Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-06-09
Mninn aud Smeritan.
SATURDAY. JUNE .. 1866.
TENNESSEE BONDS.
THE GENUINE AND THE SPURIOUS.
No Fraudulent Bonds Extant.

OUR CREDIT AND soLvENCY.
No Fraudulent Bonds Extant.
The following correspondence just pul
lished, will prove interesting 10 Tennesse
generally, and to all who are pecuniaril
interested in the value Of our State obliga
tions:
COMMITTEE on SEcrxIrIFs NEw YoRK STocK
EXCHANGE. NEw NORK, May 9Th, 1866.
A. J; Fletcher, Esq Secretary Of State. Aashyili,
Tennessee:
DEAR SIR: A difficulty has occurred in In
negotiation Of Tennessee State bonds, owing
10 the so-called secession Of the State. Al
your bonds are dated January lst, and o
course il is impossible to tell at what tim
the bonds are issued. In consequence 0
this, the Committee on Securities of th
New York Stock Exchange required per
sons selling bonds dated January lst, 1861
TO prove that they were negotiated prior 4
tie s0-cdiied secession Of The State The Com
mittee feared that some bonds had beer
issued after that date, and that the Stat6
would not acknowledge them. Now that
loyal State Government has been elected il
would be well 10 establish what bonds arc
and what are not regular in all respects 1t
would add 10 the currency Of Tennessee
State bonds and save you much trouble il
YOU would furnish the Committee the follow.
ing information:
/. 4 list of all the bonds dated January
lst, 1861.
?. The dates at which they were nego-
tiated by the State
,. The highest number up TO which there
will be no dispute.
4. The numbers about which there is anv
doubt as TO their being recognized.
Another difficulty has arisen. The last
figure of the date Of many Of the bonds has
been altered from to Z, (the is written on
the g. Please inform the Committee whether
this is a clerical error which does not effect
the bond. 4 full answer 10 the above ques-
tions would add much TO the currency OF
Tennessee State bonds. In regard to the
new bonds issued for funded coupons ] re-
gret 10 state that some have come before the
Committee with the numbers on the coupons
so poorly written as 10 render it difficult to
tell what they are and in some instances the
numbers on the coupons are different from
those on the bonds. As these bonds have a
long time to run, too much care cannot be
taken 10 have them numbered perfectly.
The above remarks are not made in cap
tious spirit, but with the sole view Of saving
trouble both TO the State and dealers in her
bonds.
| remain yours, respectfully,
LUDLOW THOMAS,
Secretary, No. 81, Wall Street.
STATE o. TENNESSEE.
OFFiCE SECRETARY oF STATE, Z
NASHVILLE, June 8, 1866.
Ludlow Thomas, Esq., Secretary Of the New York
Stock Exchange, - Wall street, n. Y.
DEAR SIR: / have delayed answering
your letter Of the 9th of May, partly on ac-
count of press of business, and partly to OBJ
tain such information As would enable me
10 answer the intcrrogatories submitted by
You, intelligibly.
The books Of all the Departments of the
State Government were carried away by
Gov. Harris and his associates in February
1862 and were carried around through the
South until MAY, 1868, when they were cap
mrcd by the military authorities and re-
stored 10 the State capitol After diligent
examination, we have not discovered any
fraudulent entries or alteration of the books
have been treated as records or archives for
the guidance Of the present officers of the
State Government, and have been so rccog-
missed 10y the Legislature.
From these books it appears that all the
bonds now outstanding were issued before the
passage Of the secession ordinance. except
from No. 1907 to 1878, both numbers inclu-
sive of the new series due in 1898, (June
Il Al.
llth of June, lSGl-the State having at
tempted TO secede on the 9TH of MAY previ-
ous, and eight printed bonds issued to a
Turnpike Company, numbered from one TO
eight, which were issued on the lith Of June,
lSGL
But these $50 bonds (of 81 900 each) is
sued after the 9th Of May, 1861, were issued
in pursuance Of laws passed in 1912 or
1854 in consequence of grading done, or
terms prescribed and complied with before
the passage Of the secession ordinance, and
the best legal authority in the State, is that
the State is bound for them. All of them
except the eight printed bonds were issued
on the llth OF June, 1861, for the benefit of
the Mobile and Ohio Railroad-one of the
best roads in the State, whose officers do not
ask TO be relieved from their payment. The
coupons on these bonds as iccH as the eight
printed bonds haze been. or wiU be funded up
10 January last, and The July interest cW be
pdid ia currency.
The result is that the State is bound for
all the bonds of the State issued in 1861, ex-
cept, Of course, those issued in aid Of the
rebellion deuominated military bonds," ," and
which show upon their face that they were
issued TO raise a provisional force for trea-
aonable purposes. There are five millions
of those cf equal value with Confederate
notes. | deem no further notice of them
necessary.
If il is deemed necessary that | should
answer more in detail, | will say that Nos
10, 9 and l63 renewed Capitol Bonds
were issued on the Sd Of January, 1861.
Nos. ,3l9 to l,7O6, both inclusive, were
issued between January lst, 1851, and April
23d of the same year, all dated January LIST,
1861, due January lst, 1895 and signed by
Isham G. Harris, Governor and J. +. r.
Ray, Secretary Of State, lettered with the
letter c. No. l,7O7 to 1878 Of the same Sc
rics, date, letter and signatures, were issued
nth June, 1861.
Nos. to s, Cprinted with type, issued
under the act Of March 3D. 1854, TO the Car
thage and Rome Turnpike Company, were
issued on the 18th of June, 1861.
There were also two renewed Capitol
Bonds issued under the acts Of Deccmbr ID,
1859. and March 10Th, 1860, Nos. 80 and a,
ON the 25th Of February, 1861, and one du-
plicate Of No. S,965, due 1898, issued under
the act of February lst, 1861.
There isnothing in my Office or any other
to show how The date of any of the bonds
came TO hc altered from 1856 10 1897. The
officer who did il proved 10 be both incom-
petent and dishonest, but | have been shown
several Of these bonds thus altered, and find
them genuine. | can only say, if the sigma
tures of the Governor, Secretary of State and
Comptroller prove TO be genuine the State is
bound for them, provided the books of my
office show the issuance of such a number
la regard to the poorly written numbers
ON the coupons TO the new bonds for the
funded interest, can only say that was done
by a very poor clerk in the Comptroller's
Office. during the illness of that officer, who
was discharged after he had numbered 200
bonds. from No. l 20 1000 ] much regret
that the bonds were not destroyed before be-
ing issued. II il is thought the sale OF the
bonds viii be seriously effected by it, we will
ask the Legislature TO mthorise the issuance
Of duplicates. 49,
If there are any bonds numbered differ
emily from the coupons, ii Is a a idpSuS pen