The Sweetwater forerunner. [volume] (Sweetwater, Tenn.) 1867-1869, 1868-12-17
The COmptrOllGr'S Report.
y BomDshcn Exploded.

~ bOmDShcll exploded.
CoMrrRoLLER'S OFFICE, NASHVILLE,
Tenn, Dee. II, lSjS.-Gentlemen of the
House Of Representatives: | brought with
me into this office firm determination to
discharge the duties thereof to the best of
my ability, This determination | do not
propose 10 rc,inqui>h, nor willfully to fail
in the carrying OF /; ont. These truths
,akou in connection with my duty under
The law, 20 provide for the payment of the
January interest impera,ively demand, in
,H>,,>e 60 myself rs we'll as to the interest
b, tie State, that | shall call the attention
o.; the Legislature to the following state
m2a;;
!, vii, be remembered that the act of
September ,, aboli>hing the Board of
Finance. o;c.," specially makes it the duty
Of the Comptroller ITO provide for the
payment Of the interest accruing on the
State debt" The Legislature will also
remember that | favored the enactment of
that law, and said that if the Comptroli-
cr's Office was cut loose from the cntange-
ments Of Board of Finance, the interest
could be surely and easily paid.
In coming to this conclusion, | reason-
ed from wha: l supposed to be fixed facts:
First, the resources of the State, which |
understood, and secondly, the universal
pledge, from the highest to the lowest las
| understand it, that the State debt would
not be increased, but that. on the contrary,
q number of our roads would be sold for
the bonds Of the State. and the liabilities
Of the State thus lessened. Clothed with
the authority conferred by the act above
alluded to, and with assurance that no
more bonds would be issued to railroads,
etc, went to New York, and, as Comp
,ro,.er Of the State, gave unqualified as
,urances from his Excellency the Cover
nor, and the State Legislature, that the
public debt would not be increased, but
les>encl. This statement was believed
to be true, and, on the strength of it, |
borrowed 100000 at 6 per cent per an
mum, when money there was worth I per
cent in gold on call.
Besides this, many parties in New
York, through the influence of their
friends Of our State there, were influenced
TO invest heavily in our bonds, not for pur-
poses Of speculation, but permanently.
The condition of our credit in New
York now must be inferred from the fol-
lowing, which | give as it is;
Since the introduction of the bill pro-
posing to increase the State debt nearly
three millions of dollars, have received
dispatches and letters from parties who
had advised investment in our bonds, sew
cral censuring parties here for deceiving
chem, and from others who, being advised
by the friends of our State to invest, did
50, asking "what to do with their bonds .
and in answer to the propositions to ar
range for the payment Of the January in
terest, am informed that the negotiation
Of a loan is conditional and awaits the re-
suit Of the proposition to increase the
debt Of our State, while some of the best
friends the State has in New York, and
those who have done us great service since
July, 1865, write me positively that New
York will carry our State no longer, if we
increase our liabilities now by issuing
more bonds to railroads.
This is the state OF the case this morn.
ing, and in view of the near approach Of
the January interest, and being unwilling
for the blame to be laid at my door, if OuI
State credit goes by the board and our in.
terest takes a downward tendency instead
Of steadily rising, | hasten to lay it be
fore your honorable body.
And | close by remarking that desire
to defeat the passage of the omnibus bill
does not call forth this communication
but higher duty than tbat-the placing
before the Legislature the facts, on the
proper management of which depends, il
my opinion, the salvation or the destruc
ton Of the credit of the State. Your ODE
dient servant, &. W. BLACKBURN,
Comptroller