Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-03-28

49,
dsbf or aofl bat Il IA, Hop shall ~
ban IN Debate was cut on, aud th'
true question was not fully discussed
hence this our protest. .
2. II seems TO be a sort Of force oiii
or eoercive measure, the legitimate enc
OF which "a thought 10 be the adoption
of another assessment law and anothe
revenue Law, whether the people wan
them or not. We insist that the iond
ing scheme should follow the adoption
Of the assessment aud revenue laws, and
not vice versa, as the matter now stands
3. IL the purpose was not 20 force the
adoption OF two other acts by putting
this through under whip and spur, then
we protest against the funding scheme
AS a reckless adventure, because u " a
renewal OF our State obligations without
the means, either in hand or IA sight, 10
comply with thepromlse,
4. la the heat Of debate extreme
views we're assumed, and the measure
carried by "A total Misunderstanding as
10 the amount OF money actually needed
10 meet the demands.
8. To declare for funding without the
means TO meet the interest in future, aud
10 pay the current expenses OF the state
Government, is, as We verify believe,
wrong in principle. and in It's operations
the effect will be 10 present fraudulent
device Though not Intentionally, by en-
abling the present bondholders, who are
apprised of the situation, TO unload az
Nan figures while the tide serves aud
those who have agreed 10 deliver to the
State her bonds, or who have the option
OF doing so in payments OF debts now or
hereafter due, will be enabled TO buy the
bonds at low figures. In other words, 10
fund and then tail 10 comply with the
renewed obligations will have a bad
effect, inasmuch as bonds will advance
for time, aud then fall below what they
are now.
The funding bill, as passed, has tive
arbitrary provisions which demand spe-
cial mention, viz:
l. On about five millions Of bonds
that bear five, aud some five and one
fourth per cent. interest, by contract, the
interest is increased TO six per cent.
riikouf consideration.
2. The sum which the holders Of the
bonds are required TO pay, in order to
bring themselves within the provisions
Of the law, to the outside world, has the
appearance of repWdiatioR; or, what is
worse. Legislative b,ack-mail for the
benefit of the State. And what thus app
pears must be considered real, unless
he funding scheme is in the interest OF
he bondholders alone, who have agreed
10 pay that sum (which amounts to many
as c bonus for the benefit OF
he bill.
Believing that the figures presented by |
he advocates of the bill, on the basis OF
,ur interest bearing debt Of about $780, |
200. 900 we're erroneous aud wrong, by |
nearly'$l0 GOO, 600, and believing that this
reckless mistake resulted from failure
o closely analyze the Comptrollers Re-
port, a portion OF the undersigned ad-
dressed a note to DR.. Morrow, State
Treasurer, for the purpose Of getting an
authentic certificate OF facts, and they |
lereunto append his reply and state
nent:
TREAsURER's OFFICE.
NASHVILLE. TRSS., March 20. 1913
Hons. II. r. Moore, A. B. Haynes and others,
House Of Representatives;
SlRs-In response to yours Of the 18th
INST herewith hand you the statement
asked. II is made entirely from the
export of the Comptroller, as there is no
statement of this debt in my Office, aad
8, believe, correctly stated. 1t is made
IN the supposition that every dollar due
or railroads sold will be paid in by Jan
iary, 1874 Yours, truly,
W. MORROW, Treasurer.
STATEMENT OF PUBLIC DRBT, COMPILED FROM
coMPTRoLLER's REPORT.