The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1873-05-07
Circular Letter from the Governor.


a large number of letters inquiring
when the funding Of the past due
bonds and coupons would be funded,
whether there would be an extra ses-
sion of the Legislature, and if SO
when, what were the probabilities OF
there being a sufficiency Of revenue
under the existing laws to meet the
demands 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 explains
itself:
EXECUTIVE OFFICE, STATE OF TEN.
NEssEE, NASHVILLE, April %, 1873.
Sir: To inquiries by letter, and
otherwise, from sources entitled to
a respectful consideration, asking
when the holders Of Tennessee Sc
curities might present them for fund
ing or registration-What bonds and
coupons will be rejected-Whether
the revenues, under existing legis-
latien, 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 :,
1 feel it to be my duty to reply
through q circular letter, the inquir-
les being too numerous for individ-
ual responses.
Orders have been given for the
engraving of new bonds, and the
necessary books are in coarse of
preparation. We will certainly COM
mence funding and registering as
early as the first day Of July next,
perhaps sooner. Notice of the ex-
act 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 Rail-
road bonds, amounting to 100000,
and numbering as fellows te-wit:
No. 9761 to 1885, and from 1896 to
$3.50, all of said numbers included,
all being green bonds, without let
ter depoting series, and those known
as the bonds Of the Insurance Com
pany of the Valley of Virginia,
amounting to $4,000, and number
ed as follows, to-wit: from cool to
6017. including both numbers, also
Nos. GAO, 754G, and 7,547, all of
green issue-without letter denoting
series-as well az the Tennessee
Confederate war bonds, will be re-
jected. II 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
Isl 1000, 00O) thirteen millions retir-
ed since the early part Of 1870, no
such bond has been detected, the
presumption is very strong that none
such are is existence. The bonds
and coupons presented will, how
ever, be critically inspected, and if
any are found to have been fraudu-
Iently issued, or not issued under
laws existing ut the time they were
issued. they will be rejected.
I see no necessity for an extra ses-
sion of the General Assembly. !
believe the assessment act now in
force, will develop largely increas-
ed amount of taxable property
ample under the present law, to
meet the necessities of the State.
Should be mistaken in this, how
ever, and should the assessment re-
turns disclose the fact that the rev.
enues will not he sufficient to meet |
the current wants Of the State, after !!
paying the interest IS provided for
in the funding act, the General As
8embly will certainly be called to-
gether in ample time to meet the
emergency. No means within the
warrant of the Constitution and laws,
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 reve-
nues of 1878. even should there be
no Improvement the assessment re-
turns, as very simple, calculation
Including the taxes on privileges will |
readily show. And if any improve
ment in the revenue laws should APP |
pear necessary to meet the subsequent
of interest. it can, and
should be made in the assessments
and levies Of 1874. In any aspect
of the case. therefore, there is ne
existing necessity for converting
the General Assembly in extra SEES
sion.
JNO. G.. BROWN, Governor.
In recent sermon the Rev. James |