Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-02-11
TENNESSEE LEGISLATURE.
SENATE.

SENATE.
THURSDAY, Feb. IO.-The Senate met at
10 A. NJ, Speaker Thomas in the chair.
SCHOOL. FUND.
Mr. Cooper, of Bedford, introduced
bill to preserve the school fund. The bill
provides that the Secretary of State, Comp
troller, Treasurer and Governor shall be
constituted a board of commissioners to
examine into and report the condition of
the fund received by the State, through It's
officers, from the Tennessee National Bank
of Memphis and when so ascertaired, to
cause coupon bonds of the State, OF the
denomination offs 900, bearing sixper cent
interest, payable-semi-a nnually, to be issued
for said fund, and placed in the custody OF
the Treasurer; the bonds to be so marked
as to show that they belong to the school
fund. The Treasurer is directed to collect
the interest and distribute the same for
| school purposes; but in the event the
| interest cannot be paid, the same IS to be
| funded in bonds of ike character with those
of the original fund. The bill passed its
| first reading
TIE CREDIT OF THE STATE.
Mir. Cooper introduced bill to sustain
the credit of the State and to amend the
revenue laws, in lieu of House bill on the
| same subject. 1t provides that all real es-
| tate, other than such as is held in trust for
| religious and school purposes; also, all
| horses, mules, cattle and hogs, exceeding
| 81, 900 in value; also, all mortgages and
| money due from solvent debtors; also, all
| articles Of agreement and accounts bearing
| interest, except notes or bills for work and
| labor done, bank notes or treasury notes ;
| alsoa shares Of stock in any bank, lnstltu-
ton or company Incorporated by this state,
and all public bonds or stocks whatever,
| other than bonds Of the United States, and
| all money loaned or invested at interest III
| this State or any other State or government
| also, all household furniture, lnclud ne
| gold and silver plate, exceeding in value
$500; also, all pleasure carriages all sala'
ries and emoluments of office; all trades anC
occupations, except that OF farmer, upoI
their actual value; together with all othel
sources and property and things now tax
able by the laws of this State, shall be val
uea and assessed and subject to taxation
for all State and county purposes. The
rate of taxation is fixed at thirty cents or
the hundred dollars. Tax collectors are
authorized to receive in payment Of The
tax SO imposed, notes of the Bank of Ten
nessee, not declared void by the amend
| ed Constitution of the State; coupons o
the State. due at the time offered, warrants
on the treasury of the State, as well a
greenbacks and specie. 1t is also provided
that hereafter no private act of lncorpora
ton shall have the force and effect of law
unless the incorporators shall have paid
into the treasury of the State the following
sums: On every charter Of corporation o.
act extending or renewing the charter o
any bank, savings institution, safe depOsl
company, insurance company, whether fir
or life: iron, wood, manufacturing, mining
cotton, wool, transporting or oil company
railroad, telegraph, or steam vessel compa
nv, the sum of one hundred dollars
and all other acts , or charters o
incorporation. of whatever kind c
character other than incorporation
relating to churces and schools, the sum o
fifty dollars. 1t is also provided that tn
Comptroller and Treasurer, out of tn
money in the treasury, shall first pay a
warrants issued for the purpose of payin
the current expenses of the executive, jud
cial, and Legislative departments of the State
and on account of money borrowed to SUI
ply the pressing demands onthe treasury
then out Of the surplus in the treasury, pa
appropriations made to the Asylum for til
Insane, the School for the Blind, and Ii
= School for the Deaf and Dumb; then