Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1883-01-13
FIFTY AND THREE.
Text of the Bill which Will PrOba
be Passed by the Present
LEGISLATURE.
Nashville American.

LEGISLATURE
Nashville American.
The following bill was introduce
in the House on the 9Th inst. ,passe
its first reading, and referred to tn
Committee on the State Debt. Tn
introducer of the bill is Mr.. t. B
Ivie, Chairman of the Committe
ON the State Debt. III this bill i
not passed, the bill which passe
will resemble it in all materia
7 points. MIR. Ivie has consulted
with various other members, ant
the bill is believed to embody tht
sentiments of the House:
A bill to settle the amount of the Publ,
Debt of the State, to fix the rate of interes
thereon, provide for the funding thereof
and the compensation of the officers d
] the State therefor.
Section 1. Be it enacted by the
General Assembly of the State OF
Tennessee; that the bonds c8Inpris-
ing the State debt proper of the
State, as follows:
Capitol bonds .S493, ,O6t
Hermitage bonds. 30, ,O0O
Agricultural bonds $4,000
Union Bank bonds. ...............-.......1 125,00t
Bank of Tennessee bonds. ..A-............ 2l4, ,O0O
Bonds issued to turnpike companies. 74 ,00O
Hiawassee railroad bonds..-. 2S0.O .O00
East Tenn. and Ga. railroad bonds.... la, ,00g
Memphis 4 Lagrange r. R. bonds::.-. $4,000
together with the unpaid coupons
thereto attached, including the
coupons maturing the 1st day of
January, 1888, shall be funded into
| Ccy hn
ing basis: Such, part of said State
debt proper as now bears interest at
the rate of six per cent. per annum
shall be funded by adding to the
sum of the face of the existing bond
the matured interest thereon, evil
denced by the coupons thereto at
tached, including the coupons ma
turing the 1st day of January,
1888, and from the total sum of the
face of the bond and matured inter-
est, evidenced by the coupons at
tached, "a per cent. will be deduct
ed and the remainder funded in
coupon bonds bearing interest at
the rate of per cent. per annum.
Such part of said State debt proper
as now bears interest at the. rate of
| 81 per ceut. per annum shall be
funded by adding to the sum of the
| face of the existing bond and ma
| tured interest thereon, including
the coupons maturing the 1st day
of January, 1888, evidenced by the
coupons thereto attached and from
the total of the face of the bonds
and the accrued interest, 81 per
cent. will be deducted and the re-
maInder funded with coupon bonds
bearing interest at the rate of st per
cent. per annum. Such part of said
State debt proper as now bears in.
terest at the rate of per cent. per
annum shall be funded by adding
to the Gum of the face of the exist
ing bond the matured interest
thereon, including the coupon ma
turing the first day of Janury, 1888,
evidenced by the coupons thereto
attached, and from the total sum of
the face of the bond and theaccTued
interest, 20 per cent. will be. de-
Quoted and the remainder funded
into coupon bonds bearing interest
at the rate of per cent. per annum.
Sec. 2. Be it further enacted, that
the remainder of the public debt
evidenced by bonds outstanding as
follows /: a
Ante-War railroad bonds. .....SS, $500 |
Postwar railroad bonds. ....;......... 63S,OO0
Funded under the act of 1866 ,246,0OO
Funded under the act of lS6S............ 569,OOO
Funded under the act of lS73....-..+-.. $4,000
together with the accrued interest
thereon, evidenced by the matured
coupons thereto attached, including
the coupon maturing Januaryslst,
1883, be funded withgceupUR., bonds
upon the following basis: To the
face of each existing Bond Will be
added the matured interest thereon,
including the coupon maturing the
1st 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 the |
rate of three per cent. per annum.
Sec. 3. Be it further enacted, that |
such part of the before recited debt |
of the State as may have been |
funded under the act of 1882 shall |
be funded under this act upon the |
following basis: To the sum of the
face of each of said bonds Shall be |
added the matured coupons thereto |
attached, including the coupon ma
turing the 1st day of January, 1888,
and tive-siXths of such total amount |
of each bond to be funded into cOu-
pom bonds, and said bonds to bear
interest at per cent. per annum.
Sec. 4. Be it further enacted, that |
all of the existing bonds of the |
State held by educational, literary |
and charitable institutions of the |
State on the 1st day of January,
1882, and the twenty-nine bonds |
held by the widow of James K. |
Polk, are excepted out of this act.
Sec. 5. Be it further enacted, that |
all of said bonds shall bear date the
first day of January, 1888 be paya-
BILE 80 years after the date thereof;
be redeemable at the pleasure of the
State; the interest payable at the
office OF the Treasurer of the State
at Nashville, semi-annually, on the
first day of January and July of
each year. the first coupon to ma
ture July l, 1888, and said bonds
shall be of the following denOnina-
tions: One thousand dollars, five
hundred dollars, one hundred dol
lars and fifty dollars.
Sec. 6. Be it further enacted, that
the bonds provided for in this act
shall be numbered in four series
and distinguished by the several
rates of interest they are to bear,
and the coupons shall be numbered
with the bonds to which they are
attached.
Sec. 7. Be it further enacted, that
when any of the existing bonds
aforesaid are presented to the Comp
troller, then the Comptroller of the
Treasury and the Governor of the
State shall audit and examine the
demand presented, and if genuine,
shall prepare bond to the series to
which the demand may belong, and
when signed by the Governor and
countersigned by the Secretary of
State, and registered in the Office of
the Secretary of State in a we'll
bound book, and the seal of the
State has been affixed and the fund
able bonds or coupons also register
ed in said Office, then the Comp
troller shall take a full memoran-
dunn of both the bonds and coupons
so funded, and cause the same to be
signed by the party demanding the
bond, and then after marking the
issuance of said bond over his sig
nature on its face, shall deliver to
the Dartv aDulyin0. When there is