The comet. (Johnson City, Tenn.) 1884-1916, 1899-01-12
WHAT THE GOVERNORS MESSAGE CON.
TAINS.

Governor Taylor's message, which
was submitted to the General Assem-
bly, now in session, is a strong, COM
mon sense document, whose recon-
m~endations should be well considered
by the Legislature. He makes an ac-
count of his stewardship of the States
affairs in the past two years, laying
special emphasis on the States fnan-
cial condition, exactly what it is, why
it came to be as it is, and how it can
best be remedied.
The present deficit Of $3.50, 900 is, he
contends, the result of the act of 1895,
which reduced the tax rate from 30
cents on the 800 to 20 cents. That
this is true there is little doubt. The
receipts under the 20-cent rate were
81, 248, 700, while under the 30-cent rate
which was restored in 1897, they were
81, 91S, 900, showing a difference Of
$3.50, 800. There is no use dwelling
further on the cause Of our present en-
barrassment; but should be fully In
derstood why it came to pass.
The condition of the States finances
is stated as follows: Bonded debt, $16,-
455, 200; floating debt, $3.50, 900; inter
est account, $542, 426. The Governor
suggests that the floating debt be fund
cd and made part of the bonded debt;
this would increase the interest ac-
count to . small extent, but would "re-
lieve the embarrassment Of borrowing
from Peter to pay Paul" The States
expenditures now exceed the revenues
and the Governor remarks: "You must
either increase revenues or reduce ex-
penses. 1t would be well if you would
do both" Owing to the tax rate hav-
ing been restored to 80 cents the de-
fioit in 1898 was but $67, 900, but as con
ditions now are there is not sufficient
money coming in to pay the money,
$3.50, 600, borrowed on the interest &C.
count, therefore the suggestion to fund
it.
He recommends that a sinking fund
to gradually pay the States indebted
ness as it falls due be formed, and ''if
asked how to get Q sufficient to
create a sinking fund.-" answers, ''pass
laws compelling property owners to
pay taxes on the full value Of their
property and the problem will be
solved" He argues that under Che
present assessment system the smaller
property owners are assessed at their
full value, while the larger fall below
their full value. He enters upon a dis
cussion Of the assessment Of property
for taxation, urging that all property
be assessed at its ''true value" He
refers to the difference between the
railroad companies doing business in
this State and Railroad Commission,
rehearses the various steps taken by
both, the lawsuits, the decision of the
courts in refusing to uphold the posi-
ton of the Commission, and concludes
that the Federal Government is en-
croaching too far upon the States
rights.
Taking up the Agricultural Depart
ment, he shews that it has paid into the
Treasury a net profit above its expenses
during the year 1898 of $15, 600.
Reviewing the prison system and its
financial operations, he states that in
1896 the disbursem emit for the mainten.
ance of convicts was 1901 900 or $f09,
900 more than was derived from Their
labor. This was before the States Goa
mines we're fully opened up, and before
the work shops were Ibuilt in the new
penitentiary. During the year 1897 the