Clarksville chronicle. (Clarksville, Tenn.) 1857-1865, 1861-02-01

Nashville, Jan. %, 1861.
Hos. W. G. WKrrTHoRSE, Speaker Of the House
Of Reprcsentatipes.-Si have to-day received the
joint resolution, directory 70 the Comptroller en-
quiring to the condition Of the Treasury to meet
existing and current ngagements--whether any
Railroads have failed to meet their January inter.
cat and should they fail to meet their July interest
what means the Treasury has to meet II?
Tho balance now in the Treasury is...$43,l40 II
Revenue due and reported to Attorney.
General for collection. S9,l7l 50
Revenue due for 1860.
From Revenue Collectors. .............20S,6 1919 46
I" County Court Clerks.............. 5,l20 90
I" Circuit Court Clerks. .,...... 1871 %
" Chancery Court Clkrks........... 32T 90
Making in and due the Treasury ......3478l0 I'll
This amount would have been increased over
$500, 900 If the Bank of Tennessee had paid into
the Treasury its profits for $50, amounting to $244-
629 ID. OF these profits, however, it has paid but
$30,39l 81, withholding the balance under the act
of the 9th of February, 1860, CHI. n, Sec S-alle-
ging that $l53,S32 &c were badan doubtful debts
contracted under former administration of the
Bank, and that $60,3O5 0s were due to the Bank
as credit according TO the late Presidents Report
made to the Legislature Oct. ., 1859. Without
admitting or discussing the right of the Bank to
withhold these profits can only say that as long
as It does, so, il cannot be relied upon as source
of revenue to meet the ordinary expenses Of the
State; the 800, 900, authorized by section
94e, sub-sec. of the Code, be distributed to the
Common Schools if the Bank either fail to make or
pay over its profits. Assuming however, that it
will for the present year. pay its dividends into the
Treasury and that the Legislature will not suspend
the prompt collection of the revenue, and that the
balances due will be paid the ordinary revenue to
be collected ought to meet the existing and current
expenses of the State. 1t is true the revenue for
the present year will be less than for the last,
der the financial and political troubles impending
over us the assessment of the value of the taxable
property Of the State will be below that of 1860,
which was 1891 1922, 81, and, to that extent will
diminish the revenue to be collected. There will
also be a further probable reduction from taxes on
imported goods. But should there be deficiency
of revenue to meet existing and current engagements
of the State before the next meeting of the Legisla-
tnre the Bank of Tennessee by sort of common
law and as the State is usually heavy depositor,
always honors the checks of the Treasurer and has
assured the Executive officers il will continue to do
SO. If, howeyer, extraordinary expenditures APP
preparations are made during the present session Of
the Legislature will, doubt, levy tax or order
loan or issuance Of bonds, or provide other means
to meet them.
The Edgefed and Kentucky and the Winchester
and Alabama, two short Railroads, unfinished in
their connections TO their original termini, have
failed to meet their January interest They now
in the hands of Receivers appointed by the Govern
or, for the benefit of tho State. Under sec. HOG o
the Code, drew upon the Treasury to pay the in.
terest for each of them-for the first, including ex
change $23, $50 Is, and for the last also including
, exchange, Sl3,359 90. / have also been notified
that the January interest has not been met upon tn,
S35o000 of Memphis City Bonds endorsed by thu
State for the benefit of the Memphis and Little Rocl
Railroad. | have directed the interest upon them t
be paid in the City of New York. interest and ex
change amounting TO Sl0,605.
If all the Railroads in the State fail TO meet thei
July interest it is not presumed the Treasury would
have the means to meet it; but if SO improbable
contingency occur the State would take charge 0
the Roads and should draw, under sec. LOG, upol
the Treasury, and the Bank Of Tennessee, withou
doubt would furnish the money, trusting to tn
Legislature in October to protect it and the hCno
: of the State. The interest iuc next July, upol
Sl2, 10000 of Bonds loaned to Railroads will b
1865 790 if to this be added the interest due then
upon the So 364 900 of Bonds endorsed by the Stat
= for Railroads, the whole amount would be Si36,
i, 40. have heard apprehensions expressed tina
y the longer and finished Roads would fail TO NEE
their interest, but should they do so, do not doub
: the State would promptly pay it,
u Very Respectfully,
y J. T. DUNLAP.