Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-10-08

and iudiciOus legislation in the manner already in
dcated. It would also add TO the confidence and
credit of the State, If the Constitution amend
ed as TO nhibit any future Legislature from the Gre
alton of any public debt beyond limited amount
without first submitting the proposition to the peo-
pie for their approval rejection, unless in some
great emergency, such as Instruction, rebellion
invasion. A proposition of this character at the
present time, to amend the Constitution of
the State, would be earnest indication to
capitalists that the public mind was healthy and
sound in regard to State Indebtedness and its ut-
adoption; would secure the people in
the future against imprOvident, log-rolIing le-
gislatOn, and the creation of heavy and excessive
state Indebtedness, without at least first obtaining
the peoples consent
The total value of taxable property, according to
the best data that now be obtained will approx
mate three hundred million dollars, $500, OUO, 900
Total number of taxable polls, l25, 600
State tax on three hundred million dol
lars, at ten cents the dollar 100000
State tax one hundred and twenty-five
thousand polls, at twenty-five cents, 81, $50
Ii will be perceived that from these two sources
alone, the State will derive large revenue, amount
ing to three hundred and thrty-one thousand two
hund ed and fifty dollars, 1881 $50 OO) which,
with the other receipts into the Treasury ought to
make fund sufficiently large to delray the current
expenses of the State, when judiciously and
economically appropriated.
For a full and more detailed statement Of the in
debtedness of the State, aud the condition of
the Treasury, / most respectfully refer you to the
r.ports by the Comptroller and Treasurer.
BY an act passed on the 9th day of February,
1854 it provided that after paying the interest
on the Bonds of the State issued for stock in the
Union Bank, the balance of the dividends and
bonus shall be vested by the Governor aud Comp
troller in six per cent. Bonds OF the State 1t was
also made the duty of the Governor and Comptroller
to cancel the Bonds purchased with the proceeds of
the dividends Of State Stock and bonds of the Union
Bank until the amount shall equal the sum paid
out OF the Treasury, for the redemption of Union
Bank Bonds Under the provision Of this law,
there has been paid to the Governor and Comp
troller, of the bonus and dividends of the Union
Bank, one hundred and fifty-se ven thousand one
hundred and FIVE dollars and ninety-two cents
($l57, 1875 92) OF this amount, there has been
vested one hundred and FIVE thousand one hundred
and three dollars and fourteen cents ($lO5, lO3 l4)
in Fix per cent Bonds of the State, leaving a credit
on the books Of the Bank in favor of this fund of
nnety-two dollars and seventy-eight cents The
Bonds which have been cancelled are on deposit in
the Bank of Tennessee.
II is Also provided by the second section of said
act that the dividends arising from the School Fund
Stock IN the Union and Planters Banks, shall be
paid over to the order Of the Governor and Comp
oler for si1 per cent. Bonds Of the Site. Il is
further made the duty Of the Governor and Comp
trOller to deposte the Bonds purchased with the
dividends from the School Fund Stock in the Union
and Planters Banks, in the Bank of Tennessee and
the same. There has been paid Of the dividends,
arising from the School Fund Stock, In the Union
and Planters Banks, upon the Governor and Comp
troller's order, the Of ifty-nine thousand dol
lars, 1888, OOO) which sum has been vested in six
per cent State Bonds and the receipt of the Presi
dent Of the Bank of Tennessee taken for the same.
As it will become your duty 70 appoint Com
mttee to examine the accounts Of the Comptroller
and Treasurer, would, therefore, suggest that you
direct the same Committee TO examine and report as
TO the amount received and disbursed under the
law referred 20.
BANKS.
Ia my FIRST two Biennial Messages to the Legisla-
lures OF 1855 and 1856, | submitted for their
consideration the pIopFety of putting the Bank Of
Tennessee and lis branches in gradual course Of
liquidation; which Messages you are referred for
the reasons and Arguments which induced these re-
commentators. These views we're followed up
and sustained BY the President and Directors Of the
Rank Ia their reuart mad. IA fha Of