Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1853-10-20
FAYETTEVILLE, TENN. THURSDAY, OCTOBER TO- 1862


le endorsed by my predecessor. und,
NH The same act. Bonds of the san
lo COMPANY have been endorsed md,
yIl the act Of the last session df the LIE!
q stature to The amount of $3.50
al goo 90.
e, It is proper, also, to observe tha
/, ;lthough for the paym6ht Of th
J. dnteresl on. and for the ultimate Re
Il derntion Of, a considerable portion ,
& dhe bonds above stated rs cbnsti
s dating the public debt, the StEite !
: dnly contingently liable, vet that th
lubIiccredit may i'll no possible even
e 5ustain a shd dck. it will be the pBrt o
t Jisdom to make ample provision
5 ;lgainst such a result.
) To meet Il beI liabilities Of the STATE
f every des eription including exist.
; be- and oecuI IriDg cbarges, in add.
tEon to the balance now on hadd in
IIlS Il liSdSQTN. amounting. 20 Tile sum
df SRO6. .43i Sc. the means and sour
q Is 5f The revenne belonging to the
S fat are. in the B I,nk of Tennessee,
100000 of stodk, and S1,353,-
400 50 of the surplus reYenue, de-
? psited by the United States Gov
e Fnment with the State. Which may
b e properly regarid III as nadans Of the
s tate, and S623.GG0 OF stock in the
[ Mon Bank. Fac b of thds Banks
p ays semi-annual dividends Of about
f bar per cent and the stock of each
il regarded as at par value. Tie
IEank of Ten nesssc appears to have
i cen success ully miFhaged during the
II st two yen RS, and it is believed to
; d e in souhd condition; but as the
State 0 kns the entire AMOUNT of the
d hpital stock In thiB banr. and has IA
VERY h tee anl lount Of CAPITAL invest
IeIl IN thP Stock sof 81 bth the Union and
| IPlanters S Banks. / recommend that
4 careful and rigid scrutiny be insti-
thted ! Ito tb8 condition and manage
rh9nt ofsach Of Ii EN-
Besides Blink stock, the State
dTas stock ii Tarnpille Companies.
ISnd in the East Teh ehnessee aud Geor-
dAl Railroad COMPANY to theIamount
If 50 eos 856 .66I SeveralIaf these
Jay dividends Tor information as
Il what eIteGt tbis source of revenue
K ayaiIa{Ieat the present time. | re-
fer YOU to the report of the Comp
roller.
AS further support to the public
credit. it should Be Stated thatfor the
whole amount advanced by the State
/ the way Of loans in bonds of the
State issued to Railroad Companies,
Oh by endorsement of bonds- of the
Companies. amounting altogdther to
the sum Of S.,945. 600, and consti-
tuting a. large portion Of the Whole
amount Of the public liabilities, am
pie indemnity and security are provi-
ded for BY mortgages upon the entire
roads and property Of the respective
companies.
BY anIact Of the 6rmep session of
t'he Legislature, authority was given
TO the Bank Of tennessee, with the
advice Of the Governor, to sell the
stock hcld bythe State IN the Union
and Planters Banks. 7 vas not
deemed TdylsableS or ior fbe public
that the sale should be made.
Al questions connected with the
Banks and Banking operations arc Of
difficult solution. bet it appears to
me that the principle upon which
free banks Of voluntary associations
ioT banking purposes. ulller certain
regulations, we've authorized By the
act Of the last session ofahf Legisla-
turA, is a sound one,and thdt its pro-
visions should be further sanctioned {