Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-12-12
THE COMPTROLLER on TIRE STATE
CREDIT
The 'iOnnni1us'' Threatened with ana
Upset.

Ehe ''ilEnDiOas'' Threatened WIN an
Upset.
Just after the passage, on lis second read
ing, Of the Omnibus Railroad bill in the
House of Representatives yesterday, Comp
troller Blackburn threw the following
bombshell which created an explosion.
Then and there was hurrying to and fro,
and muttering curses, both loud and deep.
The communication was freely denounced
as an insult 10 the lawmakers. This class
is growing sensitive. Executive officers
mus: not dare to inform them of the con-
dition of things. They are all-wise and
all-pOwerful. They detect dietation in
every suggestion, and snuff ofiense in eve
rything that does not suit "ring."
So we go. If any man with his eyes
open, ever expected anything else, han
that "New York will carry our State no
longer" under the present fiscal iucompe-
tency and recklessness, it is passing strange.
The Comptroller says it is an uncertain
quantity even now, and sounds the note of
alarm -
CoMMPTRoLLER's OFFICE, NASHVILLE,
Tenn, Dec. IL, 1858.-GeDtlemen 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 l do not''
propose to reliEquish, nor willfully to fail
in the carrying of it out. These truths
toll lon in mi Jufu Y11Io-
the law, to provide for the payment of the
January interest imperatiVely demand, in
justice to myself as well as to the interest
of the State, that l should call the stten-
ton of the Legislature to the following
statement:
1t will be remembered that the act of
September 5, abolishiDg the Board Ct
Finance, etc." specially makes it the duty
Of the Comptroller " to 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 Comptroller's
office was cut loose from the entapglements
of Board Of Finance, the interest. could
be surely and easily paid.
In coming 10 this conclusion, | reasoned
from what l supposed to be fixed facts:
First, the resources Of the State, which | |
understood, aud secondly, the universal
pledge, from the highest to The lowest, las !
understood it) that the State debt would |
not be increased, but that, on the contrary,
a 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 al |
luded to, and with assurances that no more |
bonds would be issued to railroads, ETC., L |
went to New York, and, as Comptroller of |
the State, gave unqualified assurances from
his Excellency the Governor, and the |
State Legislature, that the public debt
would not be increased, but lesSened. This
statement was believed to be true, and, on
the strength of it, l borrowed 100000 at
6 per cent per annum, when money there
was worth per cent in gold on call.
Besides this, many parties in New York,
through the influence of the friends of our
STATE there, were influenced TO invest heavi-
ly in our bonds, not for purposes of spscu-
lation, but permanently.
The condition Of our credit in New York
n0w must be inferred from the following,
which | give as it is:
Since the introduction of The bill pro-
posing TO increase the State debt nearly
three millions Of dolar., | have received
dispatches aud letters from parties who
had advised investment in our bond, &C.
verely censuring parties here for decelving
them, and from others who, being advised
by the friends of our State 10 invest, did 80,
asking "what to do with their bonds and
| in answer to propositions TO arrange Tor
the payment of the January interest, | am
| informed that the negotiation of loan Is
| conditional and awaits the result 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,
1866, write me posit!rsiy that New York
viii carry our State no longer, if We in
crease our liabilities nor by issuing more
| bonds to railroads.
| This is the state Of the case this morning.
| and 10 view of the nesr approach Of the
January interest, and being unwilling for
| the blame to he laid at my door, if our
| State credit goes by the board and our IT,
| terest takes a downward tendency instead
of steadily rising, hasten to lay it before
your honorable body.
And l close by remarking that desire
to defeat the passage of the omnibus bill |
does not call forth this communication, but
a higher duty than that-the placing be
fore the Legislature the facts, on the proper
management of which depends, 10 my
opinion, the salvation or the destruction Of
the credit Of the State. Your obedient
servant, G. w. BLACKBURN,
Comptroller.