The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1873-05-08
STATE FINANCES.
An Important Circular Letter
from the Governor.
No Extra Session of LegisIa-
ture Necessary.
What Bonds will be Funded
and What Registered.

The following circular letter, in print
ed form, was issued last week from the
executive Office of the State. 1t is is
sued in this form the more convenient
ly to answer the numerous inquiries
made by letter daily, for the informa-
ton of the members of the General As
sembly, the holders of State bonds and
other inquiFers:
SIR-To inquiries by letter and other
wise, from sources entitled to respectful
consideration, asking when holders of
Tennessee securities might present them
for funding or registration; what bonds
and coupons will be rejected; whether.
the revenues, under existing Legislation,
will be adequate to meet the demands
upon the treasury; and also, whether
an extra session of the General Assem-
bly, viii be called, to provide additional
revenue, ETC., feel it my dnty to reply
through circular letter, the inquiries
being too numerous for individual re-
sponses.
Orders have been given for the en-
craving of the new bonds, and the nee
essary books ATE in course Of prepaTa-
ton. 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
I'm due time. As to what bonds viii be
rejected, il is proper to state that those
known as the Mineral Home Railroad
bonds, amounting to 100000, and num-
bered as follows, tO-wit: From Ne.
955l to 1855, and from 1886 TO $3.50; all
of said numbers included, all being
green bonds, without letter denOting Sc
ries, and those known as the bOntls of
Virginia, amounting to $4,000 and
numbered rs follows, to-wit: 6001 to
COLI, including both numbers, also Nos.
GAO, 1916 and 1917, all of green issue
without letter denOting series-as' well
rs the Tennessee Confederate war
bonds, will be rejected. Ifthere 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 ont of more than (l3,-
600 ,0OO) thirteen millions retired since
the carly part of 1870, no such bond has
been detected, the presumption Il, 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
ly issued, or not issued under laws eN-
isting mt the thine they were issued, they
viii be rejected.
sec no necessity fO- an extra session
of the General Assembly. i believe the
assessment act now in force will ,4eYel-
Op largely increased amount of taxa
bic propeTty-ample under the present
law to meet the necessities of the State.
Should be mistaken in this, however,
and should the assessment returns dis
close the fact that the revenues will ROti
be sufficient TO meet the current wants
of the State, after paying the interest as
provided for in the funding act, the
General Assembly viii certainly be
called together 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,
viii be neglected or omitted.
The interest maturing July !, 1874,
can and will be met out of the revenues
of 1873, even should there be no inn
provement in the assessment returns, as
a very simple calculation Oncluding the
taxes on privileges) will readily show.
And il any Improvement in the revenue
laws should appear necessary to meet
the subsequent inStallments of. interest,
IL can and should be made In the assess
meuts and Ievies OF 1874. In any aspect
of the case, therefore, there is nO exist
ing necessity for converting the General
Assembly in extra session. p,
JOgIN G. BRowS, Governor.