Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1873-05-03
STATE FINANCES.
An Important Circular Letter from
the Governor.
No Extra session of the LegisiR-
Iure Necessary.
what Bonds will be Funded and
What Registered.

The following circular letter, IN
printed form, was yesterday issued
from the executive office of the
State. 1t is issued in this form, the
moro conveniently to answer the
numerous inquiries made by letter
daily, for the information of the
members OF the General Assembly,
the holders of State bonds and 9TH
er inquirers:
SIR-To inquiries by letter, and
otherwise, from sources entitled to
respectful consideration, asking
when the holders of Tennessee secu-
rites might present them for fund
ing or registration; what bonds and
lcoupons will be rejected; whether
| the revenues, under existing legis-
lation, will be adequate to meet the
| demands upon the treasury; and al
so, whether an extra session of the
| General Assembly will be called to
provide additional revenue, ETC., l
feel it my duty to reply through a
circular letter, the inquiries being
too numerous for individual respon-
| ses.
Orders have been given for the
engraving of the 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 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 numbered as follows, to-wit:
From No. 1851 to 1866, and from 1896
to $3.50, all of said numbers included,
all being green bonds, without let
| ter denoting series, and those known
as the bonds of the Insurance Com
pauy of the Valley of Virginia, a
mounting to $40, 900, and numbered
as follows, to wit: From COOL to
| 6017, including both numbers, also
Nos. $40, 1886 and 7547, all of green
| issue-without letter denoting Sc
ries-as we'll as the Tennessee Con-
| tederate war bonds, will be reject
| ed. 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 con-
sidered that out gilmore than ($13,-
000,000) thirteen millions retired
since the early part of 1870, no such
bond has been detected, the pre-
sumption is very strong, that none
such are in existence. The bonds
and coupons presented viii, howev-
er, be critically inspected, and if
any are found to have been fraudu-
lently issued, or not issued under
laws existing at the time they were
issued, they will be rejected.
| L see no necessity for an eXtr a
sessin of the General Assembly. l be-
lieve the assessment act now in force,
will develop largely increased a.
mount of taxable properety-ample
under the present law, to meet the
necessities of the State. Should l
be mistaken in this, however, and
should the assessment returns dis
close the fact that the revenues will
not be sufficient to meet the current
wants of the State, after paying the
interest as provided for in the fund
ing act, the General Assembly will
certainly be called together in am
1 BAS ~ L4C
No means within the warrant of the
Constitution and laws, that may be
necessary to protect the plighted
faith aud credit of the State will be
!. neglected or omitted.
The interest maturing July 1, 1874
can and will be met out of the reve-
nues of 1873, even should there be no
Improvement in the assessment re-
turns, as very simple calculation
Gncluding the taxes on privileges)
will readily show. And if any i'm
provment in the revenue laws
shonld appear necessary to meet the
subsequent installments ofinterest,
it can and should be made in the as
sessments and levies of 1874. In any
aspect of the case, therefor there is
no existing necessity for converting
the General Assembly in extra ses-
sion.
JOHN c. BROWN.
| Governor.