Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-08-25
THE STATE FINANCES.

| Financ-,, submitted the following report:
| In obedience to joint resolution No. q. the
special committee on Finance appointed by
| House Resolution No. 4. have Instructed me to
| report that under the powers given to them. and
| the duties presented by said House resolution,
| they have made a careful examination of such
| witnesses and evidence as they could procure up
| to this date; and while much remains to be done
before the Investigation is finished. yet they
satisfied that the facts ELECTED warrant them in
| the following conclusions: ..'.r
| First-That the present Board of Finance is
useless and should be abolished. and the law
| creating it repealed. . ..Lt -..-f ell -.
SecOnd-That there is ring" of East Ten
nessee operating in conjunction with ring of
| brokers in New York city, for the purpose of
| depreciating our State bonds and destroying our
State credit in order to enrich themselves by
| specializing in our State bonds.
| Third. That the present unavoidable position
ofthe State of Tennessee in regard to her finances
| IL due TO the ineiieiency Of the Board of
Finance. and the dishonesty and ingratitude of
| said railroad " rang
We therefore recommend the immediate re-
| peal of An act to hquidate the debt of the
| State failing due in 1858 and 1862" passed
March Is, 1888. and the creation of a now Board
of Finance consisting of three members of full
power and proper authority to make immediate
arrangements for paying theJuly interest, and
| for funding or borrowing money and paying the
overdue bonds rs tho Legislature may, in its
wisdom deem best, and perform such other
duties as may be required by the financial con-
dtiOn of the State.
The reason and evidence for the above con-
illusions the Committee deems best to withhold
until its financial report, The Committee can
not complete its investigation in the short time
this Legislature will remain in extraordinary
session, owing to the fact that come of the most
important witnesses are in New Ork city. The
Committee would therefore recommend that
some discreet and able member of the Legisla-
ture be sent to Now 1Ork, clothed with ample
power to continue tho investigation, and report
To the November session of the Legislatures.
l.. 5. WILLIAMS,
Chairman
Mr.. Bosson-Does tho committee intend that
the House shall confirm and be satisfied with
the report simply, or do they propose mt some
early moment TO present bill to remedy the
difficulties pointed cut in tho report2 There is
no bill accompanying the report IL proposes
delay, and does not meet the present wants of
the State 1t presents two leading propositions
Ono is that ring" has been tampering
with the credit of the State, that blows have
been struck at that credit for selfish purposes,
at a moment when the credit of the State was
so tenacious. The other proposition contained
in the report is in reference to the recOnstruc-
ton of the Board of Finance. Why don't the
committee introduce bill that will enable us
to take immediate action on this vital question:
The abolition of the Board Of Finance at the
present time, without providing some more
effective means of sustaining the State credit,
would do us incaleulable harm at New York.
He reviewed the proceedings pointed out the
causes which led to the failure to pay the July
interest and concluded by urging the House not
TO lose q day in re-establishiRg its damaged
faith.
. Mr.. White, of Bradley, moved that the stand
ing Committee on Finance be instructed to re-
port as soon as practicable, bill making pro-
vision to meet the July interest.
Mr.. Williams moved 10 amend by appointing
committee of three to report such a bill.
The amendment was adopted. and Messrs,
White, of Bradley, Bosom and Williams were
appointed as the committee, F.. r.l
. The Speaker submitted q report from Comp
troller Black burn, in response to House resOlu-
ton, directing him TO report the whole Number
of bonds engraved and delivered for the use of
the State, from the Sth Of july, lS65, tothe 3lst
day Of July, 1868. the number issued, the nH M
Der still on hand" etc. etc, which was referred
20 the standing Committee on Finance.
The report shows that during the time named,
tor and received by the State, of which $500
bonds were destroyed by the present Comptrol-
Ter on account of some change having been made
IN the manner OF issue, and 5ig have been used
In replacing that number of improperly num-
bered bonds; thRt II $50 bonds have been issued
in funding bonds past due and coupons. and TO
railroad and turnpike companies, less go bonds
hypotheoated in 1857 and now replaced, and 347
used in renewing old bonds. The Comptroller
has now on hand 4l2l bonds including the go
hypothecated. Not including the 1887 bonds
used in funding the debt that matured during
the war and up 10 and including January J,
1866, the debt has been increased Sl2,339,0 900 |
within the period mentioned in the resolution Of
inquiry.
Mr. Bosom read the resolution Of thanks to
the HeReral Assembly passed by the reachers
National Association. He eulOgized the dis
llngulshed instructors who had recently been in |
session ut the Capitol. for their lAbOrs in the l
cause of education, and moved that the TesOIu-
ton be spread upon the minutes. Agreed to.
Mr.. COrdel1 from the Committee on the Peni- |
Tertiary. reported bill leasing the Penitent iary
10 Messrs. Ward x Briggs until 1875 Passed |
irst reading and recOmmtted to the commit |
Zoe.
This bin is identical with that introduced AZ
he last session for a similar purpose. but which /
was not finally acted upon before adjournment
Adjourned TO 10 A. n. tomorrow.