Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-01-10
IN THE SENATE.
MORNING SESSION.

4ut Oll 1EpO4lCh
regulations, which were adopted, similar
to those of last session, with the excep-
ton of a rule creating two new commit
tees-Commerce and Immigration.
A. message was received from the
House announcing its organization and
its readiness to notify the Governor Of
the fact.
The Senate ordered the printing OF
one hundred books with the names and
residence of Senators, the standing COM
mittees, and also the Constitution of the
United States and of Tennessee.
a resolution is pending for the two
houses to meet in convention Monday
next for the purpose of electing Secre-
tary of State, Comptroller and Treasurer.
Petitions were presented relative to
county lines and the enactment of dog
law. Referred.
A bill to establish conventional rate
of interest was referred to the Commit
tee on Finance, as also bill authorizing
manufacturers to peddle their products
without license.
A bill to regulate the pay of judges
was referred to the Committee on Ju-
dietary, as also the bill to amend the
act regulating the elective franchise, land
bill to regulate practice in criminal
cases.
Captain John S. Wilkes, private Sec
retary of Governor Brown, appeared
with the Governors Message, which
was read to the Senate.
THE GOVERNORS MESSAGE.
Gentlemen of the Senate and House of Repre-
sentatives of the state of TennesseeS
Impressed as / am with the convic-
tions that you have left your ordinary
avocations as the chosen representatives
of the people of your several Senatorial
and Representative districts, imbued
with ali earnest desire to promote the
great material and industrial interest of
our State, l confidently invoke your
careful examination of such recOmmen-
dations as / may make, in a spirit of
frankness and candor, free alike from
individual interest and partisan rancor,
hGlEiR bllCi0 tlJOA1C OJ tA1CAA AACAAtos AOOA
at once, beseech you, to the honor and
well being of Tennessee, her present
standing before the world, and her
future prosperity and reputation. Forget
for the time being, in consideration of
all questions relating to education,
finance, trade, immigration, commerce,
agriculture, mining, etc, that we have
had now or expect to have in the fu-
fV~,,asI,-
vital subjects as Tennesseans, actuated
alone by common desire to make our
State the proudest and most prosperous
of the American sisterhood. The task
before us is herculean, but brave hearts
inspired by the same patriotic emotions
that have in the days passed so equally
distinguished Tennesseans, can and
will accomplish all we desire. The
last twelve months we have witnessed a
degree Of prosperity hitherto unparalleled
in our history. Our harvests have been
most abundant. The earth has yielded
a most satisfactory return to the labor of
the agriculturist. Our mining interests
have been extended, and the problem of
cheap fuel has been solved. The ad-
vantages presented by Tennessee over
Pennsylvania and other great manu-
NCutClH lOI IuC RlOduCliOu vi
cheap and superior iron, is attracting the
attention of enterprise and capital to
her ineXhaustible ore fields vet locked
in the fastnesses of her mountains, but
which must before another generation
make Tennessee the great iron center OF
America. Neither plague, famine OF
pestilence has visited us; neither civil
commotion nor political despotism has
laid hands upon the foundations of our
State Government. Ali men, without
regard to antecedents, have exercised
the rights of freemen without fear OF
molestation. In the midst of this state
of general prosperity, let US continue to
cultivate the spirit of concession, for
giveness and forbearance that has been
for the past three years so sedulousIy fos-
tered by our people, and which has
resulted in a condition of profound peace
and prosperity throughout the State,
and most effectually brought repose and
good feeling to society; and let us not
for moment forget that we are, for the
time being, responsible for the security
of our State Government, and the hap
piness and prosperity of its people. The
fruits of the legislation of the last three
years are most apparent in the immense
reduction of cur bonded debt, and the
perceptible improvement in the value Of
our securities in the money market. Our
debt is still large, and the quotations OF
our bonds are far below that of other
States of our equal indebtedness, and
with inferior resources. Our bonded
debt, with the unpaid coupons added,
to the first of January, 1873, according
to the Comptroller's report, is thirty
million six hundred and thirty-two
thousand two hundred dollars and sew
enty-six cents, but the State lien upon
solvent railroads, and the proceeds OF
the sale of delinquent roads viii reduce
the actual debt to twenty-one million
three hundred and sixty-two thousand
six hundred and fifty-four dollars and
thirty-one cents, which can be paid
alone through the instrumentality oi
taxation. You will perceive that o.
this latter sum about four million dol
lars are unpaid past due coupons, and
the debt viii continue to increase at the
rate of about one million dollars per an.
mum, until the payment of interest is
resumed. Many of these bonds are now
past due, and many more soon become
| due. For more than three yeari
the people have been in power, and yei
nointerest on the public debt has beer
paid, nor has any pTovision been made
| for it. A sufficient answer heretofore
has been that there is q very large float
| ing debt that could not be disposed o
except by payment out Of the current
revenue. This floating debt consisting
of the cid issue of the Bank of Tennes