Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-13
NNEssEE WEDNESDAY OCTOBER 10, 1859.

r gard to them for special messages. when their
etails in facts and figures, are presented 10 the
Comptroilers report which will, no doubt, ne
submitted for confederation in a short time,
am sincerely gratified at the thorough una
nimlty with which the members Of your body
have, in observation-disclosures, pronounced agains
disregard of our public debt. and declared for
its payment TO the last cent principal and in
terest. While my own convictions have ever
been unwavering that this would. at all times,
be the sentiment Of the people Of Tennessee, yet.
it is extremely gratifying TO be assured OF such
action on your part as viii tend to promptly
advance our public credit and attach Just value
Mortality shrinks from the grave not more
than capital. in its sensltiveness, will shun
regard Of financial obliEations. Without capi-
tai the industries which build farms into
thriving villages, aud villages into cities, can
never flourish. The revenues Of the State are
derived BY taxation OF property according to
value. The acre Of farming land. converted 10
thriving village or busin ess City lots increases
the State revenues and resources by tn usands
and millions. Aside. then. from all considera-
lions of honor. reputation is absUrdity.
The report of the Comptroller to the late Leg
islature, estimated the expenses Of the State
government, for the, year 1858, at 100000,
and the resources, at the present rate of taxa
ton, 40 cents on the 500. at $l,205545.
with deficiency for all demands, inclusive of
interest on our bonds unpaid BY the railroads
20 which they were advanced. of $877.6 80. /
The Controllers report Of 1859, indicated the
ordinary expenses for the year about $780, 600,
with return, under economy, to our aE'
erage annual expenditures, preceding the war,
" state government proper. so saving about
Y49SOOO; with largely increased revenues
rom polls. by universal enfranchisement; with
al causes for State Guards and other extraor-
binary expenses by the State, forever removed,
l trust; and with confidence and satisfaction in
tne hearts OF the people at such result. feel
thoroughly convinced the small dehcit in our
revenues. neededto enable prompt resumption
al M
at the same time. provide a sinking fund ade- I.
quate to discharge it at maturity, can bs easily
supplied by your wisdom, without. in the
least, disseminating the people By undue taxa
ton.
This view is taken without even a considera-
ton OF the ample security the State has against
ner labllIties IN the railroads, IN aid OF which
y was almost entirely created. In this eOnneo-
ton, deem it proper to refer to the Act OF the
Legisl ature, passed December 7. 1867, making
additional appropriations to railroads. and. by
rotary Of State and the Comptroller, power, at
their discretion, to sell the roads accepting the
aid, upon their failure. for two consecutive
years, TO pay the interest on their respective
appropriations. Several, if not all, of the |
roads provided for. have accepted the aid with |
the conditions; and am advised the State can
sell such as have so done, and fail in
their interest payments for the two years |
which now soon expire. If the roads pay
the Interest the state can instantly
discharge all overdue interest on her liabilities,
and have left large amount on her treasury.
If they fail to pay, then the example of Penn
sylyania, and, more recently, OF Missouri. IN
der similar circumstances, with its highly ia |
Vorable results. is strongly inviting to a similar
course on our part. /
With S3lO00,000 more an nine -tenths of |
the States entire liability secured by first lien
on several of our railroads. and their equip |
ments and properties of every description. the |
sale of either one of them and retirement of |
bonds, which might be taken in payment, would |
instantly command for the credit of the State, |
the high position to which its ample resource. |
and the integrity Of its population entitle it.
In conclusion, gentlemen, with every assur
ance Of profound respect and friendly feeling to |
you. individually and as body. am impressed
that circumstances have signslly combined to
enable you, with your high and responsible
powers, TO- convert events to opportunities Of
great public good.
Let us, then, with all the advantages of an
experience laid in Mosaic Of joy and sadness,
glory and gloom, under new hopes and new
ideas, peess forward our noble State to a new
and glorious prosperity.
May almighty God dispose our hearts and
enlighten our understanding. for the safety, the
honor and welfare Of the people.
d. W. c. SENfER,
Governor of Tennessee