The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-09-03


likewise became necessary to arrive accurate.
ly at the amount of Bonds loaned and en-.
dorsed by the State TO the various Compa.
MES, and to see the amount Of interest that
they bore annually, and the amount actually
paidi and whether the said comnanies had
always met the interest paid on the Bonds
loaned and endorsed. To arrive at the whole
matter correctly, the Committee have care
fully examined and compared the original
books and papers in tho Comptroller's and
Secretary of States offices, which have been
very imperfectly kept, and from them, and
other information, they have made ont tables
showing everything in regard to tho issuance
of Bonds, and the interest they bear when
issued and when they fall due Each item
of State Indebtedness has been very carefully
and critically examined from the original
sources, and committee feel that they can
submit the various tables, each one of which
will be fully explained hereafter, with per-
feet confidence in their accuracy.
The Committee find it matter of imposs-
blity TO report the precise amount of interest
paid upon coupon Bonds, from the fact that
all the original Bonds issued to the Internal
Improvement Companies, anc to increase the
capital Of the Bank of Tennessee, &c, did
not have coupons attached to them, and when
interest was paid on these Bonds, the evi-
dence of it was placed on the Bonds. BY
act of the 2lst of February, 1852, a law was
passed permitting the holders of Bonds that
did not have coupons attached to them, to
have them renewed, aud coupon Bonds issued
to them in lieu of the old Bonds, and have
the latter cancelled. Under that act large
number of Bonds were renewed with coupons
att ched. A correct list of these renewals is
appended TO this report. There are still n
large number of the old Bonds outstanding,
that have not been renewed, and the Com
mitee cannot possibly arrive at the separate
items of interest paid on the Bonds that do
not have coupons attached, and on Bonds
with coupons attached. The tables will,
however, show the amount Of interest due on
our State debt from January /, 1850, to July
!, 1853, and the amount actually paid, and
this will show any amounts improperly
paid. ... ..I
The Committee have had but two sources
from which to derive the amount of Interest
paid on our State debt-one of which is the
books Of the Comptroller and the other is
the coupons paid off and cancelled by the
Comptroller; but the interest thus paid oil is
n part of the interest that appears on the
books in his office. The interest on por
ton of our Bonds is payable in New York
and Philadelphia, and the remainder is pay
able at the Treasury, on the warrant of the
Comptroller. Whether the coupons are
paid here or elsewhere, the warrants merely
show that so much interest has been paid on
a certain character of Bonds. The interest
payable in New York and Philadelphia is
paid by the Bank of Tennessee, as agent OF
the Treasury, by act passed February 9, 1850.
BY the same act, the Bank Of Tennessee is
required to declare dividends on the LIST of
January and July of each year, but this law
seems never to have been observed. For
instance no dividends at all were declared
for the year 1856, and we find that the Bank
has in one case held up her interest account
for eighteen months, without presenting it
to the Comptroller for settlement. This has
presented some difficulty in ascertaning the
particular interest for any one year. For in
stance, though the Bank declared dividend
in FEBRUARY aud September of 1857, yet they
did not present their account of interest
paid in New York and Philadelphia from
January, 1857 to June 8, 1858, inclusive, un-
Ill about the 18th of June, 1858, though the
check of the Treasurer has always been paid,
whether the dividends were declared OF not,
or whether there was money or not in the
Bank to the credit of the Treasury.
If the account of interest were presented
every six months, the amount of interest for
any particular year could be much more ensily
obtained, than when the account is withheld
for n long period The committee have had
no difficulty at all in ascertainng the amount
of interest paid in coupon bonds in New
York and Philadelphia by the Bank OF Ten
nessee, us regular books have been kept,
with the numbers of the bonds placed on the
Books and when coupon was presented and
paid, il was invariably cancelled and pasted
on the book opposite the number, the coupon
always bearing the same number as the bond.
| The committee, however have not been able
TO arrive at the coupon interest paid at the
office ofthc Comptroller for the last six years,
from the fact that there have been no regular
books kept by him in which the coupons
were pasted in any order or regularity. The
coupons have been pasted OH without refer
ence 70 the number they bear, or the charnc-
ter ofthem, or the date they fall due; and the
books do not show any particular year or
month when the coupons we're paid of, and
of course very little can be discovered from
| them.
Accompanying the report are a number OF
tables marked "D," which show when the
coupons are due and paid, and the amount Of
money paid by the companies to the Bank Of
Tennessee and the uuhber Of coupons re-
turned BY them, showing in full how the in
terest has been paid by the various Railroad
COMPANIES on the bonds loaned to them.-
The committee say they have carefully eX'
amined the whole matter from July j, 1858,
10 July /, ls5S, and find it correct, and they
are confident that il is also correct before that
time. The committee say:
These tables will show all the transactions
of the Bank of Tennessee in paying OIL the
interest on bonds loaned to the Railroad
Companies. The committee find that the
accounts of the Bank of Tennessee with the
Railroad Companies and the State, have
been kept with great care and accuracy, and
are correct in every particular, and the Bank
has made most satisfactory exhibit o! these
transactions with the Railroads, ard also
with the State Treasury and the Comptrol-
Ter.
The following is n synopsis Of the amount
of interest that should have been paid on the
State indebtedness for the years 1850 to
1858. inclusive, and likewise the amount that
has been paid, us shown by the warrants OF
The Comptroller and Treasurer!
Yenr. Interest Due. Interest Paid.
1870 lS4930 90 167,38S 10
1871 lg2.3O3 % ll4,l32 81