Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-02-24
COMPROMISE OF THE DEBT.

Bonds and Accrued Unrest at $50
Per Cent.
The following bill was introduced
in The senate, Mon day, by Mr.. Watson,
OF Davidson
An Act to compromise and settle the bond
ed debt of the State.
Section l. Be it enacted by the gen~
ersi bly, of tue State Of Tonnes
see, that all the legally issued bonds of
| tie State of Tennessee, and all out
standing and unpaid coupons thereon
up to and including those falling due
on the first day OF July, 1881, may be
| funded into coupon bonds of the Sta
Of Tennessee upon the following basis,
| t0-wit:
Section 2. That for each aud every
legally issued bond or coupon present
ed under the provision of this act there
shall be issued, as hereinafter provid-
ed, bond or bonds for an amount
| equal to toe principal of said bond as
presented, t,gether with the past due
IL rest, computed st the rate of So so
upon the hundred dollars.
| Sec. 8 That the bonds lssued ia pur-
| euance of the provisions Of this act
sail bear interest st The rate Of So 80
upon the enc hundred doilars; shalt be
dated upon the fret day of July. 1881,
and shall be styled the compromise
bonds of the State of Tennessee. SAID
ooLd5 snail be numbered from one to
-, ami shall be of the denominations
of 81 0G0 $500 5000 and 800, as the
parties apply ny may desire, with cou-
po. 8 attached thereto, payable sem,-
annually, on the first days of January
and July of eacn year, from and in
Guiding the fret day OF January, 1882,
to the maturity Of the bonds, having
- years to run from the Fl rst day of
January, 1882 and redeemabie at any
time, at the option Of the State.
Sec. 4. That the cupons on said
bonds shall, on and after their maturi>
ty, be receivable in payment of all
taxes and other debts due the State,
aud the came shall be printed on their
face. The said bonds shall be in form
substantially ss follows:
c ,MPROMISE Bonds OF THE STATE OF
. TENNESSEE.
Know all men by these presents,
that the State Of Tennessee hereby
promises to pay. on the - day Of =.
3 at the office of the treasurer of the
State 10 the city of Nashville, Tenn.
the sum of - dollars ia the lawful
{ money Of the United Slater, with ill.,
terest 1t the rate of So so upon the one
hundred dollars, payable semi-annu
( al y on the first days of January and
July Of each and every year, until the
principal shall be paid, as evidenced
by the coupons hereto attached. For
the punctual payment of which, prin
cipal and interest. the faith, credit and
8 honor of the State Is hereby solemnly
q pledged. TIE coupons of this bond
shall, on and alter their maturity, be
8 receivable 10 payment of all taxes and
other dettj due the State of Tennessee
This bond, with its coupons, is issued
9 in pursuance of and under the act o.
r the general assembly OF the State o
: Tennessee, entitled an act to com.
It promise and settle the bonded debt oil
3 the State, approved the - day of -
e 1881.
g LII witness whereof, I -, gov
}. ernor Of the State of Tennessee, hav.
T hereunto signed my name officially
e and caused the same to be counter
q signed by the secretary of State witt
Q the great seal of the State aft liked.
n Done at the executive department
It in the city Of Nashville, this first da,
d of July, 1881.
" Provided, that nothing in this &C
a shall be go Constructed as to apply t
Ii toe bonds constituting the permanen
as school fund of the State.
X Sec. 5. That when any Of the legal
issued bonds of the State, or coupon
now Outstsnding and unpaid, are pre-
he sented to the comp troller for fundin,
under this act, the comptroller an
~ governor shall examine and credit to
nj same, and, if genuine. shall prepare
compromise bond or bonds, rs ma
g 81,
20 when said bond or bonds shall hav
- been signed by the governor, coun
OF tersigGed by the secretary of State l.
~ a well bound book, and the seal of tn
Wv State affixed thereto, and the origins
be bond or bonds also registered in sal
r office, then the comptroller shall MAX
VI full mel .randum of the bonds an
a. coupons so funded and cause tue sam
to be signed by the party demandiD
"a. the compromise bond or bonds an
IT. deliver said compromise bond {
y, bonds to the party applying f,
nd the same. La funding under the pr
M visions of this act, the State shall N
receive or account for any fraction
al bond or coupon in excess of the bon
demanded; and if the amount Of tt
bond or coupons presented to
oh funded be less by fractional part of
coupon than the amount of the Dor
're demanded, the party applying ms
ke pay tie same in currency.
Sec. 6. That it shall be the duty
al, the comptroller, i'm ediately upon tt
bo receipt of the original bond or bond
and the issusnces of the CONFRONT
;he bond or bonds, to cancel said OIL in
.bo bond or nds, after registering tt
'no same in canceling book kept for tn
purpose, and report tue same as sol
as practicable to the general 8
sembly. The manner of canoe
ln' ing said bonds shall be by cutting o
m. the names Of the governor and 9. or
tary of State subscribed thereto, al
gu so defacing each coupon that it cam
of by any possibility be there a ter Us
or circulated. The comp roller sh,
OF submit his books with the cancel
III bonds and coupons. on the first of ea
''n month, and as often as required.
ZEN the governor, who shall examine al
verify them with the bonds and co
10 pons issued under this act, and cert
mt the result of such examination to
comptroller, who shall transmit t
AN same, with his report, TO the next &c
le- eral as emily.
Sec. That, as soon as practical
10 after the passage OF this act, thu
the shall be prepared under the governo
direction, sufficient number of we