Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1879-07-19

j Capitol of the State at Nashville, il
the Treasurer's office. The bond
| herein referred to being known anC
designated as follows:
Capitol bonds ..........................S 1890
Hermitage bonds $500
Agricultural bonds 1900
Union Bank bonds. 1850
Bank of Tennessee bondS................ 2l4,00
Bonds issued to the various Turn
PIKE co. 44l00
H1aWassee Railroad 2S0,00
East Tennessee & Georgia r.. r. Co. l44,00,
Memphis & Lagrange r. r. Co... $500
Antewar railroad bondS................. 1883, ,00i
POSTWAR railroad bondS................ 263S, ,00t
Funded under Act 1866 2246 0Ot
Funded under Act lS6S............... go. 569, ,OOC
Funded under Act lS73.................. 4S67, ,00t
Sec. 2. Be it further enacted, That
the proposition to settle the States
Indebtedness, contained in this OF
any other bill that shall pass,
shall not be submitted to the voters
of the State, nor the Legislature
convened, until the Governor shall
communicate with the bondholders
or their Chairman, notifying them
of the action of the Legislature, and
when he shall have obtained the
acceptance of said proposition from
an equal number in amount as now
proposed to take sixty cents on the
| dollar and six per cent. interest.
Sec. 3. Be it further enacted, That
the voters at said election being
/ qualified voters of the State, shall
vote directly upon the provisions
of the first section Of this act, these
voting for the acceptance of the
same having written or printed on
their ticket the word accepted, +"
and those opposed to the provisions
of said section, having written or
printed On their ticket the word
| sReiected," And it shall he the
duty of the Sheriffs of the various
counties Of this State to compare
the votes cast in said election, and
make return thereof to the Governor
and Secretary of State, who shall
compare said vote, and the Gov
ernor shall decide the result when
ascertained, The Governor shall
make proclamation as to the result
of said election when SO asGertained.
Sec. 4. Be it further enacted, That
if there shall be a majority of votes
cast as to said election in favor Of
the acceptance of the provision of
said section, the Governor shall issue
his prQelamatiQn cGpYenipg special
session of the General Assembly fOr
the purpose of enaoting into a law
and providing for the enactment of
the provisions of the first section Of
this act, limiting the time within
which said funding shall be COM
pleted and making such provisions
with reference to the bonds not
funded within that time as such
General Assembly shall enact.
Sec. 5. Be it further enacted, That
inasmuch as the railroad companies
of this State propose to surrender
and give up their charter eXemp-
tiOn from taxation and pay an an
nual tax of 100000, by their writ
ten communication to the Governor,
therefore the railroad companies of
this State shall together, under and
in pursuance of the provisions of
this act, and in order to carry out
the same, annually pay into the
State Treasury, beginning with the
year 1879, the sum of one hundred
thousand dollar, the same to be due
and payable as other taxes are, the
said sum 10 be prorated between
said companies according to their
present or any future assessed valu-
alton, but if at any time the assessed
valuation of their property exceeds
an amOnnt which at any time, un-
der the then regular btate tax levy,
will yield a larger amount OF revenue
than 100000, then said railroad
companies shall be taxed as all
other property may be, said sum of
800, 900 and such sum in excess
thereof paid by said railroad COM
panies to be appropriated to the
public debt.
Passed March %, 1879.
J. r. NEAL,
Speaker of the Senate.
H. p. FOWLKES,
Speaker of the House of Repre-
sentatiVeS.
Approved March 81, 1879.
ALBERT S. MARKS,
Governor.
/, Charles n. Gibbs, Secretary of
State of the State of Tennessee, the
original of which Is on file in my
office. CHARLES n. GIBBS,
Secretary of State.
THE ADVANTAGES OF ACCEPTING
THE COMPROMISE.
A statement showing the amount
that will be saved to the State by
ratifying a compromise at 80 cents
on the dollar with interest at 4 per
cent.
The bonded Indebtedness of the
State is $40, ,22l 300 90
with interest due on the same to
July /, 1875. 4,2Ol, 700 90
Making total debt 428,OOO 90
which If adjusted at SOC ON the
dollar will be reduced to........~ 1921, 900 90
Amount saved in principal. sl2, ,2ll 800 90
To meet the interest on the debt
an annual revenue of........ l,4G5,OOO 90
To meet the interest on the debt
if the proposition is ratified, it
will require an annual revenue
of ......................... 4ss,4GO 90
Amount saved annually in in
SIO,o4O w
Thus it will be seen that by ac-
cepting the proposed compromise
there is saved at once in the way of
principal $12, 2,211 800 90, and in in
| terest annually 1916, $40 90, which,
as against the debt as it now stands,
and if allowed to run on for thirty
years longer, there is saved to the
| State in the way of principal and
interest nearly 81, ,000,000
.