Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1873-05-10
From the Union and American.
CIRCULAR LETTER FROM THE
GOVERNOR.


The Governor has of late received
alarge number ofletters inquiring when
the funding of the pastdue 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 being a suffi
cheney 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 other
wise, from sources entitled to respect
ful consideration, asking when the
holders of Tennessee securities might
present themlfor funding or registration
bonds and coupons will be re-
jected-Whether the revenues, under
existing legislation, will be ade-
quate to meet the demands upon
the treasury-and also, whetheran ex-
ira session of the General Assembly
will be called, to provide additional
revenue, etc.-I feel it to be my duty
to reply throug b circular letter, the
inquiries being too numerous for indi-
vidual responses.
Orders have been given for the en-
craving of new bonds, and the neces-
sary books are in course ofpreparation.
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 reject
ed, it is proper to state, that those
known as the Mineral Home Railroad
bonds, amounting to 100000, and
as follows, to-wit: from No.
1861 to 1885, and from 1896 to $3.50, all
of said numbers included, all be ng
green bonds, without letter denoting
series, and those known as the bonds of
the Insurance Company of the Valley
of Virginia, amounting to $40, 600, and
as follows, to o-wit: from 6001
to COLI, including both numbers, also
Nos. 1740, 1916, and 1871, all of green
issue-without letter denoting series
as we'll as the Tennessee Confederate
war bonds, will be rejected. If there
be any others that may not be regis
tered 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
,S13, ,000,00O thirteen millions retired
since the early part of 1870, no such
bond has been detected, the presump-
ton is very strong that none such are
in existence. The bonds and coupons
presented will, however, be critically
and ifany are found to have
been fraudulently issued, or not issued
1nder laws existing at the time they
we're issued, they will be rejected.
| see no necessity for an extra ses-
sion of the General Assembly. | be-
ieve the assessment act now in fr1ce,
will develop largely increased amount
IF taxable property under the !
present law, to meet the necessities of
he State. Should [ be mistaken in |
his, however, and should the assess
nent returns disclose the fact that the |
.evenues will not be sufficient to meet |
he current wants of the State, after
paying the interest as provided for in
he funding act, the General Assembly |
will certainly be called together in
ample time to meet the emergency.
No means within the warrant of the
and laws, that may be ne
,essary to protect the plighted faith and
,redit of the State will be neglected or
omitted.
The interest maturing July 1, 1874 |
,an, and will oe met out of the reve-
lues of 1873, even should there be no
the assessment returns,
IS very simple calculation, (includ-
ng the taxes on privileges will readily
how. And if any improvement in the
evenue laws should appear necessary
o meet the subsequent installments of
it can, and should be made in
he assessments and levies of 1874. In
ny aspect of the case, therefore, there
s no existing necessity for convening
he General Assembly in extra session.
JNo. C. Brown, Governor.