336.768
Ta9€7f
Ot' THE
t
f
T.i
oi|li ;
F. F. TAYT.()K & FEANCIS, STATIONERS AND PRINTERS,
30 BROAD STREET.
1 8 6 8 .
To the Members of the Senate and House of Representatives :
I hand you a pamphlet entitled "Finances and Re¬
sources of Tennessee. " The table setting forth the indebtedness
of the State was made out in May last. The pamphlet was pre¬
pared for publication immediately after my negotiating a loan
of $600,000, with the Fourth National Bank, for the payment of
our July interest.
The condition of that loan was that there should be $400,000
in that Bank, by the 27th June, last. Believing that more than
that amount would be received from railroads, and having no doubt
of its being remitted, and having no apprehension of our loan
being interfered with by suit, I prepared the accompanying
pamphlet showing that there would be a surplus in the Fourth
National Bank of at least $150,000, after paying our July
interest. This condition of your Financial affairs would have
been most satisfactory.
Tour wise and judicious legislation had already inspired
moneyed men every where with great confidence in our State,
and our bonds were much sought after as a permanent invest¬
ment throughout the whole country.
Had I been able to put this pamphlet, as I intended, into
the hands of every bondholder at the moment of his interest be¬
ing paid, you can readily see that this exhibit of our sound finan
cial condition would have created a greatly increased demand for
our bonds and the price of them would have been a good deal
upwards of 80 cents, thereby enabling you to renew your matur¬
ing bonds, and adding hundreds and thousands of dollars, to the
means of those railroads, which are to be built or completed
with the proceeds of your bonds.
Yours very respectfully,
S. WATSON.
J/INANCES AND EESCf|JR;e®
OF THE
STATE OF TENNESSEE.
%m |oi;fei
F. F. TAÏLOK & FEAKCIS, STATIONERS AND PEINTEES,
30 BROAD STREET.
18 6 8
3 ^
'71ii¡j,n f
FINANCES AND EESOUßCES OF
TENNESSEE.
At the request of many parties interested in the Securities of Ten¬
nessee, I give to the public the following statement of the finances and
resources of the State.
The State debt of Tennessee is now $32,616,321; $27,898,902 of
this debt is owing by her railroads, leaving only $4,717,419.66 as the
State debt proper. The State has also endorsed bonds of railroads
amounting to $1,857,000; these bonds have been issued by the East
Tenn. and Virginia, East Tenn. and Ga., and Nashville and Chattanooga
roads. The interest on them has always been provided for by these roads,
and there is no fear but that they will continue to do so in the future.
The State has a'so endorsed bonds to the amount of $350,000
issued by the City of Memphis, for them stock in the Memphis and
Little Rock Railroad. The City of Memphis wül pay its July interest
on their bonds, and wiU continue to pay in the future, so that there is
no apprehension that the State will ever be called on to pay the inter¬
est or principal of the endorsed bonds.
Under the act of the Legislature passed in 1867, commonly called
the Omnibus Bill, most of the bonds have been issued, but there are
roads that have a right, under that bill, to call for the issuance of six
hundred and fifty thousand dollars more of bonds. Three hundred
thousand of this amount, however are for a road not yet commenced,
and which probably will not be built.
Under the General Internal Improvement law of the State, there
are roads projected which may caU upon the State for bonds at the rate
of $10,000 a mile; but they cannot call for these bonds until individual
capital builds and prepares the roads ready for the iron. It is hardly
probable that the State will be called upon, under this act, for many
bonds for a long period of time, and certainly not until she has fully
recuperated from the disasters of the war, and until her great resources
F.
llave been largely developed by the energy and enterprise of ber own
citizens, and by the hundreds of thousands of emigrants that will have
been attracted to her borders. But it is beyond all doubt that the
debt of the State will be decreased much more rapidly by the sale of
railroads, than it can be increased by any issuance of bonds under the
existing laws.
It must be known to every bond-holder that the State has a fii'st
inert gage upon all railroads and their equipments, to secure the pay-
inent of the bonds loaned them. It is therefore a matter of interest for
lho bond-holders to be correcth^ informed as to the present condition
and future prospects of the railroads of Tennessee. I have endeavored
to ccndenire this information in the following table.
Kurti's tViHt whi pay tiicir Jiil> iJifonst.f lid Anioimt of Bonda Amount of Bonds Whole amount of
Ihi t hâve aUvcos paid thfcl.' Into.est i —c. i i i i{. Ks, issued to K. Rr. Boiirt« isRiied to
p . I'lptlv. |ui..i lo ,ict IRIJ.R under Act Kail Jtoads.
East Tenn. ck Va. .s2,071,660 $2,671,660
IWtmphis & Charleston 1,643,980 1.04.3,980
Nashville ct Decatur 2,115,176 §350,000 2.1 ^-.5,176
Nachville V CLattanccga 395,000 il'.^kOOO
East Tenn. & Georgia 1,590,120 1,590,120
Kncxville & Ky. 1,353,200 800,000 2,153,200
IMemphiß & Ohio 2,390,110 2,396,110
Mobüc & Ohio 1,684,800 1,684,800
Miss. & Tenn. 317,800 100,000 417.800
M:h!-. C.'cmi-al • 1,078,980 200,000 1,278,980
Kii'X .illo Ä C h nlcsti n 300,000 325,000 625,000
1 ¡'s! t enn. ¿r West N. C. 150.000 150,000
§17,471,826 §17,471.826
Roads not now paying, but which will eventually pay their interest.
Edfo field VKy. 1,070,167 300,000 1,370,167
ya." i is, ' brks. Lou. 1,894,600 1,894,600
r at L. Ä: N. Western 3,064,850' 100,000 3,164,850
§6,429,617 §6,429,617
Beads not now paying.
*Cin., Cmnb. Cap & Ch'n. 985,680 200,000 1,185,680
M( Minn-illc & Man. 851,369 851,360
Wii.cliesb r & Ala. 1,098,259 334,000 1,432,259
Bogensville & Jefferson 393,160 30,000 423,160
■ II phis & Little Bock 105,000 105,000 3,997,459
§3,997,45i) .^27,898,902
)■ ate debt proper including bonds loaned to Turnpike and
Blank read Companies, and interest funded, .§4,717,419
.832,616,321
t Lis lord is placed among the class of roads not paying its July interest be-
. M ere is no certain information that it vill do so. It paid its January interest
It will be seen from the preceding table that there are twelve roads
owing $17,471,826 that arc paying their interest. These roads
have always paid their interest promptly.
Among the roads in the above table which are classed as roads
that will eventually pay their interest, are the E. & Ky., the M. C.
& L and the N. & N. : as these roads owe §6,419,617,1 here give a full
description of them, so that it may be seen whether they are not cor¬
rectly classed as roads that will eventually pay their interest. The Edge¬
field and Kentucky road runs from Nashville nearly north 47 miles and
at the state line meets the Henderson and Nashville railroad, which nins
from the point of junction to Evansville in Indiana, the entire dis¬
tance of both roads being 150 miles. These are, and will con¬
tinue to be operated as one road. They are finished and running,
to Hopkinsville in Kentucky 75 miles, and under the efficient and able
management of Genl. Boyle, the president of the Henderson and N ash-
ville road, the means are nearly provided for their completion, and the
work is now rapidly going on. These roads run through the richest
agricultural region of the West. At a distance of 75 miles from Nash¬
ville they strike the coal fields of Kentucky, the nearest coal fields to
the city-'of Nashvüle. There are three strata of these coal beds, one
over six feet in thickness, and all lying above the line of the road-
The coal is superior in quality and inexhaustible in quantity. These
roads when completed wül be connected at Evansville with the whole
system of railroads of the North-west, will form almost an air fine with
Chicago, and will be a formidable competitor with the Louisville and
Nashville road for the travel between Nashville and the cities of the
North-east. Can anything be more certain than that the Edgefield and
Kentucky road will not only pay its interest on its debt to the State,
but will also pay a dividend to its stockholders.
The Memphis, ClarksviUe and Louisville road forms a link in the
line of roads from Bowling Green in Ky. to Memphis. It runs from
the state line through ClarksviUe to Paris in Tenn., a distance of 83
miles, passing through the richest iron region in Tenn. It is now oper¬
ated by the LouisvUle and Nash-sdlle Railroad, and is paying some of.
its interest out of its earnings. It connects at the state line with the
Henderson and Nashville road, and when that road is completed to the
ooal mines, the coal supplies for the iron works on the Une of this road
and for a large part of middle, and nearly all west Tennessee must pasa
over this road. Is not the future payment of its interest safe ? Per¬
haps the best evidence of the value of this road is that the LouisvUle
and Nashville road is anxious to become the purchaser of it at a price
that will- more than pay its entire indebtedness to the State.
6
The Nashville and North AVestern road is 171 miles in length. It
runs from Nashville through the rich iron regions of middle Tennes¬
see, and through the rich alluvial lands of west Tenn., and has its ter¬
minus at Hickman in Ky., a few miles north of the Tenn. state line.
Opposite to this point it will meet the Iron Mountain railroad which is
being built from St. Louis down the western bank of the Missis¬
sippi river. When this Iron Mountain road shall be completed, the
Nashville and North Western road will be the shortest route from ÍÑash-
ville and all the south Atlantic States to St. Louis. A branch of this
road is to be built from Huntington, on the line of the road, 90 miles
from Nashville, either to Milan a distance of 18 miles, or to Jackson in
Tenn., a distance of 38 miles—the terminus of the Mississippi Central
Kailroad. When one of these branches is completed, the road will be
the shortest route from Nashville to New Orleans, and the shortest route
from Nashville to Memphis.
This road has been embarrassed by differences between the re¬
ceiver and the officers of the road; but these will soon be settled by
legal decision if not otherwise settled, and it wül then be enabled to use
the means provided by the State, to build the branch referred to, and
to furnish itself with full equipments.
There is another important feature in this road. The means have
been provided sufficient to insure the building of the Nashville and
Pacific railroad, and it will soon be commenced. This road will run
from Nashville to Knoxville, and will have direct connection with the
Virginia roads at Bristol on the line of the States of Virginia and Ten¬
nessee. When completed, these roads together with the Nashville and
North Western, and the Memphis and Little Bock roads will form
links in the great Southern highway of railroads leading from Norfolk
and the Atlantic cities North of her, through Knoxville, Nashville and
Memphis to Little Bock, and from thence to the Pacific. This line of
roads is very near the 85 parallel of latitude, and is in a mild climate.
It runs through the most fertile region of the United States, and a
glance at the map will show it to be the shortest route from the At¬
lantic to the Pacific; with such connections the Nashville and North
Western must be a paying road.*
When the roads above described become paying roads there will
remain five roads owing $3,997,459, most of which may not pay their
interest until their connections are completed, and the resources of the
State further developed; but these roads will only add a small burden
to the annual interest to be paid by the State.
' I have given the above full description of these roads because they are owing,
so large a part of the debt of the State.
7
But the State will undoubtedly adopt the policy of selling aU roads
that cannot pay their interest. From a letter of Gov. Brownlow ap¬
pended to this, it will be seen that such is the decided policy of the
Executive Department of the State. It will also be unquestionably the
pohcy of the Legislative Department. At its last session, a biU for this
purpose passed the Senate, but it went to the House too late to be
passed by that body.
Whenever this policy is adopted, the Louisville Sc Nashville road
stands ready to purchase the Memphis, Clarksville & Louisville road
paying off the entire State debt. The Edgefield & Kentucky road will
doubtless sell for enough to pay its debts to the State. The Nashville
& North Western owes the largest debt. It is 171 miles long, has a
large supply of rolling stock, and it would have to bring less than
$2,400,000 in currency at present prices of Tennessee bonds to pay
off its entire debt to the State. This would be but §14,000 per mile.
Certainly capitalists can be found to pay this amount, and then take
the means provided for the Nashville and Pacific road, build that,
and unite the two roads, and also the Memphis and Little Rock road "
into one.
The sale of the roads above referred to, for an amount sufficient to
cover the State debt, would reduce the debt of "^the State $6,429,617,
and if the remaining roads not paying their interest, should be sold for
not more than twenty-five per cent, of the debt they are owing the State,
the proceeds of their sale would amount to $999,363, which added to
$6,429,617 would make the entire proceeds from the sales of the rail¬
roads of the State $7,428,980. The loss on the sale of the railroads
being $2,998,096, this amount would be added to the State debt,making
its entire debt not secured by railroads, only §7,115,515, and the whole
railroad debt of the State §17,471,826.
And what provision has the State made for this indebtedness ? In
a former pubhcation I stated that it was the " well known, unalterable
determination of her legislators, and all her state officials to maintain
her public faith inviolate." Her legislation since that publication will
show how faithfully she has redeemed that pledge.
Finding that her revenues were not sufficient to meet the deficien¬
cies of railroads in paying their annual interest, she has passed a new
revenue bill which will increase her revenues from taxation fifty per
cent. In that bill she has imposed heavy penalties upon assessors to
secure faithful assessments,"which wiU doubtless largely increase the
taxable value of property. She has imposed stringent penalties upon
collectors to enforce prompt returns by them of taxes collected, and she
has imposed the most stringent penalties upon the tax payer to enforce
prompt payment of his taxes, the penalty upon the delinquent tax payer
8
l)eiiig an addition of nearly one hnndrcd and fifty per cent, to Iiis taxes.
Slie has also created a Board of Finance, making it the especial duty
of this Board to provide for the interest on the public debt, and for this
purpose giving the Board ample power over the resources and railroads
of the State.
In her Legislatii e and Executive branche ^ she has inaugurated the
policy of selling all roads that cannot pay their interest, and her Gov¬
ernor has determined to recommend a change in the Constitution of
the State prohibiting any increase in the public debt, which recom¬
mendation will doubtlesr receive the sanction of the Legislative De¬
partment. Certainly nothing more remains to be done by the State
of Tennessee to insure the faithful fulfilment of all her obhgations.
In an Appendix will be found a copy of the new revenue bill, the
letter of Gov. Brownlow in relation to the State debt, and a legal
opinion upon the validity of the bonds usually quoted as " new bonds."
This opinion comes from some of the ablest lawyers of Tenu., most of
whom have held high official positions in the State, and most of them
politically opposed to the present State Government. To this opinion
it is believed, there is hardly a dissenting voice in the State.
There will also be found in the Appendix a statement of the prob¬
able amount of the receipts into the Treasury under the new revenue
bill, and of the balance that will be in the Treasury for the payment of
interest on the public debt, after paying the State expenditures and de¬
ducting $500,000 for Common Schools. This statement is made out by
Col. "SYm. Bosson, Secretary of the Board of Finance, a member of the
Finance Committee of the House of Eepresentatives, and one of the
most intelligent of that body, and one of the most thoroughly informed
upon all matters of our State Finances.
The taxes under the new revenue bill are not due until July next,
and will not be collected until the latter part of the year. This has ren¬
dered it necessary to provide for the deficiency of the railroads in pay¬
ing their interest the coming July by a loan, which loan will be made a
permanent one and not chargeable upon the revenues of the State for
years to come.
From the report made by railroads since the above loan was made
it is rendered certain that after paying the July interest there will
remain in the Fourth National Bank of New 3iork upwards of $150
GOO to meet the next January interest, and the statement of Col.
Bosson shows that there will be a balance in the Treasury besides,
under the new revenue bill, of $1,236,713.57 to meet the future pay¬
ments of interest.
S. WATSON,
Prcsidenl oj ¡ht Board of Fir.an'.c of Hit State of Tennessee.
TEX>'ESSEE STATE FINANCES.
The receipts into the Treasury for the fiscal year ending
Oct. 1, 1867, ' $1,517,472.50
The_jXevenue Act of March 1868 will increase the income
of 1^67 fifty per cent. 758,736.25
Estimated receipts into the Treasury from delinquent
taxes, uncollected or in hands of collectors amount¬
ing to $900,000,00, 200,000.00
$2,476,208.75
Disbuesemexts, 1867.
On payable warrants for all purposes excepting interest
on Bonds, State and Railroad, $999,402.61
Reduction in ordinary expenses for 1868
over 1867, 259,907.43
Total ordinary expenses for 1868, 739,495.18
$1,736,713.57
Balance in Treasury for 1868, $1,736,713.57
Deduct for Common Schools, 500,000.00
Balance applicable to interest on State debt, $1,236,713.57
The estimated receipts into the Treasury for 1868 are based on the
assessments of 1867, which assessments will be increased by the Reve¬
nue Act of March 1868.
W. BOSSON,
Finance Com., House Rep. and Sec'y Board of Finance of the State of Tennessee.
Hox. S. Watsox,
Dear Sir:
In reply to yours of the 22d, I have to say
that the tax aggTegate of half the counties in Tenn. have been received
in mv office, which enables me to safely estimate the revenue of 1868
at $2,.500,000.
G. W. Blackburn,
Comptroller.
The letter of the Comptroller was received after the preceding mat¬
ter had been put to press. His estimates based upon the new as.c-
essments, exceed Col. Bosson's $23,791, and consequently would make
the balance in the Treasury for 1868 applicable to interest, $1,260,504.
S. Watson.
V /• ■ ' Nashvjlle, Tenn., May 22d, 1868.
Gov. W. G. Bhownlow, "
Dear Sir :
Some time since I had a conversation
•with you in regard to preventing any increase of our State indebtedness;
wül you please give me the views you expressed on this subject ?
Yours very respectñiUy,
S. AVatson.
Knox'ville, Tenn., May 25th, 1868.
S. Watson, Eíq.—Dear Sir :
I am opposed to any increase in the pres¬
ent State debt, and shall recommend to the Legislature, at its next
meeting, in November, an amendment of the Constitution prohibiting
the issuance of any more bonds of the State than are authorized by the
existing laws. I shall also recommend that provisions be made for the
sale of all railroads which cannot pay their interest promptly.
Very respectfully,
AA". G. Beownlow,
Governor of Tennessee.
Nashville, Alay 29th, 1868.
Hon. Samuel AVatson—Sir:
In answer to your inquiry, we have no
hesitancy in saying, the Tennessee State bonds issued since the war,
and those issued before, are of the same validity and equally binding
upon the State. This is our opinion, and such is the general opin¬
ion in this State.
Fea Ncis B. Fcco,
Arthue S. Colyer,
Robert L. O.aruthers,
Neill S. Brown,
Edward H. East.
REVENUE LAW.
CHAPTER LXXIX.
AN ACT to Amend the Revenue Laws of the State of
Tennessee.
Section 1. Be it enacted by the General Assembly of the
State of Tennessee, That An Act to amend the Revenue Laws
of this State, Chapter 8, passed May 24th, 1865, be, and the
same is hereby amended, so that the following rate of taxa¬
tion shall be levied and collected, as now required by law. Polls, prop¬
er by the provisions of this Act, for State purposes: On erty bonds,
every taxable poll, one dollar and twenty-five cents; on
every hundred dollars worth of taxable property, forty cents;
all interest-paying State, county and corporation bonds,
owned by the citizens of this State, whether on deposit, in
or out of this State, shall be taxed forty cents on the one
hundred dollars for State purposes, and twenty cents as a
school tax, on their real value, as compared with moneys
receivable for State and county tax at par.
Sec. 2. Be it further enacted. That all Foreign Insurance
Companies doing business in this State, whether fire, marine,
accident or life, shall pay, annually, on taking out or renew¬
ing a hcense, the sum of seven hundred and fifty dollars;
whether foreign or chartered by this State, and whether
fire, or marine, accident or life, sh-ali pay monthly, a tax of companies
one-and-a-half per cent, on the gross amount of premiums tai on pre-
received by them, whether said premiums be received in miums
cash or premium notes; and the payment of said tax shall
be based upon a statement of the business of the company,
during the preceding month, sworn to by two persons con¬
nected with said company; and payment on such sworn state¬
ment shall be regularly made to the Comptroller of the State.
Sec. 3. Be it further enacted, That every Insurance Com¬
pany doing business in this State, whether fire, marine, acci¬
dent or life, and wnether chartered by this State or not,
shall be required to deposit with the Comptroller of this
State, twenty thousand dollars of six per cent, bonds of the
12
State of Tennessee, or of the United States, as security for
risks taken by citizens of this State, and if the agent or
agents of any Insurance Company, after the passage of this
Act, shall take risks without ñrst making this deposit, the
agent or agents so offending, shall be guilty of a misde¬
meanor, and be fined not less than one hundred and fifty
dollars for each oflender, one-third of which shall be given
to the person on Avhose information the conviction of the
offense is based, and the balance shall be paid into the
Treasury of the State.
Sec. 4. Be it further enacted, That when any agent or
agents of any Insurance Company shall neglect or refuse to
comply with the requirements and provisions of the second
section of this Act, such agent or agents shall be subject to a
penalty of one hundred dollars for each and every week so
neglecting or refusing to comply; which penalty shall be
charged to them, and shall be deducted from the amount of
State or United States Bonds, deposited by them with the
Comptroller.
Sec. 5. Be it further enacted. That all persons engaged
in the following pursuits, shaU obtain an annual license
from the Clerk of the County Court, and pay the taxes here¬
in provided ;
Every merchant shall pay for his license one per cent, in
the dollar on the invoice cost,at the place where purchased, of
Merchants, all his goods; and shall make a semi annual statement of
his purchases, to the County Court Clerk, under oath, and
and pay the tax thereon semi-annually.
Every commission or auction merchant, shall pay for his
Commission lic6nse, one per cent, in the dollar, on the gross amount of
or Auction all his sales, public and private; and shall make a semi-an¬
nual statement of his sales to the County Court Clerk, under
oath, and pay the tax thereon semi-annually. The term
"merchant," as used in the above sections, includes every
person trading or dealing in goods, wares, merchandise,
groceries; jewelry, drugs and medicines.
Brokers of real estate, including all contracts for rents,
Eeal estate carried on as a regular business, shall pay a privilege tax of
Brokers fifty dollars, and one-half of one per cent, on the gross
amount of sales and rents; provided, that all merchants and
dealers above specified, shall give to the Clerk of the County
Court, at the time of taking out the license, a bond, with
good security, conditioned that he, she or they, will make
the reports, and pay the taxes, as herein pro-\fided.
Hotel keepers Hotel or tavern keepers, for each room in the house ex¬
cept two, one dollar.
Livery Stable Livery stables, or stables kept by inn-keepers, for each
stall, one dollar.
Omnibus Cos- Eneli omnibus company, or individual engaged in running
omnibuses for pay, shaU pay a privilege tax on each omni-
b as of twenty-five dollars.
Fine for
failure.
Same.
Licenses.
13
All hacks, carriages or vehicles, run for pay, shall pay a „ ■ .
privilege tax of ten dollars. nacKs,sc.
Each express wagon or cart, including wagons or carts en¬
gaged in transferring, other than those belonging to express Express
or omnibus companies, shall take out a license annually, Wagons
from the County Court Clerk, and shall pay a tax for each
express wagon of five dollars; each express cart, five dol¬
lars; each transfer wagon, (two horse), ten dollars; each
transfer wagon (four horse), fifteen dollars.
Steam ferry companies, or steam ferries, operated by in¬
dividuals, shall take orit an annual license from the County Ferries
Court Clerk, and pay an annual privilegetax of one hund
red dollars, and one-half of one per cent, on their gross
receipts.
All peddlers of sewing machines, or selling by sample, gg^ijjg
shall pay a tax of ten dollars. chines.
Eetail dealers in spirits, wines, ale,^ beer or other malt
liquors, in addition to present taxes on each establishment, detail, deal-
shall pay a privilege tax of twenty-five dollars Any person ers in iiquors
peddling liquors of any kind, either on foot or horseback,
or with any vehicle, shall pay a tax of one hundi'ed' dollars
at every placo he may retail such liquors.
Horso and mule dealers, whose business is buying and
selling horses and mules, shall pay a tax of ten dollars. Mde dealers
Cattle dealers, whose business is buying and selling cat¬
tle, sheep or hogs, a tax of ten dollars. Cattle dealers
Brewers shall jray a privilege tax of one hundred dollars. Brewers.
Pawnbrokers, a privilege tax of five bundi-ed and fifty
dollars. Pawnbrokers
All claim agents, a tax of twenty-five dollars; prohided
that all claim agents whose practice is exclusively confined Claim Ag'ts
to prosecuting claims for back pay and bounty, and appli¬
cations for pensions, shall be exempt t f ir
All inteUigence office keepers, a tax of twenty-five dollars.
All butchers, whose business is to sell, and all offices kept
for the sale of meats at retail, a tax of ten dollars. Butchers.
All lawyers who set themselves up as practicing attorneys,
and who have been 23racticing the profession for five years, Lawyers,
shall respectively, pay a jrrivilege tax of fifteen dollars.
Physicians, dentists, surgeons, who charge for services, a
tax of ten doUars; provided their income is ever eleven hund- Physicians,
red dollars per annum.
Architects and civil engineers, those who plan, design or
superintend the construction of buildings, steamboats, Architects
bridges or railroads, not including mechanics, a tax of ten etc.
dollars.
Plumbers and gas-fitters, a tax of ten dollars. Plumbers
Each marriage license, a tax of two dollars. License
Peddlers may take out license quarterly, and shall pay, if
on foot, a tax at the rate of twenty doUars per annum; or,
if a peddler, with a horse or vehicle, may take out license; Peddlers
and pay a tax at the rate of fifty dollars per annum, and
14
fifty dollars for each vehicle, ten dollars for every horse used
over one.
Exhibitions Exhibitions of profit, sleight of hand, legerdemain, or other
exhibitions, except circuses and menageries, shall take out
license, and for each day's performance, shall pay a tax of
five dollars.
Telegraph Telegraph companies shall take out a semi-annual license.
Companies, and pay therefor, a tax of five hundred dollars.
Express companies, five hundred dollars, where the dis-
Express Cos. tance travelled is less than one hundred miles; over one
hundred miles, cue thousand dollars annually, in lieu of
aU other taxes.
Banks. The business of banking, whether by banks chartered
by this State or by authority of the "United States, sixty
cents on the one hundred dollars of the capital stock; and
the said banks shall report, specifically, the amount of their
capital stock on the first of April in each and every year,
and pay the tax imposed by this Act, which includes the
twenty cents for school pmposes.
Sec. 6. Be it further enacted, That each Justice of the
Justices or "^Tio, in the discharge of his duties as assessor
Assessors etc taxable property in his district, or any assessor of
taxable property in any incorporated city or town, who shall
in any case, refuse or neglect to perform any duty enjoined
upon him by law, or who shall consent to, or connive at any
evasion,whereby any proceedings required by the tax laws of
this State, or relate to the collection of taxes shall be prevented
or hindered, or whereby any property, capital or income re¬
quired to be listed for taxation, by this or any other Act,
shall be unlawftilly exempted, or the valuation thereof be
entered on the tax list at less than its actual true value in
cash, shall, for every such neglect, refusal, consent or conni-
Pine. vanee, forfeit and pay to the State, not less than fifty dol¬
lars, nor more than five hundred dollars, at the discretion
of the court, to be recovered in the name of the State by the
Clerk of the County Court.
Sec. 7. Be it jurther enacted. That sections 643, 644, 645,
Eepealed. Code, be, and they are hereby repealed.
Sec. 8. Beit further enacted That the proviso to section
w ® chapter 8, of the Acts of 1859 and 1860, passed March
® ~ ■ 22d, 1860, relating to billiard tables, etc., be, and the same
are hereby repealed.
Sec. 9. Be it further enacted. That it shall hereafter be
Piity of the duty of the Clerks and Collectors chargt d with the col-
Collectors*^ lection of revenue of the State, on the first day of Decem¬
ber, March, June and September, of each fiscal year, to
make a statement, under oath, to be foi^waided immediately
to the Comptroller of the State, setting forth the amount
collected by him or them, specifeing the items of taxation
Statement, from which the amount has been collected, and to deposit
the said revenue as often as four times a year. Said deposits
shall be made by the fiist, day of December, March, June
15
and September of each fiscal year, with the depository at Deposits.
Knoxville, Nashville and Memphis, to the credit of the Treas¬
urer of the State of Tennessee as hereinafter provided; and
the officer making the same, shall take a certificate of deposit
in triplicate and forthwith inclose one to the Comptroller, and
one to the Treasurer, retaining one for his own protection.
Sec. 10. Be it further enacted. That all Clerks of the vari- Clerks and
ous courts throughout the State, as well as all Magistrates Magistrates
of the several Civil Districts in every county, shall deposit
with the Trustee of their respective counties on the first
Tuesday of every month, all county revenue collected by
them during the preceding month, together with a written
statement of the same, showing the source from whence it
was derived, the name of the parties paying the same, the
kind of funds collected from them, whether currency, county
warrants or interest coupons, together with the date of every
item. For the amount deposited, the Trustee shall prepare
triplicate receipts, one of which he shall retain; the other Eeceipts.
two shall be given to the Clerk or Magistrate making the
deposit. The statement submitted by said Clerk or Magis¬
trate shall be filed by the Trustee, who shall immediately
furnish a copy of the same to the County Court Judge, or
Chairman of the Board of County Commissioners. All
Clerks of Courts, and civil Magistrates referred to in this
section, shall, in addition to a statement to be submitted
monthly, to the Trustee, make also quarterly, a sworn state- Quarterly
ment of all county revenue received by them during the Statement,
preceding quarter, showing explicitly everything in rela¬
tion to the receipt of said revenue as they are required to
show in their monthly statements to the Trustee; and these
quarterly statements properly sworn to, shall be made to
the Judge or Chairman of the County Court, or the Chair¬
man of the Board of County Commissioners, on the first
Mondays of January, April, July and October, of each and
every year; and the Trustee's monthly receipts, as vouchers,
shall be submitted with said quarterly statements; and any
failure to comply with the provisions of this section shall be
a misdemeanor in office, and shall subject the offender to Misdemeanor
the penalty specified fu section 511 of the Code of Tennessee.
Sec. 11. Be it further enacted, That whenever, by the re¬
quirements of section 607 of the Code, it becomes the duty
of all tax collectors to give notice that they are prepared to
make their collections, it shall also be the duty of said tax col- Tax Collect'rs
lectors, at the same time and in the same manner, to make full
publication of all such parts of this Act as in any way relate, publication,
either to the time when taxes are declared due, or to. the
penalties imposed on failure to pay said taxes at the speci¬
fied time.
Sec. 12. Be it further enacted. That no part of the moneys
deposited with any one of the depositories under the provis- Checks,
ions of this Act shall be drawn by the Treasurer, except upon
the check of the Treasurer, countersigned by the Comptroller.
16
Comptroller
to notifv.
Clerks to
deposit.
lîêfusal to
pay, felouy.
Sec. 13. Be it further enacted, That it shall be the duty
J. . . of the State Coniplroller and Treasnrer, immediately upon.
1 or es passage of this Act, to designate and a2îpoint one of the
National banks of Knoxville, Nashville and Memphis, as a
depository of the I'evenues of the State, and require from
each of said depositories a bond, rvith sufficient security, in ;
the sum of three hundred thousand dollars each, to be ap¬
proved by the Governor, Com^rtroller and Treasurer; and ■
upon execution and approval thereof, the Comptroller shall
issue a circular letter to each of the Clerks and Collectors,
charged with the duty of collecting the State revenue, noti¬
fying each of them of the requirements of this Act; and there¬
upon the said Clerks and Collectors in East Tennessee shall :
commence depositing the State revenue received by them,
resjrectively, in the depository at Knoxville; the Clerks and
Collectors in Middle Tennessee, in the depository at Nash¬
ville; and the Clerks and Collectors in M'est Tennessee, in
the dejrository at Memphis, as provided in this Act. Proel- '
ded, however, that the Clerks and Collectors in Knox, David¬
son and t^hclby counties shall deposit weekly the moneys ■
due the State collected by them with the depository desig-
in the said counties, resj: ectively.
Sec. 14. Be it f urther enaded. That if anv Tax Collector
shall hereafter wilfully fail and refuse to jrayinto the Treas- '
ury of the State the revenue which he has coUocled, he shall
be guilty of a felony; aud it í hall be the duty of the Attor¬
ney-General of the District in which such defaulting Reve- :
nue Collecter may reside, to jrrosecute him for such offense;
and upon conviction thereof he shall he imprisoned in the-
Tax Collector State Penitentiary for a period of not less than five, nor
more than twenty years The word Tax Collector, as used •
in this section, is intended to include and embrace all i)or-
sons entrusted with the collection of the public revenue.
Sec. 15. Be it further enacted. That all revenue received
by the Collector of the public t txes, and not dr.awn for by ■
the Treasurer, as j)rovided for by this act. shall, for each
year, be due and payable on the first day of D C' lnljC /of
each year; and the ».Mllector shall account for and pay over
the same to. the Treasurer, on or before said day, except
that jrortion of the same which is collected on lands reported
for non-payment of taxes, which shall be accounted for and
paid to the Treasurer, on or before the first day of August •
next after the sale.
Sec. 16. Be it further enacted. That no injunction or jreti-
tion for mandamus shall be granted by any Judge or Court
in this State, or any bill or petition for mandamus, alleging
the illegality or unconstitutionality of any of the revenue
laws of this State, restraining any officer or officers charged
with the collection of the public taxes of this State except
upon a final hearing of any cause in the court of last resort,
if an appeal should be taken to that court; provided, that,
should any person be proceeded against by an officer
When to be
paid into
Trea.sury.
Mandamus.
Proviso.
17
charged with the collection of the public revenue, for failing
to pay the revenue due the State or county, or for any vio¬
lations of the revenue laws of this Slate, such person or
persons shall immediately suspend business, and shall not, by
himself or themselves, or any other person or persons what¬
ever, be permitted to transact or carry on the business or
occupation for the violation of the law for which he or they Violation a
have been proceeded against. A violation of this Act is a misdemeanor
misdemeanor, and on conviction, the party violating the
law shall be subject to a fine of one hundred dollars, and
shall be imprisoned in the county jail for a period not ex¬
ceeding twenty days; and it shall be the duty of all revenue
officers to prosecute all violations of this law; and a failure
on the part of revenue officers to prosecute all violations of
this Act shall also be a misdemeanor, subject to the same
penalty as hereinbefore mentioned; and the Judges of the
Circuit and Criminal Court shall give this Act in charge to
the Grand Jury.
Sec. 17. Be il farther enactetl, That in order to secure the
prompt collection of the revenue derived from taxes on real
estate and personalities, that all such taxes shall be, and
they are hereby declared due and payable on the first day
of July, of each and every, year for which said taxes were
assessed; and provided, the payment of said taxes is deferred
and not made before the following first day of November of When due
each and every year, a penalty of two per cent, on amount penalties,etc
of taxes to each person, for such non-payment shall be, and
the same is hereby imposed, which shall be collected by the
Tax Collector, in addition to the regularly assessed taxes;
if not paid before the first day of the following month of
December, a penalty of five per cent, shall be, and the same
is hereby, imposed,'and shall be coUecîed as aforesaid; if Same,
not paid before the first day of the following month of Jan¬
uary, a penalty of ten per cent, shall be, and the same hereby
is, imposed, and shall be collected as aforesaid; if not paid
before the property is advertised for sale, a penally of
Iwenty-five per cent, shall be, and the same hereby is, imposed,
which penalty shall attach and be.coUected whenever the taxes
to which said penalty attaches, shall be paid..
Sec. 18. Be ü further' enacted. That it shall,'in no case, collector's
be lawful for Tax Collectors to give a receipt for taxes to any receipt,
individual who shall have incurred either of the penalties
embraced in section 17, unless said penalty is paid with the
.taxes, together with such costs and fees as may have legiti-
■mately accrued on the same; and sworn statements, show¬
ing the exact condition of the tax books in every county. Statement,
shall be made by the Tax Collectors of said county on the
first days of November, December and January, Of every
year, and the same shall be filed with the County Court
Clerk, and a copy of the same shall be forwarded to the
Comptroller of the State.
Sec. 19. Be it fuUher enacted. That in case any property
18
is sold by the Tax Collector for the non-payment of taxes,
® costs, fees, and penalty, said taxes, costs,^ fees and penalty,
shall, in the aggregate, be subjected to an additional penal¬
ty of fifty per cent. ; and whether such property is purchased
by individuals, by the city, or by the State, for the benefit
of public instruction, it shall, at no time, be redeemed by
the owner thereof, except upon payment of the fifty per cent,
penalty, together with the taxes, costs, fees, and previous
penalty attaching at the time of advertisement of said prop¬
erly; also, the interest on the aggregate amount, for the
time elapsing after sale.
Sec. 20. Be it further enacted. That in case property sold
for (axes is not redeemed within one year from the time of
sale, a further penalty of fifty per cent, shall be. and the
Time, and same hereby is, imposed ; which penalty shall attach to all
hew re eem taxes, costs, fees, and interest that shall
have acciued at the end of the year, on the property sold;
and it shall at no time thereafter, be redeemed, whether
sold to individuals, city or State, for (be benefit of public
instruction, except on full y ayment of all the penalties im¬
posed, together with taxes, fees and costi, and the intere.st
on the aggregate amount of taxes, fees, roits and penalties,
for such time as shall have elapsed from the date the last
penalty was imposed.
Sec. 21. Be it further enacted. That the tide to all proper¬
ty disposed of at public sale for the non-payment of taxes,
shall, if not redeemed before the expiration of two years
from date of sale, vest absolutely in the party or parties that
purchased said property at said public sale, or in their heirs
or assigns; provided, said parties shall have paid promptly
aU taxes on the same.
Sec. 22, Be it further enacted, That real estate sold for
taxes shall be redeemable at the office of the Clerk of the
Circuit Court for the county in which said real estate lies;
and it shall be the duty of the Clerk of the Circuit Court to
receive from the owner of such real estate, or his or her agent,
the tares, costs, charges and penalties imposed by this Act, at
any time after such sale has been made, within two years
from the date of said sale; after the expiration of which
time the Tax Collector, or his successor, shall execute deeds
to all such real estate as has not been redeemed as aforesaid,
to the purchaser, upon his application as now provided by
law.
Sec. 23. Be it further enacted,Th^aX it shall not be necessa¬
ry, in order to convey a good and valid title to real estate
sold for public taxes, that the Tax Collector should give the
date and number of entry, or either; or date or number of
Description grant, or either; or name of grantee, or number of range or
of property, section, or the name of the true owner of such real estate ;
but it shall only be necessary to give such a description of real
estate reported for non-payment cf public taxes as shall be
Same..
tVhero
redeemable.
Tax Collec¬
tor to execute
deeds.
10
necessary in order to identify the same with reasonable cer¬
tainty.
Sec. 24. Be it further enacted, That all laws on the subject construction
of the sale of real estate for taxes, shall receive a liberal con¬
struction by the courts of this State.
Sec. 25. Be it further enacted, That aU penalties accruing
previous to the sale of any pro|)erty, for the non-payrhent
of taxes, and paid either by the owner of the property, or by
the purchaser of the same, whether the purchaser be an in¬
dividual, a corporation, or the State, for the benefit of public
instruction, shall be apportioned equally to the State and
county in which said property is listed; and it is hereby
made the duty of the Tax Collector, if he receives said pen¬
alties, or any other officer to whom payment of said penal¬
ties shall be made, to pass the same, as soon as collected,
respectively, to the ci edit of the State and county.
Sec. 26. Be it fait her enacted, That whenever property is
advertised for sale for non-payment of taxes, it shall be the Advertising,
duty of the officer ordering the sale to attach, or cause to
be attached, the amount of penalty as well as the amount of
fees, cost and taxes, in the list given to the printer for pub¬
lication.
Sec. 27. Be it farther enacted, That all laws and parts of
laws coming in conflict with this Act, be, and the same are
hereby, repealed; and that this Act shall take effect, and be
in force from and after its passage.
F. S. EICHARDS,
Speaker of the House of Representatives.
D. W. C. SENTER,
Speaker of the Senate,
Passed March 13th, 1868.
336,768 671532
T2967f Tennessee
Finances and resources