The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1861-02-01


Nashville, Jan. %, 1861.
Hon. w. G. WHITHoRNE, Speaker Of the
House Of Representatives.. l have to-
| day received the joint resolution, direc-
tory to the Comptroller, enquiring as to
the condition of the Treasury to meet
existing and current engagements =
whether any Railroads have failed to
meet their January interest, and should
they fail to meet their July interest
what means the Treasury has to meet
| it?
The balance now in the Treasury
is Si3,l4 II
Revenue due and reported to
/ Att'ney Gener'l for collection, SO, SO
Revenue due for 1850.
From Revenue Collectors, 20S,G72 46
County Court Clerks, 5,2lO 40
Circuit Court Clerks, - .377 %
" Chancery Courts&erles, 327, 9s
Making in and due the Trea. S347 $40 81
This amount would have been increas-
ed over 5000 900 if the Bank ofTennessee
had paid into the Treasury its profits for
1860, amounting to S244, 500 l3. OF these
profits, however, it has paid but $50, 0,39l,-
81, Withholding the balance under the
act of the 9th of Feb. 1860, ch. 27, sec. s
alleging that Sl53, ,S32 &C were bad and
doubtful debts, contracted under form
er administration of the Bank, and that
S6G,305 0S were due to the Bank, as a
credit, according to the late Presidents
Report made to the Legislature Oct 3.
1882 Without admitting or discussing
the right of the Bank to withhold these
profits, can only say that, as long as it
does so, it cannot be relied upon as
source of revenue to meet the ordinary
expenses of the State; nor can the $780,
900, authorized by sec. 94S, sub-sec. /, OF
the Code, be distributed to the Common
Schools, il the Bank either fail TO make
or pay over its profits. Assuming, that
it will, for the present year, pay its divi-
dends 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,
as under the financial and political
troubles impending over us, the assess
ment Of the value of the taxable property
of the State will be below that for 1860,
which was S39l ,022. Sll, and, to that ex-
tent, will diminish the revenue TO be
collected. There will also be further
probable reduction from taxes on import
ed goods. But should there be def
cheney of revenue to meet existing and
current engagements of the State before
the next meeting of the Legislature, the
Bank of Tennessee, by sort of common
law and as the State is usually a heavy
depositor, always honors the checks OF
the Treasurer and. has assured the Exc
cutive officers ii will continue TO do so.-
If, however, extraordinary expenditures
or appropriations are made during the
present session, the Legislature WILL no
doubt, levy tax, or ordera loan or issu
unce of bonds, OF provide other means
to meet them.
The Edgeiield and Kentucky, and the
| Winchester and Alabama, two short Rail
roads, unfinished in their connections oil
to their original termini, have failed to
meet their January interest They are
now in the hands of Receivers appointed
by the Governor, for the benefit of the
State. Under sec. ll06 of the Code,
drew upon the Treasury to pay the in
terest for each of them-ior the FIRST in
Guiding exchange, S23, $50 Is, and for th,
last also including exchange, Sl3,359 80
have also been notified that the Januar,
interest has not been met upon the $3.50,
0O0 of Memphis City Bonds endorsed b,
the State for the benefit of the Memphi
and Little Rock Railroad. / have direct
ed the interest upon them to be paid il
the city of New York, interest and eX
: change amounting to Sl0,G05.
Ii all the Railroads in the State fail t
meet their July interest it is not presume
the Treasury would have the means t
meet il; ; but, if so improbable contir
: gency occur, the State would take charg
of the Roads and should draw, unde
sec. ll06, upon the Treasury, and tn
BANK OF Tennessee, without doubt, woul
furnish the money, trusting to the Legi
lature in October, to protect it and tn
q honor of the State. The interest dL
next July upon $40, 100000 of Bond
+. loaned to Railroads will be 1865, 100; if t
' this be added the interest due them upo
the 81, $4,000 of Bonds endorsed by tn
q State for Railroads, the whole amour
/ would be S436,7l0. have heard no al
/ prehensions expressed that the longs
and finished Roads would fail TO NEE
their interest, but, should they do so,
r do not doubt the State would prompt
c pay it. Very Respectfully.
), j. Il. DUNLAP.