The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1877-01-11

Knox u and Charleston Railroad, ana
2U40r0, due from the purchasers Of the
McMinnyille and Manchester Railroad.
uggregating 81 $50, AS, all of which vii!
| be paid, leaving as the debt to be pro-
vided for, SD 852, oil, less $95 ,636 l., in
terest from solvent railroads due January
| l, 1877 The outstanding warrant ac-
count amounts to Sl29,050 q. and there
| is in the Treasury the SUN Of Sl39 332 l9
| in cash, with taxes due and uncOllected,
amounting to 81 $40 $50 so
For a statement in detail of the fnan-
cial condition Of the State, reference is
made to the comprehensive repors of the
: comptroller and Treasurer, which are
! herewith transmitted. it will be oh
served that in the two years past a ma
terial reduction mas been male in the
current expenses of the State, and the
estimate made by the Comptroller for the
| next two years, shows that a furth II re-
ducUion will be made; these estimates are
| based upon exiting sta utes. In con-
| sIderIng this subject the fact must be re-
membeTed that the shrinkage in values
| has reduced the assessment roll in two
! year, 500, 425 ,S35, causing n reduction of
SSl, 7U3 81 per annum, in the revenues of
Che state; this reduction in values is not
alarming; the taxable property of the
| State is now .S268 O02 4S5, this is only four
billions and t. acton Of a half less
than it was in 1872; it is nearly sixteen
millions mnre than it was IN 1870, and
| IL furtV five millions more than it was in
| 1869. and fifty millions more than it was
| / 1868
| The borrowed money account due at
nv Inauguration, the warrant account,
the interest on the school fund and the
| I of tba IN hnlH hu
schools and colleges, has been paid from
the revenues of The State. Ia June pre-
ceding the maturity of the interest on
the bonded debt, due July l, 1875, after
IU hal been ascertaIned that it was i'm
/ possible to meet 1t out IF The Tey9nue of
the State, under nv direction the Comp
truller of the Treasury und 7rtOnk to ne
| gOiIdte the loan of a sum sufficient for
| that purpose; tue terms rf,rPd to the
State were harsh and unreasonable, and
the interest demanded was so exorbirant
| that it was determined By the executive
officers to let the payment go ty default
and to rely for the future uron the reVe-
Rues of the State; since that tina no
money has been borrowed for any puT-
puse. Default was again made in the
payment of the interest due July |, 1876,
and again for the interest due January l,
! 1917 When the money for thu paw
ment of the interest due July ] 1874,
and January |, 1875 was provided, there
we're balances amounting to about 500,
900, not presented at the time, and the
payment of these balances was deferred
until September Is, 1876; in the proceed
ing month the Comptroller of the Treas
urv, uoder my direction, announced the
readiness of the State TO pay these bal
or ha hDr
stallment of interest due July l, 1875;
the Treasurer commenced tie paymenr
at the time appointed, and all the cou-
polls of bonds registered to that date
that have been presented have been
paid.
The present rate of taxation will net
pay current expenses and meet the inter
est on tue State debt; and the determine
ton on the part Of the people il fixed
and settled not to increase it Tn con
clusiOn results from a want of ability on
the part of the taxpayer. The creditors
Of the state rea iEe the magnitude Of our
= difficulties, and will make such a conces
siJu as will axe future interest pay
ments easy and certain. Their readiness
TO adjust the debt Is disclosed IN the fol-
lowing communication:
NEW YORK, Dec. -, 1876.
To His ErceHency James D. Porter,
Governor of Tennessee:
SIR-The undersigned holders of
bonds Of the State Of T-nnessee, believ'
ing that the best interests of Tennessee
and of her public creditors will be served
by an early permanent adjustment of the
claims IF such CREDITORS, on basis hon
orahle to the State and equitable to them,
respectfully ask your Excellency, in the
I full belief that sucI settlement IL prac-
ticabIe, to recommend that the LegisIa-
, ture of Tennessee, as early IS may be
possible at its ensuing session, appoint a
commission to c me tn this CITY and con-
. fer with the holders of bonds of the
, State Of Tennessee, for the purposes
mentioned herein
We remain your Ezcellencys most
Obedient servants,
GEO smith, London, England,
by GEDDEs Il SMITH, Agents, etc
Brown BROTHERS Il Co, Il GENTS
|, DRExEL. MoEGAN 4 Co., Agents.
L ID MORGAN x Go.
WARD CAMPBELL & Co.
JAS q KING oNs Ag'ts for holders.
GEORGE STANTON.
z GEDDEs.
These parties represent several mil
lions Of dollars of the bonds of Teanes-
see, and are gentlemen authorized to
: so ak and act; and ! am assured, frOm
ny correspondence with other creditors
Of the State, that this proposition Will be
generally acceptable. earnestly re-
commend the adoption of the sug .estion
for a conferences with the creditors of
the State The proposition comes from
the largest holders of Tennessee bonds.
IL had its origin with them, and the State
can enter upon the negotiation with con
fidence and without sacrifice of her good
t name 1t is of the first Importance to
the State that this vexed question shall
be settled aud removed from the poll.
ties of the State 1t is the one great
! barrier to present and future prosperity
a CRIMI NAL EXPENSES.
n ] renew the recommendation made
two years ago to the Thirty-ninth @ n,
"ral Asse mhly, for the passage of an act
i requiring the several counties to pay
their own criminal expenses The State
f has paid for this purpose, during the two
e years p st, the sum of 1888, 5S5 63, and
u during the continuance of our pre6ent
f system there can be 90 material reduc
n ton Tennessee is one of five, oft OF
r thirty-eight States of the Union, where
: criminal prosecution are made charge
r upon the State Treasury; in thirty three
: of the m the counties where the crimes