The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-06-01
MONEY FROM MEMPHIS.
OUR BANKS AGAIN COME TO THE
STATES RELIEF.
State Treasurer Thomas Granted Loan
OF 1900, 900 to Meet the July Interest
on the Public Debt 49, The States
Financial Condition.

Again Memphis bankers have been
called upon TO come TO the relief Of the
State treasury and assist il to meet the
interest Of the bonded debt. Last Janu-
AIRY similar demand was made and the
bankers promptly responded. Yesterday
State Treasurer Atha Thomas waited ON
the banks and requested another loan Of
100000 to pay the July interest on the
State debt, and he was accommodated.
The banks have been complaining lately
Of the stringency in the money market,
but the alacrity with which they responded
TO the request OF Treasurer Thomas shows
that ON proper collateral there is money
sufficient 10 meet most any emergency.
From the following interview with Col.
Thomas 1t will be seen that the finances Of
the State are In excellent condition, and
that with the expected increased assess.
ucnt roll the State will not be put to the
necessity OF asking another loan in order
20 meet the interest on the bonded debt.
Said he: Memphis very generously
came TO our assistance last January, max
ing loan Of 500, 600 for the interest fall
ing due then. All OF this was repaid
promptly during February and March,
except about $4,000 which remains still
outstanding. We cannot go TO the Nash
vile banks, having exhausted the limit 10
which they can 90 under the provisions
regulating national banks, prohibiting the
the loan OF moro than one-tcnth OF paid
up capital 10 one person (the State Is re-
gardod ny an individual in such matters)
with tho loan account Of $685. the
major part OF which they carry.
"Ihe interest on this account has been
paid quadrcnnially, and all current and
extraordinary expenses up TO date except
one $4,000 warrant for additional inn
provements on the East Tennessee hos.
pital for the insane, have been met with
out delay At present we have some
$50 600 in the treasury and are constantly
adding TO IL, but the fact il evident that
We won't have enough to pay the INSTALL
mcnt interest Of about $3.50, 600 falling duo
July |.
We could % 10 New York and raise
this amount, but the funding board, com.
posed Of Gov. Taylor, Comptroller Pick.
ard and myself, who are empowered nm.
der the act Of the Legislature OF 1885 10
effect loans Of this character are DESTROYS,
rs a matter Of State pride, not to 90 out Of
Tennessee for H.
"What is the financial condition Of the
state at PRESENT."
1T is better than for years. We have
every reason to be greatly encouraged ut
the outlook. We hope TO bc able to meet
the January interest without making a
borrow and am sure that we will not have
make one Of moro than 100000 at the out
side
Judging from the receipts OF last year.
and making proper estimate forincrcascd
assessment, which We hope will DE SlOO, %
OOO, 600 in the State, thereby increasing the
revenue between 500 900 aud 500, 900. We
feel confident that by next April not only
the present loan Uan be- repaid, but all
other urgent matters can be met, including
the January interest mentioned.
"During the months Of January, Fcbm-
AIRY and March OF this year over 800, 900 in
taxes came into the office.
eve have funded about 81 500, 600 Of
the State debt proper, nj 100 cents, under
the act 81 1854, aud there u very little moro
outstanding We werc authorized 20 fund
-, llS,"G,?s state 'ch: proper, but about
$500 900 Of this was 80 mixed up with the
railroad bonds aud accumulated interest
account that. according 10 the act Of 1883.
have been aud will be funded into sos
bonds"