History of Tennessee, its people and its institutions . e.— Upon the strongrecommendation of the governor, the Legislature enacted a law for thefunding of the State debt, which proved to be the final adjustment of thevexed cjuestion. The first part of the act consists of a preamble, settingforth the considerations which influenced the Legislature, definingthe difl^erent classes of bonds, and the valid-ity of the several classes. The act then /^*^**^-provides for settling the State debt proper,in full, including principal and accrued in-terest, except interest which accumulated V _^during the f
History of Tennessee, its people and its institutions . e.— Upon the strongrecommendation of the governor, the Legislature enacted a law for thefunding of the State debt, which proved to be the final adjustment of thevexed cjuestion. The first part of the act consists of a preamble, settingforth the considerations which influenced the Legislature, definingthe difl^erent classes of bonds, and the valid-ity of the several classes. The act then /^*^**^-provides for settling the State debt proper,in full, including principal and accrued in-terest, except interest which accumulated V _^during the four years of the Avar. Thebonds issued in funding this portion of thedebt were to bear interest at the rate of theoriginal contract. The State debt properincluded the indebtedness, the validity ofwdiich was admitted by all, and embracednine classes of bonds, as enumerated in the act, and amounted, exclusive of interest, to Gov. William b. bate. $2,118,000, as follows: Capitol Bonds , $493,000 00 Hermitage Bonds 00 Agricultural Bonds 18,000 00. Hawkins to Buchanan. 267 Union Bank Bonds $ 125,000 00 Bank of Tennessee Bonds 214,000 00 Bonds issued to Turnpike Companies 741,000 00 Hiwassee Railroad Bonds 280,000 00 East Tennessee and Georgia Railroad Bonds 144,000 00 Memphis and LaGrange Railroad Bonds 68,000 00 Total $2,118,000 00 It was charged that a portion of the remaining indebtedness wastainted with fraud, another portion was ihegall^y issued, another portionwas chargeable with equital^le offsets. It was, therefore, provided thatthe remainder of the indebtedness, inchiding principal and accruedinterest, should be funded into bonds for one-half of the principal andaccrued interest, said bonds to bear interest at three per cent, and to bepayable in thirty years, but redeemable at the option of the State, afterfive years. These provisions applied to five classes of l^onds, enumer-ated in the act, and amounted, exclusive of interest, to $18,903,000, asfollows: Ante-war
Size: 1847px × 1354px
Photo credit: © The Reading Room / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bo, bookcentury1900, bookdecade1900, bookidhistoryoftenness00garr
