Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-06-29
STATE FINANCES AGAIN.
Another Letter from the State
Comptroller.
A Chains shot at Railroad Receivers

The following letter from Conn
troiler Blackburn, addressed to
gentleman i'm Knoxville, is printed
| By permission, in the last issue of th
FfeSS and Herald, which paper think
in somewhat sarkastikul''
! CoNPrRoLLRR's OFFICE.
NhsHvn.Ei., fGNN., June w. 1869
II. c. Tarwater, ESQ.,:
Ag Dear Sir: Yeurs of the 18th in.
slant has just now reached me.
| only have had time to give " scraps''
Of the information you call for.
First, it will be safe to say that
S26, 900, 009 in bonds have been loaned
to railroads; that is, there is now that
amount outstanding against the State.
of the bonds loaned to the roads.
The Secretary of State says section
:, chapter Is, acts 1S67-6S, has not
been complied with.
For the Indebtedness of the rail-
roads in particular and in full 10 Both
September, 1868, see House Appendix.
lS6s-69, pages y and 80. / send YOU
a copy by mail.
ID. f. Davenport is Receiver on two
roads, MeMinnville and Winchester
and Winchester and Alabama, and
DR.. Cliff is Receiver on two roads.
Nashville and Northwestern and
Memphis, Clarksville and Louisville.
The law allows the Receiver as much
as the Superintendent of ME road got
when it was in the hands of the Com
pany, Col. John b. Brownlow is Re
ceiver on the Edgefield and Kentucky
Railroad. His salary, | believe, is
$1,000 per annum. ! don't think ne
pays much attention to the road. The
State has received some $500 from
BrOWnlOw's road, directly after he
took charge of it. This IS all the
State has received from any road in !
the hands of the Receivers. 1t is not. |
or has not been, as | think, intended
that the State should get anything |
from the Receivers, the payment oil
the $2500 by Col. BrownlOw being an
Did fashioned transaction from the I
country. 1t is likely the blunder will |
not again be committed. The annual
interest on the bonds loaned to the
'Oads, is about, 81, $50, GOO. The roads
pays about half of'this, and the tax |
layers the rest.
The State debt, the interest on
which we know we have Opay, is, in
0und numbers, S3j, ,000, 900 90. The !
emi-annual interest on this is 81 .N5O,-
40.
In thinking upon these subjects. il !
5 enough to know that the demands
galnst the treasury, independent oil
hat political mOnstrOcity called the |
liiitia, are greater than It's incomes
y at least p9t0, 900 per annum.
II the interest is paid at all inside
I two years, every dollar viii have TO |
@ borrowed
II money is borrowed, not less than
even per cent Will have To be paid,
nd bands used as collaterials, at not |
lore than fifty cents on the dollar.
nnly one road has vet paid. / hope
. receive about Si00, eco from them on
le Jaly interest, | fear, however, /
iall fail to do SO, From the roads in
le hands Of Receivers I expect moth
70
The hope of the State Is that honest.
lure ntAtIdll, and-Se. l.,...-,-.-,-. -
give hope to the peDple, and sell :
1t some of the ra1ds' that don't pay
p bonds of the State-eancel them
ld thus lessen tEe state debt,
Hastily yours,
G.. ". BLACKBURN, COmptreller. /
p. S.-Since the date Of the report
the appendix, several hundred