Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-03-11
THE ToRsETT ISSUE.
BILL PRESCRIBING THE MANNER OF ITS Re
DENPTION BY THE STATE.


DENPTIoN BY THE STATE.
The following is Mr.. Thompson's bill for
the redemption of the Torbstt lsstle. 1t was
introduced in the Senate on Friday, and
passed first reading aud was ordered printed
SECTION l. Be it further enacted by the General As
senlbly Of the Slate Of Tennessee, That the notes and
bills issued by the Bank of Tennessee after the 9th
OF May, 1861, and known as new issue and Torbett
issue shall hereafter be receivable, and The comp
troler and treasurer are directed to receive said
money in the payment of all judgments IN favor
of the State that may now be outstanding on any
Sec. z Be it further enacted That all back taxes,
and other dues to the State that may have matured
previous to January !, 1882, may be paid in the
new and TOrbett issues of The Bank of enne see,
except sum sufficient TO pay all cost in any way
incurred in the collection of said taxes, dues to
the state, which shall be paid in lawful money of
the United States, that the net amount only
due the State shall be paid in said new-issue
money.
Sec 8. Be il further enacted. That hereafter TWEEN
ty per cent. of all taxes and dues to the State an
nualy, including unpaid taxes for 1852, may be
paid in the new and orbett issues of the Bank of
Tennessee, but no one indebted to the State for
taxes, or upon any account, shall pay more than
this act.
Sec. /. Be it enacted, That the comptroller,
treasurer and secretary of State shall constitute
Board of Examiners, whose duty it shall be to
have the new issue of the Bank of Tennessee eI-
amined, tested, and when found genuine shall
stamp the same with an instrument procured for
that purpose, so that the word genuine" and the
names OF the members OF the Board of Examiners
shall be impressed upon each note and bill, and
unless said money is stamped 1t shall not be re-
ceiVable by the othcers OF the state Tor any pur-
pose.
Sec 5. Be Il further enacted, That said Board Of
Examiners shall employ some competent expert
to critically examine said new issue OF the Bank
of Tennessee, to aid them in determining whether
the same is genuine or spurious said expert to re-
eeive q compensation not to exceed $3.50 per
month for the time actually SO employed, to be
paid out of the treasury upon the warrant OF the
comptroller based upon the certificate OF the
governor.
Sec. 6. Be ii further enacted That bills of a less
denomination than 81 and notes issued after the
plates of the Bank OF Tennessee were removed
from the State. shall not be recognized under this
act received by the officers OF the State for any
purpose.
Sec. T. Be il further enacted, That said Board OF
Examiners shall receive as compensation for the
work imposed by this act fifty cents each for every
$1,000 stamped as herein provided to be paid out Of
the treasury upon the warrant of the comptroller
ba sed upon the certificate of the governor.
sec. s.. Be IL further enacted, That said Board oil
Examiners shall keep a full record of all the new
issue notes and bills Stamped by it under the pro
visions of this act, showing the date, number
amount, by whom sgue1 as president and cashier
and by whom presented for examination.
Sec. Be IL further enacted, That this act shall
take effect from and alter its passage the pub il
welfare requiring it.