit to this, and once more the
effort to fill the treasury of the state at
the expense of Shelby county was
baked.
But coming back to the conference
at Nashville, the suggestion made by
some of those in the council that Old
Pete should call an ezra session oil
the legislature fouut no favor with the
old gentleman. He had already had
one extra session on hia hands and he
did not care for any others.
A Scimitar reporter met number
of gentlemen this morning who were
Thought to be acquainted with what is
in the wind, but they refused to make
any disclosures. However. the liz
formation, as much as is stated, has
been secured in such away as to leave
40 doubt OF its reliability. The amount
Of the deficit may reach the out idt
figures published above, but the
full extent can not be ascerta;net
until the end OF the year.
CAN NOT BORROW MONEY.
As matters now stand no money
can be borrowed on the account OF tn,
state. In former times the legislature
by resolution, permitted the funding
board, consisting Of the governor
comptroller and treasurer. to borrow
money. At the last session of tn
legislature no such resolution wa
passed, and in this phase of the ca.
arose the discussion as to the posi-
bility of holding an extra session c
the legislature.
There is a statement above relativ
to a conference. A Scimitsr reporte
has been assured that no formal con
ference, strictly speaking, has ber
! held, though the officials haYe wit
others talked over matters.
, HARRIS SAYS A SURPLUS is IN SIGHT