The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-05-23
all be mercantile psper-sssumng that is we then have
the that bank said to be Of the best managed in
Wall street stands az ollows:-- ,
Jnresfmenfs.


Wall street. stands as iollows;--
Capital. ss.2aa.nO Stocks. g. sec,sls
pep,,i,s. s.ss,e asfss.s,ils Bills. a aHs,@
Banks ss rs ssi EEs ssn:
Tot,l. s55a,2is s.53s,2as
The stocks yield about 81 per cent? the specie and bank
notes nothing; the stock loans sper cent, and the bills
perhaps6 per cent This with strict economy and no
losses will yield IA dividend on the stock. The institu
tion u.s. however, illustrative of the dangers of banking
1t has of which 81 900 has accunu
lated in specie in nine months The merchants have lent
cent 900 less than they deposited with the
bankthe rest all applied directly the fostering OF dan
gerous specuations will again produce disaster VI
the oOeare lying entirely useless to the ceun
try at large has been accumulated from all quarters
and occupies false position A large portion Of the in
dusry of the country languishng for the want OF that
very capital which s doing nothing but mischief IN the
vaults ofthe corporation orlree bsnk the stockholders
had their money invested directly in the stock in
their name, II woulu be much more to their advan.
tsgeconcentrsted the money now is, in the hands Of
that borrow more than they lend, it is complete
trap the mercantile interests now holds out every
inducemento peopleo borrow money at cheap ratesas
as they succeeded in doing this enterprise
is prices rise they will be obliged round
contract their loans. leave merchants cut short the
midst Of their enterprises and ruin them with usurious
interest II tEis money was spread in the hands OF pr
vate capitalists it would find its way into the employ
Of specuator but into the business the mechanics and
the farmers where would yield equivalent in actual
wealth, without sngendering any revulsion.
The State ofiTennessee bonds we have recently al
luded to as being exceedingly low in the market without
adequate cause, that is to say. the State is in sound
dition and therei why uld be lower than
that of Massachusetts New Yor1AS The present out
standing debt Of Tennessee is as follo*s-
TENNESSEE STATE DEBT.
State Bonds issued and proceeds invested in
Stock Of the Union Bank Of Tennessee
bearinglHn interest of per cent, which
is paid semi-annually by the Bank. $500 600 90
state Bonds issued and proceeds invested in
capital of the Bank Of Tennessee, bear
ing an interest Of per cent. 100000 90
State Internal Improvement Bonds bearing
State Internal Improvement Bonds bearing
an interest OF per cent. l,263,750 90
ss,ols,sls,s6i
The 900 oflState Bonds, bearing interest of FIVE
per cent issued for the improvement of rivers but not
yet sod not included the amount of the debt
The debt has many years before falls DUE to
meet it the State owns
Stock in the Union Bsnk of Tennessee, $6i6 600 90
Capital in the Bank of Tennessee, beng
proceeds Of bonds sold and exclusive Of
the School Fund, 1000, 900 90
Stock paid in to the Internal improvement
Companies, BY. State bonds issued, l,6l6.9l6 663
$s.los,6ls COZ
If the surplus revenue of the United States
now on deposte with the State, should
not be recalled by the United States that
sum may sbstadded, 1853, 200 IS
$45ie,726 2lf
With these meansjadded to the annually accommodating
profits of the Bank of Tennessee under prudent and pro
per management there be but little danger that
sort to taxation be necessary enable the State to
meet it at its maturity.
The whole annual amount of the interest arising on the
bonds Of Tennessee does exceed and a. be-
fore stated the prompt of this interess like
ly at any time to fail asgample and certain have
been set apart for that purpose.
But should lsuch failure at any time occur that is
should the specific thus provided any time fail
then the faith of the State lis pledged for its pay men
the means of the State resulting from its ordinary
nue. would be at substituted in its stead and holders
promptly satisfied. The State of Tennessee owes nothing
ave the amount OF these bonds Taxation Is very light
In Tennessee much that is scarcely felt It's 60
vernment 10 administered with degree of economy which
makes its annual expenditures trife. The result
it, that there is and there has been for many years
past and there is likely to be for years to come surplus
in the Treasury fully equal the whole Of
rest these bonds Thus, of failure from the
provided sources, here is fund on hand-always on
thankfully equal to the annual interest," which the
gslaure could at any time direct the payment of any
unsatished interest.
The and expenditures of the State were, for
the year ending October, as follows
Ordinary revenue, $2tsn5
Extraordinary revenue, miscellaneous receipts. 2954s7
Bsisaes IN FIs:aury last report, 'i ISIS
Total means. sseo, 80,
Erpenses,
Ieyslayive, s6l,sn
I'D cial, 67,667
Ell, cative and miscellaneous, s4l,35o 47ONs
Balance on hand Oct, Isii, $iss4so
Showing Of receipts Tor the year of $7s2sl
constituting increase Of balance on hand No State
show better state Of affairs than this under the
superstition that the banks are insolvent
The State of Tennessee like most Others fell into the
internal Improvement fever and system Establish
ed in 1885, and extended in 1885, by which heavy debt
would have been created but the Legislature took early
and decided steps check the evil In the year ls4o an
act passed "to provide the reduction of the State
debt" being act to rerea all laws authorizing the Go.
Of the State to subscribe for stock any internal
Improvement company Under that oct ST. of State
bonds that had been issued for negotiation the Bank of
Tennessee to form part of its capital recalled and
cancelled The sums subscribed by the laws of
follows;-
East Tennessee, 81 400 900
Middle Tenne ssee, 400 000
West Tennessee 900 600
Total, $40o0LoO
ofthis sum- ss,l64Ios was subscribed, and as above
The States liabilities to the companies providing that the
capital stock of each company is exhausted in the
strucon of the works. amount TO 81 &C., leaving still
be issued s72975o This is contingent and may not
occur.