Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1878-12-27

OF tennessee uSlu pursuant W inc dOOfS
call, the following Preamble and Resolu-
tons were adopted =
Whereas, on the Sth March, 1877, at u
meeting between Committee of five MEM
bers of the Tennessee Legislature (Of which
Col. John II. Savage was Chairman), and
a Committee of Arbitration (ot which Mr..
George S. Coe was Chairman), to whom
had been referred the question of a fair a nd
equitable adjustment between the Southern
States in default and their bondholders, the
debt Of the State of Tennessee wss fully
discussed, with the view of ascertaining
and determining what fair and equitable
adjustment of it would be; and
Whereas, at the conclusion of the con-
ference between the Com mittee of the Ten
nessee Legislature and the Committee OF
Arbiters, the Committee of Arbiters made
an award that the debt of the State Of Ten
nessee ought to be re-adjusted by the issue
of new Bonds, at the rate of Sixty per cent.
of the total amount of the debt and interest:
the new Bonds to bear Interest at SIX pei
cent, payable semi-annually, and the cOu-
pons for interest to be made receivable for
all taxes and dnes to the State; and
Whereas The session of the Legislature
expired by constitutional Limitation few
days after the award of the Arbiters was
rendered. and there WIS no time to enact q
law to give it effect; and
Whereas, It was very generally under
stood that an extra session of the Leglsla'
ture would be convened to accept a prOpO.
sition from the Bondholders to compromise
the State Debt, on the terms of the award
of the Committee of Arbitration and to
enact law to fully carry it out. the hold
ers of a very large amount OF Bonds OF
Tennessee did make and send to the Gov
ernor propositions of compromise on the
terms of said award, and the Governor did
thereafter convene the Legislature In extrs
session to consider said proposition; and
Where's During the sitting of the Leg
islature. the intervention of other parties,
proposing and advocating before It otter
and different terms of settlement than those
considered by the Committee of the Legls
lature and the Committee of Arbitration
and awarded by the latter Committee, anc
agreed to by the Bondholders, was preJudl
cial to the interests of the State OF Iennes
see and to her creditors, In so far as II ha'
delayed settlement; and
Whereas, The Bondholders of TENNESSEE
had neither an agent nor any other person
to represent them before the Legislature
but confided in the Legislature, and fully
expected that the Senators and Represen-
tatives ofthe People of Tennessee wonlc
ratify and confirm the award OF the dis
tinguished and disinterested gentlemen who
had acted as a Committee of Arbitration
and accept the proposition of the Bond
holders made in accordance Herewith, IN
hesitatingly; therefore,
Res0Lred, That efforts made by any per
sons who purported to represent the Bond
holders of Tennessee were entirely unau-
thorized and that the declaration alleged
! to have been made at Nashville that set
Element could be effected with the Bond
holders upon lower basis than that pro-
posed by the Committee of Arbiers, Of
which Mr. George S. Coe is Chairman, has
no foundation in fact so far as 1t relates tc
D.
ResOLred, That while we deplore the at
titude assumed by the Legislature, while
assembled at Nashville in December, to-
wards the BOndholders We believe that ii
resulted from the influence and unwarrant-
able interference of other parties than real
bondholders, or their representatives.
Reso red, That we have an abiding be-
Tennessee will not, by the rejection of hon
est claims which they are abundantly able
to pay, suffer stigma long to rest upon
them tho effect of which will be to para
I'VE the prosperity of the State; subvert its
best interests and engender that demoral-
ization which must ultimately result IN
losses to its citizens, even far greater than
20 its creditors.
ResolUed, That the people of Tennessee
be urged to adopt such legislation as will
UNFOLD the honor of the State, and evince
proper regard for the high integrity which
has hitherto characterized her citizens.
ResoIred, That a Committee of five be
appointed, consisting of Eugene Kelly
JIG, K. Duer (of James G.. Kings Sons,
Pc ter Geddes (of Geddes s Smith and DR..
R. s. Moren-Eugene Kelly to be Chair
man-to take such action as, in their judg-
ment, may be for the interest of the Bond
hol ders, but, with the understanding that
no settlement less favorable than the award
of the Committee of Arbitration be ac'
ceuted G. AMOKY STEVENS,
Secretary.