New-York tribune., 1868-08-12
reach NewYorh until after the bill against the State was

reach NewYork until after the bill against the State was
filed.
There was another unfortunate mistake made. The
Controller remitfed after went to New York nearly
100000 pay of the balance OF loan que te Fouth
National Bank It expressly prOyldeu ~ %
tion passed nv the Board while the Controller was
member Of it, that the balance due the fourtn ~ M made
Bank should be paid out OF the loan that was 10 De
by the Board OF Finance The same thing was proViuoa
n the resolution appointing me agent 70 t asne for
the money. Why pay II then, contrary 10 the lhtelo
aud Instructions Of the Board when 1t was SO pressgy
needed for the July interests Had this amount beeh re-
mitted to fulfill the conditions OF the loan, when Wele
that there should be 100000 in the Fourth Nationa ah
by the 9th of June aud had the S2o0O lying IN the
Treasury while the Controller was In New-l Ork oeeu
duly Temed there wond have been bee t W 5Ee o sbond
have have REQUIRED the railroads 10 ,dPpSod pay 'nge me
that they "iSn WanId have done if they had sup
posed 1t 10 he necessary for the credit OF me state anu
] ,f @ naa not could gaSy @ nSe h, rho G,ne OF the
bill against the state; the proceeds OF u would nave
been deposited i'm bank and IL could then have been
attached. and the payment OF your july interest wonid
have been secured. Having no remittance ifOm Ndsn
Vile the 10Th Of june and desparing Of any from
there or the went to work raised S325 OO0-he
amount necessary make up the S4Oo0O-WehI 10 th9
Fourth National Bank complete loan, and wIeh
reached there was met with dispatch from the CON
trOler cOuntermaudng the loan, and ~ the same u
was met with the injunction against making Tue Ioaii
know not whence tie Controller gets hs authority ei'hor
to make or countermand loan. mi, ,,.
But my efforts the State did not cease The hands
OF the Fourth National Bank which had uniformly come
% the aid Of the State, beng tied up applied 10 otne
sources to secure the payment OF our Juy Rerest, u
10 secure II In such manner as to AVOID us behg u
tered with by suit Finding strong prospects Oi sue
cceding Immediately wrote TO the Controller that
could pay interest still II he would give me ms cordial
support went on rs my negotiations ahd touhd liat
could succeed beyond doubt waited some days tOf
answer from the Controller; receiving none ana rear
ing that some difficulty might be interposed III the way 0
the negotiations had been with my negotiation WIN
the Fourth National Bank, suspended my negotiations
The state calls upou the bondhoder who entitled to
5000 IN United States currency to take IN place ol e
sooQ bond not worth now oyer SGo IN oTrSmcyf rhogi
any charge risk 10 the bondholder. -
The amount bonds that fell due 7h May last Is $1,000
COO one hundred and iyseycn thousand dollars oi TINS
amount has been renewed with cent currency bonds
falling due in lsg9 leaving of these bonds unpaid SSi3O
There will fall due the present ana the TWO succeeding
years sg5l,25O.
Legislature should show The same uhlteIdne ue,enl,
nation to pay your interest has ever characterized Your
legislation heretofore, your bonds would advance agu
and the holders OF Your n"tuIeu auu ha'uImb Oon"S
would doubtless them upon equitable terms. -
The bonded debt or the state III May last was S266
gQl Since that time bonds have been issued To rail
roads which will increase your debt 10 upwards 0i
S3OO0 OOO over 2sOOOOOO Of which IL on account oI r
roads No bonds have been issued by oI1ei Vi V % ~
Of Finance excepting the $4,000 Issued In renewal of
The state has ndorscd the bondso Of the East Tennessee
and Virginia, East tennessee aud Deorga, ,,,t an1
Nashville and Chattanooga Railroads TO inc a.ouht m
OF sls51.OOO II has also indorsed the bonds OF me
CITY Of Memphis 20 the amount OF s55O.oO. Inc
above roads have uniformly paid hrr interest Plomp{
ana have been assured that the CITY Of Memphis would
hereafter pay be- interest on s bonds 80 that there rs
ho fear Of state hcng called on to pay the interest OF
/ the principal OF the mdorscd bonds,
The matter that is now pressing thc state j. to W'
/
It is estimated that your b after payng the
ordinary expenses ot tine state, ana paying eyuOV 10
Common schools will yield <I,2C0j0l, 10 De applied 70
interest your bonded debt This more than TH be
estimate would not be prudent 10 rely upon the future
revenue Of the state paying more than the ordinary ,A
pcuses Of the S.atc. including the Appropriation Tor
schools and payig the future interest that Will be re-
| quircd 20 Dee paid ou IT, debt
The deficiency 800 your july interest cannot be eNpecleu
IN c met ont of Tho Of the state Tor some
wears 10 come. 10 should therefore, be- raised by per
after ve years suppose the amount required should bc
$4,000 Thus would have To be raised ny ths hae O goa
bon M mar or les the sale Of currency bonds ~ heavy
discount Which would be- the most advisable NODE Is
" ynnr Univ Interest should be paid very soon, gold
bonds per cent could be- negotiated at par Ihe m
crc-t the $4,000 of per cent would DE, h G'iu M
rcr auuum This converted into currency, AT the
average rate o gold for ic past year, would De- st-'V
Whoa gold should again get to par u Woud Dc bu' S'OV
To .c ooooo by the sale Of per cent currency bonds
would require, with bonds at 20 cents abon Suij, l
currency bonds the Interest which would be si20is
- that the interest tie gold and the currency bonds
would bee about hc same bui mere ~oGq DC 11yE a ~
sn 500 NJ s therefore, obvious that !i cheaper To the
So Ia fer loan y the sale OF gold than by the sale
az ,trretcy bonds. Tie question Of raising money by
gold or currency bonds b. ~ which your b"a 81 oil
Finance have interest, Board. Ihcy only Whh 10
raj money IN the most economical ana adVauta
gcous to hc state But the Controller has declared that
gold bonds shall be- issued now this u.'ul'y - 10
De- overcome for your honorable body 10 determine
u must be- rccocccd tat your legislation h's pioV
dcd ample resource. Tor TIE payment ul your oI,s. ~
the future u that s now required h TO make up lhe
! deficiency of railroads for July.
The entire amount phd hi rllioaus on th',t r. III
tercst /. Sli7ss g. There Is owing by the East Ten
/ uc-scc Railroad, sl"."o. which believe thry stand
ready 10 pay This would make the entire receipts from
railroads. ti5s.1sa The entire amount of interest on
your bonded debt, due July J. l-'s s S,ui' Whch I,
mains unpaid. To pay the Interest ~ VIII ne necessary
To raise, 6y loan. SilO2C. This small sum is all that is
now necessary the credit OF the state aud when
10 restored There iS 40 donbt That the holders oi your
maturcd aud maturing bonds would bt wiling 10 renew
them on terms iu-t and equitable 10 the bond dholdr0 ana
the state. Why should virtual schcnes Of rGpud iton
be suggested, vixen the state can restore ana nat.B
s credit by 10 trng effort, and at so trhiug cost
! PACIFIC RAILROAD Cor mssouRI)-sIX PER
CENT GOLD BONDS.
! The Pacific Railroad lof Missouril. through the un
/ dersigncd. offer for sale a limited amount of their
six per cent gold bonds at 97 per cent and accrued
! interest.
! The road extends from st. Louis 2s3 miles to Kan
sas City, there connecting with the Union Pacific
! Railroad H. d. and other roads, and was completed
/ in 1868. at an expenditure Of over $l3OOOOOO
The earnings for the year ending Febru-
ary. 1861. S2bl3N,f w
! Operating expenses l"o0H W
Net earnings were. ...-.-.--.......-,- sI'-"V w
! For the year ending February, 1865, the ,
Operating expenses 2UNo2o -
Net earnings. $973G54 %
While for the first quarter Of 1865 the net earnings
exceed those Of the quarter in 1861 by $l69 3d.
The Railroad Company, in order to pay off the
State of Missouri for advances IN aid of constructing
the road, as well as all other liens, has issued
s7O0oOO Of First Mortgage per cent bonds secured
by deed of trust to Messrs james Punnett President
of Bank of America New-York, u. A. Murdock, Pres
| ident of Continental National Bank. Ncw-lork and
! Luther c. Clark of Clark, Dodge n Co.
! The bonds run twenty years from Aug l, 1868, in
forest February and August in New-lOrk. Principal