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


to the extent Of the interest saved.
The statement Of receipts aud disbJTse- |
ments shows an excess of receipts over dis !
bursements during the time covered by this |
report, amounting to S3ZS,545.1l, 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 OF coupons made by railroad compa-
MES, or the purchasers Of railroads.
The total taxable property of the State
in 1873, was S3OS, 0S9, 73S, being an increase
over 1872 Of S34,215, 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 S2S9,5SS, 56e, being
an increase over 1872 Of S16,659, 307, and a
decsease from 1878 Of S1S,556, 173.
The amount Of tax reported by collectors
of privilege tax, from Oc.. l, 1872, to DC
tober, 1874, is S642,9l7.O4.
The amount due from delinquent officers,
prior TO January 1, 1874, is S77O,O7T.44.
The property tax for 1874 is 81, los, l34.
Owing to the lateness Of the day when the
Collectors received the tax-bOOlls, and the
general depression in business, and great
scarcity Of money, the collection If the
taxes Of 1874 has not been vigorously
pressed. Only S99, S76 of the amount for
1874 has been paid into the Treasury, leav-
ing balance due for this year Of 81, 05S,2j6
This is not properly a delinquency, for
none Of the Collectors have vet had the
books the time allotted them by law for
the collection of taxes. The balance due
for the year 1871, added to the delinquency
from revenue due prior to January l, 1874,
makes the total amount due from nOn-cOl-
lected taxes S1,S2S,333.44.
THE BONDED DEBT OF TIE 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, IL 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 asceTtaining the
amount Of the debt will be to take the total
| 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 a plain and simple man
/ ner, and its amount determined at a glance.
| This plan has therefore been adopted ia
this report. Recognizing, however, that
/ there are many facts which the Legislature
| and the people desire TO have presented TO
| them at this juuctUre Of our financial af-
| 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 ali
| 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-
mains yet unaccOunted for.
Of the bonds ami pupons 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 1t may, and doubtless viii
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 and funded
showing the dates OF their maturity, is also
presented. Il will be seen that some of our
bonds fall due during the next year, 1875,
and others during 1S16-befOre the meet
ing Of the next General Assembly. The
total amount for the two years, thus far re
gistered, is $4,000. That amount may be
increased by the presentation Of other bonds
falling due during that time, amounting to
the additional sum of 81 600. 1t is for
the General Assembly to make such pro-
vision for this portion Of the debt, as they
may deem most judiciOus, 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 1, 1874, and July /, 1884, shall be
fundable at the option Of the State, into
bonds authorized by the first section ofthat
act. The executive officers have construed
this section to mean that the option of the
State must be expressed by an act or resO-
luton Of the General Assembly. While no
bonds have been presented for their action
under that section, yet they would not feel
free to act in the absence Of legislative
direction.
The certificates Of the Governor as to
the operations ofthis Office in funding, and
registering bonds, are transmitted as re-
CURED by the second section Of the act Of
March II, 1913.
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 tie 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.
AAtF AAAtS-ts1t pun AAAGoC bOAAlS u pau w
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 l am informed, to pay the interest |
upon these bonds. Demand has been made |
upon me fJr the payment Of the interest |
upon them, bat this has been refused. De
mand has also been made for the funding |
of the past due interest upon a portion Of !
the bonds, under the act Of March Il. 1873. |
which has also been refused. The city of
Memphis and the railroad company both |
being liable before the State, II 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
plis and Little Rock Railroad, and pro-
yiding for a sinking fund TO retire the debt
and protect the STATE. The amount Of the
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, found that there had zen