Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1859-10-20
FAYETTEVILLE. TENN:
Thursday Nor ming, October 20. 1883
COVER NoR's MESSAGE.

Not being able to lind room Tor the
Cove rnor's Message entire, We copy
below from the N ashville Union and
Amerio an a very full and faithful abb
stract Of its contents:
The fiscal condition of the State
is sound. The balance in the treas
ury is $3.50, S03; and the receipts of
the last two years have exceeded the
exp enditures Sl45,S07. The aggre-
gate taxable property Of the State is
S377 ,20S, al; being an increase,
since the 1st of October, 1857, OF
S76.S49,S30.
The aetna! indebtedness of the
State is s3,24I,606. Of this sum
Slips $50 is for stock in turnpike
roads, which is probably worth but a
small fraction Of the cost; SS35,2oO
is for stock in railroad companies,
worth probably half that sum; 81
I25, OO0 is for stock in Banks, worth
ut least this sum; and S655,0O0 is
for bonds issued for the erection OF
the State Capiiol,and for The purchase
of the Hermitage. The stocks and
property held by the State are there
fore worth more shan half the actual
Indebtedness of the State, and the
remaining indebtedness does not
equal the revenues for two years
TThese are eur own estimates,the Gov
ernor only gives the figures.l The
other liabilities Of the State being
principally for endorsements of bonds
of railroad companies, amount to
Sl2,799,OO0. OF this liability the
Governor says:
at is gratifying that | am able to
state to you that up to this time our
Railroad Companies have paid each
enstalmert of interest upon theiI
State bonds promptly at maturity
The fact that they have been able to
do so, through period Of commercials
revulsion and general financial de-
rangement throughout the whole
country, while most Of their road:
we're in progress of construction
With only short and disconnected
lines in operation, necessarily earn
ing very little compared with WIN
their earnings must ba when com
pleted aud important oommercIa
connections are formed, and through
trade established, encourage the con
fdent belief that now, as the various
roads are being completed, penetra
ting every commercial locality vitbil
the Atlantic States, greatly increasin:
their business and profits, that the.
will in future be able to pay, as the.
have done heretofore, all of thel
liabilities promptly as they fall due.
The Governor recommends legis
latiou to secure uniformity as to tn
time when the sinking fund .sbal
be paid. If the companies eontinu
to pay their sinking fund as hereto
fore. of which be has no doubt, tn
nresent mode of investment will ex
tiuguish the entire Railroad debt o
the State before maturity.
The Governor recommends tina
the liabilities of the State be not in
creased; that the stock owned by tn
State in all internal improvement
companies be sold; and that tn
bonds OF the State in the hands Q
individuals be exempt from taxation
Such legislation would undoubtedl,
appreciate the value of the bonds.
In compliance with the provision
Of the act of 1854, the dividends ant
bonus on the stock owned by th
State in tie Union Bank have beel
invested in the bonds Of the Stat
10 the amount Of near $500. 0OO.- =
Further legislation in regard to :hi
fund is recommended.
BANKlNa.--A considerable porter
of the message is devoted to tn
subject of banking. and no portion
will be read with more interest by tn
people:
Frst.--The power reserved to tn
people, through the Legislature, t.
amend or repeal the charter "''hs :,
deemed erpedieni for the public good
to do so, ;,
oecond.-That no bank shall bs
narmitted 20 issue more than two dol
lars of paper for one of specie, or tt
hermit i.s.entire liabilities to note
holders, deposi:ors, and Others a.
any time, to exceed the specie IN the
vaults more than three for, one
Tasrd.-Tbat no bank be permit