The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1868-12-18
Another Report ftppanthe Comp
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M M -Ek-~
n, Ac3sirrRblLra6 bsylcr,
a Nashville, Tenn, Dec, III, 1868.
fscntiemsp Of thf lIopsS X Representatives.
y Iibloueht withfns into, this Office n
firm Hetermihatidttfo yliattnlgc the du-
jticsfiefeof TO thdSbest Of my ability.
This determinations do not propose to
rclinquish, nor willfaAy-s4o-fail in the
,isitisfaicsrryisg sfitesst.s truths
taken IN connection with my duty .Nn-
dee ths.lsyv 70 ptq3idc fef Hcp9yhieyt
or the JANUARY Interest iinpcrativcfy
demand, III justiccsto 'myscIf- ns'weff-Ns
TO the interest Iof tho Stat, that J. should
call the attentior ,gflt,e Legislature. to
the following statement of facts;sa ~;
Id twill BIO remembered ,thattlle act of
September 8. abolishing the sIIoayd, of
Finance, etc, specially makes it, the duty
of the COMPREHENSIVE provide forjthc
payment Of the interest aecruing on the
State debt, The Legislature will also
remember that / favored, the Enactment
of that law, and said that ii the Comp
troller's Office was cutloose from the ell
tanglements of a Board of FINANCE, the
interest could be surely and easily paid.
In coming to this conclusion, i reas-
oned from what supposed to be fixed
facts; First, the resources of the State,
which understood, and secondly, the
universal pledge, from the highest to the
lowest, Gas / understood iOh that the
State debt would not be increased, but
that, OH the contrary,a number of our
roads would be sold for the bonds of
the State, and the liabilities of the State
lessened. Clothed with the authority
conferred by the act above alluded to,
would be issued to railroads, etc, / went
to New York, and, as Comptroller OF
the State, gave unqualified assurances
from his Excellcncy, the Governor and
the State Legislature that the public
debt would not be increased, but lessen
ed. This statement was believed to be
true, and, on, the strength of it, i. bor-
rowcd 100000 at 6per cent per annum,
when money there was, worth I per cent
in gold on call.,g at.nftad n ii dnit
Besides this, many parties in New
York, through the influence of the
friends of, our State there, were inAu-
cnccd to invest heavily in our bonds,
not for purposes of, speculation, but
permanently "a JIauiyf g...g.,yi, i
The condition of our credit in New
York nor must be inferred from the
following, which give as it is;.,nsao,
Since the introduction of the bill pro-
posing to increase the State debt nearly
three million dollars, / have received
dispatches and letters from parties who
had advised investment in our bonds.
severely ccnsuring parties here for de-
cciving them, and from others who, be-
ing advised by the friends OF, our State
to invest, did so, asking " what to dc
with their bonds and in answ to prop.
ositions to arrange for the payment ,,ol
the January interest, i am informed
that the negotiation of q loan is condi'
tional and awaits the result of the propo'
sition to increase the debt of our State
while some of the best friends the Stats
has in New York, and those who have
done us great service since July 1866
write me positively that New York vii
carry our State nolonger, if we increase
our liabilities now by issuing. ,mor'
bonds to railroads. 400 5,irf-. r,u, aal
This is the state of the case this morn
ing, and i'll view of the near approach
of the January interest, and being i'm
willing for the blame to DO laid at m.
door, if our State credit goes by tn
board and ourinterest take q downwar'
tendency instead of rising, I hasten t,
lay it before your honorable body.oir,,
And / close BY remarking,, thata de
sire to defeat the passage of the Omni
bus bill does not call forth this commu
nication, but a higher duty than that
the placing before the. Legislature tn
} facts, on the proper management Q
which depends, in my opinion, the, sal
vation or the destruction of the credi
of the State. 1a, al ugc,s ,or ypf ,iI
I'd Your obcdicnt servant, .Ig5.
Xxx. G.. w. BLAoKBURN, Comptrollel