The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1877-12-13
Governors Message.


Gov. Porter sent in his message
to the extra session of the Legisla-
ture last Wednesday. 1t is a re-
markabiy concise. sensible, pointed,
convincing document upon the one
question with which it deals and Is
accompanied with the letters from
the bondholders who make the
proposition. IL starts out with the
proposition, that after ad ding ac-
crued interest unpaid Il le whole
debt shall then be fund ed at 60
cents, the new bonds bea ring inter
est at q per cent, payab lie semi an
nually IN New York, tlie interest
coupons to be received ny the state
for AL taxes. This is the recon
mendation made by the committee
OF arhlters sent to New York last
Spring. He gives a table showing
the amount of the debt, how it was
created, DC, sho' cling that the State
got above par 70 7 some OF it. and
that there are fJut $3,O33,OOO of the
BrOwnlow Bo nds existing. The
debt is $685. $4,000 with unpaid in
terest added. II is accommodating at
the rate Of $4,000 per day. The
facts stated show the unquestiona-
Die YAH dity OF the debt and that the
Legislature has on numerous oc-
casl0ns recognized and declared it..
lie arbiters recommended this
compromise last spring as just and
fair, and The bondholders make the
voluntary proposal, thus relieving
the State OF the odium of forcing
such a compromise. The Cover
nor dwells forcibly upon the evils
that will follow reputation and
asks that Tennessee's pristine hon
or shall be preserved untarnished
in this transaction. He says that
the State, in his opinion, cannot ac-
cept this aba tement as to the bonds
held by educational insti tutions, by
charities, by guardians wiao invested
wards funds in bonds nnder the
statute or for the Capitol building.
He recommends that no sinking
fund be provided yet. He recon
mends increased compensation for
collectors. The following extract
shows conclusively the ability OF
the State.
There is to my mind no question
as to the ability of the State to meet
the interest on the de bt, if adjusted
upon the terms offered by its cred
itors. The present. assessed value
OF the property Of the State is
1926, 100000, and is an unusually
liberal one to the tax payer. Ten
nessee contributes 10 tho markets
of the word, with her cotton, grain
and tobacco as largely, and is as
rich in soil, minerals and produe-
lions as aay state IN the Union.
raised IN, Tennessee during the
year 1876 amounted to $47, l26 $40,
not less than one third of W bich
was surplus. The productions OF
the State OF Kentucky for the sumo
period was S2,6SS, 800 less. Ten
nessee produced seventeen millions
more than Virginia, three millions
more than Georgia, more than Mary
land and South Carolina combined,
more than Alabama and Florida,
and seventeen millions more than
North Carolina, while the difference
in population is in favor of Ken
lucky and Geor gia, and MaryIa2d
and South Saro lima combined. The
productions of the State for the
year 1877, amount to $52,OOO,OOO,
with an incre ased surplus of cotton,
wheat and to bacco, and the value OF
of farm proc Iucts is greater per cap
tia in Tenn essee than it is in any OF
the States named, and greater, ac-
cording to the last census report,
than it is in the rich States of New
York, Pennsylvania and Missouri.
There are other productions of the
State, cattle, mules, horses, sheep,
bacon fruit, marble, iron, from
which large revenues are derived
with an increasing area and capacl
tv for production.