Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-15

call the attention OF the Legislature TO
the following statement OF facts:
1t will be remembered that the act OF
September 5, abolishiBg the "B0Grd OF
Finance, etc A" especially makes it the
duty Of the Comptroller "fO provide for
the payment CT the interest accruing on
the State debt" The Legislature viii
also remember that l favored the enact
ment of that law, and said that il the
Comptrollef's Office was cut loose from
the entanglements Of a Board of Finance,
the interest could be surely and easily
paid.
In coming to this conclusion, l reas-
ontd from what I supposed to be fixed
acts: First, the of the State,
which l understood, and secondly, the
universal pledge, from the highest TO the
lowest, las 1 understood it, that tie
State debt would not be increased, but
that, on the contrary, q number OF or
roads would be sold for the bonds of the
State, and the liabilities Of the State thus
lessen6d. Clothed with the authority
conferred by the act above alluded to,
and with assurances that no more bonds
would be issued to railroads, ETC., 1 went
to New York, and, as Comptroller of the
State, gave unqualified assurances from
his ExcelIency, the Governor, and the
State Legislature, that the public debt
would not be increased, but lessened.
This statement was believed to be true,
aud on the strength of it l Borrowed
S400. 600 at six per cent. per annum, when
money there was worth seven per cent.
in gold on call.
Besides this, many parties in New
York, through the influence OF the
friends of our State there, were ibflu-
eneed to invest heavily in our bonds, not
for purposes Of speculation, but perns
nently.
The condition OF our credit in New
York now must DO inferred from the fol-
lowing, which / give as it is:
Since the introduction Of the bill pro
posing to increase the State debt nearly
three millions Of dollars, l have received
dispatches and letters from parties who
had advised investment il our honda,
severely %cenEuring parties here for de-
ceiving them, and from others who, be-
ing advised by the friends Of our State to
invest, did so, asking "wh8t to do with
their bonds; and in answer to prOpcsi,
tioDs to arrange for the payment OF the
January interest, l am informed that
The negotiation of q loan is conditional,
and awaits the result Of the proposition
to increase the deb OF u State, while
some Of the best friends the State has in
New York, and those who have done US
great service since July, 1866, write me
positively that New York will carry our
State 60 longer, il we increase cur liabil-
tiles now by issuiDg more bonds to rail-
roads.
This is the state Of the CASE this morn
ing, and in view OF the near approach OF
the January interest, and being uuwil-
ling for the blams 20 be laid st my door,
il our State credit goes by the board AND
our interest take a downward tendency
inetead OF steadily rising, ] hasten to lay
It before your honorable Dody.
Aud 1 close by remarking, that q de-
sire to defeat the passage of tbs Omnibus
bill does not call forth this communion
ton, but 3 higher duty than thst-the
placing before the Leg stature tbs facts,
on the proper management OF which de-
ponds, in my opinion, the salvation or
the destruction OF the credit OF the State.
Your obedIent servant,
q. W. BLACKBURN Comptroller.