The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-01-09
STATE LEGISLATURES.
TENNEssEE.
Cow .PoFter's Message -The Financial Con.
dillon Of the Ninte.

Gov. .POrters Message -The Financial Con
dittOn OF the state.
NASHVILLE, January s.-Gov. Porteri
last regular message was delivered to the
Legislature this morning. 1t reports an
actual balance in the State Treasury oI
Se0l, ,lOS 95i current expenses Of the gov.
ernment for the past two years 81, ,6i4, ,4l4i
tax levied for 1873, 1928, 8,2l2; unpaid tax
list Of former years $i93,000; total value
OF property assessed for taxation for 1878
shows decrease from 1877 Of Sl3,806, COS;
outstanding bonded indebtedness Of the
State $20, ,2?l 800; unpaid interest q, ,052,.
M. - -, t,t.Ir.t
The Governor advises the settle.
ment OF this debt as paramount To all
questions Of legislation that can engage
the attention Of the generally assembly.
II involvesthehonorand good nameof the
State, the credit and honor OF every citizen
as a liability voluntarily contracted and
whether wisely created or not, cannot now
be the question. hold and have always
believed that In the light Of moral and legal
duty as question Of commercial honor
and State pride, the best settlement OF
the debt for Tennessee would DO TO pay the
entire debt according 10 the terms OF the
contract. twill he heavy burden, but
when 1t becomes oppressive Temporarily
suspension OF interest payment could be
made, and with the return OF pros
perity, and with q moderate in
crease OF population, and q reasonable
development OF the resources now in full
frnition, the whole debt could be paid
without serious embarrassment. But the
creditors themselves have relieved the
State ol the necessity Of providing for the
entire debt by offering such abatement Of
the principal as to bring its payment with
in the ability OF the State without making
It burdensome. In December, 1877, GER
tain creditors of the State proposed TO ad-
just that part Of the debt held by them.
selves upon basis OF fifty cents for the
principal and past due interest and offered
assurances that the great body Of the cred
itors would accept the same terms. This
proposition was submitted to an extra ses.
sion OF the General Assembly and It's &C.
ceptance earnestly recommended. / am
satisfied that the creditors making the
RtSPSoAtSh NOuu bIitl ulAhc tIAo iulubt-
ment. Settled at fifty cents the debt would
amount to Sl2,l97, 900. The annual inter-
est upon this sum at six per cent would
amount to $72S,220.
l do not hesitate to again urge the ac-
ceptance Of this proposition. l cannot be
mistaken in the opinion that the people OF
the State are anxious TO be relieved from
further discussion OF the question, and
from longer postponement Of the settle,
ment. II this recommendation is adopted,
the Comptroller should be invested with
tho authority to make publication with
notice tothe financial agents Of the several
counties announcing the number Of old
bonds returned and cancelled, with the
number Of the new bonds issued, and the
amount Of revenue to be provided to meet
the interest with the amount assigned to
each county. Upon this publication, and
NOTICE the County Courts should be re-
quired to make tho necessary levy to meet
the interest without further legislation,