New-York tribune., 1868-08-12

s0o
les. II Se retained G fs Railroad Co i6oo
And BY Hannibal S. Joseph 30O"O- If8h
LAWN, sr., Stat. sI86.7OO
tn, Nc,r Orleans Commercial Buleiin Of the 7th says:
The money market without marked change The few
offerings Of strictly Al paper are Iea. l.A.. q, ls NJ '. ,t ]
' A'' 1e 1ec rates are q cent a. month and lia fr
second class Mortgage paper rules at loa2 cent = nnus ior the
former l1ol5 Tor The latter The banks discount mol o
f s6.ft PERIOD. On SOLID coagas W. be.r Of nothing doing
country paper
The following is a report of exports from the port of
savannah Ca for the fiscal year commencing July /,
1867, and ending June 80, 1867
s25loaIu| W en, 1une 81 c7 +7a'2 i.5
Zajiut No 's cot ol s.pud --'
On shpboard. 23o Previous year...... 20 oo
Tct,lfr The 81 2l6 gOJ Increase tbs yea. 2i,9
The price of cotton u the months of November and De
ccnbc 1867, ranged from II 10 lilc There were shipped
those months l5GOO bales The price OF The staple ihc
same months the previous S,i I"i,-, Iloi ~ 20 NJ
10 soc for higher grades. THIS viii account io ihc N"r
Of shipments being small this year 30 comparison win
the urcvIous year. although the shpm, n- Of cotton were
nearly dunhlc the past season over DALI uInH p"''
were shipped FROM this port tins y'aT-as lu'h az any
Southern port has shipped except Ncw-OrcanH ana ac
cordiug 10 accounts received, We come within eOO 20
me por OF New Orleans, but also the ports ui Charleston
and Mobile far ahead Of u5 IN commercial point oi
We print below extracts from the reports Of the
President Of the Board Of Finance of the state Of
Tennessee to the Legislature, giving full details OF
the reason why the July interest was not paid lie
says
AZ preliminary to this report would recall 70 your
minds that the Bank Of Tennessee formerly tno sole
az ent or Of me o s'ag I1 lay cT @ ' d no nav their inter-
the Bank, and the Bank appointed lhe h,ch
agent in NewYor pay the interest Neither the Con
roer OF tho state nor any other officer had the power
10 pay the interest; the right IN any way, 10 inter
In pursuance Of this almost immemoral policy OF the
state vOur honorable body, at It, last session. passed an
act creating the Board OF Finance giving o H. ana 10
n alone the power 90 provide Tor the payment OF thc M
erest ON the sistc bonds, ana 10 provide iot 'ne i5
Wcnt of 80 much OF the pubic depl "I llo h"'' az nN
require payment within three years o tAc passage o' ''
Immediately after the organization Of Board the
question arose the proper financial poHcy 10 Dc
adopted had advocated the purchase OF the bonds OF
the state 10 tht amount o. 'uv' w. iI ,i 49, t
this being the aInOunt Of bonds That would dli que h
three years from the passage Ot the hhahcm biH My
intention beng, Should nave lhc carrying "ut ~ 'n'
measure to buy mp the bonds falling due, or buy up
others and exchange them for these bonds "rh '"ud
easily have been accomplished al-" 9,hl,u 'i,.,.,-
permanent loan. tO meet tc deficiency ot our railroads.
ia paying their July interest Ihis loan To d, maae
by lie sale Of godbcarug bonds 40 par having 20 or 80
years run and redecmabc at the pleasure oi Tie state
The Controller wrote the Fourth National Bank that
he was coming O. attend To the payment or tc July
purpose. The Bank also given 10 understand, 10y
letter presume that the ContoAcr assent was ncces
sary To any lean made by me and believe that an
e0rt has been made 20 convince the President OF lht
Fourth National Bank that had no authority To make
Now It was well known that it was TO the Fourth Ma
toual Bank that a. agent oi the stte' was eAu,ciel 9
appy for loan The direct ana necessary tendency Oi
the cou Of Secretary OF state aud Controller was 10
impair my standing with the tourlh NA9nhI baih aIu
the New York pubhc-wcakcn their confidence ~ me-
and thereby prevent me, ah nuduca agent OF l Hth''
from ohtaiug loan IL did not succeed but the SUIT
brough against the state did succeed IN accomplishing
the end and II viii be- evident to your honorable
body that tins the object Of the sult
The suit brought by holder Of bonds that fell due
in May He the holder OF q bonds and the SUIT
was brought upon that amount Tho suit did not attach
or seek 10 attach the Of the State m the bank
did II enOin railroads from paying over er Interest To
tc Fourth National Bank IL sought To eIion tie Fourth
NafiO
loan for interest unless 1t pad the bonds que ID i' pro
making anv loan, and sought % eniOin the Board
OF Finance from negotiating loan TINS certainly ana not
Increase the chances OF the bondholder obtaining
payment for his The Board OF Finance Is the only
power now the state authorized 10 pay then' and
how could that Board pay the bonds II It's had5 m ] were
tedupi The object Of thus s9it cydeniy "t5 TO GS7ttoS roy
defeat the payment OF the July interest Aholher con
elusive evidence that the object OF the suit was what
have stated k that the injunction not served unt
o'clock on the 3Oth OF June lhis sut mas Dee ions
time in contemplation AZ least as long as TWO months
IL the suit had been brought even week before me
last week of june the injunction mIEul nav pecl uT
solved, and your interest paid But the iDuhctoh Nas
postponed 2OcOck the day before the lst OF July
when your Interest became payable; theIeny Ieierlng
Il impossible To make any new arrangements iOr the pay
IT ia due 10 the Ncw-York holders OF your bonds
maturing in May last to say that very large majority
Ina interest OF these bOndOlders dsapprONe OF te SUIT
and have no sympAthy with It's object. Indeed have
never seen a bOndhOlder who ala approve H. Inc
name could not be found in the NewYOrk Directory,
and 1t was insisted upon IN NewNork that the SUIT had
think your honoiabe body cannot but that there
| has been "A conspiracy, and very dark conspiracy,
araps the State OF Tennessee, conspiracy against
the majority OF the Board Of Finance, regardless OF lS
| disastrous consequences to the State.
After the withdrawal Of the Secretary Of state and
Controller from the Board, the BOaTdadOnTned 10 Knox
willie and was there recognized Dy the election OF >.
Watson as President of the Board. The President was
appointed agent proceed To New-Iork and negotiate
nnn 10 nav fine uly interest and the balance Of tho debt
due the Fourth National Bank This action OF course
uperseded the authority given the Controller by the res
olutiou OF April 9, to negotiate loan, as VIII DC seen
from the lepl opuOu OF your AtOrncyGcncia append
cd Ia this renort immediately went tO Ncw1 ORR, COM
petcd tbc terms of loan the 9TH OF June but IN con
SEQUENCE of the action OF the minority and the unauthO
! tzrd tnterfereucc of the Controller by ms
! writing 10 the Fourth National Bank that
| ne was going 20 attend 10 the payment
he must be consulted ia any loan made by me- was
obliged TO send Nashville 70 OBTAIN te COhltoeI
consent 10 the loan made The parties who conferred
with him advised me that he would cooperate WIN me
his assent Ia the loan and only replied To the letter OF the
President asking this assent, by writing 10 MN again
that be was coming on TO attend To the July interest
This caused delay OF ten days In completing te
loan; but tie loan was completed exactly as MADE Dy
| myself Al. 49, .,o.,.
have a4OO 400 i'm the Fourth National Bank by the 2th Oh
June While the Controller was IN kow-Nork, there WAS
only t75OO In the bank about half OF II had been ald m
by railroads and about half reIntted by the COntrHer
| dents In Eew.York while the Controller was there
| owing the State for their interest about sl~Vo.
| Two OF these railroads were permitted pefIaps
unwjny by the Controller TO delay their pay inents
until the sOth Of June, three days after the Z.li.
The Controller started home from Eew-York on the Zot
Of June and did not geE hOIae N time tQr reItange 70