Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-05-01
IMPORTANT DOCUMENT.
Gov. Brown Declines to Call an
Extra Session Of the
Legislature.
The Interest Must and Shall be
Paid In Preference TO
Anything Else.
Ne Takes the Animal by the Horns.
EXECUTIVE 0FFIcE. STATE OF TENNESSEE,
NASHVILLE, April Is, 1873.

EXECUTIVE OFFICE, STATE OF TENNESSEE
NASHVILLE, April Is, 1873.
SIR-To Inquiries by letter, and other.
wise, from sources entitled to respectful
consideration, asking when the holders O
Tennessee securities might present them
for funding or registration; what bonds
aud coupons will be rejected; whether
the revenues, under existing legislation,
will be adequate to meet the demands
upon the Treasury; and also, whether
an extra session of the General Assem-
bly, will be called to provide additional
revenue, etc., | feel it my duty to reply
through a circular letter, the inquiries
being too numerous for individual re.
sponses.
Orders have been given for the en-
craving of the new bonds, and the nee.
essary books are in course Of prepare
ion. We will certainly commence
funding and registering as early as the
first day of July next, perhaps sooner.
Notice Of the exact date will be given
in due time. As to what bonds will be
rejected, it is proper to state that those
known as the Mineral Home Railroad
Bonds, amounting to 100000, and num-
hared as follows, to.wit: from No. 1851
to 1865, and from 1896 to $3.50, all OF
said numbers included, all being green
bonds, without letter denoting series
and those known as the bonds Of the In
surance Company of the Valley of Vir-
ginia, amounting to 10000, and num-
bered as follows, to-wit: from COOL to
COLT, including both numbers also Nos.
GAO, 1916 and 7j47, all Of green issue,
without letter denoting series, as well az
the Tennessee Confederate War Bonds,
will be rejected. If there be any others
that may not be registered or funded
under the provisions Of the funding act,
their existence is not known az this
department. And when it is c0nsid-
cred that out of more than thirteen
millions retired since the early part Of
1870, no such bond has been detected,
the presumption is very strong that none
such are in existence. The bonds and
coupons presented will, however, be crit
ically inspected, and if any are found TO
have been fraudulently Issued, or not is
sued under laws existing at the time
they were issued, they will be rejected.
see no necessity for an extra session
OF the General Assembly. i believe the
Assessment Act now in force will develop
a largely increased amount Of taxable
property-ample, under the present law,
70 meet the necessities Of the State
Should / be mistaken in this, however,
ADD should the assessment returns dis.
close the fact that the revenues will not
be sufficient to meet the current wants Of
the State after paying the interest as
provided for in the Funding Act the
General Assembly viii certainly be called
together IN ample time TO meet the
emergency. No means within the war
rant of the constitution and laws. that
may be necessary to protect the pligbted
faith and credit Of the State, will be neg.
leeted or omitted.
The interest maturiEg July let, 1874.
can and will be met out Of the revenues
Ofls73, even should there be no improve.
ment in the assessment returns, az a
very simple calculation Unloading the
taxes on privilegesl will readily show.
Ard II any improvement IN the revenue
laws should appear necessary 70 meet
the subsequent installmeuts Of interest,
il can and should be made in the assess
ments aud levies Of 1874. 10 any aspect
OF the case, therefore, there is no exist
ing necessity for c0nTtuing the General
Assembly in extra session.
JoHs O. BRoHx, Governor.