The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1868-07-04
From the Nashville Union ana Dispateh. june soh1
The State Credit-Tennessee Funds
Attached In New York.

Private dispatches were received in the I
city yesterday stating that parties in New
Y ork who held overdue Tennessee bonds had /
attached all the funds sent by the State au
thorities and railroad companies and pro |
vided by the Board of Finance to pay the /
July interest on the State debt The amount 1
of eur )nds which fell due on The 7lh Of
May is 81 600 600, Of which but a very small !
proportion has been taken mp by the sui |
stitutiOn of new bonds The Legislature
provided for the issue of new bonds with
which to take up those falling due IN May,
/ bat some Of the parties holding the May
bonds refused to receive the new and de-
preciated bonds IN exchange for those for
which they expected to receive dollar for
dollar. No other effort has been made to
settle with the holders Of these overdue
bonds, and they have attached the money
i which has been raised, 70 pay the interest
leOn the State debt falling due on the lst of
/ July. This money was raised by what tax
| collections could be made, by the sale of
bonds at sixty cents which were authorized
to be issued to take up those due in May,
and by borrowing and hyPothecating these
/ bonds as security. This news created nc
! little CONSERVATION IN official circles yester-
day, and great deal Of excitement among
| bankers and citizens generally and especially
the latter, who from the positive assertions
! of the Governor and his echoes, were led to
believe that our financial matters were be-
i ing managed with consummate skill The
Governor published the following IN his pa
per, the Knoxville Rhig, OF the 24th instant ::
TENNESSEE STATE BoNDs.-Our State
bonds are selling at seventy five cents in
i New Y Ork: and they are steadily advancing.
This is wonderful when we consider the
war made upon the State credit, both at
/ home and abroad Rebel papers and Rebel
stump orators, as well as pretended friends,
have alike predicted Cur failure to meet the
July interest on the State debt Despite all
this opposition, the July interest has been
met, and the credit of the State is improving
SENIOR EDITOR
This boast of the Governor was intended
to inspire confidence in the financial arrange
ments of his administration. The money
had been provided to meet the July interest,
but no arrangement had been made with the
heavy creditors of the State, and they seem
unwilling to indulge the Governor in his ex-
traYagant Boosting, and have commenced
picking up whatever funds they can ind be-
longing to the State. A soon as this infor-
nation reached here yesterday dispatches
were sent off to stop every dollar possible
that had not already reached New York.
The result Of this movement on the part of
the creditors of the State has been heavy
decline in the price OF Tennessee bonds in
/ New York At noon Yesterday the new
! 8.
two later they had declined to 723 What
! will be the effect Of this movement upon the
credit of the State, unless it shall be coun-
| teracted-which is utterly impossible In TIE
present condition of the finances of the
State-itsis difficult to estimate. 1t cannot
[ be otherwise than ruinous. 1t Is simply i'm
j, possible now to provide for the July interest,
unless the attachments under which that al
ready provided is held can be vacated, and
the money applied to the purpose for which
it was raised We take it that this cannoi
be done, and the consequence Ia the credit
7 of the State Is to suffer materially. We are
thus getting q glimpse of whittier we are
, drifting under radical rule. The finances oil
the State have been most bunglingly and
wretchedly managed. Money which has
been wrung from the hard earnings OF the
taxpayers has gone to support the most ex
traVagant State government we have ever
had, instead of paying off the Indebtedness
of the State Thousands upon thousands
, of dollars have been wasted in the most use
less extravagance{ which ought to have been
husbanded with the greatest care for the
emergency which is now upon the State
The people, considering their impoverished
) and oppressed condition. have paid the out
: rageously high taxes imposed upon them
with wonderful promptitude, and with thai
/ economy which should have characterized al
J administration ut such q time as that through
which we have passed, the means with which
to meet every dollar of the Indebtedness OIL
the State should have been in the treasury
Instead of this, one expedient after another
has been resorted to raise the means to meet
the demands pressing upon an empty treas
ury, until these demands have become Of
such proportion as to be utterly unmanage
3 able by our radical authorities As the re
: suit Of this tlnkering policy, utter ruin now
/ menaces the credit Of the State, and our au-
thorities find themselves in a condition in
which they are powerless to prevent that
dire calamity, the bankruptcy and ruin of a
: great State.