Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-09

are yet in their original form. Under the
act OF 1866, the FIRST funding act in Ten
nessee, there were funded 497I 900 bonds,
and 20 far as the act itself, or the legislative
Journal shoF, il was not passed at the request
| or by the consent of the creditors of the
State. One of the principal objects of this
act seem TO have been to pay the war inter-
est on our bonded Indebtedness by issuing
bonds therefor, and to give consent of the
State for holders to convert five and i've and
one-fourth per cent. into six per cent. annual
interest bonds. Besides these bonds of about
that date there are outstanding $647 900 of
bonds, which are denominated renewals !"
the exact nature of which, and cause of issu-
ance, l am unable TO define, unless it be
they were issued under the frat section Of
the act authorizing the issuance of bonds in
place of deiaced and muiilated bonds. I'm.
der the act Of 1868, which seems to
have been passed, in part, as a continue
tion Of that of 1886. there were issued
$4,000, 600 of bonds bearing interest. When
these acts OF 1866 Sc and 1868 were passed
and put in operation, a large majority, if
not three-fourths of the voters and tax
payers in Tennessee were denied the right TO
vote or hold Office. In 1873 the Legislature
passed another act, known as the Funding
Act, under which various classes and kinds
OF our bonds were funded, and bonds issued
for pastdue interest upon them, the whole
amounting to $685., 900. So Objectionable
was this to the people, that at the ensuing
Legislature, all provisions for the payment
OF interest under this act were repealed, and
have never been renewed.
THE oNE.HUNDRED.AND.TH THREE AND SIXTY
AND-sN ACTS.
An act 10 fund The State debt in bonds at
100 cents on the dollar, and three per cent.
annual interest, was passed by the Forty
second General Assembly, and became law
on the 9th day of April, 1881. Before this
was in full operation il was thrown into the
courts by injunction, and finally declared by
the Supreme Court unconstitutional and
void, hence no bonds we're Issued under this
act. The same General Assembly which
passed the one-hundred- end-thre act was con-
vened in a third extraordinary session, and
its lsbors during this extra session, on the
18th day of May, 1882, resulted in the sixty
three-four. fve-and-siK act, known as the
Sixty-and-Six Act, authorizing the payment
Of sixty cents on the dollar and three, four,
Eve and six per cent. interest. This act con-
tains the following:
SECTION 8. Be IL further enacted, That the
funding under this act shall cease after the
LIST day OF January, 1885,"
This requirement for the bonds TO be
funded under it by the 1st of January, 1888,
leaves all those bonds not SO funded under ii
unprovided for. The machinery of this act
vas put in operation Immediately after its
passage, but fell short of its aim, as the re-
cent report of Comptroller James n. Nolan
showss that the owners OF more than one
half OF the outstanding bonds, invited 10
avail themselves of this act, declined to do
30. 1t has ceased operations by its own
terms without fully accomplishing its object
There is said to have been funded under this
act Sl3, 1905 l2 II, made up of the following