Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-11-23
N SHVTLLE:
MONDAY, NOVEMBER %. 1857.
FinanciaI Condition of Tennessee.

internal improvements, we extract from the
, Report:
''The whole amount of bonds up to the present
time endorsad ny the State and izsu d diractv n
the several roads ana for Which it holds atatusforr
liens on each sscurifv, Is So 614 600. The whole
state liability, .actnel and contingent I'D to the
present date, is sI2. 756. $50 66 Tlis will he
graduallv increased the unfinished roads pro-
gr@ss In construction. II Will also he saan that
the actual indebtedness. Of the State is s4l42
500 66, tor W irh the State has no source To Iook
70 tor pavment. but must ultimately az the 4. ht
natures, he paid ont Of he State Treasury, uni IS
in the meantime it IL otherwis, provided for. Tn.
liability incurred part Of the State bv Io4niny its
credit to the several Railroad companies, together
with g." actin J STAT Indebtedness, max ID rbe
sum SI2 1856 856 IS rhe Who'll actual ami contir-
get liability Of the State.
In rgsrd to tn Bonds issued to the several
R'iiroa comD1ni's, the StIte takes no stock il
onv loans its cradir in the shape of Bonda Oh grs-
deh To4ds 80 far az TO purchase iron and equipments
and lien is thereby executed to the State unon
the Who'll" road and fzturea It is hardly prob able
tn snv road in Tennessee unter the provisions of
her Internal improvement acts. will be un1sr-
7 TAX without pr"sriga of success; before STATE
| h"'lHty begins privat means must he expended il
I gr'iI1g and crOs4-tie~ procured which couId he
obtained oniy upon secure proiecrs Several Of
7 me roads are now finished and Going A tndsomr
business Others are advancing uni~F prop cts war
! rantng m" hone OF speedy compl- ton and BY
] L.
nas been enhanced in value many millions. No
| single road has vet become a default r but N
have uniformly paid their interest with great prompt
! nfSs-"ill IN ny judgment, continue to be able TO
90 so-alSo, 20 pay 81 king fund, required By
law, with ich to meet the Bonds upon maturity
the first nst4lment due h wing been air adv paid
INTO tn" treasury. 1t is not probntle chat any of
the roads fniahed IN course Of construction will
v"r broom" chargesbl. 10 the State and thrr, by |
an Gu lts credit. 1t aGy of the Veral roads |
shouId prove TO he lure, ami become So the /
IRON and equipments alone would very nearly m t /
'n' 'OSn, so IN any event, the Stat could be /
SERIOUSLY 'mb'rTassed. In such the interest
"OulI De promptly paid bV the Stat q rough |
IN Bank OF iennessee, which has ample means 10
d" so. Bur as l for" stated, the Stat, loans It.
crtoIt Only 10 specific amount 10 each road, after
II IL graded an the cross ties procured, which
oe done with private means, for tn purchase of
iron and equipment only, when lien upon the
whole roa an fixtures, which ha priority over all
Others, is executed to the State"
This shows the actual Indebtedness of the
State to be comparatively small. and that
the State has ample means to pay it as it
falls due. And in every case where the
credit of the State has been loaned to Rail {
roads, the interest on the State bonds so
SSued, has been promptly paid in every ;
Instance, by the parties receiving such aid. {
The Comptroller is also Of the opinion, it J.
will be observed, that the probabilities are i
remote for the State to be loser 81
o any material extent, on account of such d
id; inasmuch as the conditions upon which a
er bonds are issued, are sufficient to Sc a
nre the State, even in case of actual "a
.IIure on the part of any company to meet rc
obligations. 1t must be a source of a
L'Staction to the people to know that the q
tate finances foot up showing so favor eli
Die; and that while the State has loaned 81 81
n cOuntenance and credit to various in
abroad companies, she has forstered up
orks of great Importance to the individual IF
Id aggregate prosperity of the State, la
thout plunging herself into a heavy and Ft'
lrdensome debt. We hope the ComptroI- La
may he correct in his suppOsitions upon
is subject, and that the roads which
We aVailed themselves of State aid will
so managed in the future, that the an oo'
al interest may be promptly paid, and ."
at the bonds, as they fall due may also
paid pnnctuaIIy by the companies.
The eff ct of a judcious system of in
nal improvements upon the value Of
'perty is we'll exemplf fed in the large in
ase which is manifest in this behalf bv
suRjoined passage from the Report:
TIE aggregate stat ment4 received from sixtv-
-n counties for tn present wear NS57 COM
with statements from the same counties La,
!, sho" very large Increase in the valuation
he taxable property Of the STATE, also large
ease in IN" amount of taxes due from the same
mites. Valuation OF taxable property in sixtv-
n counts for the year s57 S265 SIS o36
nation OF taxable property in same
'uuties last yeaE, 2l2 OPS 4s5
ease of tha value Of property, 81, 90 S29 95I
s tax in sIty-seveu counties, 1857, 1915. o65
1885, 1923 9S5
ease in 1857, .46IsO
'e remaining fifteen counties to be heard from
probably increas' the value of the taxabi.
ertv OF the entire State, the pres. ut wear
OOO,OO0) sixty million dollars"
his is an apparent increase of about 90
cent. on the value OF the taxable prop
of the State in one year. And al
gh portion of it should be credited to
initiation of prices produced by the I'm
expansion of our currency; still large
on of it is due to railroads, which by
ating shipments of produce, necessa-
enhance the value of the agents of
uetiOn. We conslude our reference
is part of the Report by a statement
ie roads which have received aid and
mount to each as follows:
he East Tennessee and Gsorsis
lrOsd, ooo 900
2 Tennessee and Alabama lroad 500 400
Aemphi- and OHIO R7o 600
East nucsser aud Virginia h6o n1o
Memphis and Charleston 100 ooo NASH
Men 'Hviie aud Manchester (" sb2 uoo
Mississippi anI Tenn, sss- s72 oun
Nashville md Ch.tttnooga -" $50 ooO
Mississippi sud Dyersburg Plank
Road o. o.o / Gen
Mansker-' Creek and Springfield has h..
Turnpike 10 Ooo
Mobile aud Ohio Railroad 7Os 0oo qua.
Memphis anu Little Rock Ralr,J ~ moo one o.,
the vi
io'a' amount state a'd' Ss,6l4 0oO' ing are
, operations of the Treasury for the The
ending Oct l, 1856, show receipts of 0O TSs .
7sl, and disbursements $77S,I2s. suffice
he year ending Oct. l, 1857, receipts Op 0ar
disbursements 1929. $50. ean I'm
xcess of expenditures over receipts site, TSr
G two years being $5I.343. The cit Con