Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1873-05-08
Our State Finances.
Circular Letter from
Governor Brown.

AbS OONSiD OE udS vi ldtG IT,
ceived a large number of letters
inquiripg when the funding of the
past due bonds and coupons would
begin, what bonds and coupons
would be funded, whether there
would be an extra session of the
Legislature and if so when, what
were the probabilities of there be-
ing a sufhciency of revenue under
the existing laws to meet the de-
mands against the State treasury,
to all of which and other inquiries
kindred in part, the Governor has
seen proper to issue the following
circular letter, which fully ex,
plains itself:
EXECUTIVE OFFICE, STATE OF
TENNESSEE, NASHVILLE, April q,
lS73:-Sir: To inquiries by letter,
and otherwise, from sources enti-
tied to respectful consideration,
asking when the holders of Ten.
nessee securities might present
them for funding or registration
What bonds and coupons will be
rejected-Whethe the revenues,
under existing legislation, will be
adequate to meet the demands
upon the treasury-and also,
whether an extra session of the
General Assembly will be called,
to provide additional revenue, etc.
Il feel it to be my duty to reply
through circular letter, the in
quiries being too numerous for in
dividual responses.
Orders have been given for the
engraving of new bonds, and the
necessary books are in course of
preparation. We will 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
Si00, 600, and numbered as fol-
lows, to wit: from 1851 to 1886,
and from 1896 to $3.50, all ct said
numbers included, all being green
bonds, without letter denoring Sc
ries, and those known as the bonds
of the Insurance Company Of the
Valley of Virginia, amounting to
$40, 900, and numbered as follows,
to wit: from COOL to COLI, iuclu-
ding both numbers, also Nos GAO,
1916, and 7547. all Of green issue
without letters denoting series
as we'll as the Tennessee Confed-
crate war bonds, will be rejected.
If there be any others that may
not be registered or funded under
the provisions of the Funding Act,
their existence is not known at
this department. And when it is
considered that out Of more than
/ ($l3, 000,000) thirteen millions
retired since the early part OF
1870, no such bond has been de.
tected, the presumption is very
strong that none such are in exis-
tence. The bonds and coupons
presented will, however, be crit
ically inspected, and if any are
found to have been fraudulently
issued, or not issued under laws
existing at the time they were
issued, they will be rejected.
Isee no necessity for an extra
session of the General Assembly.
| believe the assessment act now
in force, will develop a largely in
creas ed amount of taxable proper
ty-ample under the present law,
to meet the necessities Of the
State. Should | be mistaken in
this, however, and should the as
sessment returns disclose the fact
that the revenues will not be suffi,
cient to meet the current wants of
the State, after paying the interest
as provided for in the funding act,
the General Assembly will GER
tainly be called together in ample
time to meet the emergency. M
means within the warrant of the
Constitution and law, that may be
necessary to protect the plighted
faith and credit of the State will
be neglected or omitted.
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 as
sessment returns, as very sim pie
calculation, INCLUDING the taxes on
privileges) will readily show.
And if any improvement in the
revenue laws should appear neces-
sary to meet the subsequent in
stallments of interest, it can, and
Should be made in the assessments
and levies of 1874. In any as
pect of the case, therefore, there