McNairy County independent. (Selmer, McNairy County, Tenn.) 1902-1969, 1913-06-27
FUNDING BOARD
PLAN IS ADOPTED
DEMOCRATIC PROGRAMME IN THE
STATE DEBT PROBLEM WINS.
Quorum Was Not Present When Law,
makers First Met, So Night Ses-
sion L Held-Bill to Amend
Funding Act

Nashville.-The reassembling Of the
legislature Thursday was marked by no
apparent bitterness on either side, but
there was evident all through the day
tenednoy to leave no stone unturned to
secure political advantage over the one
great issue-provision for the state debt.
The leaders on each side worked all day,
but when the houses adjourned near mid.
night the honors were with the ma jor-
ity. They had carried their carefully
planned programme to triumphant fin
ish. There was no disposition among
the majority, led by Baxter and Meat
lister in The senate and Cox, Mcfarland
and Todd in the house, to do anything
that would initiate against the states
credit, but the determination among the
Democratic leaders was to do the work
along Democratic lines. The first steps
in pursuance of this plan were taken at
the Democrats decree. A pleasing fea-
ture of the sessions in each house was
the absence of i'll feeling. All seemed
to be glad to get together again.
In the house a number of bills were
introduced, and one bill, that pertaining
to the registration and taxing of auto
mobiles, was passed,
There was sharp wrangle in the
house over the bill giving the Ladies
Hermitage Association certain Hermitage
lands.
After disposing of the state debt reso-
luton, the Baxter bill, curing the defects
in the former refunding bill, was intro.
duced and passed first reading in the
senate. Then some local bills on third
reading were disposed of and a commit.
tee appointed to see how much the ap.
preparation bill previously passed ex.
ceeded the possible revenues. The puf-
pose is to trim the bill to meet the es-
timated revenues.
When the hour for the legislature's
converting arrived a resolution was ready
for introduction prepared by the state
funding board authorizing an issue of
ing two years as a temporary provision
for the $11 100000 of state bonds due
this year.
In addition to the resolution, an
amendment to the refundng bill, com
ing from the funding board, will be of
fered in the form of an act, which also
includes the resolution providing for a
short term loan and which extends the
authority of the funding board so that
it may issue bonds maturing in 20 years
at rate of interest not to exceed 1.2
per cent instead of 40-year bonds at 4
per cent.
Another feature is "the funding board
is authorized to sell the said bonds at
either public or private sale and in such
manner and upon such terms as, in its
judgment, may be necessary to effect 9
satisfactory sale"
The house assembled at $3.50 o'clock
with about so members present. The first
matter brought up was a message from
Gov. Hooper, in the course of which the
executive reiterated the appeal for the
meeting of the legislature recently IS
sued by the funding board and then went
into an argument why prompt action in
the matter of the state debt was neces-
sary. The conclusion of the reading of
the message was followed by the offer.
ing by Mr.. Mcfarland of a resolution
empowering the funding board to pro.
coed with the making of arrangements
for making loan with which to take
up the debt due July 1.
Mr.. Alternately at once offered a reso-
luton in lieu of Mr.. McFarland's reso.
luton, but it was ruled out on point
OF order.
After some preliminary play the house
consented to hearing the Alternately reso.
luton and after N was read motion
by Albright to table the Mcfarland reso.
luton was voted down by considerable
majority.
The Mcfarland resolution was then
adopted by viva voce vote.
Further sparring followed, but in each
instance the regular programme was car.
ried out.
Later Alternately moved to suspend
the rules to consider his resolution, but
the motion failed; ayes IS, noes As.