Burton, Blount, Cannon, Childress, Cobbs, Cheatham, Cross, Fogg, Garrett, Gillespy, Gray, Gordon, Hodges, Hill, Huntsman, Humphreys, Hess, Kelly, Kincaid, Kendall, Kimbrough, Ledbetter, Loving, McClellan, Robert J. McKinney, John A. McKinney, Mabry, McGaughey, Montgomery, Marr, Nelson, Purdy, Roadman, Richardson, Ridley, Robertson, Stephenson, Senter, Smith, Smartt, Sharp, Whitson, Walton and Webster; 48. Mr. PORTER thereupon submitted the following in lieu of the said twenty-seventh section; to wit: "That all lands held by deed, grant or entry, and such other property as the Legislature may, from time to time, deem expedient, shall be taxable; and shall be taxed equal and uniform throughout the State, in such manner as the Legislature shall direct." And thereupon the question was had, "will the Convention adopt the amendment?" and determined in the negative; ayes 12, noes 44. The ayes and noes being demanded by Mr WEAKLEY, Those who voted in the affirmative arc, Messrs. Allen, Burton, Blount, Childress, Cahal, Cheatham, Fulton, Fogg, Gordon, Porter, Sharp and Weakley; 12. Those who voted in the negative are, Messrs. President (Carter), Armstrong, Alexander, Bradshaw, Cannon, Cross, Douglass, Garrett, Gillespy, Gray, Hodges, Hill, Huntsman, Humphreys, Hess, Kelly, Kincannon, Kincaid, Kendall, Kimbrough, Ledbetter, Loving, McClellan, Robert J. McKinney, John A. McKinney, Mabry, McGaughey, Montgomery, Marr, Neil, Nelson, Roadman, Richardson, Ridley, Robertson, Stephenson, Senter, Smith, Smartt, Scott, Ury, Whitson, Walton and Webster; 44. Mr RIDLEY offered the following as an amendment to the said twentyseventh section; to wit: "And a poll tax shall be laid in such manner, and to such an amount, as the Legislature may, from time to time, direct"; which was received. Mr MCGAUGHEY then offered the following, in lieu of the said twentyseventh section; to wit: "That all lands in this State held by deed, grant or entry, town lots and slaves shall be taxable. Lands shall be classed in three or more classes, in such manner as the Legislature may prescribe and shall be taxed according to the original quality, as nearly as can be ascertained. Town lots and slaves shall be taxed according to value. The assessment of tax upon land shall not be made oftener than once in every pcriod of ten years." In lieu of the foregoing, and as amendatory to the said twenty-seventh section, Mr MABRY called up and offered his proposition of this day. And thereupon the question was had, and determined in the negative; 20; noes 36. The ayes and noes being demanded by Mr MABRY, The affirmative voters are, Messrs. Armstrong, Cannon, Cahal, Garrett, Gillespy, Hodges, Hill, Huntsman, Kincannon, Kimbrough, John A. McKinney, Mabry, Nel son, Ridley, Stephenson, Senter, Smartt, Sharp, Whitson and Webster; 20. The negative voters are, Messrs. President (Carter), Allen, Alexander, Bradshaw, Burton, Blount, Childress, Cheatham, Cross, Douglass, Fulton, Fogg, Gray, Gordon, Humphreys, Hess, Kelly, Kincaid, Kendall, Ledbetter, Loving, McClellan, Robert J. McKinney, McGaughey, Montgomery, Marr, Neil, Porter, Roadman, Richardson, Robertson, Smith, Scott, Ury, Walton and Weakley; 36. The question then recurred upon the amendment of Mr MCGAUGHEY. Mr CHEATHAM moved a division, which motion failing, the question was thereupon had upon the adoption of the said amendment, and determined in the negative; ayes 7, noes 49. The ayes and noes being demanded by Mr MCGAUGHEY, The affirmative voters are, Messrs Cahal, McClellan, Robert J. McKinney, McGaughey, Roadman, Stephenson and Weakley; 7. The negative voters are, Messrs President (Carter), Allen, Armstrong, Alexander, Bradshaw, Burton, Blount, Cannon, Childress, Cheatham, Cross, Douglass, Fulton, Fogg, Garrett, Gillespy, Gray, Gordon, Hodges, Hill, Huntsman, Humphreys, Hess, Kelly, Kincannon, Kincaid, Kendall, Kimbrough, Ledbetter, Loving, John A. McKinney, Mabry, Montgomery, Marr, Neil, Nelson, Porter, Richardson, Ridley, Robertson, Senter, Smith, Smartt, Sharp, Ury, Whitson, Walton and Webster; 49. The said twenty-seventh section was thereupon read as amended, and the question "will the Convention adopt the said section" being had, it was determined in the affirmative; ayes 43, noes 13. The ayes and noes being demanded by Mr WEAKLEY, Messrs President (Carter), Armstrong, Alexander, Bradshaw, Cannon, Childress, Cross, Garrett, Gillespie, Gray, Gordon, Hodges, Hill, Huntsman, Humphreys, Hess, Kelly, Kincannon, Kincaid, Kendall, Kimbrough, Ledbetter, Loving, McClellan, Robert J. McKinney, John A. McKinney, McGaughey, Montgomery, Marr, Neil, Nelson, Roadman, Richardson, Ridley, Robertson, Stevenson, Senter, Smartt, Scott, Ury, Whitson, Walton and Webster; 43. The negative voters are, Messrs. Allen, Burton, Blount, Cahal, Cheatham, Douglass, Fulton, Fogg, Mabry, Porter, Smith, Sharp and Weakley; 13. The twenty-eighth section was thereupon read and concurred with. On motion of Mr Hess, the resolution submitted by him on the sixth of June, on the subject of emancipation, was taken up and read. The first branch of which is as follows; to wit: Resolved, That the General Assembly shall have no power to pass laws for the emancipation of slaves, without the consent of their owner or owners; or without paying their owners previous to such emancipation, a full equivalent in money for the slave or slaves so emancipated. Mr Hess offered the foregoing as an additional section to the first article. Mr KIMBROUGH moved to lay it on the table until the first day of January next; and after some discussion thereon, Mr GARRETT moved the previous question, which being sustained, the question was submitted, "will the Convention lay the resolution upon the table until the first day of January next?" and determined in the negative; ayes 21, noes 37. The ayes and noes being demanded by Mr Hess, The affirmative voters are, Messrs. President (Carter), Bradshaw, Cahal, Cobbs, Cross, Gillespy, Gray, Kelly, Kincaid, Kimbrough, McClellan, Robert J. McKinney, John A. McKinney, McGaughey, Roadman, Richardson, Stephenson, Senter, Scott, Walton and Webster; 21. The negative voters are, Messrs. Allen, Armstrong, Alexander, Burton, Blount, Cannon, Childress, Cheatham, Douglass, Fulton, Fogg, Garrett, Gordon, Hodges, Hill, Huntsman, Humphreys, Hess, Kincannon, Kendall, Ledbetter, Loving, Mabry, Montgomery, Marr, Neil, Nelson, Porter, Purdy, Ridley, Robertson, Smith, Smartt, Sharp, Ury, Whitson and Weakey; 37. The question then recurred upon the adoption of Mr Hess' resolution, and being thereupon had, it was determined in the affirmative; ayes 30, noes 27. The ayes and noes being demanded by Mr. ROADMAN, The affirmative voters are, Messrs. Allen, Alexander, Burton, Blount, Cannon, Childress, Cobbs, Cheatham, Douglass, Fulton, Fogg, Garrett, Gordon, Hodges, Hill, Huntsman, Humphreys, Hess, Ledbetter, Loving, Marr, Nelson, Porter, Purdy, Ridley, Robertson, Smith, Sharp, Whitson aud Weakley; 30. The negative voters are, Messrs. President (Carter), Armstrong, Bradshaw, Cahal, Cross, Gillespy, Gray, Kelly, Kincannon, Kincaid, Kimbrough, McClellan, Robert J. McKinney, John A. McKinney, Mabry, McGaughey, Montgomery, Neil, Roadman, Richardson, Stephenson, Senter, Scott, Smartt, Ury, Walton and Webster; 27. And the Convention adjourned, until to-morrow morning, nine o'clock. THURSDAY, July 31, 1834. The Convention met according to adjournment, and was opened with prayer, by the Rev. Mr KIMBROUGH, of the Baptist Church. Mr LEDBETTER, from the select Committee, to whom was referred a resolution, requiring them to ascertain and report the amount of the common school fund belonging to the State, and for other purposes, made the following REPORT. "The select Committee, to whom was referred the resolution of the Convention, of the by which they were instructed to inquire and ascertain, and to report the amount of the common school funds belonging to the State, in what the same consists, whence derived, and how vested; and also what constitutional provision is necessary to be made in order to secure and perpetuate the same for the use of common schools for ever, have had the several subjects referred to them under consideration, and after bestowing upon them, all the attention demanded of the Committee by their paramount importance to the people of the State, beg leave respectfully to Report: "That from the best examination they have been able to give to the matters referred, and from such calculations as they have been able to make from all the data within their reach, it appears that there has been heretofore appropriated by the General Assembly to the use of common schools, of the capital of the Bank of the State of Tennessee, and which has been apportioned among the different counties of the State, the sum of four hundred and fifty-five thousand one hundred and thirty-three dollars and thirty-three cents. "Various other legislative appropriations have been made at different times, among which may be enumerated, the revenue arising from the tax on lands entered at twelve and a half cents per acre, and also the lands subsequently entered at one cent per acre; the donation made by Mason Lee, of South Carolina, to the State of Tennessee, by devise; all other donations made by devise or otherwise, which have been or may be made to the state, and not specifically made for some other purpose; all escheats which shall accrue to the state; the goods and chattels, rights, credits and effects, of every person who may depart this life, within or without this State, when such descendant shall have no person of kin to him or her, entitled by the laws of distribution of this State to the same, and who does not legally dispose of said estate; also, the taxes arising from licenses authorized to be issued by the act of 1831, to persons permitted to retail spirituous liquors. The probable amount of any, or all of which said appropriations, your committee have no means of ascertaining in a manner satisfactory to themselves or affording data of sufficient certainty to enable them to report the same to the Convention. "All the vacant and unappropriated lands within the limits of thi State, to which the State has title, or the title to which the State may hereafter acquire, therents and mesne profits of the located school lands, have also been appropriated by law to the encouragement and support of common schools. The probable value of said lands, and the probable annual amount of said rents and profits, your Committee have not the means of ascertaining so as to be enabled to state or estimate the same with any approximation to certainty. "The bonus stipulated to be paid by the Union Bank of the State of Tennessee, and all the profits which may arise from the stock of said Bank owned by the State, after the Bonds of the State shall have been paid; the bonus agreed to be paid by the Planters' Bank, the Farmers and Merchants' Bank of Memphis, and by the Tennessee Marine and Fire Insurance Company; have been all in like manner appropriated for the benefit of common schools. "The Farmers and Merchants' Bank of Memphis, has not yet been organized and put into operation. "Your Committee have no means of ascertaining and reporting the amount which will probably accrue to the State from the Tennessee Marine and Fire Insurance Company, the bonus being contingent, that is to say, five per cent is stipulated to be paid upon the nett annual profits made by the company; but no bonus is to be paid in any year, when the nett profits of that year shall be less than ten per cent. It is, however, believed to be probable by your Committee, that if said Company should continue, and be successful in business, the State, for the use of common schools, may realize from this source a considerable sum. "Your Committee submit the following estimates, which they believe will show the probable amount that may reasonably be expected to accrue and be realized from the Union and Planters' Banks, at and by the time when their charters will expire-say, first of January, 1863. UNION BANK. "Bonus.-One half of one per cent, upon two millions of stock, will, in twenty-seven years, amount to $270,000. “Dividends.—Dividends on five hundred thousand dollars of stock owned by the State, at eight per cent. per annum, will be Deduct annual interest on State Bonds $40 000 25 000 $15 000 "This sum of fifteen thousand dollars per year, for thirty years, will amount to the sum of $450,000, which added to the sum of $270,000 for bonus, will give the sum of $720,000. The foregoing estimates, which are made according to the construction given to the Charter by the Board of Directors, may be too large, but your Committee have supposed that the whole amount of stock subscribed and owned by individuals will be paid in, in the course of three years, from the time the Bank commenced business; and that the dividends will average eight per centum per annum, that being about the present rate of nett profits as nearly as your Committee can ascertain the same. To estimate the profits and dividends according to the construction given by the late General Assembly to the Charter, the amount, as your Committee believe, would greatly exceed that presented by the above calculations. |