Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-04-30
CIRCULAR LETTER FROM THE
GOVERNOR

TIE Governor hos of late received large
number Of letters inquiring when the fund
lug of the past due bonds and coupons
would begin, what bonds and coupons
would be funded, whether there would be
an extra session OF tie Legislature and if SO
when, what were the probabilities of there
being sufficiency ofrevenue under the ex-
listing laws TO meet the demands against the
State treasury, TO all of which and other ill.,
quiriss kindred in part, the Governor
has seen proper to issue thu following cir
ulsr letter, which fully explains itself:
EXECUTIVE OFFICE, STATE OF TEN
NEssEE, NASHVILLE, April %, IS7S.-Sir:
To inquiries by letter, and otherwise, from
sources entitled TO respectful consideration,
asking when the hOlde Of Tennessee Sc
curities might present them for funding or
reglsir ltioD-What bonds and coupons will
be Observation-Disclosures the revenues, under
existing legislation, will be adequate to
meet the demands upon the treasury-and
also, whether Az extra session of the ,fen-
eral Assembly will be called, to provide ad-
dtiOlsal revenue, etc-I feel it TO be my
duty % reply through circular letter, the
inquiries being too numerous for individual
responses.
Orders have been given for the engraving
OF new bonds, and the necessary books are
in coorse of preparation. We will certainly
commence funding and registering az early
as the first day of July next, perhaps SOON
er. Notice of the exact date will be given
In due time. As to what bonds will be re-
iected, It's proper 10 state, that those known
as tbs Mineral Home Railroad bonds,
"A
as follows, to-wit: from No. 1851 to 1885,
and from 1896 to $3.50, all of said numbers
included, all being green bonds, without let
ter deDotiDg series, and those known as the
bonds Ct the Insurance Company of the
Valley of Virginia, amounting to $4,000,
and numbered as follows, to-wi:
from COOL to GOLF, including both
numbers, also Nos. 6740, 1916, and
7,547, all OF green issue-without letter de-
noting series-as well as tbs Tennessee
Confederate war bonds, will be rejected. If
there be any others that may not be regis
tered or funded under the provisions of the
Funding Act, their existence is not known
at this department. And when 1t is con-
sidered that out of more than (Sl3, 000,000)
thirteen millions retired since the early
part of 1870, no such bond has been de-
tected, the presumption is very strong that
and coupons presented will, however, be
critically 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. believe the assess
ment act now in force, will develop large
ly increased amount Of taxable property
ample under the present law, TO meet the
necessities of the State. Should / be mis-
taken in this, however, and should the assess
ment returns disclose the fact that the rev.
enues will not be sufficient to meet the cur
rent wants of the State, sfJer paying the
interest as provided for in the funding act,
the General Assembly will certainly be
called together in am lie time to meet the
emergency. No means within the warrant
of the Constitution and laws, that may be
necessary to protect the pighted faith and
credit of the State will be neglected or omit
ted.
The interest maturing July l. 1874 can,
and will be met out Of the revenues of
1873, even should there be no improvement
in the assessment returns, as a very simple
calculation, 0ncluding the taxes on privil-
iges) will readily show. And if any i'm
provement in the revenue laws should ap-
pear necessary 10 meet the subsequent in
stallments of interest, it can, and should be
made in the assessments and levies Of 1874.
In any aspect of the case, therefore, there
is no existing necessity for converting the
General Assembly in extra session.
JNo. G. BROWN, Governor.