Brownlow's Knoxville Whig. [volume] (Knoxville, Tenn.) 1866-1869, 1867-11-06
STATE OF TENNESSEE,
CONTROLLER OFFICE,
NASHVILLE. October Esd. 1867.
" 80 49, '''~i' ie-i'-h
G. W. BLACKBURN, COMPTROLLER.


On page 266 Of the Code of Tennessee, the three
! following sections of law are found pointing ont
| the duty of the Governor:
SECTION 100. 1t is the duty Of such company, at
least fifteen days before each nstamsnt of interest
on the bonds issued to it becomes duo deposit in
the Bank of Tennessee, at Nashville sum of mon
ey sufficient TO pay such interest, including ex-
change and necessary commissions or furnish sat
lsactory evidence to the Comptroller that such in
| terest has been paid OF proved for.
SECTION IDOL Upon failure TO comply with the
requirements of the preceding section the Comm
troller shall report the fact to the Governor who
shall, Forthwith, appoint suitable person. at the
expense of the Company, to take possession and
control of the road and all the property and effects
OF the Company, manage the same, and receive the
rents, issues and profits.
SECTION 1902. The Governor, if necessary NAV
issue his warrant to the Sherifs of the different
counties through which the road NAV run. COM
handing them 10 put the Receiver appointed ia
possession Of the road, its property and effects
Finally, II the interest due the State or q reason
able portion Of IT. is not met at the time required bv
law, shall certainly appoint Receivers on all de-
iaultlng roads The interest upon the State debt
must be paid, and the credit Of the State must be
upheld, and this can only be done by those compa-
MES paying up their. honest dues. | send this Cir
cular 10 every Railroad President and Receiver in
the State, that each may know what to expect
Further indulgence will not be given. and ought
not TO be expected
W. q. BRowNLow,
Governor Of Tennessee.
NASHVILLE Oct. 20, 1867.
Commenting on the Governors circular, and
the exhibit made by the Comptroller the Nashville
Press and Times SAYS
Of the above amount of interest accruing on the
hTst Of January next, we state with confidence
that over 100000 viii be promptly paid The
Memphis GAINESVILLE and Louisville road is largely
behind, although we see no reason why il should
not be made highly profitable and prosperous
road, forming as II does the grand highway of |
southern travel and trade between Memphis and 1
Louisville
IL. II our statement in reference 20 the payment Of
qoVoV0o oil the amount owing BY the railroad be /
IeaLeo and arc reliably assured that it will be
me finances Of the State will be in A prosperous
SolIGiioa, and the interest sccruing on her own
bonds viii be duly paid wv"
w ieel sure that the depreciation Of State bonds
IN the Eastern markets will prove IN bsve -
30 kept "' 'a''H oi Inc state VIII
81. !" me on TINS subject We will add ON the sp,ho
my OF private letters from Easte-n esyi,sI,. ~
:, ' Inas the apprehension of n large inc-ss
;, ~, 'lueUeedness, by the passage of an Tnaer,1
llly Diil mas contributed largel, II distst 49,
49, 49, "a ne solvency Of our State and 10 -snsoa -
hhs,,u me value OF her bonds There Il no -
presayf 70 oi epe passage of such measure 81 a.
NAV ~ LEGISLATURE. Whatever opinion -. ase
decided mr., he measure in the aistrac. 49,
''Ngness to burden the State ,s;ih ,a. .