The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-06-19

Security bank .... 1900
Manhattan ........,. b'N
state savings 6tD
Mechanics bOJ0
Totll......,....... ...,,.......S2JOV9O
Gov Taylor left for home last night, but
Comptroller Pickard will remain until after
the meeting this afternoon. A reporter Of
the Nashville american had an interview
with Comptroller =. L. Pickard day or
two ago relative TO the State debt and the
general condition OF Tennessce's financial
affairs. In response to a question rs 10
how much the State would have 10 pay on
the July interest account, Comptroller
Pickard said:
eve now owe, in round numbers, $780,
600, and there is no question whatever in
my mind but we will be able TO pay every
dollar OF it, and chat which we may Dor
row for January next by the first OF next
March. ! expect 10 60 out Of Office myself
on March !, 1882 and | am going to work
for that point, and have no idea OF being
deceived about the payment OF the debt.
From what hear from the various coun-
ties, the tax valuation OF the property for
1883 viii be increased Sl00O00,000 over
that Of 1887 This will make a total valua-
ton Of S32j, 100000, against S22j, 0O0,0J0
of that Of last year.
"The amount Of taxes which will be re-
ceived on the tax valuation Of property for
this wear will, in round numbers, reach
100000 against 5000, 900 for 1857.
"The grand total receipts from all sources
from the year 1883 win be 81, 100000, and
having paid 81 100000 in the redemption
az the rorbctt issue and the old Bank Of
Tennessee notes, that amount will be re.
cCiyCd In cash.
Notwithstanding the fact that the State
has TO borrow little money Tennessee is
today in better financial condition than
II has been since the war.
'ln saying this ! am not talking for
mere bunc0mbe, but am speaking an UNI
con,royertble fact which can be fully sub
Stimulated"
"When do Won think the State will be
able 10 have q sinking fund with which 10
commence calling in the bonds?"
ANY estimate Is that we will have ac-
cumulatcl sinking fund in 1889 Of at
least 10000 with which tocOmmcnce the
redemption Of 6 per cent. bonds, rs pro-
vidcd lor in the act Of 1883, aud the same
amount every year thereafter, provided
the legislature viii not change the rate Of
taxation, which is 80 cents on the 500
worth Of property.
"ln addition to taxing up the Torbett
Hrui anu AAlt NlAA ANAiAN7f'N hah" 49,
81 zoo, 000-we have paid out IN cxiraor-
binary EXPENSES 500 700 In the build
ing OF the East Tennessee insane asylum
and 100000 In the building OF that for
West Tennessee. This expense Is not to
I've incurred eny more, II having been
gotten out Of the way entirely. Besides
these amounts we have paid out In incur
rent expenses $4,000 for the New Orleans
exposition, $4,000 in the redemption OF
Mineral Home railroad bonds and so. 600
for codes distributed to magistrates
throughout the State. Add up these sew
eral amounts and you will find that We
have paid out total Of Sl,bS0,000. This
amount has, therefore, already been set
tied.
eve have already paid, up TO the 10th Of
June, the amounts due 20 the Insane asy-
lum and the Blind and Deaf and Dumb
schools"
"what Is the total bonded indebted.
ness2"
"Ncarly all the old bonds have been
funded and / would say that, In round
numbers, the bonded Indebtedness il SlI,-
0O0,OO0, Of which 81 100000 il In skies,
$4,000 In fves and sl2,joOOOO in 3pcr
cents
"Tho act Of 1888 provides that the comp.
trollcr shall call In the bonds after July l.,
1858, when there Il q surplus In the treas.
ury, commencing with those 10y regular
numbers, and after the call shall have
been made aud the numbers called Tor
- shall not bc presented within sixty days,
the interest shall cease at the end Of that
time
"whcn will the taxes for 1855 be received
into the treasury
SIN next January and February"
Then the state will have ~ 100000 nj
her disposal?"
eyes, air, ath will thus be enabled 10
easily pay oil rs borrowed indebtedness
and have 10000 In money In the
treasury with which 10 commence the nc.
demption Of her per cent bonds, IN nc.
cordancc With the act Of 1883.
TO sum II all up, the State Is In Fplcn.
did financial condition, the people are
prosperous, the crops were never better,
and Tennessee is now on the high road 10
the redemption Of her bonds aud thus stop
the interest Of those which may DC called
In from year 10 year"
"You have all the bonds classified,
@PPosc?' ,,,,,,
work been done that We only have TO turn
90 our books 90 give anv information that
my w hAnAAih NNhANAAtAih hA'fa NtfsalshNf
ton"
In q talk had with Assistant State Treas.
urcr House by the same reporter Sunday
afternoon, he said that he had just returned
nj noon from Chattanooga, whittier lac had
gone 10 negotiate plan Tor the state with
which 10 pay the July interest ON Tcnncs.
ace bonds. lie said that he felt assured
that the Chattanooga National and the
Firsi National banks would loan the State
$4,000, divided between them, and that
the four knuNy national banks would
loan Il 5000 There would be NO
difficulty In fyy.dpg what was wanted,
but Il was thought best 10 obtain Il In the
State In preference TO borrowing Il outside
oil Tennessee.
Mr., John Armistead, shrcwd and In
tclllscnt business man and director In Of
more Of the local banking concerns, wai
inclined 10 doubt that the loan would be
effected, but previous 10 the meeting he
sRtcd that an approaching contingency
would probably forbid. The banks, he
A. A III