Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1857-10-15
The foregoing Companies pay

twill be perceived from the tabu-
lar statement that the actual indebt-
ness and liabilities of the State for
Internal Improvement Companiesand
the Agricultural Bureau will make
the State liable for the sum Of twelve
million eight hundred and sixty-six
thousand eight hundred and fifty-siy
dollars and sixty.six cents, $]2,-
S66,S56 &c up to this time. And
if all the Internal Improvement Com
panies 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 Internal improvements, it
will swell the State debt up to not
less than twenty million dollars,
[S20,000,0001
The Bonds of the State which have
been already issued to the various
Internal Improvement Companies
have been and are now selling in the
money markets at ruinous rates of
discount; in fact at 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
meettheir public engagements. Ten
nessee Bonds are issued and thrown
into market without any definite
information as to what amount 81
Bonds can be, or will be issued un-
der existing laws, or as to whether
future Legislatures will extend the
amount TO be issued. The want Of
this information on the part Of those
who are willing to invest their CAPT.
tai in State securities, as to the a.
mount of Bonds that can and will
be thrown into market, detors and
prevents many who otherwise would
make investments in Tennessee
Bends. 1t is believed that if the
Legislature will fix upon some defn-
lie and known limit to which the
State credit is to be. extended, anG
especially SO if that limit is clearly
within the financial ability of the
State, it will have an immediate in
duence upon the price and sale O
the Bonds now in market, and those
! that are to be thrown upon it hereaf
ter for sale; which will greatly re
lieve those Internal improvement
Companies which now have their bonds
hypothecated, and which are entitled
to the issuance of Bonds hereafter
. would therefore recommend tina,
the boundary Of our prospective pub
lie debt be well defined, and that il
be reduced to the lowest limit consiS.
tent with the interest and credit o
: the State. The credit Of the State
can be sustained by the aid of a lii.
} tie timely and judicious Legislation
in the manner already indicated. Il
J would also add to the confidence anG
: credit of the State, if the Consti!u
I ton was so amended as to inhibi
J, any future Legislature from the ere
alton Of any public debt beyond g
limited amount, without first sub.
hitting the proposition to the peo'
Pile for their approval or rejection
unless in some great emergency
such as instruction, rebellion, or in.
vasion. A proposition of this char.
acter at the present time, to- amend
tine Constitution Of the State, wonld
be an earnest indication to capital
lists that the public mind was healthy
and sound in regard to State indebted
Dess, and its ultimate adoption would
secure tie people in the future a
gainst improvident, log-rolling leg
islation, and the creation Of heavy
and excessive state indebtedness, with.
out at least first obtaining the peo-
pies consent.
The total value Of taxable proper.
ty, according to the best data thai
can now be obtained, will approx
mate three hundred million dollars
S300,000,00
Total number oftaxable polls, $50
State tax on three hundred
million dollars at l0c on
the dollar, 100000
State tax on one hundred and
twenty-five thousand polls,
at twenty-five cents, 31,250
1t sill perceived that from these
two sources, alone, the State viii
derive a large revenue, amounting
to three hundred and thirsy-one
thousand two hundred and fifty
dollars, (S33l:250 0O) WHICH, With
the other receipts into the Treasury
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