Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-03-04
Special to the Appeal


NASHVILLE, March 3.-Sendte-Mr. Bled-
soc introduced bill to provide for the more
| equitable distribution of the school fund in
the Taxing Districts.
Mr.. Wilson introduced bill to establish
an intermediate court of appeals at Nash
| vile and Jackson, with appellate jurisdiction
| only.
Mir. Smith (of Meigs) offered the following
senate joint-resolution: That it is the sens
Of this general assembly that fair and
equitable settlement Of the outstanding
bonded Indebtedness of the State would be
upon the following basis. to-wit:
First-Ihat the bonds issued for the build
ing of the State capitol. known as the capitol
bonds, amounting to $493, 600, and the bonds
issued for the purchase of the 90 Hermitage"
known as the Hermitage bonds, amounting
to $35, 900, and the bonds issued to the agri-
cultural bureau, amounting to $4,000, be
funded with new bonds OF the State at par,
bearing interest at the rate Of four per cent.
per apnum.
Second-That the bonds issued to the
Union bank Of Tennessee, amounting to
1925, 600; the bonds issued to the Bank Of
Tennessee, amounting to $2l4 900; the bonds
issued to the various turnpike companies,
amounting to S72S, 900; the bonds issued for
State stock IN the HIawassee railroad COM
pany, amounting to $3.50, 900; the bonds is
sued for State stock In the East Tennessee
and Georgia railroad co.. pany, amounting to
$144, 900, and the bonds issued to the a.
grange and Memphis railroad company for
State stock, amounting to $6S, 900, be funded
into new bonds at the rate of fifty cents on
the dollar, bearing interest at the rate of four
per cent per aunum.
Third-That the bonds issued to the various
railroads in the State prior to the sixth day OF
May, 1861, amounting to s., 5S3, 900, be
funded into new bonds, at the rate of fifty cents
on the dollar, bearing interest at the rate of
four per cent. per annum.
Fourth-That the bonds issued to the rail-
roads OF the State since January /, 1866,
amounting to about 81 638, 900, and those is
sued under the act of 1868 for the purpose of
funding matured bonds and past due interest
amounting to $569,000, and those issued IN
der the funding act of 1873, amounting to
81, S67 900, be funded into new bonds, at the
rate of thirty-three and third cents on the
dollar, bearing interest at the rate of four per
cent. per annum; provided, however, that the
bonds known as the Mineral Home railroad
bonds, amounting to S63, 5000, and the bonds
issued under the funding act of 1866 to fund |
the Interest that accrued upon bonds during !
the war, amounting to 81, 246, 900, be not in |
Guided nor provided for in this adjustment; |
nor are they recognized as part of the |
legally outstanding Indebtedness of the State. |
Be it further resOlred, That this basis of |
adjustment, as one entire and SINGLE PROPOSE |
ton as a whole, be submitted to the people |
at the ballot box, at an election to be held |
for that purpose on the -- day OF -,
1879.
House bill to amend the exemption laws |
so as to provide for the exemption of two |
hundred dollars worth of lumber in the |
hands of mechanics, passed third reading.
HOHse.-Mr Snoderass introduced a bill |
that committee consisting of nine mem
bers, FIVE members from the senate, to be |
elected by joint ballot of both houses of the |
Legislature, and the governor of the State be |
appointed, to be styled finance committee |
to adjust and settle the State debt.
Be it further enacted, That this committee
shall be authorized to receive and submit
for settlement of the debt, and
to adjust and settle the same upon such
terms and conditions as the committee deems
proper; provided, that should any such agree
ment be made or determined upon, be-
fore it shall have any legal force or validi- |
ty, it shall be submitted to the people at the
ballot box, at special election, for their rat
licatlon or rejection, such election to be held
for such purpose only.
Mr. Watkins offered the following, which
lies over:
WHEREAS, An effort is being made to
make an impression that the present general
assembly Is composed principally of repudia-
ationIsts and will, if an opportunity is offered,
repudlate the State debt; and, whereas, this
body has done nothing looking toward repu-
tlatlon or that suggests such thing, and has
made but one move in regard to the State
debt, tO-wlt: the appointment of commit
tee to investigate and report upon the iuval-
dlty of portion Of the debt in accordance
with the recommendation of the governor;
and, whereas, no part of an unjust, fraudu-
ent and illegal debt ought to be imposed
upon the people for payment, or taken into a
compromise If possible to prevent it; there
lore be it
Resolved, That we are unalterably op-
posed to reputation In any form whatever,
out at the same time we are opposed to i'm
posing upon the people for payment, and es-
Decially In the present financial condition of
he country, any part of the so-called State
1ebt which may be ascertained by this body
IT other proper tribunal to be fraudulent, I'M
ust or illegal.
He also offered bill to submit to vote of
nent OF the State debt-at thirty cents and
our per cent. interest, and thirty three and
)ne-thlrd cents and four per cent. interest.
II provides that the act shall not be con-
;hued to apply to or embrace any
1art of the Indebtedness of the State
he general assembly or other prop
n tribunal to be fraudulent, unjust or
Illegal, before the completion of any negotia-
ion with the bondholders. This act is not 10
apply to or embrace any of the outstanding
ponds issued to build the capitol, issued to
JuiCudsc tue heIlultdSe, OF lSsuSu 10 the dS- |
lcultural bureau, or to any outstanding
ponds issued in rene aal of any of SAID bonds
II bonds held by educational, literary or
charitable Institutions.
Senate bill to ameud the law Incorporating
companies to construct turnpike roads was
elected. This bill applies Principally to
West Tennessee.
Senate bill authorizing Jewish rabbis to
celebrate the rites of matrimony passed a
econd reading.
The committee to investigate the agricul- |
ural bureau shows that eight thousand i'm
migrants have been introduced into the State, |
md that 81, Us, 900 of British capital and |
r15O,OOO OF northern capital have been added |
o the State. Add to tins the value of all
Idult citizens, estimated by the Political
Economist at eight hundred dollars per
apIta, which amounts to Sc, 400, 900, and we
AVE the grand aggregate brought into the |
State, 81. 026,000. To bring about this last
esult there was expended IN four years,
s29. 189 p; during the first two years,
S2.Sl3 70 were unexpended and covered
Jack into the treasury.
associated Press DIspatch.l
NASHVILLE, March 3.-The version of the
taken by the State debt committee, |
is teegraphed from here vest rday to several
eading papers, is denounced by the friends |
# Colonel John G. Burch, editor of the |
4nIeTicGH OF this city, and now a candidate
or the secretaryship of the United States
enate, as garbled and sent for the sole pur-
)ose of preiudIcing his candidacy. He tele-
,raphs an emphatic denial of the statements |
made by Mabry, of Knoxville, who has EVIL
lently cont. unded the business affairs to
which Colonel Burch attended for him, as
cunsel, In 1868, with the bond transactions
le had with other parties. Colonel Burch's |
ull and formal refutation Is expected here