Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-05-01
STATE FINANCES.
COmptrOIisr's WaFTaBts-A Sew FOfEn
of fCurrsRcy-FiVe Hundred Thou
SRnd Dollars 10 be Pat in
Circulation.


Nashville Union and American C1ditorial).1
We publish this morning communi.
l cation from one of the most intelligent
subscribers Of the Union and american
| requesting information as TO the purpose
and effect Of the act of 1875, chapter 81,
| "TO authorize and regulate the Issuance
! of warrants" The comptroller is absent
/ from the city, and we have not conferred
with the treasurer as to the proper con-
/ structiOu OF the act. There does not ap-
/ pear to Us to be any difficulty or doubt
! upon the subject. The act of 1875 does
/ not change the law as to comptroller g
warrants, except 80 far as it directs the
comptroller to have them engraved in
denominations OF one, two, five, ten,
twenty and fifty dollars, on good bank
note paper, payable to - or bearer.
No more than five hundred thousand
dollars of these warrants, so engraved
snail be outstanding and unpaid at any
one time. They are to be issued for cur
rent expenses only, just as now. They
are not Tedeemable or payable in curren-
cy, but only as comptTCller's warrants
now are, for taxes OF other dues to the
State. All cOmptrOiler's warrants over
and above the five hundred thousand
dollars So outstanding, and all for odd
dollars and cents, have to be issued in
the same manDer and form rs heretofore.
THE NEW COAIPTROLLER'S WARRANTS.
To the Union and Anne! lean:
In few days the act of the general
assembly authorizing and regulating the
issuance OF State warrants will be in
practical operation. This being some
what novel financial measure, many
persons desire enlightment as 10 the in
tent of the law-what will be its prob
able effect, and how that is to be &C
cOmplished. Your correspondent is one
Of this number, and in behalf of many
would ask that you obtain and publish
al authoritative exposition of its fea-
lures and objects from the financial Off.
GERS OF the state who are commissioned
to print, pay out, and redeem these war
rants in currency. 1t is assumed that
the two leading objects OF the measure
are: first, to assist in relieving tempo
rarily the stringent condition of the
State treasury by meeting the obliga-
tiOns Of the State for necessary current
expenses already aseertained and fixed
by law, with this paper; and secondly,
to relieve the trading community of the
State by adding a half million to the
circulating medium, these warrants
D6lLS luNGol6u Will lL6 CudIaCIGI Vi u
preferred State debt, each single issue,
whether of one dollar or fifty dollars,
being due and payable III currency on
presentation 10 the State treasurer. The
first act OF the general assembly was
the repeal of the third section of the
funding act of March Is, 1873, requiring
the treasurer TO set apart revenue cOlleC-
tions for the exclusive purpose OF paying
the semi-aDnual interest on the bonded
debt Of the State, and the effect OF this,
together with the act under discussion,
is to make these treasury warrants
which are to be Issued 'fOr current eX-
penses only" q primary obligation re-
deemable by the currency collections
sccruins in the treasury. The limit as
to amount is iudiciOusly and safely
placed, and 1.-THE regulations for issu-
ance and redemption are well and wise
ly guarded, and it is believed, that if
the trading community will accOmmO-
date itself TO and accept these issues in
the spirit and intent with which they
were authorized, and the banks and
money dealers viii lend their aid, pass
lively If not actively, both OF the specific
objects may be attained, and salutary
results will enure to all. It is hoped
that such a manifesto from the States
financial officers as has been suggested,
will be given, and that it may tend to
inaugurate these issues with the conf
denCe Of the community.
INQUIRER.