The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-03-19
LEGLgLATTHE sUNMARY.


osition referred to them, which was read
by Mr.. shearon:
The committee recommends that the
Capitol, Hermitage and Agricultural
bonds, and the bonds held by Mrs Polk,
and bonds held by the educational in
situations of the State, upon which in
terest has been paid under a resolution
of the last General Assembly, be settled
and funded with accrued interest at the
rate of go cents on the dollar at per
cent. interest; that the Union Bank
bonds, Bank of Tennessee bonds, Turn.
pike bonds, Hiwassee railroad bonds, E.
T. & Georgia railrOadEbonds, Lagrange
and Memphis bonds, and bonds known
as ante-war railroad bonds, be funded
with accrued interest at so cents on the
dellar with per cent. interest; that the
bonds funded under act of 1868, and
bonds funded under act of 1878, be fund
ed at the rate of 335 cents on the dollar
with per cent. interest; that the Min
eral Home bonds, and bonds funded un-
der act of 1860, supposed to cover war
interest, be rejected; that the railroad
bonds issued since the war be paid in
the nOn-interest bearing treasury war
rants of the State at the rate of 33* cents
to the dollar with accrued interest; in
denominations of So, SO, $50 and $50,
receivable for taxes and all other dues
to and from the State. 1t is further re-
commended that the General Assembly
act directly on the subject matter with
out the Intervention of a committee to
sit after its adjournment. The commit
tee were not unanimous in reaching
these conclusions reported, nor have
they agreed upon the precise terms of
submitting propositions to the people,
but submit bill for the action of the
Senate as follows
A Bill to be entitled An Act to Settle
the Bonded Debt of the State.
Whereas, it is the wish of the people
of the State of Tennessee to make a just
and equitable settlement of the debts of
this State;
Whereas, this General Assembly, after
a careful and respectful consideration
of the several propositions made by the
creditors of the State, have not consider
ed either of them just to the State and
compatible to its ability to pay.
Whereas, it is incumbent upon the
General Assembly to meet the creditors
of the State in spirit of mutual conces-
sion and fairness; therefore,
Be it enacted by the General Assembly
Of Tennessee, that the Capitol bonds,
amounting to $493, 900; the Hermitage
bonds, amounting to $50, 900; the Agri-
cultural bonds, amounting to 5000;
the bonds held by Mrs. Polk, amount
ing to 500, 900, and the bonds held by
the educational institutions of the State,
upon which interest has been paid under
a resolution of the last General Assem-
IL e fha Cfaf no nd
with the accrued interest, at the rate of
so cents to the dollar, at per cent. per
annum interest.
2. That the Union Bank bonds,
amounting to 1926, 600; the Bank of Ten
nessee bonds, amounting to 1914, 900;
the turnpike bonds, amounting TO $728,-
900; the Hiwassee Railroad bonds,
amounting to $3.50, 900; the East Tennes.
see 81 Georgia Railroad bonds, amount
ing to $144, 900; the LAGRANGE s. Mem
phis Railroad bonds, amounting to $685.
900; all the above bonds, except bonds
belonging to educational institutions,
being bonds of the State debt proper;
and the bonds issued under the Internal
Improvement act of 1852 and amend
ments thereto, known as the ante-war
railroad bonds, amounting to IS, 583, 900,
be settled and funded, with accrued in
terest, at so cents to the dollar, at per
cent. per annum interest.
3. That the bonds funded under the
act of 1868, amounting to 1863, 600; the
bonds funded under the act of 1873
amounting to 81, 1867, 900 be settled and
funded with accrued interest at 33t
cents to the dollar at per cent. per an
mum interest.
f. That the Mineral Home bonds
to 500, 900 and the bonds fun
ded under the act of 1866, supposed to
cover the war interest amounting to 81
246, 900, be rejected and not paid.
5. That the railroad bonds issued since
the war, amounting to 81, 1868, 900 now
with accrued interest, be
settled at the rate of 338 cents to the dol
lar and paid, in the non-interest bearing
treasury warrants of the State, in the
So, $40, $50 and $50,
neatly printed on good paper, which
shall be receivable for taxes and all other
dues to and from the State.
That the bonds provided for in the list,
I'd and Sd sections of this act, shall fall
due at the expiration of 10 years from
the date of their issuance, and shall be
and taken up by the State
at its option, after the expiration of five
years from the date of their issuance.
That the interest On said bonds shall be
due on the first day of January in each
wear, and said bonds with the interest
thereon shall be payable at the Capitol
of the State at Nashville, in the Treas
urer's Office.
6. Be it further enacted, that this
General Assembly act directly upon the
provisions of this act without the inter
ventiOn of a committee to sit after its
Z Be it further enacted, that the Gov
ernor of the State is authorized and di-
rected to cause vote to be taken on the |
first Thursday in August, 1879, within |
the hours prescribed by law for holding |
elections by the people of the State, for |
the purpose of ascertaining whether a |
majority of the people voting are in |
favor of accepting the provisions of this |
act as final settlement of the indebted |
ness of the State, and he will issue his
at least twenty days before |
.he first Thursday in August aforesaid,
TO be published in newspaper in each
county where newspaper is published,
to the lawful officers of the
several counties of the State, directing
and commanding that they open and
lOld a popular election by the legal
fOICiS VI Vic ObbGCy az ouCn pldCCS do dlC
prescribed by law for electing county
officers and members of the General AS
jembly, and under the rules and regula-
ions prescribed by Law for holding such
elections, and judge and clerks shall be
appointed in like manner.
8. That the people at said elections
hall vote upon the provisions of this
Ict, and those in favor of this act shall
write on their tickets Accepted" and
hose not in favor of the provisions of
his act shall write on their tickets 'tNot
ccepted."
9. That this act does not become law
Until it is ratified by majority of the
,oters, voting at the election aforesaid,
nd not until the Governor has called
be General Assembly together to pass
he same after the people have voted
Ipon it, and the majority of those voting
avoring it.
10. Be it enacted, that, if a majority
f the peuDle voting shall ratifV the