Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-12-01
BROWN BROTHERS * CO.,
EUGENE KELLY.
GEDDES IL SMITH.
JAMES q. KINGS SONS,
A. II. POMEROY,
GEORGE W. STANTON,
c. AMORY STEVENS.

c. AMORY STEVENS.
At a meeting of Bondholders OF the State of Ten
nessee held pursuant to the above call the follow
ing preamble and resolutions were adopted:
WHEREAS, Ga the Sth March, 1877 at a meeting
between a Committee OF five members OF the Ten
ne see Legislature (ot which Colonel John H Saw
age was charman), and COMMITTEE of Arbitration
(OT which Mr.. George s. Coe chalrman), to whom
had been referred the question OF fair and equita
BILE adjustment between the Southern States in de-
fault and their Bondholders the debt of The State
OF Tennessee was fully discussed, with the view of
ascertaining and determining what far and equIta
bic Adjustment OF 1t would be; and
WHEREAS, At the conclusion of the conference be-
tween the Committee Of the Tennessee Legislature
ArbIters made an award that the debt of the State
Of Tennessee ought to be Teadjusted by the issue of
amount OF the debt and INTEREST," the new bonds to
bear interest at six cent payable semi annually
and the coupons for Interest to be made receivable
for all taxes and dues to the State, and
WHERE :, The session OF the Legislature expired
by constitutional limitation a few days after the
award of the AIbiters was rendered. and there was
no time to enact a law to give 1t effect; and
WHEREAS II was very generally understood that
an extra session of the Legislature would be con-
vened to accept PROF ostlon from the BondhOlders
70 me State Dept on me terms OF the
award OF The Committee CT Arbitration and to enact
law 10 fully carry II out the holders Of very large
amount or Bonds OF Tennessee did make ana send
terms Of said award. and the Governor did there
after convene the Legislature in extra session to
WHEREAS, During the sitting of the Legislature,
the Intervention OF other parties proposing and ad
yOcAting before other ard different terms of set
tlemeEt than those considered by the Committee OF
the LegIsl .ture and the Committee OF Arbitration
and awarded by the latter Committee, aud agreed to
by the Bondhodefs, preiudlcial to the Interest
th state OF Tennessee, and to her creditors, in
so far as IL has DELAYED settlement; and
WHEREAS, The BOndhOlders of Tennessee had
neither agent nor any other person to represent
them before the Legislature but conded in the Leg
stature, and fully expected that the Senators aud
Representatives OF the people of Tennessee would
and Gisinterested gentlemen who had acted as a
Committee Of Arbitration and accept the PROPOSE
on OF the ROndhoders made In accordance there.
with, unhestatingly; therefore
Resolved, That efforts made by any persons whe
purported to represent the BondhOldeTs of TenneS-
entirely unauthorized and that the declara
ton allegg TO have been made at Nashville that
Settlement could be effected with the BOndhOldeTS
upon "A lower basis Than that proposed BY the Com
mitiee OF AToiterS. OF which Mr.. George S. Coe is
chairman has no foundation In fact go lar as 1t re-
late5 to the great body Of Bondholders.
ReSOlUed. That while we deplOre the attitude az
sumed by the Legislature, while assembled at Nash
Vile in December, toward the BOndhOlders, we be-
lleve that It resulted from the influence and unwar
rantable interference of other parties than real
Bondholders. or their representatives,
Resolved, That we have an abiding belief that the
people of the great State of Tennessee will not by
the rel elton OF honest claims which they are album
dainty able TO pay. suffer stigma long to rest upon
them the effect of which will be to paralyZe the
prosperity of the State; subvert its best interests
and engender that decentralization which must ulti
maely result In losses to its citizens even far great
or than 10 Its creditors.
RcsOlVed That the people of Tennessee be urged
to adopt such legislation as Will uphold the LOnOr of
the state, and eynee proper regard for the high in
ReSOiUed That a Committee or five tie appointed,
consisting of Eugene Kelly, John T. Terri (of E.
ID. Morgan * Coz j. q. X. Duer (Of James IL Kings
sons, Peter Geddes (Ot Gedces d SMITH, and DR..
Il. :. MOran-Eugene Kelly TO be chatrman-to take
such action as, in their judgment, may be for the
interest Of the Bondbolders, but with the under
award OF the Committee of Arbitration he accepted.
c. AMoRY STEVENS. Secretary.