Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-01-09

ditlon By joint committee Of the two houses,
and such determination on the part Of the
General Assembly TO meet the liabilities OF the
State, would secure the c0nhdence OF capital
isCs, enhance the value Of the state securities,
and promote the best interest u our internal
Improvement e0mpa nies."
NotAn argument is here urged BIZ the hon
Ored statesman and fnancier, then the pres
ident Of the bank, in favor Of sustaining
that institution which does not now apply
with ten-fold force in favor Of re-estabiish-
ing it. do not hesitate to say that, with
q circulation Of S13,50O,0OO, the Bank Of
Tennessee aud its branches would. al the
end Of the first six months from its estab-
lishment, place large sum from its net
profits on loans, discounts. exchanges. etc.
to the credit Of the treasury, and that with
in two years from its establishment the net
profits, after paying the interest on the
bonds issued and sold to obtain the bank
capital, would be sufficiently great 70 pay
from One-haf to tWO-thirds Of the taxes
which would otherwise have TO be levied to
meet the obligations Of the State. do not
think it extraVagant to predict that within
ten years the entire annual Indebtedness Of
the State would be paid from the net profits
Of the bank.
In the foregoing, have said nothing Of
the great advantages which the people Of
the State, with its mining, agricultural, in
deed all industrial interests, would derive
from The re-establishment Of the bank and
is branches l have said nothing Of the
great political advantages that would &C
crue IN building up in every State a pow
eTful antagonist TO the present bank mon
opOly, which viii ultimately prove the
greatest power in support Of a central des-
pOtlsms as the State bank system would
prove powerful opponent to Capitalization
and powerful influence in favor Of the
constitutional doctrine Of selEgOvernment.
To speak Of these advantages to the in
dustrial interests Of our people, and 70 their
political Well-eeing, might not be entirely
IN place IN this report, and would Of itself,
If fully enumerated and discussed, require
volume. But, every succeeding days OK
perlence as Comptroller Of the Treasury,
eonvinees me more and more thoroughly
OF the transcendent importance TO the State
OF having such fiscal agency to aid in
maintaining her credit, paying her debt
and tightening the burden Of taxation.
coNPTRoLLER's WARRANTS.
In the intervening time, or in the event
the State Bank should not be re-establish-
ed, recommend that the Comptroller be
authorized to have engraved his warrants
upon the Treasury, Of the denomination Of
I'VE, ten, twenty, fifty and one hundred
dollars, each denomination 70 Be properly
numbered from one upward. These war
rants, If made receivable for taxes and ali
other dues to the State would, TO a certain
degree, furnish a state currency. All who
owed or were likely to owe the State.
could safely take them. Their being in
the denomination, form and shape q bank
bills, would cause them r. be more readily
received and regarded as currency. As
now, the Comptroller should be required
to keep a payable warrant book, showing
to whom and for what purpose every war
rant was issued, whether the total amount
was i've or fifty thousand dollars. Proper
capacity IN this Office, could easily arrange
the books 50 that there would be in this,
no difficulty. TO make the check perfect,
these warrants should not be re-issuable.
but shOUld, BE- cancelled whenever they went
into the Treasury. BY this arrangement
there would always be money enough in
the Treasury 70 pay the odd dollars and
cents on balances. If not, the COmptrol-
lsr's warrant issued, as row, for the odd
dollars and cents, would be quite as good
as it is at present.
A FISCAL BOARD.
I recommend the establishment Of a
Fiscal Board, to be composed Of such a
number Of persons, and 10 be appointed In
such manner as may be deemed By the
General Assembly most advisable. To
that board should be given authority 10
tho n~.A ind
State, under such restrictions and limita-
tiOns as legislative wisdom may suggest.
A competent board, composed Of citizens Of
established financial skill and ability,
could, By q proper disposition Of a given
portion Of our assets or income, create a
sinking fund which would rapidly retire
our bonded debt, or make such other fnan-
cial arrangements as a prudent individual
or a Well-managed private corporation
would make, under similar circumstances,
to protect its credit, preserve its faith, and
at the same time reduce its Indebtedness.
It is impossible for the State officials, under
our laws, to take advantage Of OppOrtuni-
ties which may, and do frequently occur,
whereby an investment might be made in
our own securities, to the great profit and
advantage Of the State. 1t is well such is
the law. BIZ with a Fiscal Board prODerly
organized, with necessary limitations upon
their action, there can be no objection TO
such a change in the law as viii enable the
State to obtain the benefit Of their wisdom
and experience in this hour ofhsr financial
trouble and embarrassment.
The present Gd UllOreB tax is forty cents
on the hundred dollars. 1t has been the
same since and including 1865. except in
1870 ana 1871. In 1870 il was twenty
cents, and in 1871 sixty cenis-the two
years averaging forty cents. 1.-THE amend
ments TO the law which I have suggested
are adopted, have no doubt that the rate,
as now fixed, with the taxes already due
and unpaid, will be amply sufficient for the
next two years, both to pay the current ex-
penses Of the State and meet promptly all
Of her obligations; and that at the expira-
ton Of that time, the present rate Of taxa
tiOn for State purposes NAV be FeduCed.
Notwithstanding the clouds which lower
upon our industrial and financial interests,
yet with confidence in our material re-
sources and in our energies, physical and
mental, and with an unfaltering trust in
Him who rules all and all things, we may
hope ere long to see our efforts rewarded
with success, and the brightness Of noon
Ao1 sun 9tlll-A-5 NEJ-A - = EANotSAV4o anu
happy people.
The duties Of this office are laboiious
and responsible / have sought to perform
them With diligence and fidelity, with a
purpose solely devoted to the interests Of
the State. How far have succeeded, is a
question to be answered by thu'public voice.
My conduct in the discharge Of my official
duties and with regard to my appointment
is open to Inspection and investigation. l
shrink from neither. 1 challenge both.
1 cannot conclude, without rendering to
your Excelleney and the other Executive
officers, my heart felt thanks for the c0ur-
.esy. and assistance which have received
during my Oficial term To Mr. J. S.
Wilkes, who had charge, under my direc-
ton, Of the funding department, and to
Mr.. Robert L. Campbell, my principal
clerk, am under the greatest obligations,
for the industry, accuracy and 6deliiy with
which they have performed their respective
duties.
Respectfully, JNO. G. BURCH,
Comptroller Of the Treasury.