TENNESSEE. 



727 



of age. Ho was successful so far as the dry- 

 goods business was concerned, but involved 

 himself heavily in the establishment of print- 

 works, and the manufacture of cottons. In 

 1827 he removed to New York and became a 

 member of the firm of Arthur Tappan <fc Co., 

 which his brother had started some years be- 

 fore. In 1828 the two brothers established 

 the Journal of Commerce, which, in 1829, be- 

 came the sole property of Lewis. In 1831 he 

 sold it, after establishing it on a paying basis, 

 to Messrs. Hale & Halleck. In 1833 Lewis 

 Tappan and his brother Arthur became identi- 

 fied with tlie antislavery movement, and were 

 for years subjected to great obloquy and per- 

 secution in consequence. Lewis's house was 

 sacked, and his furniture destroyed by a mob 

 in July, 1834; and at other times, both he and 

 his brother suffered personal violence at the 

 hands of the mob. In 1837, at the time of 

 the financial crisis, the firm of Arthur Tap- 

 pan & Co. failed, with liabilities for upward of 

 $1,000,000, which were afterward paid in full. 

 Not long after, Lewis Tappau withdrew from 

 the firm, and established tlie first mercantile 

 agency in the country, long known as Tap- 

 pan's, which he conducted successfully for 

 many years. He had the most prominent part 

 in the founding of the American Missionary 

 Society, the Antislavery Missionary Organiza- 

 tion for both Home and Foreign Work, the cir- 

 cumstances of whose origin are too well known 

 to require recapitulation. For many years he 

 was its treasurer, and devoted much time and 

 money to its advancement. Afterward elected 

 its president, he held that office till 1866, when 

 impaired hearing induced his resignation. He 

 had been for some years a member of Plymouth 

 Chapel, having left the Presbyterian Church 

 for the Congregationalist about 1840. In 1871, 

 his "Life" of his brother, Arthur Tappan, was 

 published in New York; he was struck by 

 paralysis for the first time just as he had sent 

 the sheets to press. 



TENNESSEE. The Legislature of this 

 State, which had been in session since the 

 early part of January,- adjourned on the 25th 

 of March. 



The most important measure that occupied 

 the attention of that body at this session was 

 the bill " to fund the past-due bonds and 

 coupons of the State, and to sustain the credit 

 thereof." By this act it was provided ' that 

 all the outstanding, legally issued bonds of the 

 State of Tennessee, due or to become due, 

 before the 1st day of January, 1874 (as well 

 as all past-due coupons, and coupons maturing 

 on or before the 1st day of January, 1874), 

 may bo funded in 6 per cent, coupon bonds of 

 the State of Tennessee, to be styled 'the new 

 series of funding bonds,' redeemable, at the 

 option of tlie State, after July 1, 1874, and 

 dne and payable on the 1st of July, 1914, and 

 !.."!ring 6 per cent, interest, evidenced by 

 cnuporn ntt:iclicil. payable semi-annually, on 

 the first days of January and July in each and 



every year, from and including the 1st day of 

 July, 1874, to the maturity of the bond." 



The third section provides " that the faith, 

 honor, atul credit of the State of Tennessee is 

 hereby pledged for the payment of said bonds 

 at maturity ; and for providing a sinking fund 

 for that purpose ; and for the prompt payment 

 of the interest on said bonds, as well as the 

 interest on the registered bonds hereinafter 

 provided for, commencing with the interest to 

 fall due on the 1st day of July, 1874. And it 

 is hereby made the duty of the Treasurer of 

 the State to set apart for that exclusive pur- 

 pose so much of the revenues as may be neces- 

 sary to pay the interest on said bonds, com- 

 mencing with the interest that falls due the 

 1st day of July, 1874: Provided, nevertheless, 

 That the coupons of bonds owned or held in 

 trust by educational institutions within this 

 State shall be paid and not funded; those 

 past due as those not yet due, as they become 

 due. And if those institutions elect not to 

 fund their bonds, they shall, nevertheless, be 

 entitled to their interest at maturity; and, 

 provided further, that preference shall be 

 given to the interest on the school-fund as pro- 

 vided by law." 



The permanent school fund of the State, 

 amounting to $2,512,500, heretofore dedicated 

 to the purpose of common schools and free 

 education by the State constitution, together 

 with the unpaid interest thereon to January 1, 

 1873, is to be funded into one bond or certifi- 

 cate bearing 6 per cent, interest, payable 

 semi-annually by the State Treasurer upon the 

 warrant of the Controller. 



No coupon or bonds not now due, however, 

 are to be paid other than those coupons fall- 

 ing dne on and after January 1, 1874 ; " and 

 only such coupons of said bonds maturing after 

 that time as shall be presented to the Con- 

 troller, who shall examine the same; and if 

 found to have been issued according to law, 

 shall be registered, and the registration prop- 

 erly indicated thereon by him ; and the Sec- 

 retary of State and the Controller shall each 

 receive for each bond registered under this 

 act the sum of fifty cents, to be paid by the 

 party presenting said bonds for registration." 



The twelfth section provides " that the 

 bonds and coupons thereto attached, issued by 

 authority of the General Assembly of the State, 

 in compliance with law enacted and in force at 

 the time of their issuance, whether they were 

 issued previous to the 6th day of May, 1861, 

 or subsequent to the reorganization of the 

 State government, on the 3d day of April, 

 1 865, may be funded or registered according to 

 the provisions of this act: Provided, That all 

 bonds and coupons thereto attached, issued by 

 the authority or pretended authority of the 

 General Assembly ; or by the authority or 

 pretended authority of any body or assem- 

 blage of men pretending or claiming to be 

 the General Assembly of the State of Ten- 

 nessee, from and after the 6th day of May, 



