The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1907-03-08
FOLK AGREES
WITH DIDRELL
TREASURER SEES NO NECESSITY
FOR INCREASING TAXES.
INCREASE OF STATES INCOME
viii be Sufficient TO Take Care Of En-
traordinary Appropriations Already
Made and Retire Per Cent. Bonds
Due Next October.

Due Next October.
State Treasurer Reau E. Folk agrees
with Comptroller Dibrell that there is
no occasion for an increase In State
taxes either on property or privileges.
There is probably no official who has
given closer study to the financial at
fairs of the State, or who has a better
knowledge of its sources of revenue
and the items. of expenditures than
Treasurer Folk, and he is always care
full and conservative in his estimates.
The attention of Mr.. Folk being called
to the interview of Mr.. Dibrell, pub
lished In The American on Wednes-
day, he said:
81 am not aware that the Legisia-
ture or the Revenue Committee Is con-
templating any radical increase In
privilege taxes or any increase at ell
I presume that this Legislature VII
do what other Legislatures have done
in considering the revenue bill, and
that is, apply the best Judgment OF It's
members to the equalization; being re-
auctions at some points and increases
at others.
II thoroughly agree with Mr.. DID
rell that there is at this time no appar-
ent necessity. for any elevation OF
taxes either as to real and personal
property or privileges. The only
thing I can conceive which would
make this course imperative would be
an extraordinary increase by the Leg
islature in the expenses OF the state
and an extraordinary increase in spec
ial concentrations This ! feel conn
dent will not be the case. 1t Is true
the Legislature has already voted
large amounts in unusual approprt
atoms. and some apprehension mas
been aroused that much further ex
traordinary encroachment upon the
states revenues might bring about a
; deficiency instead of a surplus at the
end of the year. especially in view o.
the $3.50 900 4 per cent bonds WnlcI
mature in October and which must DC
met at that time. But | am satlsneo
4 that the bulk Of the extraordinary ap
organizations each Legislature is calico
upon to make has already been dls
' nosed Of Certainly the wisdom OF tht
a Assembly may be relied upon to Keel
: safely away from the danger line.
D .sThe same tax on real and person
al property as now has prevailed since
!. 1899, and practically the same scheu
ule as to privilege taxes. The natura
increase arising from the increase 0
orr taxable wealth and from the IN
crease of the number of privileges ma
:, shown a considerable amount eacl
wear. The increase in receipts Tor tn
last biennial period over the preVall
q tho per;od amounted to $4,000. Tn
= ;ncrease last year in receipts over Tn
y wear previous amounted to nearly
g ouarter of a million dollars.
"The proceeds of the sinking run
e. batween this time and the first OF oc'
cher. which will amount to approx
r, imately 100000, should be applied I
II the bonds which mature on that date
IL In other words, our first considers
ton In the matter OF debt paymen
e should be given TO the bonds due Uni
le wear. After being sure OF the e
IT tirement of these $469,0oO 4 per cen
n redemption bonds, We can then deteI
lie mine our ability to retire other bonds
E. This being a legislative year nardi
e. heIiave the State will be able to tax
1T m more than the issue maturing I'M
Is year | am now in negotiation VIII
m view of securing the offering
1T of these bonds so as to enable IN
s. Funding Board to take them up
the sinking fund accumulates. In cas-
ID tbis cannot be done believe 1t woui
he wise for the Legislature to ena'
lie an amendment which will enable % IN
n Funding Board to hold at interest 70
1t monthly, accretions to the sihkin
fund until Oct /, the maturity date
= these bonds"
III