Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-07-16
s1,4I9,356 &c
Total to turnpikes. ST.

lOlal 10 iilhGc.- - -AsfASF4oO W
THE FUNDING OF 1866.
There are one or two items in the fore
going tables upon which some explanation
is necessary.
]. The funding bonds issued under the
act of 1865 and 1866, chapter Q. These
bonds were issued for the purpose of pay
ing off or funding all the interest then due
upon the bonds Of the State, embracing that
matured Jan. l, 1866, and the bonds ma
tured and maturing during 1867. These
bonds are all dated the lst of JAM, 1866,
all due in 1892, and bear 6 per cent. inter-
est evidenced by coupons, and all known
as Series ID, white bonds. They amount
to S4,941 900. Of this amount S4,s47,OOO
represents past due interest and $4,000
past due bonds. Nothing was funded by
these bonds except bonds and interest upon
bonds which were issued prior to the war.
This sum therefore represents the amount
of the State debt which matured during
the war embracing interest to July, 1866,
and past due bonds 10 January, 1868. 1t
will be seen from the tables given that but
few bonds had matured up TO that date.
THE RENEWAL BONDS OF 1S6S69-7O.
The bonds issued to the Bank of Ten
nessee matured in 1865, and the Legisla-
ture, in order TO provide for them, passed
the act of 1868 authorizing a special issue
of bonds with which to take up and renew
the bank bonds at maturity, and also to re-
new all other bonds maturing in 1865, 1859,
and 1919. and also to be used as cOllaterals
in the hands of the Comptroller. Under
this act bonds were issued TO the amount
of s., 100000, S1,9OO,00O Of whcih were
used in renewing the bank bonds which
fell due in 1868, and turnpike and Capitol
bonds which matured in 1863 and 1870,
and the remainder, Sl,11O,OOO, were used
by the Comptroller during 1865 and 1869
to raise money with which to pay the IN
terest and debts of the State falling due in
those wears. All of these collateralS, ex-
cspt a small amount, have since been ne
deemed and the bonds
CANCELLED
The item Of $4,000 renewal bonds IS
sued in lieu of detlced and unmarketable
bonds, embraces not only such defaeed
bonds, but also a portion of the bonds
which matured in 1869 and 1870.
The bonds which were issued by the
State for the erection Of the Capitol and
Improvement Of the Capitol grounds,
amounted TO SS66,000. S692,OJO OF these
bonds have already run TO maturity, and
have been paid or renewed into other bonds
maturing from 1898 to 1914, and the re-
mainder, $4,000, mature in 1886 and
1890.
THE FUNDING OF 1875.
The bonds which have been presented
and funded, or renewed under the new
funding law of 1873, all such capital and
turnpike and bank bonds as mature previ-
Gus TO or on LIST January, 1874.
The coupons winch have been funded
under the late law, are the coupons falling
due before or OH 1st January, 1874, upon
such of the internal improvement, capitol,
renewal and funding bonds as are not yet
due.
All the legitimate bonds issued for
bank, turnpike, or capitol purposes falling
due prior To January 1874, are funded I'M
der the act into the new series fund bonds.
No INTEREST
is computed or allowed upon any bond or
coupon after maturity, so that a bond or
coupon due in 1861 or 1869 or 1874, is re-