Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-07-10

An Intelligent Statement as 10
What il Really IL.
MurfrsesbOro Free Press,

upon the amount of bonds intended to
be covered by them in the platform
and the manner Of payment. Here
with find statement and comments.
First-I shall take up the bonds
owned by educational and charitable
institutions Of the State, the interest
on which has been promptly paid and
appropriations made to pay the interest
to include July LIST, 1882. These are
owned as follows.
Tennessee University at Knoxville
397; Leath Orphan Asylum q; 5. w.
Presbyterian University 50; Mont
gomery county 1874; West Tennessee
College 80; University at Nashville SO;
Knox county IA; Martin Female Col
lege 60; Spencer Hunt fund, Hum.
phreys county 6; making $50 bonds.
No party in Tennessee proposes to
disturb this fund either by scaling the
debt or abating the interest. The
amount of interest paid annually to
these institutions is little less than
$4,000.
Second-the State debt proper is
made up of the following:
Capitol bonds, 493; Turnpike bonds,
738; Hiawasse railroad bonds, $50;
LaGrange & Memphis railroad bonds,
6S; Hermitage bonds, 80; Agricultural
Bureau bonds, Is; Bank of Tennessee,
PA; Union Bank bonds, l25; bonds
owned by Mrs. Polk, 20. Total, 1000.
Which makes, in round numbers,
$2,0O0,00O This is probably correct
is certainly so it the bonds are for
$1,000 each. The war interest to be
excluded (Which is right, just and
proper being % per cent, reduces this
sum at the time Of funding, January
/, 1866, $50U,000, leaving the State
debt proper on that date, including
Mrs. Folks bonds, $l,500,0O0. The
accumulated interest to the first of
January, 1882, would be nearly as
much more. say 81 500, 900, from which
three installments of interest, paid
during the accumulations of Governors
Brown and Porter, and two under the
administration of Governor Brownlow,
will have tn be deducted, which
amounts to 10 per cent, and with the
accumulated interest upon interest,
and the interest upon war interest,
will reduce the debt of 81 800, 900 20
per cent or more, say 100000, leaving
this debt, on the first of January,
1866, 81 100000, with interest at the
rate of 6 per cent to January, 1882,
sixteen years, 81, 152, 900, making the
State debt proper, including Mrs,
Folks bonds, 81, 352, 900 to date. Under
McConnelps amendment, adopted by
the delegates at the convention, the
interest on this sum would run at per
cent per annum, making $70,56O per
annum.
We find from the Comptroller's re
port the bonded debt of the State on
the first of January, 1881, less assets,
was S20,032, $50. Accumulated in
terest from July LIST, 1875, to January
LIST. 1881, less interest paid educa-
tional institutions, Sc 1886, $50; add in
ierest for July. 1881, to January,
1882, less educational, $l,l50,000;
total, $27, 518,700. Take from this
sum State debt proper S2,000,000 and
educational fund $4,000, war inte-
rest on State debt proper 100000,
and the accumulated interest on the
State debt proper with the accumu-
lated interest on war interest on the
State debt proper, since the funding
in 1866, makes $4,000, 900 more, aggre-
eating S5,330,0OO, including educa-
tional bonds This sum taken from
the gross liability az ,5l8, 700) leaves a
balance of $22. l88,700, from which
are to be deducted the following
fraudulent bonds: Three hundred
and fifty bonds issued to the Memphis
& Little Rock RAILROAD, 65 outstanding
issued to the Mineral Home railroad,
20 to the Tennessee & Pacific railroad
200 to the N. & N. w. railroad, which
were misused, and some others not
now remembered, leaving $2l ,533, 200.
This balance by the fourth resolution
in the platform, 80 per cent with
3 per cent interest, was offered
to the bondholders as compromise,
which would be Sl0,766,950. Had the
war interest been excluded as was
done by Lands amendment, which
was reconsidered, the debt would have
been reduced So, 383, 425, which would
have left the amount SIC, $50 1916 to be
paid at 30 per cent being 5000, 1888.
But the amendment being rescinded
leaves the amount $l0,766,S50, with
interest at the rate of 3 per cent per
annum, 1923. 005 so.
If the State debt should be settled
in view of the resolutions of the plat
form adopted, it will stand as fol-
lows:
Educational fund, 100000; State
debt proper, $2,352, 600; balance debt
recognized $40, 534,8O0; total, $l3,7l6,-
800; total interest, $436,044.
This statement is made to correct
unintentional misstatements made by
the supporters Of the platform, and
those opposed to it. Let all good and
true Democrats support the nominee
| for Governor, the gallant Bate, to
defeat the man who gave his judicial
opinion against the enfranchisment OF
$4,000 tax payers and voters of the
State of Tennessee. Il.
The Brightest InteIlects Suffer
Most.
Young men who have led a life OF
excess and dissipation, reforml Give
! tone to the stomach, regulate the liver
and bowels, strengthen the urinary
| nrnnna relieva ihnse dnll naina in the