Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1871-11-04
GOVERNORS MESSAGE.
Gentlemen Of the Senate and of Mt
House of Representatives.:

Gentlemen of the Senate and of Mt
House Of Representatives:
Fully impressed with the delicate
task imposed by section IL, article 8
of our Stat Constitution, / approach
1t with full conviction that you will
appreciate the difficulties that have
attended me in the discharge Of that
duty, both Immediately before and
since my induction into Office.
The only reliable sources of infor-
nation of the State finances are the
Comptroller's aud Treasurer's office,
and by act of Assembly these officers
report directly to your body, and their
reports pass the DELAY Of printing be-
fore they reach the Executive Office.
Hence, you are fully advised Of the
financial condition Of the State be-
fore can officially obtain such infor-
nation.
"Your legislation will determine
the question whether Tennessee will
provide for the payment of the large
debt entailed upon her by casualties
and the results of the war, or wheth-
or 1t will be indefinitely postponed
until our credit Is broken down and
the debt becomes so large by accumu-
lating interest that its payment will
BANKRUPT THE PEOPLE.
The legislation of the last two years
as it appears to me, precludes any dis
elimination in bonds upon any as.
sumption of illegality in their issu-
ance. The act of the 18th of Febru-
airy, 1869, as amended by the act OF
January, 1870, chapter four, permit
ting railroads, indebted to the State
by reason of bonds loaned them, to
cancel their obligations with bonds
of any series or number, in effect nc
knowledges the
LIABILITY OF THE STATE TO PAY
all outstanding bonds not specially
excepted by the act itself, or by the
amendments thereto. The act itself
makes no exception. The act of the
9th of December, 1870, prohibits the
Comptroller ofthe Treasury from re.
ceiving bonds issued to the Mineral
Home Railroad Company, and ts5v
act of the Goth Of June, 1870, forbids
the redemption Of the bonds issued
to the Insurance Company of the
Valley of Virginia. And by inter
dieting the reception of no other
bonds, implied authority is thereby
given to receive all bonds not except.
ed in those acts, and this is the unmis-
takeable declaration to the world
that all other bonds issued under the
semblance of the law are regarded ~
obligations upon the State.
THE OUTSTANDING BONDS
are all of them doubtless in the hands
of innocent holders. These consider
atiOns alone are sufficient to deter
mine the question that Tennessee
must and will redeem the entire out
standing bonded debt, with the ex.
ceptiOns stated.
But independent of that, as ques-
ton of
SOUND STATE POLICY,
and justice to the holders of securi.
ties, some of whom are minors, some
subjects of foreign governments, and
many more our own citizens, who
made Investments under existing
laws, relying upon the good faith OF
the State, as implied by its legislation
we cannot discriminate between these
bonds and, therefore, it Is only n
question of time as to when we will
resume the payment of the interest.
The laudable desire of the people for
retrenchment In public expenditures
and n consequent limitation OF the
rate Of taxation ought not to be con.
strued into desire to evade the pro
visions necessary for the economical
administration of the government, OF
the payment of the obligations of the
State. The
IMMENSE LOSS OF PROPERTY
sustained during the last ten years
and unsuccessful efforts In agriculture
for the past two years make IL mos
desirable that the burthens of taxa.
ton, IL possible, be alleviated. But
the people are determined to
PREsERvETHEIRH HONOR
by meeting fairly all obligations and
paying ali necessary expenses. This
Is their first desire, and secondary and
suboriiate to this Is their wish To
reduce the rate of taxation. -
This question was fully dis
cussed throughout the State in the
canvass which resulted in our elec.
ton, and the declaration that the
whole debt must be paid met with
the unqualified endorsement of the
people,"
Governor Brown then enters into
an elaborate examination of the
FINANCIALCO CONDITION oFTHE STATE
rs shown in the Comptroller's report
From this important document IL APP
pears that after deducting the reliable
assets and securities of the State other
than taxes levied and uncollected
there remains the
ACTUAL INDEBTEDNESS
SCI, lOI, 500 93, which must be provid.
ed for. OF this amount, 81 ,G6S, Sl7 q
is floating debt, and the bonded debt
with interest tO the LIST of next Janu
airy Is $40, 403, 1T3 GO. OF this latter
amount, about Sl5, 00O, 900 Is principal,
or bonds with no interest added. I'm
Ill the accruing interest Is funded
and the payment Of current interest
is provided for, the debt will increas,
every year on the balance Of the
bonded debt about S90o,0JO in tn,
way Of interest.
A DISASTROUS P0IIcY-A METHOD
With these figures II needs no argu
ment to prove that 1t is the most dis
astrous policy topostpone the resump
tion of interest payments.
fEhn (anNnrtAr than ..Ansflar. 4 IA.