The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1875-07-23

Gen Marcus J. Wright recently ad
dressed letter to Gov. Porter in regard
to the failure of the State officials to Dor
row money to meet the July interest on
the bonds of the State, and also in regard
to the necessity of calling the Legislature
into extra session. The Governor replied
as follows:
EXECUTIVE OFFICE, I
Nashville, July II. !
SIR-In answer to your inquiry have
to state that an effort was made in good
| faith to borrow money to meet the July IN
terest on the State debt. The people OF
| the State expected that the interest would
be paid if loan could be negotiated on
terms that were at all liberal. The nec>
l essary amount of money was offered to
| the Comptroller at seven and quarter
per cent, per annum, but in making
loan of 5000, 900 he was required to de-
post as collateral security the sum of
$3.50, 900 in the bonds of the State. He
could not comply with this requirement
for the reason that he was not provided
with the securities demanded. 1t is
true, as you suggest, that the power to
negotiate loan has been granted to the
Comptroller, but he cannot exercise it,
so long as banks and bankers refuse to
accept his undertaking without a pledge
of other security.
There was some hesitation in making
the loan on the part of bankers on other
grounds, but it could have been negotia-
ted if the Comptroller had been provided
with the necessary collatersls. In my
own opinion the undertaking ofthe Comp
trOller, backed as he is by the entire rev.
enues of the State, would be ample secur-
ity for any amount borrowed under au-
thority of the Financial Board, but q diff
ferent opinion controlled the action of
the bankers of New York.
In answer to the other inquiry, have
this to say: / do not believe that The
present General Assembly would provide
means to pay the interest on the State
debt, or enlarge the power of the Comp
troller of the Treasury to borrow money,
and | cannot therefore see any good re
suit from an extra session of the Legisla-
ture.
l have the honor to be, your obedient
servant, JAS. d. PORTER,
Gen. NJ. J. Wright, Columbia Tenn.
1t will be seen that Gov. Porter throws
all the blame on the Legislature, by say
ing he docs not believe the present Gen
eral Assembly would provide means to
pay the interest on the State debt, or en-
large the power of the Comptroller of the
Treasury to borrow money" and he "can-
not therefore see any good result from an
extra session of the Legislature What
II r,nhE An, Nhn no,vornAr 30 Nh,,u horch "
PREJUDICE the Legislature? He is mista-
ken if he thinks he is throwing the re-
sponsibility upon the Legislature-he Is
taking it all upon himself. If he would
call the Legislature, then the response
bility would be upon them-but until hi
does call it, it rests upon his own broad
shoulders. If Gov. Porter's actions il
this matter only concerned himself, We
would say nothing about il; but 1t con
Germs the honor and credit of the State
of which every good citizen feels proud
and jealous; and his conduct, be it good
or bad, has very material effect upon
the Democratic party. He was elected
IN Democratic platform which declar
ed in most emphatic terms that the faith
and credit of the State should be main
tanned. We do not say he has failed il
not being able to borrow money to NEE
the July interest, for we do not know
anything contrary to the statement he
has made; but we do arraign him for fail
ing to call the Legislature. Gov. Por
ter's friends will no doubt desire his re-
election, as an endorsement of his ad
ministraton by the people, but how car
the Democratic party do it if he fragrant
ly violates one of the planks of the plat
form upon which he was elected II il
none of our business or care what oul
State bonds are worth-whether par Oh
five cents in the dollar-but it is of tn,
highest Importance to our State that The
interest on her debt be promptly paid
When this is done, her faith is kept. Tht
tax payers will have to pay interest OF
taxes that are held up, and it was don,
simply and solely to meet the expense o
borrowing money to pay the July interest
Since the Governor, Comptroller anC
Treasurer have failed to perform the tasl
committed to them, will the interest OF
| tho tovps he COllpctpd2