Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-10-07
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The foregoing Turnpike Companies pay per cent
on the estimated value.
1t will be preceived from the tabular statement
that the actual Indebtedness and liabilities of the
State for Internal Improvement Companies and the
Agricultural Bureau will make the State liable for
the sum of twelve million eight hundred and sixty
six thousand eight hundred and fty-sx dollars and
sixtysix cents, ($12 500 1861 up to this time And
if all the Internal Improvement companies apply
for the aid of the State which have been authorised
to do by the various acts of Assembly which have
been passed to encourage works of Internal I'm
provements, it will swell the State debt up to not
less than twenty million dollars, $50, 900 OOO.)
The Bonds of the State which have been already
issued to the various Internal Improvement Com
panies have been and are now selling in the money
markets at ruinous rates of discount in fact at a
lower rate of discount than the bonds of some of our
sister States, whose resources and financial ability
not SUPERIOR if equal to those of Tennessee to
meet their public engagements. Tennessee Bonds
are issued and thrown into market without any de-
finite 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 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 make investments
in Tennessee Bonds 1t is believed that if the Leg
islature will fix upon some definite and known limit
peciay if that limit is clearly within the financial
ability of the State, it will have an immediate in
fuence upon the price and sale of the Bonds now in
market, and those that to be thrown upon it
hereafter for sale which will greatly relieve those
Internal Improvement Companies which now have
their Bonds hypothetical, and which are entitled to
the assurance of Bonds hereafter. l would therefore
recommend that the boundary of our prospective
public debt be well defined, and that it be reduced
the lowest limit consistent with the interest and
credit of the State The credit of the State can be
sustained by the aid of little timely and iudicious
legislation in the manner already indicated. IL would
also add to the confidence and credit of the State
the Constitution was so amended as to inhibt any
future Legislature from the creation of any public
debt beyond limited amount, without first submit
ting the proposition to the people for their approval
or rejection, unless in some great emergency such
as instruction, rebellion, or invasion proposi-
ton of this character at the present time to amend
the Constitution of the State, would be an earnest
indication to capitalists that the public mind was
healthy and sound in regard to State Indebtedness
and its ultimate adOption would secure the people
in the future against improvdent logrolling legis
latiOn, and the creation of hesVy 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. $500 900 900
Total number of taxable polls I25,OOO
State tax on three hundred million dollars
at ten cents on the dollar 100000
State tax on one hundred and twenty-five
thousand polls at twenty-five cents, S2I, $50
1t will be perceived that from these two sources
alone, the State will derive large revenue amount
ing to three hundred and thirty-One thousand two
hundred and fifty dollars 1881 $50 COY which with
the other receipts into the Treasury, ought to make
a fund sufficiently large to defray the current ex-
penses of the State, when udiciOusly and economi-
cally appropriated
For a full and more detailed statement of the
Indebtedness of the State and the true condition of
the Treasury, most respectfully refer you TO the
reports by the Comptroller and Treasurer.
By an act passed the 9th day of February,
1885, 1t was 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 he Governor and Comptroller in
six per cent. Bonds ofthe State. 1t was, also made
the duty Ofthe Governor and Comptroller to cancel tn
Bonds purchased with the proceeds of the dividends
of State Stock and bonds of the Union Bank, until
the amount shall equal the sum daid out of the
Treasury, for the redemption of Union Bank Bonds.
Under the provision OF this law there has been paid
over to the Governor and Comptroller of the bonus
and dividends of the Union Bank, one hundred and
ffty-seven thousand one hundred and five dollars
and ninety two cents-(Sl57, lU5 81 OF this
amoant there has been vested one hundred and five
thousand one hundredand three dollars and fourteen
cents, (Sl05, l03 l4 in six per cent. Bonds of the
State leaving credit on the books of the Bank IN
favor of this fund of ninety two dollars and seventy
eight cents The Bonds which have been cancelled
are on deposit in the Bank Of Tennessee.
1t is, also, provided by the second secnon OF
sad act that the dividends arising from the School
Fund Stock in the Union and Planters Banks,
shall be paid over to the order ofthe Governor and
Comptroller at six per cent Bonds of the STATE:
1t is further made the duty of the Governor and
comptroller to deposite the Bonds purchased with
the diyldends from the School Fund Stock in the
Union and Planters Banks, in the Bank of Tonnes
see. anG taxa ths receipt of the President of the
hsak for iAe sans There has bssn psid Of the