Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-03-21
THE STATE DEBT.

Win tue UOuuuOiuCEo ouOmitlcu Is I6foEA
in the house of representatives Monday
morning. After r%eciting their appoint
ment under senate resolution, the CON-
mittee reported as follows: .
That after their appointment, they or
ganizsd in Nashville by %electing John
w. Savage chairman and Lewis Shep-
herd secretary, and Immediately sent a
telegram to the gentlemen above named,
informing them Of their appointment OF
the committee, and asking them to name
a time aud place. This Communication
resulted in agreement to meet at the
Fifth Avenue Hotel, in the city Of New
York, on the 8th inst. Your committee
arrived in New York on the 7th, aud re-
ceived a call from Messrs, Geo S Coe,
J. D. Vermilye and B. B. Sherman,
when it was agreed that a formal meet.
ing should take place, concerning the
State debt, at American Exchange Ma
tional Bank, l29 Broadway, at | p n. on
the 9th.
accordingly, the meeting was held, all
the members Of both committees being
present. Before the discussion com.
menoed, it was specifically made known
by your committee, that while the com
mittee desired q settlement Of the debt
upon terms acceptable to the people of
the State, that their power extended no
further than to receive and report to the
general assembly whatever toe PROPOSE
tons the New York committee might
see proper 10 submit. After considering
the matter, the committee at 5 p m. ad-
joHrned to meet at the Fifth Avenue
hotel ct 1880 pm. Upon the reassem.
bling Of the committees. a proposition
was submitted by the New York COM.
mittee, in substance as follows:
That the present bonded debt OF the
State, and all past due interest should be
funded ct par in new ffty yea bonds to
bear interest for the first FIVE years at
the rate Of three per cent. per annum
for a second period of Eve years, at the
rate Of four per cent; for a third period
Of FIVE years at the rate Of FIVE per cent
per ann1m, and fer the balance Of the
time at six per cent. per annum Your
committee earnestly protested against
the equity and proprietJ of this PROPOSE
ton, and the matter ives discussed Tor O
period Of several hours, when the meet
iug adjourned till l pm Of the next
day, to meet at the Merchants National
Bank, AZ Wall strest. Tee New York
committee had q meeting with the hold
era OF Tennessee bonds before meeting
your committee at the Merchants
Bank. The committee having met q,
the Merchants Bank, the New York
committee announced that they had
modified the proposition previously
made, and had decided to soaIe the
debt to sixty cents on the dollar, and
that it you'd require time to consider
the mode Of payment aud make up the
report. And whereupen the chairman
Of this committee said " the proposition,
when reduced to writing, would be re
ceived and respectfully submitted to the
general assembly Of Tennessee, but it
would not meet the expectations Of that
body or the people, but to prevent mis-
understanding, he thought proper to a
individually be would not sustain it or
recommend it's acceptance" Informal
meetings we're held in reference to tie
report, on the l0th and 18th, on which
last day, at 4 o'clock, the printed dccu.
ment signed by all the members Of the
New York committee ard the annexed
letter of George II. Coe to John H. Say.
age, chairman. etc, vas received as the
hnal result Of the consultations. In
answer to the questions put By your com.
mittee, the gentlemen OF the New York
committee stated that they had no
authority to represent the bond.
holders other than that conferred
by the meeting held at the clearing
house January Is, 1877. The New
York committee was also Intercepted
as to sme and amounts represented by
~bondholders, known to favor a compro-
mise. They answered by giving the
names Of the gentlemen mentioned iii
the message Of Governor Potter and
stated that the amount represented was
about nine or ten millions. Your com.
mlltee herewith submit as a part of their
report The letter Of George s Coe to
John Il Savage and the printed propo.
siiion signed by all the members of the
New York committee. We also submit
the printed pamphlet containing the pro
ceedings of the meeting held on the 25;h
Of January, !977, all Of which is respect
fully submitted.
john II. SAVAGE, Chm,
GEORGE W. MARTIN,
JESSE ARLEDGE,
W. L. TRAyIs,
LEWIS SHEPHERD
March 10, 1877.