The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1875-01-15

to some extent renewed. by reducing our
loan account, the State has been benefited
to the extent of the interest saved.
The statement of receipts and disburse-
ments shows an excess of receipts over dis
bursements during the time covered by this
report, amounting to 2S,545.11, notwith-
standing the heavy payments on account OF
interest on State debt, public schools, and
loans, and notwithstanding the statement
of receipts does not include payments in
bonds or coupons made by railroad compa-
mes, or the purchasers of railroads.
The total taxable property of the State
in 1873, was $30S, 039, 73S, being an increase
over 1872 of $34,215,4S0. The four coun-
ties of Davidson, Hamilton, Jefferson and
Roane, have made no report of taxable
| property for 1874. Estimating the probable
amount in those four counties, the total tax
able property for 1874 is S2S9, 533 ,56e, being
an increase over 1872 of $16,659,3O7, and
| decSease from 1873 of $1S,556, 113.
The amount of tax reported by collectors
| of privilege tax, from Oc.. 1, 1872, to DC
| tober, 1874, is $642, 9l7.O4.
The amount due from delinquent officers,
| prior to January /, 1874, is S11O,O7.44.
| The property tax for 1874 is Sl,15e, 134.
Owing to the lateness of the day when the
Collectors received the textbooks, and the
general depression i'll business, and great
scarcity of money, the collection If the
| taxes of 1874 has not been vigorously
pressed. Only S99,S7S of the amount for
| 1874 has been paid into the Treasury, leav-
ing balance due for this year of $l,O58,256.
| This is not properly delinquency, for
none of the Collectors have yet had the
books the time allotted them by law for
| the collection of taxes. The balance due
| for the year 1874, added to the delinquency
from revenue due prior to January l, 1874,
makes the total amount due from nOn-col-
| lected taxes 81, S28,333.44.
THE BONDED DEBT OF THE STATE.
The Funding Act of March IA, 1873, has
| rendered it necessary to present tables
| showing the amount and condition Of the
| bonded debt of the State, compiled upon
| plan different from the mode hereto
| fore adopted by The Comptroller Of the
| Treasury.
That act provides for funding all the past
due bonds and coupons of the State, and
! for registering all the bonds not yet due.
Inasmuch as the greater portion of the debt
has been registered and funded under that
act, it is plain that the most convenient
mode of styling the State bonded debt Will
hereafter be into "Registered Bonds" and
| 'sNeW Funding Bonds" The most easy
and simple means of ascertaining tie
|
amount registered and funded, and from
that amount deduct such payments as have
been made since the bonds were funded
and registered. Thus the bonded debt can
be easily kept in plain and simple man
ner, and its amount determined at a glance.
This plan has therefore been adopted i'll
this report. Recognizing, however, that
there are many facts which the Legislature
and the people desire to have presented to
them at this iuncture of our financial at
fairs, that could not be embraced in such a
statement, have thought proper TO pre-
pare a series Of tables, which, taken to-
gether, present a complete history Of the
issuance, and subsequent disposition of all
the bonds which the State has at any time
issued. These tables show the several Sc
ries Of bonds, and the number and amount
of each series, and also the number of
bonds and amount issued TO each Of the
several railroads, turDpikes, banks and
other objects of the States liberality and
support. There are also tables showing
the proportion in which bonds issued to
each of these objects have been cancelled,
or are still outstanding against the State,
| what proportion of those outstanding have
been registered, and what proportion re-
4 mains yet unaccounted for.
or the bonds and coupons yet unpresent-
| ed for registration and funding, it is impOs-
sible to say what amount and pro-
portion will be presented. The amount as
stated in this report, is the full amount
! which the books of my office show unaC-
| counted for, and cannot in any event be
| exceeded, while it may, and doubtless will
fall considerably short of that amount, OW-
| ing to the loss and destruction Of bonds
| and coupons, and to the imperfect record of
cancelled bonds heretofore kept, especially
during the late war. Until within the last
| three years there has been no regular
and systematic registry Of cancelled
| bonds.
a table of bonds registered aud funded,
showing the dates OF their maturity, Is also
presented. 1t will be seen that some of our
bonds fall due during the next year, 1873,
and others during 1SI6-before the meet
ing Of the next General Assembly. The
total amount for the two years, thus far re-
gistered. is S24,O 900. That amount may be
increased by the presentation OF other bonds
falling due during that time, amounting to
the additional sum OF $3l 900. 1t is for
the General Assembly to make such pro-
vision for this portion of the debt, as they
may deem most iudicious, and consistent
with the preservation of State credit and
the rights of holders.
Section II of the act of March II, 1873,
provides that all bonds falling due between
July !, 1874, aud July l, 1854, shall be
fundabie st the option Of the State, into
bonds authorized by the first section ofthat
act. The executive officers haze construed
this section to mean that the option of the
State must be expressed by an act or rcso-
luton OF the General Assembly. While no
bonds have been presented for their action
under that section, yet they would not feel
free 10 act in the absence Of legislative
| direction.
The certificates of the Governor as to
the operations of this office in funding, and
| registering bonds, are transmitted as re-
guired by the second section of the act of
March II, 1873.
The attention of the General Assembly
is respectfully called to the ENDORSED
Bond" account of the State. The debts for
which the State is endOrser, for the Nash
vile and Chattanooga and the consolidated
East Tennessee, Virginia and Georgia Rail
roads, are being gradually reduced under
the operation of the Sinking Fund Act.
The interest upon these bonds is paid by
the companies, and constitutes no burden
against the State. The Endorsed Bond &C
| count of the Memphis and Little Rock
| Railroad is not so favorable. Neither the
city of Memphis, nor the Little Rock Rail-
road Company, have paid any sinking fund
during my term of office. They have also
| failed, as | am informed, to pay the interest
| upon these bonds. Demand has been made
upon me for the payment of the interest
upon them, but this has been refused. De-
| mand has also been made for the funding
of the past due interest upon portion Of
! the bonds, under the act of March II, 1873,
which has also been refused. The city of
Memphis and the railroad company both
being liable before the State. it may be
that some action should be taken by the
| General Assembly, which. will save the
| State harmless.
| Attention is called to the provisions of
the act extending State aid to the Mem
| phis and Little Rock Railroad, and pro-
viding for a sinking fund to retire the debt
! and protect the State. The amount of the
J endorsed bond account of the Memphis
and Little Rock Railroad, as stated in this
| report, does not embrace the accrued and
unpaid interest, but only the principal.
DUPLICATE BONDS.
In examining the bonds presented for
| registration, l found that there had been
| issued, in July, 1856, twenty apparently
| duplicate bonds, numbered 4472 to 4f9I,
! inclusive, White, letter Il. The original