Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1877-01-11
The Governors Message
Ges1emeR Of the Senate and
House Of Representatives.:

Assembled In obedience TO
'shc laws Of Tennessee, to per-
form the Legislative functions
OF the State government, you
-will not, | am confident, be un-
mindful Of their magnitude, or
wanting in wisdom or courage
for their performance; your ac-
ton will affect al the great in
tercsts Of our people, and l
promise Executive co-opera-
ton in all measures you may
devise for their relief.
T1SASCrAL CONDITION OF THE
STATE.
The funded and registered
bonds outstanding, amount TO
$2,Sl2, 400; the bonds belong
Ing to East Tennessee Uniyer-
sity, not required 10 be regis
tered, amount to 1896, 1000; the
fundable bonds and coupons
not presented, amount to$1,0 OIL
900; the past &uc interest a.
mounts to S2,088,756; these
eums constitute the State debt,
and amount TO $26,3l0,156,
from this sum is 10 be deducted
Sl.61l, 9l6, loaned 10 the Mem
phis and Charleston Railroad
81, l99, 100, loaned TO The Mis-
sissippi Centla Rail. Dad; $316,-
IA, loaned 10 the Mississippi
and Tennessee Railroad; $14,-
leO due from purchasers of the
Tennessee and Pacific Railroad
S5l, l25, due from purchasers of
Knoxville and Charleston Rail
road, ard S204,O00, due from
purchasers of the McMinnvil!c
and Manchester Railroad, ag-
gregating $3,458,145, all Of
which will be paid, leaving as
the debt 10 be provided for,
500 ,852,0!l, less $95, 63e.10, in
tercst from solvent railroads
due Jan. l, 1877. The out
standing warrant account a.
mounts to $780, 60.2l, and there
is in the Treasury the sum Of
Sl39, 322.19, in cash, with taxes
due and uncolIected, amounting
TO $I,570,659.5O.
For a statement in detail of
the financial condition of the
Stste, reference is made 10 tho
comprehensive reports Of the
Comptroller and Treasurer
which arc herewith transmitted
II will be observed that in tho
two years past material re,
luction has been made in The
current expenses of the State
and the estimates made by Tho
Comptroller for the next two
years, shows that s. further re-
d., ction will be made; these es.
Inmates are based upon existing
statutes. In considering THE
subject, the fact must be re-
membered that the shrinkagC
in values has reduced the as.
scssment roll in two years $780,
425, 1885, causing a reduction of
of $81, 703.34. per annum, il
the revenues Of the State; this
reduction in value is not alarm
ing; the taxable property Of
The State is now $268,002,485;
this is orly four millions and {
fraction Of a half less than il
was in 1872; it is nearly six
teen millions more than it wac
an 1870, and is forty-fiyo mil.
lions more than it was III 1869
and fifty millions more than il
was in 1868.
The borrowed money account
due at my Inauguration, the
warrant account, the interest Oh
school fund, and the interest or
bonds of the State held by
schools and colleges, has been
paid from the revenues Of the
State. In juno preceding the
4naturity of the interest on the
bonded bt,due July LIST, 1875
after it had been ascertained
that 1t was impossible TO meet il
out OF the revenue of the State,
under my direction the Comp
1rolier Of the Treasury under
took TO negotiate the loan of q
sum sufficient for that purpose:
the terms offered the State were
harsh and unreasonable, and the
interest demanded was so exor-
bitant that it was determined
nv the Executive officers 10 let
tho payment 60 by default, and
10 rely for the future upon the
revenues Of the State; since
that time no money has been
borrowed for any purpose. De
fault was again made in the pay
ment of the interest due
January LIST, 1876, and again
for the interest due January LIST,