The New York herald., 1877-03-15
SOUTHERN BONDHOLDERS.

The committee OF bondholders appointed 70 confer
with the members OF fhc Tennessee Legislature nave
made their report They than mn arrangement 10
to be made whereby the entire debt s 10 be reuhaeu
at the rate OF sixty the dollar The aeo' To-
gether with the accrued interest and the interest oue
on July I, 1877 to bc refunded and new bcnas arc
10 os issued Every holder Of one auondinc
amounts in proportion. The interest lsx per cent!
to be made payable semi-annually in New YORK. inc
hrst payment IS 10 be made on the Isl ci January,
1873 The entire debt is 10 be payable IN New fork
thirty years hence The aggregate amour! Of the On ,n-
debtedness, is computed, Will amount 10 wv
The following circular explains the matter moro IN
detai:-
To THE HONORABLE GENERAL ASSEMBLY or THE STATE
have rssy been advised Of n, public
m Sew & nn ss @ aae % ~ o IN Of wheI
the Hon. William Cullen Bryant was chairman. having for
ton q Of 'P ansees aro
whc s IN
ment o. the interest upon tnsr and hat tue
% . confer win the OF each asr
weighing ali The facts bearing upon the matter 70
and suggest feasible plan for the resdjus.%snt Of The
just TO and consSerstep p Of ali parties ceneernsd
that meeting His Exceeucy Govcrnor Porter and
s?raanes witt, nj. the LsSsalps % .,
confer with Us on the subsc consisting of the following
ssoHME Il sAk4ix ks4fSAoH' EEwFs Y + ssHHHHEFlHShaD
After prolonged discussion with your committee. when
the peculiar condton Of ass the State tosothsr
Its and is ss mosi to a %
deliberate conclusion that adding all the OF in
s ssS s the sas D sOt Should se
the issue OF new bonds at the rate Of sixty @ per
cent OF the toal amounts or every sum OF one thou
sand @ 900 oIars then due bonds should be gysn Yen
lars or tor proportionate amounts.
the now bond at the rate oi n PER Sohs m
the city Of New York the first paymsnt OF interest TO Se
made payable also in New York in thirty Years from date
The interest coupons to be received by tho State Tor all
This compromise the undersigned consider, under all the
fair both 20 debtor aud to creditor.
hs ae with &
mitee recommend that now and uniform issue Of co,
scns 500 8 .na sS % tn sns s
s city sss s% sr s a time 70 time
when Issued to ne corntersign OF an agent appointed IN
Governor Of tho Tho bonds be registered in
exchansed cancelled and Immediately returned to
In the concuson {" Which this committee have with
much arrived they have not lost sight Of the
legal is Coercion tie ,Si@en is oSsaos that
vy reason una stronger bonds 90 mantn ITS credit m
character and nneemhoa credit which the sreas State
Of he Reputation ioy the Of nor
Of the humiliation she must consequently endure ny any
considerations have been duly weighed aud they have
expedent them recommend instead OF so large
reduction Of principal OF the debt concession tor
few In the interest proposed plan sub
bonds in teet which is generally entertained among
the creditors that gradual of wealth would
the state enable her day to resume
payment full This mode OF adjustment would be bvi
oasy more gnyng to state pride sm MU%d % "o "1ra
cepable to tho majority Of ofbIndhoders~
But alter ttentivey considering tbs statements Of yonr
respecting tho sad results OF tho the social
derangement and general npoversment 1t has entaied
and the wide diso ganzaOn existing in all tho in
dustres OF the people throughout the state have been
constrained to the decision summary redu tion OF the
debt to the large extent Indicated Is the best course
for all parties concerned and that nness the Legislature
shall clear for settlement favorable
the bondhodcs IL is both its duty and its policy TO adopt
the award which this committee must respectfully and
scientoy tender them and To their creditors the
suit OF their best judgment
This committee regard important and Just to
the shall be uniform In terms ard
ditons OF and their general appearnnce and
they the conviction that the Sate Will be able
early day provide fund however small In excess
the debt This. with the constitutional prohibit which
they informed is existing that mo debt can bc In
cured by the state for the creation or In aid ot public
I'm mprovement' will give Hugmentng value to the new
bOhds tend the
ors incur.
The that the decision OF this
question bv State distinguished in character and
ston tennessee will unboundcd influence upon
this adoption Yet the committee conf
IDENTIFY with the belief that while is best FOR Fer
is also best for the state and that it will
the greatest obstacle that stands IN the way OF the
to be. gentlemen. your obedient servants
GEORGE =. COE, j. II. VERMILYE
b. b. SHERMAN Is. b. COMEGYs,
kNOCH PRATT, Committee.