Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-01-06
Tex, OF the riny.and.rhree Bill.

The following is the text of the bill in
troduced in the House on Thu rsday, and
which passed its first reading and was re-
ferred TO the Committee on the State Debt.
The introducer of The bill is Mr.. 7. B. Ivie,
chairman of the Committee on the State
Debt. II this bill is not passed, the bill
which passes will reese mble it in all material
points. Mr.. Ivie has consulted with various
other members, and the bill is believed to
embody he sentiments of the Houss:
Bill TO settle the amount OF the Public Debt of
the State, fix the rate OF interest thereon, pro-
vide for the funding thereof, and the compensa-
ton Of the officers of the State therefor.
SECTION l. Be 10 enacted By the General Assembly
S thS S1te Of Tennessee, That the bonds priSing
the State DEBT proper of rne nTaIe, follows:
Capitol 900
Agricultural 1900
nion Bank bonds 125,000
Bank OF Tennessee bonds ............,.. pa. 600
Bonds issued to turnpike companies. 741. 900
Hiawassee railroad bonds........... 2S0, 900
East Tennessee aud Georgia railroad bonds IA 900
Memphis and Lagrange railroad bonds ..... $4,000
together with the unpaid coupons thereto at
tsched, including the coupons maturing the first
day of January, 1888, shall be funded into new
coupon bonds upon the following basis: Such
part of said State debt proper now bears inter-
est at the rate OF per cent. per annum shall be
existing bond the matured interest thereon evil
| denced by the coupons thereto attached, includ-
ing the coupons maturing the first day Of January
| 1883, and from the total sum of the face OF the
bond and matured interest, evidenced by the cou-
| he remainder funded iu coupon bonds bearing
interest at the rate of per cent per annum. Such
part of said debt proper as now bears interest at
c Of the existing Bond the matured Interest
the rst day y Of January, isss evidenced By
| the coupons attached, and from the total of
the face of the bonds aud the accrusd interest, u
per cent will be deducted and the remainder
funded with coupon bonds bearing interest at the
rate of So per cent per annum. Such part of said
| OF S Der cent per annum shall be funded by add
ing 10 the of the face of the existing bond the
matured interest thereon, including the coupon
maturing the first day OF January 1888, evidenced
| by the coupons thereto attached and from the
total sum Of the face of the bond and the accrued
interest," 20 per cent. will be deducted and the re-
| mainder funded into coupon bonds bearing inter
| est at the rate of per cent. per annum.
| Sec. 9. Be further enacted, That tue remainder
OF the public debt evidenced by bonds outstanding
IS follows:
Ante-war railroad bonds. ........... IS 5s3 COO
Fost-wsr ralirosa PONDS. ,6SS 600
FUNDED un9er me act OF 1885,. 2s6 0o0
Funded under the act OF 1873 ........... s67 600
together with the accrued interest thereon, evil
deneed by the mAtured coupons thereto attached,
including the coupons maturing January l, 1888.
be funded with coupon bonds upon the following
basis: To the sum of the face of each existing
bond viii be addeffhe matured Interest thereon,
including the coupons maturing the first day OF
| January, 1888, evidenced by the coupons thereto
attached, and one-half of the total sum of each
bond and matured interest to be funded with
coupon bonds. and said bonds to bear interest at
Sec 5. Be & further esdssd That such part of
tbs before recited public debt of the state as may
have been funded under the act Of 1852 shall be
funded under this act upon the following basis
To thesum of the face OF each Of said bonds shall
be added the matured coupons thereto attached,
Including the coupon maturing the frst day Of
January, 1SsS and five -Gxthz OF such total amount
Of each bond to be funded into coupon bonds,