Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-10-06

| srercent Bonds. issued for state
! stock in Turnpike Reads, Sl,e9ll50 10
| So per Bonds s.sGet for - 80, .1 ESQ -.
same purpose, 800
r0,., t,r stock in Turnpike Roads, sI.aasa5 &C
| per cent Ben Is, issued for state
stock in East Tennessee and .a,o,o, "A
! Gaorgia Railroad, soJoOuo W
| 5per cent. Bonds, issued for STATE
| stock in tie Memphis and La - 90
Grange Railroad, - ~ ~ ~
| 81 per cent. Bondsissued for same lu- OoO W
TOta, for State stock in Railroads, ssj,a5o %
| 5perceut Bonds, issued for State
stock in the Union Bank, yet %. ooo an
p ~Il cent Bonds, issued to ,aise
| Capital Ct the Bank Of Ten .ooooo oa
nessee' - l,.O'oo
| To,al for Bank stock, yet unpaid, l,l3UO w
| 8 per cent Bonds, issued for the
Ss1; S5oss, OF s'''s ''p'0i sos,OOO co
| - cent. Bends, issued for the -
purchase Of the Hermitage, 70'OO "
Total actual Indebtedness af tie .,.,,oos 90
Upon which an annual interest paid of 500 3ss -
THE LIABILITIES or THE sTATa
On account of bonds loaned to Inlernan ImproV-
msnt Companies, are as follows, 10 wit
rer cent. Bonds Of the STATE otsrs payable semi annually
loaned to Railroad Companies, SlOY34s,uOO W
| 6 per cent Bonds OF the State loan -
! ed to Turnpike Companies, '''O"o w
| 6 per cent Bonds OF the state loan %
ed to agricultural Bureau, ~ OOO u ,.- ooo oo
/ Total amount OF Bonds loaned ------ SlO,4SUuV W
Bonds Of Internal improvement
Companies, the payment Of
me principal ant interest Of
| VIII Oh is guaranteed by the STATE
\ are as follows, to wit: 10
| The Bonds of Railroad 1mpanies sOl4OoV W
The Bonds Of the City Of Memphis
for the beHeft Of Memphis and -. IN
Ittle Rock Railroad Company, $50 ON % -, o0o On
Total amount endorsed Bonds ------ ES't'O'o W
I Total present liabilities Of the State -,,o.. o
exclusive Of actual Indebtedness, W. ec
Add actual debt Of the state,
Which makes the total l~biIitesO Of 60. ..
the State Of every character, SiO'V1'i'OO W
As most of the internal Improvements 10 Wheh
the aid Of the State is pledged by existing laws
ore coupleted or far advanced towards completion,
IL il confidently believed that the prospective h&-
blities Of the State in aid Of those works, VIII not
far exceed three millions Of dollars
The indominsble energy and enterprise OF cur
pecple and the very liberal policy pursued oy the
| State government, have secured 10 Tue State
spleudid system of Railroads and TurnPikes' "h'oh
give TO every section Of the Commonwealth easy ae-
cess to the markets of the 6orld
n IA gratifying that am able to state to you that
| mn 40 This time our Railroad Companies have paid
each instament Of interest upon their state bonds
promptly at maturity The fact that they nave
been able to do So through period Of CONNER
o;oJ rexnlsiou and general financial arrangement
throughout the whole eountry, while mort OF thelF
roads we're in progress Of construction, with only
short and disconnected lines in operation, Heeessa-
rily earning very little compared win what men
earnings must be when completed ana ii1 por'sI
fraSe established encourage the conhdent behel
thot nov "a the various roads are being completed
n.netratipq every commercial locality within tbs
Atlantic States, greatly increasing their business
and profits that they will in future De able 70 pay
a. thew have done heretofore, all Of their liabilities
| promtly as they fall due.
The set of 1855 chaper I20 requires sll Railroad
Conpanies which hsve received the ard OF the state
/ either bv loan or endorsement OF bonus at the ex
J. niratiou of FIVE years from the date OF issuance
Il and annually thereafter, to pay into the treasuI.
i. of The State sinking fund Of per cent upon tn
AMOUNT OF said bonds and makes it the duty Of tn
: Governor. Comptroller, and President Of the Ban
" Of Tennessee, as q B lard of Sinking Fund Com
missioners 10 invest said fund in per cent. bond
Of the Stale, and annually re-invest he aecruin
in crest, &C. -.
since which time We have collected from the variOu
!. Companies So, $40 50, which We have invested
!. | with the interest aeerung on the same, in the
per cent bonds of the State and those endorsed ,.
a the State, amounting in the aggregate 10 SlOs'
having purchased said bonds at the current rate
4 discount; upon which We will hereafter collect
= interest Of Sc ALI so annually.
The bonds are deposited in the Bank OF iep
nessee the receipt ofthe President OF the bea
on fle in the COmpFOler's office
B. The Commissioners have deemed 1t proper
IS keep the account Of each Company separate, a.
a to invest the funds Of each FOR its own benefit
statement OF the various accounts yvu
: ferrsd to the C5mptroller's report.
D. The time fixed BY the act referred 70, i0s - -
payment of this fund. is. at The ezPr9f'on, 20
wears from tie date of issBares OrOTs eaes'Ss'st'
5, The general internal improvement sc. LeqS' ~
all bonds to bear date the LIST day Of snusry % n
year in which they are issued, unser Hnl'n,
bonds issued within the year mnst Oe1[ INC s2ul
date though in point Of fsct portions :, :.
being issued and delivered to the companies ever
30 70 month in the year. -,
To- To avoid the necessity Offrequsnt settlements VII
re, the various companies, aud 70 aSoio me 81
ae, , lection Of sums too small for investment IN
liz bond, and inasmnch as the BONDS 81 %
ad date the LIST dsy OF January, nave hAs
thas "a shs dAv upon which the annual instsln 81
an- / ia due and payable Seine Of the companies esl
lend with FEASIBILITY. if not indeed. correctly, th
the arst iastalment Of the sinking fund upon sa'