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

ditiOn by joint committee OF the two hou. %,
ana such determination on the part OF the
Genera! Assembly 10 meet the liabilities Of the
state, would secure the confidence OF capital
ISIS, enhance the value OF the state securities,
and remote The best interest OF our Internal
improvement cOmpa nies."
Not an argument is here urged by the hon
Ored statesman and tiuancier 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
a circulation Of Sl3,5OO,OOO, the Bank of
Tennessee and It's branches would. al the
end of the first six months from its estalJ-
lshment, place a 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 to pay
from oue-half 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-estsblishment of the bank aud
its branches. | have said nothing Of the
great political advantages that would ac-
crne in building up In every State a pow
ertul antagonist 10 the present bank mon
opoly, which will ultimately prove the
greatest power in support Of a central des-
potism, as the State bank system would
prove a powerful opponent TO Capitalization
and powerful influence in favor Of the
constitutional doctrine of selfgOverumeut.
To speak Of these advantages TO the in
dustrial interests of our people, and Ia their
political well-SeinF, might not be entirely
IN place IN this report, and would Of itself,
If fully enumerated and discussed, require
a volume. But, every succeeding DAYS cN-
rerience as Comptroller of the Treasury.
cOnyinces me more and more thoroughly
Of the transcendent Importance 10 the State
Of having such a fiscal agency to aid in
maintaining her credit, paying her debt
and tightening the burden Of taxation.
CoNmrEoLLER's WARRANTS.
In the intervening time, or in the event
the State Bank should not be re-establish-
ed, l recommend tldt the Comptroller be
authorized to have engraved his warrants
upon the Treasury, OF the denomination of
five, ten, twenty, fifty and one hundred
| dollars, each denomination 10 be properly
| numbered from one upward. These war
| rants, II made receivable for taxes and all
other dues TO the State would, 20 a certain
degree, furnish a State currency. Ali Who
| owed or we're likely 90 owe the state,
could safely take them. Their being Ina
the denomination, form and shape Of bank
bills, would cause them o. be more readily
received and regarded rs currency. rs
now, the Comptroller should be required
to keep payable warrant book, show ing
to whom and for what purpose every war
rant was issued, whether the total amount
was five or fifty thousand dollars. Proper
capacity in this Office, could easily arrange
| the books so that there would be in this,
no difficulty. To make the check perfect,
these warrants should not be re-issuable,
but shOuld,b be canoe led whenever they went
| into the Treasury. BY this arrangement
| there would always be money enough ia
the Treasury to pay the odd dollars and
| cents on balances. II not, the Cornptrol-
| ler's warrant issued, as now, for the odd
| dollars and cents, would be quite AS good
as il is at present.
A Fiscal BOARD.
| recommend the establishment oC a
| Fiscal Board, TO be composed of such A
| number Of persons, and 10 bo appointed In
| such manner as may be deemed by the
General Assembly most advisable TO
that board should be given authority 10
manage The as cts and indebtedness If tho
state, under such restrictions and iimitl-
tiOns as legislative wisdom NAV suggest.
a competent board, composed Of citizens Of
established financial skill and ability,
could, by proper disposition Of a given
portion Of our assets or income, create
sinking fund which would rapidly retire
our bonded debt or make such other fuau.
cial arrangements as a prudent individual
or a weil-managed private corporation
would make. under similar circuynstauc..,
to protect its credit, preserve las faith, and
at the same time reduce its iudrhf sduesg.
l. is impossible Tor the State onici tls.under
our laws, to take advantage a. upporun-
ties which may, aud DO frequently occur.
whereby an Investment might be made in
our own securities, TO the great profit and
advantage of the State. II is well such is
the law. But with Fiscal Board properly
organized. with necessary limitations upon
their actio. there can BE- no objection To
such change in the law as will enable the
State TO obtain the benefit Of their wisdom
and experience in this hour of her financial
trouble and embarrassment.
The present al r0'orc73 tax is forty cents
on the hundred dollars. II has been the
same since and including 1865. except in
1870 and 1871. I'm 1870 il was twenty
cents, and in 1871 sixty ccu's-the two
years averaging forty cents. lflhe amend
ments to the law which have suggested
are adopted, | have no doubt that the rate.
rs now fixed, with the taxes already due
and unpaid, will be amply sufficient for tho
next two years, both 90 pay the current eX-
pcnses Of tho State and meet promptly all
of her obligations; and that at the oypim-
tiOn of that time, the present rate Of Taxa
ton for State purposes may be reduced.
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 unfiltering trust iu
Him who rules all and all things, We may
hope ere long to see our efforts rewarded
with Success and the brightness Of a noon
day sun shining upon IA a IGnei HUs IEd
happy people.
The duties Of this orirn arD hbJ. iuus
and responsible. ! have sought 10 perform
them Cith diligence and fidelity, with q
purpose solely devoted 10 tine interests Uf
the State. How IA. ] have succeeded. Is %
question 90 be answered by the public voice.
My conduct in the discharge If my ,ilicial
duties and with regard 10 my appointment
is open tn inspection and investigation. (
shrink from neither. / challenge both.
cannot conclude, without rendering 10
your EScellcucy and the other Executive
officers, my heart felt thanks for the cour-
tesy and assistance which have received
during my official term. To Mr.. ). s.
Wilkes, who mad charge, under my dircc-
ton, Of The funding department., and 90
Mo. Robert J.. Campbell, my principal
clerk, am under thc greatest obligations.
for the industry, accuracy and fidelity with
which they have performed their respective
duties.
Respectfully, JNO. G.. BuEcH,
Comptroller Of the Treasury
AEnTTUp ppuIrRATTnE