prohibits the State forming a bank or even holding stock in one. The condition of the various banks in 1902 is shown below:
| National banks |
State banks | |
| Number of banks. | 59 | 153 |
| Capital | $7,140,000 | $6,463,000 |
| Surplus | 1,845,000 | 1,554,000 |
| Cash, etc. | 2,615,000 | 4,791,000 |
| Deposits | 26,780,000 | 24,714,000 |
| Loans | 26,339,000 | 19,949,000 |
Government. The present Constitution was adopted in February, 1870. Proposed amendments must receive a majority vote of the members elected to each House of two consecutive Legislatures, followed by a majority approval of all the citizens voting for Representatives. The Legislature cannot propose amendments oftener than once in six years. The Legislature can at any time submit to the people the question of a new constitutional convention, a majority of the votes cast being decisive. Voters must be United States citizens who have resided in the State twelve months, in the county six months, and have paid poll taxes.
There is a maximum limit of 99 to the number of Representatives and the Senators are limited to one-third the number of Representatives. Both are elected for a term of two years, elections being held on the first Tuesday after the first Monday in November of the even years, and the Legislature meeting on the first Monday in the following January. Members receive $4 per day and mileage, but the wage shall not exceed seventy-five days for a regular session, or twenty days for an extra session. Ministers and priests are ineligible to the Legislature, and atheists and duelists to any civil office.
The executive power is vested in a Governor who is chosen every two years; a Secretary of State, elected by the Legislature for four years; a Treasurer and Comptroller of the Treasury, elected in the same manner for two years; an Attorney-General, appointed by the Supreme Court judges, and who serves six years; and a State Superintendent of Schools, nominated by the Governor and confirmed by the Senate, serving two years. The Governor can call extra sessions, and has the pardoning and veto power. His veto, however, is overridden by a majority vote of the members elected to each House. There is a Supreme Court of five judges, elected for eight years. Judges of the circuit, chancery, and other inferior courts are elected by their respective districts for eight years. Nashville is the capital. The State has 10 Representatives in the Lower House of Congress.
Militia. In 1900 the State had 384,249 men of militia age. The organized militia in 1901 numbered 1304.
Finances. The history of the public debt constitutes the most important and interesting part of the financial history of the State. The first debt was created in 1832 and 1838 for the purpose of establishing State banks. Between 1840 and 1850 the State inaugurated the system of public improvements. Bonds were issued to turnpike and railroad companies for construction, and first mortgages were the usual guarantees. In 1861 the total amount of bonds outstanding was over $18,000,000, and a war loan of $3,000,000 was added. The four years of the Civil War destroyed the sources of State income, made payment of interest impossible, and swelled the total indebtedness considerably. In 1865 it rose to $25,277,406, out of which $5,169,740 was interest overdue. The current interest charges alone amounted to $1,185,048, while the revenue was far below it, taxation inadequate, and the amount actually collected considerably less than the sum assessed. Most of the companies to which the bonds were issued failed to pay the interest. The carpet-bag régime that followed the Civil War did not improve matters. New bonds to the amount of $3,408,000 were issued to 14 railroad companies in 1868, interest remained unpaid, and in 1869 the total debt reached $39,896,504. Measures of relief were then passed by the Legislature; sale of the delinquent roads was authorized, and the solvent railroads were permitted to pay their debts in State bonds which were below par. By these means the debt was rapidly reduced to $27,920,386 in 1874. Yet even then the State was unable to meet its obligations. Repudiating began to be talked of toward 1880, and, frightened by this agitation the bondholders began to offer various plans of settlement. A plan of refunding at 50 per cent. was agreed to by the bondholders and the Legislature in 1879, but was rejected by popular vote.
In that year the debt question was the main campaign issue, and the repudiation party lost. A final settlement was reached in 1883, when the State debt proper was sealed down 20-24 per cent., and the railroad guarantee bonds 50 per cent. The total debt was reduced bv this operation from $28,000,000 to about $15,000,000. The con- version was completed in 1890. In 1900 the public debt was $17,023,600. The general tax is at present the main source of income (about 50 per cent.). Licenses give 25 per cent. and a ta.x on railroad and other corporations about 15 per cent. The net receipts in 1900 (omitting the operations of the loan accounts) were $2,069,624, the net disbursements $1,801,911.
Population. The population increased from 35,691 in 1790 to 422,823 in 1820, 1,002,717 in 1850, 1,109,801 in 1860, 1,258,520 in 1870, 1,542,359 in 1880, 1,767,518 in 1890, and 2,020,616 in 1900. From lowest in rank among the States it rose to fifth in 1850 and declined to fourteenth in 1900. The negro population in 1900 numbered 480,430, showing an increase of less than 200 over 1890. There were 17,746 foreign born. The population per square mile in 1900 was 48.4. In that year there were nine cities which had more than 4000 inhabitants each. In 1900 Memphis had a population of 102,320; Nashville, 80,865; Knoxville, 32,637; Chattanooga, 30,154; and Jackson, 14,511.
Religion. About two-fifths of the church membership is Methodist and about one-third Baptist. The Presbyterians and the Disciples of Christ also have strong followings.
Education. In 1900, 20.7 per cent, of the population over ten years of age were illiterate. This was a reduction from 38.7 in 1880. The per cent. for the native white population was 14.2 and for the colored 41.6. In 1900 there were 573,287 whites and 195,556 colored persons between the ages of 6 and 21. The school enrollment for that year was 485,354 and the average attendance 270,662 whites and 67,904 colored. Be-
