Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-03-22
THE TORBETT ISSUE.
Bill introduced by Mr.. League to Ex.
change These Notes Into
Treasury Notes.


The following is the text of a bill
introduced by Mr.. League, which has
passed two readings in the house and
is now in the hands of the committee
on finance, ways and means
An act to provide for exchanging
the notes of the Bank of Tennessee, |
known as "Torbett or new issue"
of the Bank Of Tennessee, into treas
ury warrants. And to amend section |
2, chapter A, of an act entitled an act |
to facilitate the collection of revenue,
passed March 20, 1873:
Section |. Be it enacted by the Gen
eral Assembly of the State of Tennes-
see, That the comptroller of the treas
ury shall Immediately after the passage
of this act be, and he hereby is author
lied and directed to have engraved
non-interest bearing treasury war
rants, on bank note paper, of the de-
nomination of one, two, FIVE, ten,
twenty, fifty, and one hundred dollars;
of each denomination he shall have
prepared one hundred thousand dol
lars, except tens, which shall be two
hundred thousand dollars, and the
entire issue shall not exceed eight
hundred thousand dollars.
Sec. 2. Be it further enacted, That
the comptroller, on receipt of said
treasury warrants, shall file in the
Office Of the secretary Of State his re-
ceipt for the blank treasury warrants
hereby provided for, and in all of his
settlements with the State notice shall
be taken of the amount issued and the
amount on hand. The comptroller
shall enter in well-bound book the
numbers Of the treasury warrants, and
in issuing said warrants he shall record
to whom they have been given, the de-
nomination and number. The comp
troller shall, himself, sign all of the
warrants hereby provided for; said
treasury warrants shall not be signed
until application is made for the same
as hereinafter provided.
Sec. B. Be it further enacted, That
the comptroller shall, on application,
issue in exchange to the holder or
holders Of the notes Of the Bank of
Tennessee, known as the Torbett, or
new issue, the treasury warrants pro-
vided for in the first section of this
act. In exchanging said treasury war
rants the comptroller shall have
stamped on one-fourth of each lot of
warrants issued "for taxes of 1875" >"
on one-fourth for taxes of $780,"
on one-fourth "for taxes of 1881, >"
and on one-fourth for taxes of 1882, )"
unless the quantity exchanged is less
than four dollars, in which case the
issue will begin with 1879. The
treasury warrants thus issued in ex-
change shall be received by all State
revenue collectors for the years desig-
mated for which they are to be re-
ceived, and in the event that the series
| thus provided for, for any one year, is
not presented, then the said warrants
shall be received for the taxes of cur
rent or previous years except for the
taxes of 1878, and the school tax Of
years above mentioned; provided no
exchange shall be made under the
provisions of this act after January l,
| 1880.
Sec. a. Be it further enacted, That
the comptroller shall, in the presence
of the attorney general, secretary of
state and treasurer, or any two of said
officers, cancel within the first ten
days Of January and July of each
and every year all of the notes known
as Torbett, or new ISSUE" which he
has taken in exchange to said time,
? and the officers witnessing the cancel
latioR shall so certify, and the receipt
of said officers shall serve as voucher
to the comptroller, and the packages
of notes thus cancelled shall be sealed
up, aud the signatures of those officers
witnessing the cancellation on said
sealed packages shall be evidence Of
the contents. In payment to the
comptroller for the duties devolvine
upon him by this act lie shall receive
three-fourths of one per cent. en- the
,. amount issued, which shall be paid BY
the treasurer on the warrant of thu
comptroller. The treasurer shall alsC
pay on the warrant of the comptrollel
the expense of engraving the plates
the printing of the warrants and thu
express charges on said warrants
! if the work is not done in the city o
Nashville. The plates shall also bt
g purchased and paid for, if deemed ad
: visable, by the governor, comptroller
and treasurer.
Sec. 5. Be it further enacted, Thar
sec, 2, chap. A, of an act entitled, Al
4 act to facilitate the collection of rev.
{ enue, passed March 20, 1873, b.
q amended by adding: That all revenue
! collectors are hereby directed to re
ceive in payment of State taxes from
each taxpayer, his agent or attorney
paying taxes, the treasury warrants
provided for in this act, issued il
r exchange for the Torbett, or new
T issue, of the Bank of Tennessee.
{ Sec 6. Be it further enacted, Tha
: all acts or part of acts in conflict witt
3, this act be, and the same are hereb
repealed; and that this act shall tax
- effect from and after its passage, tn
# public welfare requiring it.
Sound Suggestions.