Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-05-02

The following circular explains itself.
IT reached us yesterday by mail, and
will no doubt be read with pleasure by
all who, Ike US, have favored and sup
ported the funding bill, which was a re-
suit OF the speeches made by Governor
Brown in the canvass preceding his re-
election:
EXECUTIVE OFFICE, STATE OF Ten
EESsE, NASHVILLE, April 2S, 1873
To inquiries by letter, and otherwise,
from sources entitled TO respectful con-
sideratiOn, asking when the holders of
Tennessee securities might present
them for funding or registration-what
bonds and coupons viii be rejected
whether the revenues, under existing
legislation, will he adequate to meet the
demands upon the freasury-and also,
whether an extra session of the general
assembly will be called, 20 provide addi-
tional revenue, etc.-I feel il my duty
10 reply through q circular letter, the in
qUiries being TOO numerous for individ-
uai responses.
Orders have been given for the en-
craving Of the new bonds, and the ne
cessary books are in course of prepara-
ton. We viii 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
numbeled as follows, tO-wit: from No
1851 to $3.50, and from 1896 to $3.50, all of
said numbers included, all being green
bonds, without letter denoting series
aud those known as the bonds of the
insurance company of the Valley of
Virginia, amounting TO $4,000, and
numbered as follows, tO-wit: from 600l
10 60l7, including both numbers, also
Nos. $40, 1916 and 7547, all of green is
sue-withOut letter denOting series-as
well as 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 fund
ing act, their existence is not known at
this department.. And when il is con-
sidered that out Of more than (S13, ,G0O,-
co. 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 critically Inspected, and If
any are found to have been fraudulent
Iy issued, or not issued under laws ex-
isting at the time they were issued, they
will be rejected. I see no necessity for
an extra session of the general assem-
bly,. I believe the assessment act now
in force, viii develop largely increased
amount Of taxable propf pfrty-ample un-
der the present law, to meet the neces-
sites Of the State. Should be mista-
ken in this, however, and should the as
sment returns disclose the fact, that
the revenues viii not be sufficient to
meet the current wants of the State, af-
Ter paying the interest as provided for
in the funding act, the general assem-
bly, viii certainly be called together, in
ample time TO meet the emergency. |
No means within the warrant of the |
constitution and laws, that may he ne |
cessary 10 protect the plighted faith and |
credit Of the State, will lie neglected or |
omitted. The interest maturing July /
first, 1874, can, and will, be met out OF
the revenues OF 1873, even should there /
he no improvement in the assessment |
returns, as a very simple calculation /
liucluding the taxes on privilegesl will |
readily show. And if any improve /
luent in the revenue laws should appear |
necessary to meet the subsequent in |
atallments OF interest, il can, and should, |
he made IN the assessments and levies |
Of 1874. In any aspect Of the case,
Therefore, there is no existing Decessi- |
ty for c0uveuing the general assembly !
iu extra session. JOHN {. BROWN,
Governor.