The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1868-08-28
fnhC General Assembly,
We invite attention to the following


We invite attention to the following
Legislative proceedings on Monday:
The Senate met at . p. IN, Speaker
Scntcr in the Chair. Twcnty-onc mem
bcrs were present. Prayer was offered
| by Rev. Mr.. Campbell.
Adjourned until tomorrow at = p. m.
The House was called to order by
Speaker Richards nj p. IN. Fitty-nino
members, three more than II quorum,
answered to their names.
THE STATE FINANCES.
Mr.. Williams, from the Special Com
miticc on Finance, submitted the fol-
/ lowing rcport
| In obedience TO joint resolution No.
%, 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 du-
ties presented by said House resolution,
they have made II 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
are satisfied that the facts elected war
rant them in the following conclusions :
First-That the present Board of FL
nance is useless and should be abolish
cd, and the law creating it repealed.
Sccond-That there is ring" in
East Tennessee operating. in coniumc-
ton with ''ring" of brokers in New
York city, for the purpose of dcprc-
eating our State bonds and destroying
our State credit in order to enrich
themselves by specializing. III our State
! bonds.
Tbird-rhat the pl@seltNavoidablc
position. Of the State of Tennessee in
regard TO her finances is due to the in
efficiency of the Board of Finance, and
the dishonesty and ingratitudc Of said
railroad "ring.'
We therefore recommend the immc-
diatc repeal of "An act to liquidatc the
| debt OF the State, falling due in 1865
and 1862 passed March Is, 1868. and
! the creation of new Board of Finance.
consisting of three members, with full
power and proper authority to make
! immediate arrangements for paying the
July interest, and for funding or Dor
rowing money and paying the overdue
bonds as the Legislature may, in its
wisdom deem best, and perform such
] olIi'I tllilltS It's lllitN Dc lt'lUlIttl Nv INC
! financial condition Of the State.
The reasons and evidence for the
above conclusions the committee deems
! best to withhold until its final report.
The committee can not complete its in
vcstigation in the short time this Leg
isature will remain in extraordinary
session, owing TO the fact that some of
the most important witnesses arc i'll
New York city. The committee would
therefore recommend that some dis
erect and able member of the LCgisla-
turc be sent to New York, clothed
with ample power to continue the i'll
vcstigation and report to the Noycm-
Der session Of the Legislature.
L. S. WILLIAMS, Chairman.
The reading Of this extraordinary re-
port is said to have produced no little
excitement in the House. 1t seems af-
ter all, that the "ring' which has been
dcprecia,ing the State credit, is at
Knoxville, right under the Governor
nose. The report above was with
drawn. and n committee of'thrcc APP
pointed to draft bill ISsalsng provis-
ions to meet the July interest.
The Speaker submitted Il report from
Comptroller Blackburn, in response to
House resolution, directing him to re-
port the number of bonds engraved
and delivered for the use Of the State
from the Sth day of July, 1865, to The
81 st day Of July. 1868, the number is
sued, the number still on hand, etc.
etc." which was referred to the stand
ing Committee on Finance.
The report shows that during the
time named. 22,70O bonds Of 81 900 each
have been engraved for and received
by the State, Of which LOO bonds were
destroyed by the present Comptroller
on account of some change having beer
made in the manner of issue, and 34t
have been used in replacing that mum.
Der Of Improperly .punbcrci bonds
that 1880 bonds Wave been issued il
. ,iuriing bonds past due and coupons
! and 20 railroad and turnpike compa'
mics. less 2GO bonds hypothccated III
1867 and now released, and BAT used il
renewing old bonds. The Comptroller
now has on hand 4,l2l bonds, including
the 2G0 hypothetical. Not including
4.SS7 bonds used in funding the deb
that maturcd during the war and up tC
and including January |, 1866, the deb
has been increased Sl2,3@,OOO within
the period mentioned i'll the resolution
of inquiry.
We commend the foregoing to TIT
consideration of what few radical tax
PAYERS there are in this county. The.
will learn by reading it, a good dca
more about matters in which they ar
interested than by listening to the spc
cial plcadings Of itincrant orators,
FnnSiStnnny