The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1878-12-04


Tennessee be offered in settlement the
award of the aforesaid Committee OF
Arbitration or at their option, bonds
similar TO those described in that award
for the full debt, but bearing interest al
four az per cent. per annum instead OF
six, to have fifty years to run to maturi-
ty instead of thirty, but to be redeemable
at any time after six months notice and
to be renewable at the pleasure of the
State. -
ResoI0sd, That the committee are. graft.
fed to learn that there no longer exists in
Tennessee any good reason why the op-
tional settlement herein suggested, or at
| least a settlement in conformity with the
| award of the Committee of Arbitration,
shall not be perfected by the next Leg
| islature of the State, and The faith, hon
or and good name of Tennessee, which
have been so solemnly pledged for the
| payment of her bonds be indicated.
CALL FOR MEETING OF TENNESSEE BOND
! HOLDERS.
NOTICE.
| The holders of the State of Tennessee
Bonds are earnestly requested TO meet at
| the office of John b. Manning, No IA
| Wall street, on Wednesday, January
10Th, at II O'clock.
E. d. MORGAN & Co.
Brown BROTHERS & Co.
EUGENE KELLEY
GEDDEs 81 SMITH.
JAMES @. KNEES Sous.
A. II. POMEROY.
GEORGE w. STANTON.
G.. AMORY STEVENS.
At a meeting of bondholders of the
State of Tennessee, held pursuant to the
above call, the following preamble and
resolutions were adopted
WHEREAS, On the 8th of March, 1877,
at a meeting between a Committee of
five members of the Tennessee Legisla-
ture (of which Col John III. Savage was
Chairman), and Committee of Arbitra-
ton (Of which Mr.. George s. Coe was
Chairman), to whom had been referred
the question of fair and equitable ad-
Justment between the Southern States in
default and their bondhOlders, the debt
of the State of Tennessee was fully dis
cussed, with the view of ascertaining
and determining what a fair and equita-
bic adjustment of it would be; and
WHEREAS, At the conclusion of the
conference between the Committee of
the Tennessee Legislature aud the Com
mittee of Arbiters, the Committee of
ArbiteTs made an award that the debt of
the State of Tennessee ought to be re-
by the issue Of new bonds, at
the rate sixty per cent. of the total |
amount of the debt and interest; the new /
bonds to bear interest at six per cent,
payable semi-annually, and the coupons |
for interest to be made receivable for all /
taxes and dues to the State; and
WHEREAS, The session of the Legis- |
lature expired by constitutional limita- |
ton few days after the award of the |
was rendered, and there was no !
time to enact law to give it effect; |
and
WHEREAS, 1t was very generally I'M |
derstOod that an extra session of the |
Legislature would be convened to ac- /
cept proposition from the bondholders |
to compromise the State debt, on the
and to enact law to fully |
carry it out, the holders of a very large /
amount of Bonds of Tennessee did make /
and send to the Governor propositions /
of compromise on the terms of said |
award, and the Governor did thereafter
convene the Legislature in extra session |
to consider said proposition; and
WHEREAS, During the sitting or the !
Legislature, the Intervention of other /
parties, proposing and advocating be-
lore it other and different terms Of set
Element than those considered by the /
Committee of the Legislature and the
Committee of Arbitration, and awarded |
by the latter Committee, and agreed 10 |
by the BOndhOlders, were prejudicial to |
the Interests Of the State of Tennessee. !
and to her creditors, in so far as it has |
delayed a settlement and
WHEREAS, The Bondholds of Tonnes /
see had neither an agent nor any other
person 10 represent them before the |
Legislature, but confined in the Legisla- |
ture, and fully expected that the Sena- !
tors and Representatives of the people !
of Tennessee would ratify and confirm |
the award of the distinguished and dis |
interested gentleman who acted as a /
Committee of Arbitration, and accent /
the proposition of The bOndholders made |
in accordance Herewith, uEhesitatingly; |
therefore,
Resotped, That efforts made by any per-
sons who purpOrted to represent the |
bondholders of Tennessee were entirely |
and that the declaration |
alleged to have been made at Nashville |
that a settlement could be effected with |
the bondhOlders upon lower basis than
that proposed by the Committee of Ar
biters, of which Mr.. George s. COe as
Chairman, has no foundation in fact, so
far as it relates to the great body of |
Hes0Eged, That while we deplore the
attitude assumed by the Legislature,
while assembled at Nashville in Decem- |
Der, towards the Bondholders, we be-
ieYe that it resulted from the influence
md unwarrantable interference of other
parties than real bondhOldeTs, or their
representatives.
ResOto6d, That we have an abiding be-
ief that the people of the great State of
will not, by the rejection of
lonest claims which they are abundant
y able to pay, suffer a stigma long to
est upon them the effect of which will
,e the paralyze the prosperity of the
State; subvert its best interest and en-
gender that decentralization which must
result in losses to its citizens,
wen far greater than to its creditors.
ReSOlUed, That the people of Tennessee
)e urged to adopt such legislation as
we'll uphold the honor of the State, and
'vince proper regard for the high integ-
ity which has hitherto characterized
Ter citizens.
Res0tUed, That a committee of five be
consisting of Eugene Kel-
ey, John L. Terry, (of E. ID. Morgan q
co. }, q. X. Duer, (Of JAS. q. Kings
5ons,) Peter Geddes, (Of Geddes 81
smith, and DIR. Il. 5. MOrgan-Eugcne 7
Kelley to be chairman-to take such ac-
ion as, in their judgment, may be TOR
he interest of the bondholders, but,
with the understanding that no settle
ne1t less favorable than the award of
he Committee of Arbitration be accep-
ed. &. AMoRY STEVENS. Sec'y.