The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1877-12-14

Of the State for the year 1877 amour
TO over $50, 600 COO, with an increased
surplus OF cotton, wheat and tobacco
and the value Of farm products j:
greater per capita in Tennessee thar
Il is in any Of the States named, ana
greater, according 70 the last census
report, than il is i'll the rich States o
New York, Pennsylvania and Nilsson
ri. There are other predictions of the
State, cattle, mules, horses. sheep, ba-
con, fruit, marble, iron, from which
large revenues are derived, with an
increasing area and capacity for pr ,
| ductions.
!! The bOnds OF the State were issued
! for PURPOSES OF Internal iIGprovcntnt.
! very many Cf them were soId above
par, and are now held by the original
I purchasers. byedacational and clIarita-
| bic institutions; among the latter class
! is the Peabody Institute, at Baltimore,
Maryland, which has -ignified through
the proper officer q Willingness Ia ac-
cept the terms Of the proposed adjust
ment; the greatest American philan-
tlrOpist, George Peabody, left ~
part OF tbe endowment OF this Insti-
tute that beaHs bis name, S:;64, UOO IN
the bonds of the State of Tennessee.
| f1lllct ISNo Iuc cIl4ldIGll tt ltIlutSSSS
have received from the Peabody Trust
Fund, tor their education, the sum of
$l9I so, and for the year 1873, an ap-
preparation that will make il exceed
S:50.0pn. Ihe State Of Teunessea can
not, in ny opinion, accept this shate-
inent, Or that proposed Icy the holders
Of the bonds Issued for the erection of
the Capitol, those held by educa tional
institutions, by charities, or hy par
sons whose guardi6us made tic in
ves;pent in pursuance of our statute
authorizing the investment of tn.
estate Of minors Ia the bonds OF the
State.
If the adjustment recommended j.
adopted, recommend that the new
bonds shall bear date July the first,
1878, tO carry interest from that date;
provisions for Sinking Fund can
with proprictv ba postponed. but In
case Of q surplus in the Treasury efter
liquidatlng the appropriations made
by lGw, It would lie well - provide for
it, investment in the LOud- OF Uhe
State, aud in this wGy inaugiIrate
q system for the gradual cxtingui-h- !
nent of the principal of the debt.
TIE COLLECTIUN OF THT RJvENUE.
The Comptroller of The Treasury, in
his Biennial report 70 III" General A.
semhly, state that cit i believed that
the compensation allowed Trustees j. :
inadequate 10 the luhUr and re-p0n-i-
bilit! Of the office, eSVGcialiy ia the |
smaller coiIntiee where there j. little |
or 20 municipal taxes to bc collected" =" !
experience hus confirmed the wisdom |!
OF this recommendation; III one Of the T.
counties of the State there j. 10 Col ,
lector, no one being willing 10 accept /!
the office for thC"onpensatiou allow |
I'd by law: in several others resi2na-
JiOn- have ieeu rendered, The reye- |
nue. cannot be efficiently collected III |
the smaller counties for ali inade4uate !
compensatiOn, and recummeud such !
an aInendmCnt to the statute ~ will .
-secure this result.
IL VII bp Necessary 20 provide lN /,
law the expenses Of this extraordinary
session Gf the general assembly. |
CDNCIT~ION.
The gravity OF the question submit !
ted to you vii, | doubt net, command !
your most deliberate consideration; |
cpun-eilng " i~tiOm ana calinne-4 ia (
its discussion. l.ave i; " ith YOU, in .
the confident belief that Your action !
will i've controlled 10y your convictions |
Of duty 20 your constituents.
JAMES u. PORTER.