Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1868-06-04
Condition Of the State
Finances.
The State on a Big Borrow

i ne OGdC0 OH d Dig bOrrOW
The State Board of Finance
held a meeting in Nashville on
Monday to adopt some "ways and
means" to raise sufficient funds to
cover her nakedness, at which time
the following proposition was SUBJ
mitted by Mr.. Samuel Watson,a land
adopted:
Whereas, The State of Tennes-
see has an opportunity of procur-
ing loan, on six months time, to
buy the bonds of Tennessee to the
amount of two millions of dollars;
and, whereas, the purchase of
bonds at the present market rates
would save the State. upwards of
$500, 000in every million of dollars
purchased, and would probably
save the State considerable sum
annually in interest, and would
certainly increase the market val
ue of the bonds of the State |;
therefore,
Be it resolved, That it is to the
interest of the State to purchase
Immediately one million dollars
of its bonds, to be paid for by the
issuance of gold-bearing bonds,
at rate ofinterest not exceeding
seven per cent, provided the pur-
chase can be made at such a price
as will certainly reduce the debt of
the State.
Resolved, In order to relieve the
present pressure upon the Treasu-
! ry, and in order to enable the Trea-
sury to meet the wants of common
schools, it is the interest of the
State to sell an amount of gold
bearing bonds sufficient to pay the
balance now owing the Fourth
National Bank of New York, and
sufficient to pay the amount of
interest maturing in July next
that the railroads may be unable
to pay; provided that such bonds
can be negotiated at par, at a rate
of interest not exceeding that au-
thorized by the act creating the
Board of Finance.
| Resolved, That an agent shall
be appointed by this board, out of
its own members, to proceed to
New York and other points, with
authority to carry into effect the
provisions of the above resolutions,
to attend to the financial interests
at these points; and that this agent
shall also have the authority to adj
vance the credit of the State by
publishing through the press, and
by visiting in person bond-holders
and others interested in the State
of Tennessee. The expense of this
agency to be paid for by the board,
but no compensation for time CIV
en- or services rendered by him to
be allowed.
John R. Henry, Samuel Wat
son, and Parson Brownlow, repre-
scented by Mr.. Watson as proxy,
voted for the proposition, and
Secretary Fletcher and Comptroll-
er Blackburn voted against the
measure.
| After the adoption of the above
!. proposition Messrs. Fletcher and
Blackburn sent in the following
documents:
lTo the Board of Finance Of the
State Of Tennessee
Herewith resign my seat in
your honorable body, or rather de-
cline any further participation In
the transactions Of the Board
This, 18th May, 1868.
! A. J. FLETCHER,
Secretary of State.
! CONTROLLERS OFFICE,
NASHVILLE, Tenn, May Is, 1868. J
To the Board Of Finance:
/ GENTLEMEN Finding it to be
impossible to support the financial
scheme advocated by the Presi.
dent of the Bank of Tennessee, and
now supported by his Excellency
the Governor, and being fully sat,
is6ed that / cannot advance OF
protect the interests of the State
fbroncb fboSRoorI hu 1onpor con.