Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1877-01-11

of the Treasury, under my d.
rectlon, announced the readi-
ness of the State to pay these
balances at that time, together
with the instalment of interest
due July 1st, 1876; the Treas
urer commenced the payment at
the tire appointed, and all the
coupons Of bonds registered to
that date that have been pre-
scented have been paid.
The present rate of taxation
viii not pay current expenses
and meet the interest on the
State debt, and the determine
tion Oh. the part of the people
is fixed and settled not 10 in
crease it. This conclusion re-
suits from a want of ability on
The part Of the taxpayer. The
creditors Of the State realize
the magnitude OF our difficult
ties, and will make such a con-
cession aswili make future inter-
est payments easy and certain.
Their readiness to adjust the
debt is disclosed in 1he follow
ing communication:
"NEw YORK, Dec. -, 1876 -
To His Excellency James D Por-
ter, Governor Of Tennessee Sir
the undersigned holders of the
bonds of the State Of Tennessee,
believing that the best interests of
Tennessee and Of her public cred.
itorS will be served by IN early
pcrmnnentadju O. the claims
of such creditors, on a basis hon
o,abl4 to tue State AMI equitable
to the m, rep, ctfully ask your EX.
csllency, in the full belief that such
settl' mcnt is practicable, to rec
ommend that the legislature OF
Tennessee, as early rs may be pos
sible at lis ensuing session, appoint
commission TO come to this city
and confer with the holders of the
bonds Of the State of Tennessee,
for the purposesmentioned herein.
We remain your Excellency' {
most ubedient servants,
"Geo. Smith. London, Eng.
"by Geddet&Slnith, Agents &c
"Brown Bros. & Co., Agents
"Drrxel, Morgan &c Co, Agents.
"E d. Morgan g. Co,
Ward, Campbell & Co,
flames G.. Kings Sons,
Agents for Holder.
George w. Stanton,
'P Codes
"These parties represent several
millions CT dollars Of the bonds OF
Tennessee and are gentlemen au
thorlzed to speak end act and
am assured, from my correspond
enee with other creditors OF the
State, that this proposition will be
generally acceptable. earnestly
recommend the adoption of the
suggestion for n conference with
the creditors of the State. The
proposition comes from the largest
holders Of the Tennessee bonds
1t had lis origin with them, ond
the State can enter upon The nego
tiations with confidence, and with
out sacrifice of her good name
1t is Of The FIRST Importance to the
State that this vexed question
shall be settled and removed from
the politics Of the State. 1t i,
the only great barrier TO present
and future prosperity.
CRIMINAL EXPENSES.
/ renew the Recommendation
made two years ago to the Thirty
Ninth General Assembly, for the
passage of an act requiring the
several counties to pay their own
criminal expenses. The State has
paid for this purpose, during the
two years past, the sum of $3.50,
5S5.63, and during the continu-
ance OF our present system there
can be no material reduction
Tennessee is one Of five, cut of
thirty.eight States Of the Union.
where criminal prosecutions are
made a charge upon the State
Treasury; III thirty-three of them
the counties where crimes are com.
mitted pay all the costs, and the
result in these thirty three States
is that the local officers are more
active and yigilant in preventing
extravagant charges, and | am sat,
isfed that where local responsible
ity is provided, that bills OF cost
will be subjected to q scrutiny
they cannot now receive; the
Comptroller of til, Treasury, in
auditing these bills OF cast, is only
required by law to see that the
several items are taxed in accord
auce with the statute; if they were
referred to the County Judge or to