he Governorship at the election that was to be held the
latter part of that year. He accepted the nomination and was duly
elected. He discharged the duties of the office in an able, creditable
and satisfactory manner. The only point upon which the administration
was at all subject to unfavorable criticism was the high rate of
taxation to which the people were subjected for the support of the State
Government; but the reader will see that this could hardly have been
avoided at that particular time. In his message to the Legislature in
January, 1910, Governor E.F. Noel accurately stated the principle by
which an administration is necessarily governed in raising revenue to
carry on the government. This is the same principle that governed the
Alcorn administration when it took charge of the State Government in
1870. In that message Governor Noel said: "The amount of assessment
determines the tax burden of each individual, corporation, town, and
county. The Legislature or local authorities settle the amount necessary
to be provided for their respective treasuries. If all property be
assessed at the same rate,--whether for the full value or for ten per
cent, of the value of the property,--the payment of each owner would be
unaffected; for the higher the assessment, the lower the levy; the lower
the assessment, the higher the levy. Our State revenue is mainly derived
from a six mill ad valorem tax."

When the Alcorn administration took charge of the State Government the
War had just come to a close. Everything was in a prostrate condition.
There had been great depreciation in the value of real and personal
property. The credit of the State was not very good. The rate of
interest for borrowed money was high. To materially increase the bonded
debt of the State was not deemed wise, yet some had to be raised in that
way. To raise the balance a higher rate of taxation had to be imposed
since the assessed valuation of the taxable property was so low.

The figures showing the assessed valuation of taxable property in the
State and the receipts and disbursements prior to 1875 are not
available, but, taking the figures for that year, the reader can form a
pretty accurate idea of what the situation must have been prior to that
time. In 1875 the assessed valuation of real and personal property,
subject to taxation in the State, was $119,313,834. The receipts from
all sources that year amounted to $1,801,129.12. The disbursements for
the