Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-06
TENNESSEE LEGISLATURE.
SENATE.

chair. .sg-
BY Mr.. Patton-From citizens of Wash
ington county, relstive to stock breeding.
RESOLUTION.
/ BY Mr.. Mcconnell, of Trousdale-T(
maintain the honor and good faith of the
State in reference to certain monies re
ceiVed into the treasury under the act O
May 8, 1861. Lies over.
| . NEW BILLS.
By Mr.. Robertson-To authorize the
people to call q Constitutional Convention
providing for an election of members Of
/ that convention, to, be held on the 23d Of
S September, 1878. a.r. t
By Mr.. McCall--To regulate the publ
cation of legal advertisements.
| FUNDING BILL.
The consideration of the funding bill was
resumed, the following sections be ing
amended aud adopted: sA +
Sec. 8. Be it further enacted, That the
faith, honor and credit of the State of Ten
nessee, is hereby pledged for the payment
of said bonds at maturity, and for provid-
ing sinking fund for that purpose, and
for the prompt payment of the interest on
| said bonds, as well as the interest on the reg
istered bonds hereinafter provided for, COM
mencing with the interest to fall due on the
LIST day of July, 1874. And it is hereby made
the duty of the Treasurer of the St&te to
set apart for that exclusive purpose, so
much of The revenues as may be necessary
to pay the interest on said bonds, COM
mencing with the interest that falls due the
LIST day of July, 1874; Provided, neverthe-
less, that the coupons of bonds new owned
hxv aA, xfysfhs,
State, shall be paid, and not funded, those
past due as we'll as those yet not due, as
they become due. And If those institutions
elect not TO fund their bonds, they shall,
nevertheless, be entitled 10 their interest at
maturity, and provided further that prefer
ence shall be given to the Interest on the
school fund as provided by law.
Sec. 4. Be it further enacted, Thst as
soon after the passage of this act as posi-
BILE, there shall be prepared, under the d.
rections of the Governor, sufficient num-
Der of well engraved bonds, to take up and
fund the States debt as aforesaid, with the
coupons attached, and the signatures of the
Comptroller and Treasurer engraved on
each coupon; the coupons to be
numbered with the number of the bond
to which they are attached. The
cost of the engraving and prepare
ton of the bonds to be paid, In the
first place, out of the Treasury, upon the
certificate of the Governor to the Comp
troller, who shall Issue bis warrant there
for. And the Comptroller shall be provided
with hand book, Containing upon separ-
ate pages regularly numbered duplicate
heads of each bond issued under this act,
with coupon blanks attached regularly
numbered, upon which each corresponding
coupon, when liquidated, after being duly
registered aud cancelled shall be posted.
Sec. 5. Be it further enacted, That this
act shall not affect the liabilities of any
railroad, turnpike or other corporation, or
persons, for or on account of bonds issued,
or loaned, or Endorsed by the State, for in
ternal Improvements, or otherwise, nor any
lien in favor of the State, as against the
purchasers of delinquent railroads.
Sec. 6 was stricken out.
Sec. 7. Be it further enacted, that no
part of the public debt shall be funded,
paid or received, except as provided in this
act; and that all laws providing any other
mode or manner Of funding the debt, be,
and the same are hereby repealed; provided,
no part Of this act is intended to prevent
the payment of the warrants issued by the
Comptroller, nor the loan accounts, nor
the reception of the cd issue of the Bank
of Tennessee in payment of revenue; and
provided further, that the notes Of the
Bank of Tennessee, signed by G. G. Tor
bett, or issued after May q, 1861, shall not
be received for taxes or other dues to the
State.
Sec. s. Be it further enacted, that the
Secretary of State shall receive one dollar
and the Comptroller one dollar on each
bond issued or registered under this act, to
be paid by the party 10 whom the bond is
issued; and all laws prescribing different
for these officers for such
services, be, and the same are hereby re-
pealed.
Sec. 8. Be it further enacted, That no
coupons of the bonds not now due shall be
paid, other than those coupons falling due
on and after the 1st day of July, 1874; and
only such coupons of said bonds that after
that time shall be presented to the Comp
troller, who shall examine the same, and if
found 10 have been issued according to
law, shall DO registered, and the Comptrol
Ter shall be paid fifteen cents for each bond
registered under this act, 10 be paid by the
person having such bond registered, and
the registration properly indicated thereon
by him aud the Secretary of State.
Sec. 10. Be it further enacted, That the
interest of the funded bonds authorized by
this act, together with interest Of the bonds
registered according to the provisions of
the OH section of this act, shall be paid in
the city of New York or Nashville at the
option of the person to whom the bonds
were issued or the holder of registered
bonds.
Sec. IL. Be it further enacted, That
bonds that may fall due between the LIST |
day Of July, 1874, and the LIST day of July, |
1884, shall be fundable at the option of the |
State, in bonds authorized by the first sec
ton of this act,
Sec. Il was stricken out.
Sec. Is, Be It further enacted, That all |
the bonds and coupons thereto attached, is !
sued By authority of the General Assembly |
Of the State, in compliance with any law |
passed and in force at the time of its is |
suance previous to the 9th day of May, |
1861; and all bonds and coupons thereto at
tached, issued by authority of the General
Assembly, subsequent to the reorganization |
Of the State government on the Sd day of I
April, 1866, bearing the signature of the
several officers as prescribed by the statute
the issue and sale thereof, and
oeari.g the great seal of the State formally
affixed thereto, shall be and are hereby de-
i Ired to be leg'l and valid to all intents
and purposes, and the faith and credit
IF the State is hereby pledged
10 the payment, thereof; provided,
hat all bonds and coupons thereto attach
ed, issued by the authority, CT pretended
authority, of the General Assembly, or by
she authority, or pretended authority of
any body, or assemOlsge of men pretending
or claiming to he the General Assembly of
The State Of Tennessee, from and after the
9Th day of May, 1861, up to the Sd day Of
April, 1865, when the government Of the
State of Tennessee was reorganized under
,he Constitution and schedule thereto, rat
fed and adopted on the 22d day of Feb
ruary, 1855, and all bonds and liabilities is
sued for war purposes, shall be and are
hereby expressly excepted from the provis-
ons Of this act, as hereinbefOre defined.
And, provided further, that the provisions
Of this act shall not embrace, but expressly
exclude any and all bonds known to have
been stolen or purloined from the State, or
bonds which we're fraudulently issued or
obtained.
lie question being upon the final adop-
ion OF the bill, Mr.. Smithson argued at
ength against its adoption, and was replied