Brownlow's Knoxville Whig. [volume] (Knoxville, Tenn.) 1866-1869, 1868-09-23
THE FINANCE BILL.
Passed By the Tennessee Legislature In
Extra Session.
SEPTEMBER isG.

NA-A a hfta btaAs io'o
Az ACT 10 propsse for flc reusgig Of The 5'7la o
1se STATE The prfHsipal Of Which mag HatFIs ~
iig ne gears 1858 lsss and 1870; md Jo' 0I'''
purposes
WHEREAS. The State Of Tennessee was durIns
tbe greater mart ~ the late civil strife a theatre "
destruciive war over which vast armies metou GU
and cc,iutermar.hed in herre contenuohi ~
waste her Helds and forests, impoversang per ~.
zens and depriving hofoi Der ra'iroaas o. - -
them 10 wreck which had previously psla l2us
eftbs al Tho interest upon her State debt ana sil
ino find apon tho principal and whereas We sa,0
,gsr resulted in the emancipation Of Der say
thereby destroying the togrce Of large pofll2h ~
Der direct regenue. leaving hVe million 80
,.prsfi interest 60 be aided D. The state eeot az
,-beress the entire school fund with other VaiuAO'9
sssets of the State wsre seized and carried avs!
and became lost to the Etsie ard whereas inc ~"
State GOvernmeui, despiFing Republication ~ D., =.
forms and receiving 10 maintain the cre1h "i tD1
State which is the prds Of every true Ienne.h-,
undertook Notwithstanding the eKhausted coi9l-s0I
81 The people, tho hsrculcau task 81 feesii9lus -
rairoajr, Of completing those 10 ps9cess OF ools1u
tion Of restoring Der common seheos saa o. P1{its
by fu1utun tbu interest ncc7uiBg on bef o'st' -
and whareaa tho arrangements made by lEe ~
risi officers 81 tie sitte Coz the payment OF tno
femi-annua intor5Es faIiue dle on the Il o. 'u'51
1905 was defeated b. ilh ui-tmed snd uHio!loDa'o
litigation instituted by iew spocplaloIs ~ ~
State securities. Which hao aTrefiod me renewing -
UNrLuN OF the NftUNlIH 81 AAH AYsA+9 80
could not he otherwise provided for and whereas,
the burdens Of the people 10 a great extent cripple
their power 10 cultivate The soil and 10 develop the
other crest resurceg 81 ihe Stetei AID whereas tne
injury dofc 20 fhc Internal e0inpece 81 tbe country
has beer facb fr The time being 30 disable many
OF our rarosSs fran beating their part Of the bur
den 81 The State dett and whereas e Il thv 0pin-
ion Of the General Aasenihiy that when the State
shall have passed ste present financial crisis, and
her people shall have had time fully 30 recover from
4 brr rof1rrade 70 fully
under way, with our present ample and excellent
revenue laws that the interest and principal Of the
State debt i may fall due, can ~ paid with IA
citv and the credit Of the State re-esfabiiahed on
n permanent foundation and as the payment Of the
principal now due and % fall due during the ensu
ing two years by an Immediate taxation, is simply
impossible; and az the borrowing Of money, at an
eNofbtant interest, or tho sale Of bonds at like
sacrifice Is not desirable eFeditabc or economical
therefore,
srcrIoN J. Belt cHaetod b. the General Asscmbly
o( the State Of TeaeHice That the State Of Tennes
see will deliver the coupon bonds 81 the State fall
Jag due on the let day Of January, nineteen hun
bred, 1900 in payment Of al bonds OF the State,
the principal Of which hts o. may mature during
The years 1865, 1869 and 1870.
SIC, ?. Be Il further cloetsd That il shall be the
duty q The Comptroller 81 the State 70 carry out
Tho provisions Of this net.
SIC. 3. Be Il further c1iasitd That It shall be the
duty Of the Comptroller, frota time 10 time
First-To prepare and sign an estimate Of the
number and amount Of bonds necessary 10 carry
oui the provisions Of this act, copy Of which be
shal al In Che Office uf The Secretary Of State and
another copy o. which be shall present 70 the Gov
eTn0r and prefontation Of such estimate IL shall
be the duty Of the Governor 10 issue 30 the Comp
troller the number and amount Of bonds required
and tho Comptroller shall execute be receipt for
said bonds in The same manner has been hereto /
fore done by persons companies entitled 10 re-
ceive Che bonds Of tho State
Socond-Said Comptroller shall At once arrange 1
with such agent IN the city Of New York as be may
Select and through such agent he shall exchange
said bonds for past due bonds Of the State said 4
Comptroller may make such exchange in person, If 1
be shall believe the Interests Of the State shall be
promoted thereby
Third-He shall Immediately upon the receipt Of
any over due bonds by himself or agent, before |
transmittng The same, proceed TO cancel the same
and be shall make monthly duplicate reports Of the |
number and amount Of bonds thus cancelled to the
Secretary Of State and the said Secretary of State
shall record Che same, and require the Comptroller
10 sign the sane on such record.
Fourth-iIe shall Immediately upon receipt Of
any over due bonds proceed 10 cancel the same and
Gle them in bis Office.
SIC. 4. BE Il further enacted, That The renewing
Of 20 mucn Of the State debt as became due on the
lth day Of May last, by order Of the Board Of FL
nance, adopted April q 1868, so far hs said order
has been executed, be and the same lie hereby APP
proved and declared valid aud the series Of bonds
prepared and engraved under said order shall be
continued IN the execution Of the provisions Of this
act
SEc. D. BE q further enacted, That the expense
ol issuing and transporting said bonds 20 New York 4
shall be paid ont Of the Treasury OF the State upon
The warrant Of The Comptroller
SIC. g. Be u further enacted, That the Comp.
trocr be, aud b hereby authorized 10 borrow such /
sum or sums Of money, from time 10 time as may
be necessary 10 provide for the payment Of the in
tercst now hereafter 90 become due on the State
debt pToridsd the said Comptroller shall not nav
moro than six per cent per annum for the use Of
taid money and the iaita and credit Of the Slato
hereby pledged ior The payment of any money thus
oorroHed and toe Comptroller is hereby author
i4ed 70 use The bonds Of the State rs colateras If
neccfsafy.
SIX Z. Be q further enacted That an act passed /
March lS, 1868, entitled " An act 20 quidate the
State debt etc aud establishing Board Of Fi /
nance, De- aud The same Is hereby repealed; and |
that this act shall take effect from and after itq
passage.