Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-10-08
$4,I90, 1851 sc
8,676,0OO 90
$12,866,856 sc

So, 1865, $50 IS
And" adds the message, g if all the
Internal Improvement Companies apply for
the aid of the State which have been au-
thorized to do so by the various acts of
Assembly which have been passed to Ell
courage works of Internal improvements,
it will swell the State debt up to not less
than 500, 900 900"
Relative to the value of the bonds in
market at present, and the means of the
State it is said
TIE Bonds of the State which have been already
issued to the various Internal Improvement Com
panes have been aud are now selling in the money
markets at ruuOus rates of discount; in fact, at
! lower rate of discount than the Bonds of some of
our sister States whose resources and financial abb
lily not superior, if equal, to those OF Tennes
! see, 10 meet their public engagements. Tennessee
! Bonds are issued and thrown utO market without
any definite Information TO what amount OF Bonds
can be, or Willie, issued under existing laws,
whether future Legislatures will extend the amount
to be Issued. The want of this information on the
part of those who willing to invest their capital
in State securities to the amount of Bonds that
can and will be thrown into market, deters and pre-
vents many who otherwise would IN axe investments
in Tennessee Bonds 1t is believed that if the Leg
islature will fix upon some definite and known linn
it TO which the State credit is 20 be extended, and
especially If that lio il is clearly within the fnan.
cial ability OF the Stat il will have an immediate
Influence upon the price and safe of the Bonds
now in market and those that are to be thrown
upon it hereafter for sale; which will greatly relieve
those Internal Improvement Companies which now
have their Bonds bypothecated and which
titled to the issuance OF Bonds hereafter. l would
therefore recommend that the boundary OF our
prospective public debt be we'll defined and that it
be reduced to the lowest limit consistent with the
inter- and credit OF the State The credit of the
State be sustained by the aid Of little timely
and iudciOus legislation in the manner already in
dicated. Il would also add 70 the confidence and
credit of the State, if the Constitution was so
amended to nhibit any future Legi,l Iture from
the creation OF any public debt beyond limited
amount, without first submitting the proposition to
the people for their approval rejection, unless in
some great emergency, such nsurrection, rebel
ion, or Invasion. proposition Of this character
at the present time to amend the Constitution OF
the State would be earnest indication to capital
lists that the public mind was healthy and sound in
regard to State Indebtedness; and its ultimate adOp
ton would secure the people in the future against
improvident, lOgrollng legislation and the creation
OF heavy and excessive State ndebtness without al
least first obtaining the peoples consent.
The total value OF taxable property, according to
the best data that now be obtained, will ap-
proximate three hundred million dollars.
Total number OF taxable polls l25,OOO
State tax three hundred
million dollars, at ten
on the dollar 500, 600
State tax one hundred and
twenty five thousand polls,
at twenty FIVE cents. 81 ,25O
Il will be perceived that from these two sources,
alone, the State will derive a large revenue, amount
ing 70 three hundred and thirty one thousand TWO
hundred and ifty dollars 1881, 25O) which, With
the other receipts Into the Treasury, ought 10 make
| a fund sufficiently large to deiCay the current ex-
peuses of the State. when judiciously aud ecouo
mically appropriated.
Under the provisions of the act of 1884
Feb. 81, there have been paid over to the
Governor and Comptroller Of the bonus
and dividends of the Union Bank, 1851,
1875 90. OF, this amount sos, l03 IA
have been invested in per cent. bonds o
the State. In pursuance of the provisions
of the same act there has been paid of th,
dividends, arising from the School FunC
Stock, in the Union and Planters Bank
! upon the Governor and Comptroller's or
. der, the sum of hfty-nine thousand dollars
which sum has been vested in six per cent
/ State Bonds aud the receipt of the Pres
) dent of the Bank Of Tennessee taken for III
same
The message next takes up the subjee
0 Of Banks, aud renews the former recon
: mendation of the Governor to put the Ban
! of Tennessee into state Of gradual liquida
: ton. In making this recommendatio
: again he says It must not be inferred or III
{ derstood by any that be is in favor of tn
\ creation or continuation Of Stock or Ere
8 Banks; he would be Gin favor of windn
q them all up, so soon as it is practicable an
s consistent with the commercial, agrieult'
}, raj and mechanical wants OF the countr
! to do So" Incidentally, he condemns I'll
u proposition 20 increase the capital Of th
: State Bank, and to make it the great res
ulator Of the monetary affairs Of the Stat