Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1882-01-07
for this year.

pOIlANONA ACA NlsN StS1AAt fHctIho W. Itl1
city the names of whom we failed
to get.
The most important business
transacted by the Court aud that
in which the public will doubtless
feel the most interest was the report
of the bond committee which was
appointed at the last term of the
Court to take some action in regard
to the Tennessee bonds held by the
county. We give the report of the
committee in full below.
To the Honorable Quarterly Court
Of Montgomery County:
We the undersigned committee,
appointed at the April term of this
court to take charge of certain Ten
neseee bonds, then the property of
the county, with authority to dis
pose of same and use the proceeds
as sinking fund for the reduction
of our own bonded debt, beg leave
to respectfully report that we found
on hand one hundred and thirty
one OF these bonds, with coupons
attached to each from July 1877
being three coupons less upon each
than upon the ordinary Tennessee
bonds which are sold and quoted
upon the market.
After consultation, your commit
tee was unanimously of the opinion
that it was unwise to hold these
bonds as permanent investment,
ard we have therefore sold all of
them at prices ranging from seven
ty-one to seventy-four cents, seven
ty-one cents being the lowest and
seventy-fOur the highest price re-
ceived for any bond-the par value
OF the three missing coupons being
deducted by the PURCHASES in each
case from the ctntract price OF the
bond. The net proceeds of the en-
tire sale after deducting all eXpen-
ses being $S2,O43,67.
We would further report that
since the July term of this court,
we have paid off and cancelled one
hundred and fOrty-one of the fund
ed railroad bonds of the county, be-
ing for one hundred and eighty dol
lars each, and numbered as follows.
THE numbers are here inserted
which we do not think necessary
to publish.
Eighty-nine eff these funded bonds
have been purchased and burned
by previous committees and as the
whole number issued was two hum
dred and thirty-four, it leaves at
present only four outstanding.
These bonds, it will be remem-
bered were issued in 1865 to fund
the interest on the original bonds
that had accumulated during the
war they were payable in fifteen
years and fell due on the lst day of
November last
w Z Io VIC dIoO pun OIluoSd anu Stlti-
celled eight of the original bonds of
the county-being for one thousand
dollars each and numbered as fol-
lows: 243-3-4-17-9-18 go.
The entire amount paid out in
retiring these bonds, original and
funded, has been S33, 4O5,0 leaving
a balance in the hands of the COM
mittee unexpended of $4S, 638,5S.
OF this balance we have invested
$6,5S9,75 in notes taken for the sale
of the old court house property of
the county, bearing interest at 6 per
cent. amt secured by a vendors lein
or the old court house lot on Frank
lin street. The remainder, $42, 048,
50 will be invested in some safe Sc
curities that can be readily convert
ed into cash whenever an Opportu-
nifty is offered for the purchase of
one or more of the outstanding
bonds of the county.
a brief history of how the county
came in possession of the Tennessee
bonds which we have sold may not
be out of place here.
In 1871 the County court and the
Board of Mayor and Alderman of
GAINESVILLE appointed Jas. E. Bal
ley, JnO. f. House and VIM. a.
Quarles as agents and attorneys to
sell the stock of the county and city
in the Memphis, Clarksville and
Louisville railroad. This sale was
effected and as part of the proceeds
the city received forty-tive Tennes-
see bonds of 81 ,000 each and one
hundred and thirty past due cOu-
pons on same. The county received
one hundred and seven Tennessee
bonds for same amount each and
five hundred and eight past due cou-
pons (see minute book for 1ST1-72-
page 654.)
Three of these bonds were after
wards paid as fee TO the attorneys
in the case of Mcclure VS.. Mont
gOmery county, which reduced the
number of bonds TO one hundred
and four, and at the same time it
was contracted that three more
should be paid at the expiration of
the suit. When the funding bill |
of 1873 was passed, the five hundred
and eight coupons above mentioned !
together with those which fell due
upon the one hundred and four
bonds in 1928 and January 1874 !
were funded and the county receiv-
ed thirty new or funded bonds o