Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-03-12
THE STATES AFFAIRS.
Savage's Majority Report from the FL
nance Ommittee-SamselPs Minor
ity RepOrt-The Taxing-District
Amendments Adopted
State Board of Health.
Text of Judge Clapp'5 High ChaHcery
ill-Representatiye ROOsa's Speech
FaVOriug the Exemption OF Man.
ufacturing Machinery from
TaxatiOn-Press Com
ments-Etc.
Special to the Appeal

Special to the Appeal
NASHVILLE, March 11.-Senate--Mr.
Ciapp presented a memorial from citizens
and members of the Memphis bar, protest.
ing against judicial redlstrieting.
Mr.. Savage presented the following report
from the majority OF the finance committee:
The committee reconmends that the capt.
tai, H rmitsge and agricultural bonds, and
the bonds held by Mrs. Polk and the 6onds
held by the educational institutions OF the
State, upon which the interest has been PAID
under the resolution OF the last general assem-
bly, be settled and funded with accrued inter
est at the rate of sixty cents on the dciiar,
at four per cent interest; that Union bank
bonds. Bank of Tennessee bonds, Turnpike
bonds, Hiawassee tairoad bonds, East len
nessee and Georgia railroad bonds, Lagrange
and Memphis bonds, and bonds known as
ante-war railroad bonds, be funded with ac-
crued interest at fifty cents on the dollar,
with four per cent. interest; that the bonds
funded under the act of 1868, and the bonds
funded under the act Of 1873, be funded at
the rate of thirty-three and one-thIrd cents
on the dollar, with four per cent. interest;
that the Mineral Home bonds and the bonds
funded under the act of 1860, supposed to
cover the war interest, be rejected; that
the railroad bonds issued since the war
be paid in non-interest bearing treasury war
rants of the State, at the rate Of thirty three
and third cents to the dollar, with accrued
interest, in denominations OF five, ten, twenty
and fifty dollars, receivable for taxes and all
other dues to and from the State. 1t is further
recommended that the general assembly act
directly on the subject matter, without the
Intervention of q committee to sit alter It's
adjournment" The committee were not
unanimous in reaching these conclusions re-
ported, nor have they agreed on the precise
| terms of submitting the proposition to the
people.
A bill covering the above views was intro
| duced and was made the special order for to-
| morrow.
| Mr.. Samsell, as one of the minority of the
| finance committee that dissents from the ma
| iorlty, reports that there ought to be no dis
| elimination made between the bondholders
| and preferred creditors; that tie bonds cut
| standing are all written evidences or The
| States Indebtedness, and contain solemn
promise to pay. The majority insist thai
there is but one proposition from the bond
| holders, which one is known as the sixty
lent prof. ositioD, with SIX per cent interest
nor IS there any assurance that any othel
| will be accepted by the bondholders, and any
scaling of the debt without their consent l;
| repudlati0n and, as further reason, thai
the State has heretofore twice funded eacf
series Of bonds alike, with the interest there
on, and Is, therefore, now preciuded iron
making any such discrimination
Mr. Byrd said he would ask the privilege o
making minority report to- morrow.
The house bill to amend the act establish
ling the Taxing District Of Memphis, so as t
provide for the levy of privilege and othe
lakes, passed upon its thiId reading. In
senate bills for regulating appeals hereatte
from inferi-r courts to the supreme court
and regulating the business of the supren
court. and repeating the charter OF Somer
Vile, were passed on third reading.
House-The house bill to apply the Law
prohibiting the sale of Intoxicating liquors
within four miles of educational institution
to towns having a population OF two hun
dred and twenty-five, and towns haVln
! larger populations, where no policemen ar
? kept constantly on duty, passed on thlr
reading.
An amendment. by Mr.. Maccabe, that Tia
, provisions of that bill should not apply to to
> Taxing District, 'Oas promptly U0tef dorm.
, |. John W. Gates, sr., OF Madison county
, was elected entry taker for the western di:
1 | tfict.
f The bill to amend an act creating a Stat
4 | board of health, introduced by Representa-
: | tive Smith, passed on third reading.
4 The senate bill to collect and dispose OF tt
= taxes assessed for municipal corporations
. this State whose charters have or may be II
pealed, or which may surrender their cha
ters, and to provide for the compromise an
make settlement of the debts of such extin
municipal corporations, respectively, passt
second reading.