Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-11-27
OUR STATE DEBT.
What II Amounts TO and How II Is In
Creasing.
How It May be Decreased and Finally
Paid or.

In a speech, upon the financial con-
dition of the State, delivered on
Wednesday last, by Senator EDMUSD
COOPER, he took the ground that in
order to meet accruing liabilities, and
to prevent the bankruptcy of the State,
'SThe railroads falling to pay their in
terest should be sold particularly those
that are unable to pay. The partnership
between the State and the railroads should
be at once dissolved. This is recommend
ed by his ENcellency Gov. Senter, in his
message, and L commend the highly prac-
tical views presented by him to the Sen
ate The example of the States of Penn
svlvauia and Missouri, TO which be refers,
are before as, and il would be well for US
10 profit by the lessons Of wisdom az
forded us. The Comptroller of the Treas
ury makes the same recommendation
Remember that the interest on the debt
created for railroads, i'm round numbers,
amounts 10 =, 200 900. OF this sum we
receive from solvent railroads about the
sum OF $500, 600, leaving TO be provided
for out Of the State Treasury the sum of
81 400. O00 Now this should be stopped at
once. II either Of the defaulting roads
could be leased to solvent companies for
a term Of years, upon the sole condition
that the companies would operate the
roads and promptly pay the interest on
the bonds issued for their construction, il
would be well If this could be done.
such, j am informed. is the lease Of the
Memphis and Ohio road to the Nashville
sad Louisville road. If such an arrange
ment cannot be made, then, by law, a
bOsrd OF commissioners should be ap-
pointed, with fun power to sell the " in
Ierest Of The State. =" In all of the default
fng rail roads, and with authority 10 trans
fer tn the purchaser the full benefit of al
the statutory liens enacted in favor ofthe
State
That cur readers may realize at
glance what the Indebtedness and con-
ditiOn Of our railroads are, we append
the following table from Mr.. COOPER's
speech:
PAYTSG ROADS
J. East Tennessee and Virginia
. East Tennessee aud Georgia
3. Memphis and Ohio Railroad - 2,Ss5, no %
.. Mississippi ana Tennessee Rail-
road. 81 SUI uu
g. Nashville and chattanooga
.. Tennessee aud Pacific Railroad SOOOgO "
ss.zl,2l5 IS
DELISoUEST ROADS.
/. Edgeneid and kenJucky----' ..-..Sl, SOLOS, p
= Cincinnati and tumberlanu..---. l,lSo,sSI ~
J. Knoxville ana ksUiucll -. -rot,t - ~
!. McMinnville and Winchester--. I,OIs,g55 %
3. Memphis, Clarksviile aud Lou
..........-.....-...-. 2.2S}.6Il %
D Nashville and Northwestern --- 4,2I5. .460 -
= Rogersyile and Jeffcrson. 4asgs 50
& Winchester and Alabama l,05l, ,tS3 50
y. Mem phis and Little Rock ---.-.-.. 550,ljO %
10 Knoxville and Charleston. n.......,- 752,60J 10
II. Evansville, Henderson and
Nashville ..........-....-.. 2Is,O00 90 I
y East Tennessee and Western
North Carolina ....-................ 4la.O00 90 I
lS southwestern .......... .i99 .U,ia " /
Sl7.54 SO 50 .
uyI ~ J-EST ROADS THAT ARE SOLVENT.
l. MrmDlis Huu Charlesto .-..--.---Sl,9z ,9z6 90 " /
- Mobile and 1hio .----.--------. l,ooo, ,s92 II (
g. Mississippi cen! ai.--.-..--..---- - l55 ~
= NashviIle and BecAI ur-,---------- = iel-Iol ol