The home journal. (Winchester, Tenn.) 1858-188?, 1878-01-31
aiiE ~BONDHOLDEi HRS HOLD A
MEETING.
No Compromise at. Less than go
Cents On the Dollar.

New York special to the Cincinnati En-
quircr.I
A large number Of holders Of Ten
ncs,ce uonl, assembled in Jno, b,
ON e to day. The Times
slimalr. that so, 900 900 ofthc S23,'
900, 600 ol bonds wrle represented.
Eugene Kelley stated It's object to be
to give expression TO lhcir views in re-
gard to the results Of the called session
oI the Tennessee Legislature, and also
protest against the unauthorized IN
reference Of parties claiming to have
authority to act for the bondluldcrs.
MI. A. II. Pomcroy offered 4 long
series of resolutions, The preamble
sets forth Tat 90 the SIh day OF
March, 1877, at q meeting between the
uommillcc Of five members Of the
Tennessee Legislature and Il COMMIT
tee of Arbitration. IL was agreed that
the State orTcnncsscG ought to adjust
its debt by the issuo of new bonds, at
the rate Of so per cent. OF the total
amount Of .he debt and interest, the
new bonds to bear & per cent. interest,
payable semi annually, and the cou
mons TO be received tor al taxes or
dues to the State; that the holders OF
q large amount OF the bonds did make
and send 10 The Governor propositions
Of compromise, and he called Il special
session Of the Legislature 70 consider
lncm: that during this session OF the
Legislature other parties ;ntcrIercd'
proposing and advocating before II
different terms of settling than those
proposed by the committees OF the
Legislature that this was prcinIlclaI
to uota the State and creditors by de.
laying a settlement that the bond
holders Of Tennessee bad M agent to
represent them, bnt cOuhlcd in the
Legislature, expecting it to ratliy ana
confirm the award known rs the Clear
lug~housc award 1t was, therefore,
Resolve |, That the efforts OF any
persons who purpo"ted to represent
the bondholdrr, OF Tennessee were en-.
tirely unauthorized, ami the declaration,
alleged to have been made a Nashville
that a settlement could be effected with
the bOndho!der3 upon a lower basis
than that proposed by the committee
Of arbitration, had no foundation in
fact so Car ~ relates 10 The great body
Of bondholdprs,
Resolved, That the people Of Ten
ncssee be urged to adopt such Icgisla-
ton as will uphold ihe honor Of the
State and evince proper regard for the
hi.h integrity which has hitherto CHAR
acterized ito citizcns.
A lively discussion ensucd, in the
course Of which it WAS stated that
MrKiunoH, who represented the
recently formed Syndicate, went to
Nashville and presented n Compromise
of sixty cents on the dollar by asserting
If the matter was placed IN his
he would lie able to effect A set
AT fifty cent. on the dollar.
He was accused Of falsely representing
that he was authorized 30 make such
al slfcr by a majority of the 3%OndhOld.
rrs. whereas the Syndicate really owns
very few bonds, and it was charged
that his sole purpose was 90 obtain a
commission Of one dollar PER bond for
the Syndicate from the bondhoIIers,
and 10 their great loss and drtrIncnt,
1t also came out that some Of the gen
uine h0ntholdcrs, when they learned
what MacKimon was doina telegraph
ed privately to Gov. Porter, without
consultation with the otter bondhold-
ers, agreeing to accept 90 per cent
The names OF these gentlemen were
called for. Mcssrs Stevens and Swami
acknowledged that they were the pcr~
referred to. They pleaded that
there was no time for consultation,
and that they thought it better 70 get
so per cent. than nothing. One gen
Indignantly denounced the so
per cent. offer as n ''beariug operation
He said that when it was thought that
II compromise would he made on the
basis Of 60 cents, the bonds were sale
able at AS, but when it was learned
that the bondhulders had agreed to
accept so per cent. they fell OF at once
in value to so and %. Many persons
who had purchased at the former figure
and hypothecatcd the bonds were bad.
" swlndIcd. MIR. Swami angrily repu.
dated any such insinuation as applied
to him, and threatened to leave the
meeting, but was qnicted by al apollo
~ from the first gentleman, who said
he had not meant to include all per
sons agreeing to accept so per cent. IN
his denunClatiOn.
The new bond syndicate received
many hard sl0ps in the discussion, but
GOV. Porter's conduct was the theme
of universal praise. At length, Mr..
John Il. Terry, of Il. ID. Morgan d
Co., offered the following resolution:
Resolved. That q committee OF five
he appointed, Of which the chairman Of.
the meeting be chairman, to take such
action on tho matter as their judgment
NAV dictate.
THIS was carried with the under
standing that no settlement be accepted
on u lower basis than sixty cents on
the dollar, and that a guarantee Of.
| aymcnt shall be given by the State.
-os
Too much cannot be sad in u aise of