Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-11-13
THE RAILROAD QUESTION.

The six railroads ia the hands OF Re
ceivers are indebted to the State, on in
terest account, due July J, 1868, 81 ,l2O,-
996 Sc. The interest Of these roads, ss
well Sc that Of the State, require that
they be sold, and the proceeds thereof be
applied to the reduction Of the State
debt.
l would have seized the two other roads
for failure to pay the July interest, ana
placed them in the hands OF Receivers,
but that had learned by experience that
to do so would only entail increased bur
dens upon the State Treasury.
1 recommend that no more spprOpFis-
tioDs be made TO railroads, except in those
cases where the St5te has large interest
in said roads, and would suffer heavy loss
on account Of the lack Of such sppropri-
stiopg. o. this class are the roads run
ming out, north and south, from Knox
Vile, and the Oue extending south from
Morristown; and, also, the road OF which
Hon, Senator Parker is President. These
roads. in order to become profitable snd
pToductiye TO the State, will require
additional appropriations to enable them
10 complete tLeir lines, so as 20 connect
with other roads now ia process Of co1~
struclion. I propose, however, to meet
these demands In & way not to increase
the liabilities Of the STATE. The plan is
this +: Leading gentlemen connected VAN
impnrtant railroads largely indebted TO
the State, sre asking for authority TO issue
| second mortgage Eonds, with a Nle~ OF
exchanging them FOR StsLe eohos mus
purchasing State bonds Dg the aware on
/ these seeond mOrteage bonds, the debt
nov dns by the State would, in like
/ sUauut. be transferred TO these railroad
eorayanies, snd so the State would 0e r.
( lisved of 2 burden Of seversl million Uol-
I lars OF debt now resting upon A.
/ Iregarti This proposition with approx a.,
/ and advise its adoption by the Assembly.
/ The payment of large debts now due
| from The roads alluded to, and the sale OF
/ the roads already in The hands Of Re-
ceivers, would reduce the State liabilities
at least one-third.
This plan, ft is seen, would enable the
] General Assembly not only to reduce
materially the States liabilities, but also
( TO render suc1 necessary additional aid
to the roads whose completion is de-
manded by considerations OF public
economy.
Several Of the railroad companies have
unsettled accounts with the sinking tund,
the state being indebted TO them and
thev being indebted 10 the State. IL Is
. Q Hn4DHfthEiA tLidk an E1AAJ SCNsAttA~---N
! these accounts BE- had. / recon- mend
therefore. that the proper action be had
nv your respective Houses TO procure the
desired settlement with the said roads.
Since the adjournment OF your extra
ordinary sc sion, the Comptroller has Wis
tied New York and made satisfactory
ARRANGEMENTS for the payment OF me
IuIv interest. This fact, together with
tha result of the late State and Presiden'
rial elections, has INDUCED an spPrecis
fion of our state bonds and nateria
depreciation in the price OF gold.
The occasion serves to allude 20 th'
gratifying tact that, financially and 9th
ergIsa. tennessee occupies 8 far mor'
desirable condition than any OF th'
Southern States recently in rebellion
! Pms the policy OF reconsIuclon man
iaiped b. the Union Republican party Q
Tennessee finds ample and trlumpnah
. viudication by its achievements AnoDs
u and thus, also, the pain OF our iutuI 's,r
growing property Il traced loI Is mya y ~
only 10 follow up with steady nerve am
u1fsltering step the policy thus fsr 8
, gaocsssful, to assure % this great Com
uonyeslth that degree OF thrift, Se&itl
aud power to which our natural position
our bonndless resources and our enter
al
plisipg population SO eminensly entiu
Is.
THE BANK OF TENNESSEE.
This instiln,s.'an has been In the hand
of officeTs app1inrs,t by authority Of To
CsneraI Assembly for ISree years pas
with q view to having its sffsics woun
up and its effects made avaiiaoie ~ ~ !.
resources Of the State. L am uhaoie
state the condition OF its affairs, or wha
progress has been made in the direcuo
s nroposed. / have seen, from time !
lime, as you also have, the report OF y
President. / have no other complaint
: 10 make sfraInst its officers than to el
prfss my iegrets at the slowness OF !
movements towards the conclusion d'
: sired, and L recommend thst measure
. be adopted to wind it up forthwith.
2 THE FRANCHISE.
= Strenuous efforts were made at yoI
> recsnt extraordinary ses sion to Undue