TENNESSEE. 



831 



bonds of the State of Tennessee, except the bonds 

 issued for the permanent school fund, and except the 

 bonds held by educational and charitable institutions, 

 and all outstanding coupons thereon up to and mclud- 

 ing those falling due on the first day of Julv, 1881, be 

 capitalized and funded into coupon bonds of the State. 

 to be styled " The Compromise Bonds of the State of 

 Tennessee" 



SEC. 2. 'Be it further enacted, That for each and 

 every legally issued bond of the State of Tennessee, 

 or coupons, presented to the Funding Board herein- 

 after provided for under the provisions of this act, 

 there shall be issued a bond or bonds for an amount 

 equal to th 3 principal of said bond so presented, to- 

 gether with the pasVdue interest thereon. Said bonds 

 Authorized to be P issued under the protons of this 

 act shall be dated on the first day of July, 1881, and 

 shall be payable ninety-nine years after their date, 

 but the same shall be redeemable by the State at any 

 time after the expiration of five years from their date, 

 at the pleasure of the State ; shall bear interest at the 

 r^eo/three percent per annum, pavablesemi-annu- 

 allv on the first days of January and July, in the city 

 of New York- shall have coupons of interest attached 

 to each of said bonds; and for the punctual payment of 

 the principal and interest of said bonds the faith, 

 credft, and honor of the State are hereby solemnly 

 pledged. 



SEC. 3. Be it further enacted, That the coupons on 

 said compromise bonds, on and after their maturity, 

 shall be receivable in payment for all taxes and debts 

 due the State, and said coupons shall show upon their 

 face that they are so receivable. 



SEC. 4. Be it further enacted, That said bonds shall 

 be in denominations of $50, $100, $500, and $1,000. 

 That is, there shall not be less than five per cent of 

 the whole amount in bonds of the denomination of 

 $50 ; five per cent of the. denomination of $100, and 

 ten per cent of the denomination of $500, the remain- 

 der to be of the denomination of $1,000 (to be pro- 

 rated by the Funding Board, hereinafter provided, as 

 said board may deem just and equitable between 

 those who may present their bonds and coupons to be 

 funded under this act). But the Funding Board may 

 issue bonds of the smaller denomination aforesaid, to 

 an> amount in excess of the amounts hereinbefore 



1 coupon3 who 



Brought forward 

 Attorney-General and reporter 



SEC. 5. Beit further enacted, That the Secretary of 

 State, Comptroller, and State Treasurer shall con- 

 statute a board to be designated a Funding Board, 

 any two of which shall constitute a quorum for the 



ings for the transaction of the business created by this 

 act, at such times and places as they may deem wise 

 and proper, to enable the holders of Tennessee bonds 

 and coupons to fund the same under the provisions 



To carry out the provisions of this act a 

 revenue bill was passed which provides for a 

 tax of forty cents (ten cents for school pur- 

 poses, and the rest for general purposes) on 

 the $100 worth of property, thirty cents ad 

 valorem on merchants, and thirty cents on 

 privileges. The existing rate of taxation on 

 the $100 was ten cents. During the session 

 over a thousand bills were introduced, of which 

 only 131 became laws. These are entirely of 

 a local interest. 



The following are the principal amounts ap- 

 propriated in the act to defray the expenses of 

 the State government for the next two years : 



Criminal prosecutions ....................... $349,00000 



Conveying lunatics to the Tennessee Asylum 



judi r cL h iJi:::::::: ::: :::::::::::::: : mj8 88 



Asylum for the Insane, Librarian, Superin- 

 tendent of the Capitol ...................... 



Officers of the Penitentiary ................... 



Charitable institutions ........................ 



Legislative expenses ....................... .. 



e , expenses .......................... 



$551,050 00 

 6,000 00 



tM 



9,600 00 



9,sOO 00 



190,000 00 



6,00000 



10J40 00 



supreme Court expenses 

 Express charges 

 Tax aggregates 

 Public printing. 

 Interest on school fund. 



8,000 On 

 1,500 00 1 

 2,4oO oo 

 2A504 0<i 



' 



p er diem an( j m ii ea ge of officers of the House.. 8,227 2$ 

 for deficiencies in the Appropriation Biil of 



1879. in criminal prosecutions ............... 55.000 00 



Miscellaneous ................................ 47,531 67 



diem and mileage of Senators ............. s,475 20 



iTtiBL to January 1, 18t8 ................. . 1,125,000 00 



- . 



Total appropriations ..................... $2,435,110 54 



,. . , 



The books of the Comptroller show in the 



hands of the Treasurer : 



December 19, 1878 ........................... $475,346 04 



Receipts from December 19, 1878, to December 



18, 1880 .................................. 1,144,894 82 



Receipts from December 18, 1880, to January 



27,1881 .................................... _____ 



_, . . 41 fi(U 1SB ,. 



The disbursements were as follow : 





7. 



Total ................................... $1,499,083 23 



Balance in the Treasury .................. $165,048 42 



The census of votes taken this year as a 

 basis of legislative re-apportionment gives the 

 number of 344,741. The school population 



mber , 8 6 t 4 ' 852 ; T The cen8u %; 1 188 p 



the production of lennessee as follows : Lorn, 

 62,764,429 bushels; oats, 4,722,190; wheat, 

 7,331,353 ;' tobacco, 29,365,052 pounds; cotton, 

 330 62 i bales; and coal, 495,131 tons. The 

 lber business of the' Stat^ has increased 

 greatly during the last few years. 



The Legislature re-assembled in extra session 

 on the 7th of December for the purpose of ro- 

 apportioning the members of the Senate and 

 House, and adjourned on the 26th. The bill 

 passed increases the number of Senators from 

 twenty-five to thirty-three, and the members 

 o f the House from seventy-five to ninety-nine. 

 The opposition to the settlement of the debt 

 did not end with the passage of the act. Henry 

 j. Lynn and certain other alleged citizens and 

 tax-payers of the State filed a bill in the Court 

 O f Chancery at Nashville to enjoin the carry- 

 [ Q g ou t and enforcement of its provisions. 



The grounds for injunction stated in the bill 

 are : That the " funding act " was procured to 

 be passed by bribery and corruption of certain 

 members of the General Assembly ; that the 

 tax-coupon feature forestalls the revenue and 

 diverts it from current exigencies, narrowing 

 the scope of subsequent legislation by an enact- 



ment m the form of a contract binding the 



