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

4otal COupOhb hu4 AutCiSob AuuuCuS 1fOUott1< 80
1t will be seen by the above table that
Sd, 00S, 512 n, nearly one-third of the whole
amount funded in bonds under the sixty-and-
six act, was the funding of coupons-(inter-
est)-into bonds; and THAT $339,000 of
those coupons 40 funded were detached, and
not part Of the Interest that belonged to the
bonds thus funded.
INTEREST DEFAULTED SINCE 1875.
1875, since which time no interest whatever
has been paid on any Tennessee bonds, only
those belonging to educational and charita-
BILE institutions and to Mrs. Polk. This was
done by special authority of Legislative
enactment. 1t is also further shown by the
recent report of Comptroller Nolan, one semi
annual payment OF interest, amounting TO
Sl20 ,405, due July, 1882, and of interest on
same for January, 1888, was paid by Treas
urer M. T. Polk, and - on January,
1888, interest on bonds funded under act
above referred to, of 18th of May, 1882
| This payment was from funds not collected
| for that purpose, but out of funds previously
| in the treasury. The act approved April 6,
1881, popularity known as the oue-hundred-
and three act, was rendered inoperstive and
void by legal process and final adjudication
before any funding took place. The act of
10Th May, 1882, known as the ,sixty-three-
| four. 6ve-and-six act, as already stated, did
| go into operation without hindrance, and run
| Its full legal course, with only partial re-
suits. As current history and subsequent
events have shown, not one of these five fund
ing acts seems to have grown out of an ex.
preston of the will of the people, or was ac-
quiesced in by them after passage.
HE PEOPLE DETERMINED TO SETTLE N
| THEIR OWN WAY.
The people of Tennessee seeing constant
and Systematic efforts to foist upon them
laws touching the State indebtedness, that
we're unjust and distasteful; end having wit
messed with regret and modification the
schemes and practices of corrupt spectators
and lobbyists, as they heartlessly preyed
upon the crippled credit Of the State, took
the matter in their own hands, as they ought
and had a right to do, and for the first time
have expressed their will through the ballot.
box, on the 7th of last November, to tender
terms of settlement of our Indebtedness &c
the creditors of the State. which, under al
the circumstances, every disinterested and
right-thinking man must regard as just and
honorable to all parties concerned:
The people have unmistakably declared
the extent to which the obligation of the
bonded Indebtedness, with due consideration
| OIL our eQuitico III tho BiCL1AeCr, " "
recognized and the burden of taxes they ar
able 10 bear, 10 pay the same. also under
stand that you have been chosen to tender I
settlement in the form of definite legisls
tive enactment, according to the judgmen
and will of the people of Tennessee, a
recently expressed. This is the first tim
the taxpayers have spoken out through tn
ballot-boI in favor Of settlement of GU
debt at a given amount.
THE CONTINGENT AND THE STATE DEE.
: PROPER"
: Without burdening you just here with Al
itemized statement, it is sufficient TO knsy
that our bonded Indebtedness, principal an,
interest, is nearly $4,000, 900; portion Q
which was authorized TO be created as earl
az 1888. Soon after the passage of the &C
} of 1852. out of which grew the railroad deb
there being two distinct obligations, tn
debt was classified by the comptrollers int
two separate and distinct classes-th
{: Estate debt proper" and the "contir
gent" debt-meaning by State det
proper, the debt created directly 70
property and State purposes, and no in
te mediate obligation existing, and depend
. ent on no contingency. This classification
{ | or in substance this, was uninterrupted
J employed By our comptrollers until 1s7;
| when it was abandoned by Comptroller job
. C. Burch. 1t seems that Col. Burch neithe
denied nor misunderstood this classification
, but that he abandoned it solely on accour
OF the funding act OF 1873. In his report
) the Thirty General Assembly he STATE
, that since the funding act Of 1873 he deem
, the classification of the bonds into registere
' new funding bonds TO be the most conveniei
classification. In 1879 joint commits
t was appointed by the General Assembly
|, investigate and report .what amount OF Il
!. bonds outstanding against the State of Tel
4 uessee, when issued, were part OF q
n were railroad bonds, as they we
II distinguished in all Official report
e messages, etc., up to the late war, and VII
!, part are post 6ellam bonds" The commits