Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1868-12-18

CoNPrRoLER's OFFICE, NASH
VILE, Tenn, Dec. II, 1S5S.-Gentle-
men of the House of Representatives:
| brought with me into this Office a
firm determination to discharge the
duties thereof to the best of my abil-
ity. This determination do not pro-
pose to rollnquish, nor willfully to
fail i'm the carrying of it out. These
truths taken in connection with my
duty under the law, to provide for the
tr--y-'~rtvr rfU-J s'aV.ar.y-ir tvrs-e iIfIs
peratively demand, in justice to my
self as well as to the interest of the
State, that I should call the attention
of the Legislature to the following
statement: i.Hh
twill be remembered thnt the act
Of September o, abolishing the
"Board Of Finance, etc." specially
makes II the duty of the Comptroller
"to provide for the payment of the
interest accruing on the State debt /"
The Legislature will also remember
that favored the enactment of that
law, aud said that if the Comptrol-
ler's Office was cut loose from tile en-
tanglemcnts of n Board of Finance,
the Interest could be surely and east
ly paid. .f-...
In coming to this conclusion, 7
reasoned from what 1 supposed TO be
fixed facts: First. the resources ofthe
State, which l understood, and
secondly, the universal pledge, from
the highest to the lowest, (as under
stood it, that the State debt would
not beincreased, but that, on the con
trary, q number Of our roads would
be sold for the bonds Of the State, and
the liabilities of the State thus lessen
ed. Clothed with the authority con
| feTed by tho act above alluded to,
and with assurances that no more
bonds would be issued to railroads,
etc, l won't TO New York, and, rs
Comptroller Of the State, gave I'M
qualified assurance from his Eexcel-
lency the Governor, and the State
Legislature, that the public debt
would not be increased, but lessened.
This statement was believed to be
true, and, on the strength oft, / bor-
rowed Sl0O, 900 at per cent per an
mum, when money there was worth
per cent in gold on call.
Besides this, many parties in New
York, through the Influence of the
friends of our State there, were in
fiuenccd to invest heavily in our
bonds, not for purposes OF speculation,
but permanently.
The condition Of our credit in New
York now must he inferred from the
following, which gave IA IL is:
Since the Introduction Of the bill
proposing to increase the State debt
nearly three millions of dollars,
have received dispatches and letters
rom parties who had advised invest
ment in our bonds, severely censuring
parties here for receiving them, and
from others who, being advised hv
the friends of our State 10 invest, did
so, asking "what TO do with their
bonds and In answer 10 proposition
To arrange for the payment of the
January interest, ] am informed that
the negotiation Of loan Is condition
al and awaits the result Of the pro-
position ~ increase the debt Of our
state, while some of the best friends
the State has In New York, and these
who have done us great service since
July, 1850, write mo positively that
New York viii carry our State no
longer, five increase our liabilities
now by issuing moro bonds to riti-
Poads.
This is the state of the ease this
morning, and in view of the near APP
proach OF the January interest, and
being unwilling for tile blame to be
laid nj my door, IL our State credit
goes by the hoard and our interest
takes a downward tendency instead
or steadily rising, | hasten TO lny IL
before your honorable body.
And close by rcmarking that a
desire 10 defeat the passage of the o,u-
Minus bill does not call forth this con,-
munication, but II higher duty than
that the placing before the Legisla-
turc the fae,s, ON the proper manage
ment of Which depends, in my opin-
ion, the salvation or the destruction OF
the credit OF the State. Your obedi-
cnt servant,
q w BT AcRBuRN,
+ 81.