Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-11-30
RENEWED ACTION OF EEsE BOND
HOLDERS OF TENNESSEE.


ACTION OF TEzE BOND
HOLDERS OF TENNESSEE.
From an advertisement in the
columns of our neighbor, the Nash Y
willie American, we find that the
holders of Tennessee bonds have
held a meeting in reference to the
session of our General
Assembly. Twomanifestoes indeed
from those parties appears in the
American, one dated January 10,
explaining some misunderstanding
which obstructed proceedings in the
last / Legislature two years age, and
another dated November3 3, in which
they make their proposals to the
now approaching Legislature oil
1889. The former document Is III
a great degree occupied with the
doings of a body of men whose
Vaccinations exercised a most per-
nicious influence upon the legislative
action of the Assembly. They came
there as rival bondholders, under
bidding the committee of the genu-
inc bondholders and evidently
making it their business to prevent
any transactions at all between the
Assembly and the New York COM
mittee. They did not really own
any bonds at all, but only expected !
to hold some in case they could |
manage their previous game sue
cessfully. This was to first run
down the market value OF the bonds,
then to buy up all they could lay
their hands upon and make paying
: arrangement with the Legislature,
which was first to be pledged TO
redemption of the bonds at a certain
! per centage. In other words, II was
n band of spectators intent upon
:, corner in Tennessee bonds. The
L bond-paying members of the Legis-
0 Iature very soon found out that they
{ were not genuine bOndhoiderS ana
: declined any negotiations with
q them, They then betOok themselves
II to the low tax party and harmon
e lied rather better with them, for, at
|. least down to a certain point, their
! gamewas thesame, being that OF bears
II i'm the market for Tennessee bonds.
l, They effected nothing, but their
N intrigues and interested interference
E worked strongly towards defeating
T. any negotiations with the real bond
Il holders. We will dismiss them as
$ a gang of dishonest and selfish spec
Is ulators, intent upon making a profit
ne on the distracted finances of Tennes
X see. We turn to the more recent
es action of the real creditors of The
We State, the genuine b0ndhOiders
" They held their meeting i'll New
or York Nov. 3, 1873, and adopted thu
nc following resolutions
ile Resolved, That the Secretary publish i
ri , SIX or more newspapers in tennessee IN
call for n meeting of BOndholderS OF IN
aS state of Tennessee and the proceedings q
"a the large meeting held in pursuance OF sal
h' call; also, these proceedlngS i an one :
IJ of Tennessee's debt represented by the Con
rat nlittee TO accept sixty (6ol per cent OF % n
IN,
Ill per cent of it forever to the people OF Iel
II ! ntssee, in accordance with an award whlc
'Cu resulted from a con terence betWeena Con
tn | mission sent TO New ork Dy the LeSisl't. "
OF Tennessee and Committee OF AfblIrftlo
)uS which had been appointed at . n n.l n.y.
10 | citizens of New YORK heIu III the Nc" IN
,o+ Resolved, That the Committee having r.
l<'C ceiyed assurance from Tennessee that man
17.p | Tenn psSqeaus. to whom a compromise
partial payment OF their state deDl rs =, 81
of ohnoxiOus would prefer 10 pay II IN fuIl,
,ar,fa of int "a Dpln9
Il harmony with modern usage, decidedly oe
q ter for the interest of the people OF ellIlt's
themselves in the end, and likely 10 pc
Of more acc .ptable to executors, trustee
savings banks, insurance companies al
ner elemosynary institutions, do therefore I
d. specially suggest that the creditors OF 1e
Oul nessee be off red in settlement the award
afv the aforesaid Committee OF Arbltration' s
~ | nj their option, bonds similar 10 tno-e q
iuU scribed in that award for the full debt, D
bearing interest at four () per cent, per q
nth num Instead of six; to have fifty years
rn M to maturity instead of thirty, but to
iSlS redeemable at any time after SIX InonLi
Rut notice, and TO be renewable at the pleaSu
rha u Resolved. That the Committee are gratiti
10 learn that there no longer exists IN re
hat nessee any good reason why the optlol
settlement herein suggested; OF at III
up settlement in conformity with the awaru
,pc the Committee of Arbitration shal not
SUI perfected by the next Legislature OF
for State, and the faith, honor and good name
Tennessee, which have been SO SolelnI
. in pledg ID for the payment OF the pohos'
- vindicated.
We give our comments on [
a.. above proposition with feeling
h;to deep Encouragement. We feel tn
49, it or the one which preceded
I ought to be gladly and thankful
c, accepted, at the same time we wr
N4 the words knowing tnat this W
,a. not happen. Through the mes
:. pettifogging way in which Il
.L whole matter has been handled
-, those who have acted for the peOl
49,, of Tennessee it has at last come
:. be understood that the business
49,. those who act for the State is simI
,,l,, to Jew them till it can be found
how low they can be induced to
C., If they offer to compromise at
- per cent, try them at 40; II at
wv offer them 80 or %, and if their
e is %, beat them if possible down
10 or 10, and, having got tn
there, suggest that the remnant
-, no longer worth disputing alb
~, and they may as well knock OFF
whole at once. In this degrad
game we have never taken hS
;I; and never will. We have met W
.I,iaf plenty of obloquy for refusing
- ioin in it; we have been accused
~, - favoring the bondholders agai
,horn the people because we will not
II . wise the people to defraud tt
! no creditors, and after all said
r. done, we stand where we did.
80 contend that this offer ought to
~ - accepted, and we know that
- contend in vain.
~ Whatever may be the upshot
- 30 it all, we will say this (and !
49, said in behalf of the people OF
~ nessee, not of their counseilt
,.,;ot that the present is a most unto
49, nate year for pushing claims OF
-. sort. The wheat crop is comp
= +ho failure, the tobacco crop, which
GO fair one, has to be sold so low a
. two scarcely pay expenses, while
liz fsnN Al