The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-10-16
S4,l90,s57 66
8,676,000 90
Actual Indebtedness
Liabilities as above,
SI2,S66.S56 &c

"And," adds the message, "f all the Inter
nal Improvement Companies apply for the aid
of the State which have been authorized to
do so by the various acts of Assembly which
have been passed to encourage works of In
ternal improvements, it will swell the State
debt up to not less than S20,000,000."
Relative to the value of the bonds in mar
ket at present, and the means Of the State il
is said
The Bonds Of the State which have been
already issued to the various Internal lnl-
provemeut Companies have been and are now
selling in the money markets at ruinous rates
of discount; in fact, at n lower rate of discount
than the Bonds of some of our sister States
whose resources and financial ability are not
superior, if equal, to those of Tennessee, to
meet their public engagements. Tennessee
Bonds are issued and thrown into market
without any definite information as to what
amount of Bonds can be, or will be, issued
under existing laws, or as to whether future
Legislatures will extend the amount to be
issued. The want of this information on the
part os those who are willing to invest their
capital in State securities as TO the amount of
Bonds that can and will be thrown into mar
ket, deters and prevents many who otherwise
would make investments in Tennessee Bonds
1t is believed that If the Legislature will fix
upon some definite and known limit to which
the State credit is to be extended, and espe-
cially so il that limit is clearly within the f.
nancial ability of the State, it will have an
immediate influence upon the price and sale
of the Bonds now in market, and those that
are to be thrown upon it hereafter for sale;
which will greatly relieve those Internal I'm
proyement Companies which now have their
Bonds shypothecated, and which are entitled to
the issuance of Bonds hereafter. | would
therefore recommend that the boundary of
our prospective public debt be well Defined
and that it be reduced to the lowest limit
consistent with the interest and credit of the
State. The credit of the State can be sus-
tanned by the aid of little timely and judi
cious legislation in the manner already indi-
Gated. 1t would also add to the confidence
and credit of the State, il the Constitution
was so amended us to inhibit any future Leg
islature from the creation of any public debt
beyond limited amount, without first sub
hitting the proposition to the people for their
approval or rejection, unless in some great
such as nsurrection, rebellion, or
INVASION. A proposition of this character at
The present time to amend the Constitution
,f the State, would BE- an earnest indication
10 capitalists that the public mind was heal
.hy and sound in regard to State indebted
hess; and its ultimate adoption would secure
he people in the future against improvdent,
og.rolllng legislation, and the creation OF
leavy and excessive State Indebtedness, with.
,ut at least first obtaining the peoples con-
,ent.
The total value of taxable property accord
no TO the best data that-can now be obtain
ID, will approximate three hundred million
lollars.
Total number Of taxable polls l25,000
State tax on three hundred
million dollars, at ten cents
on the hundred dollars. 100000
State tax on one hundred and
twenty five thousand polls, a-
n, twenty. Eve cents. 3I,25O
II will be perceived that from these two
sources, alone, the State will derive large
;evenue, amounting TO three hundred and
hrty.one Thousand two hundred and hity |
lollars, ($33l, ,250) which, with the other re-
,eipts into the Treasury, ought to make n
uEd sufficiently large to defray the current
expenses of the State, when judiciously and
appropriated.
Under the provisions of the act OF 1904,
february ~, there have been paid over to the
Governor and Comptroller Of the bonus and |