Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-12-03


GEDDES & SMITH,
JAMES KINGS SONS,
A. II. POMEROY,
GEORGE W. STANTON.
c. ANGRY STEVENS.
At a meeting of Bondholdes of the State Of Ten
nessee, held pursuant to the above call tha follow
ing preamble and resolutions were adopted:
WHEREAS, On tina Sth March, 1877, at q meeting
between committee OF five members OF the Ten
ne see Legislature (Ot which Colonel John IL say
age was chairmanl, and a Committee OF Arbitration
(oTwhich Mr. George :. Coe was chalrman), TO whom
bic adjustment between the Southern States in de-
fault and their Bondholders. the debt of the State
ascertain!ng and determining what fair and eQuit
biz adjustment of IL would be; and
WHEREAS, At the conclusion or the conference be-
tween the Committee of the Tennessee Legislature
and the Committee OF ATblterS, the COMMITTEES OF
ATbiters msde an award that the cett of the State
of tennessee ought to be readUsted by The issue of
Bonds, at the rate of sixty per cent or the total
amount of the debt and Interest; the ne" bonds 70
bear interest at six per cent payaole semi annually
ana the coupons for interest 10 be MADE receivable
for all taxes and dues to tee STATE, and
WHERE s, The session of the Legislature expired
by constitutional limitation few days after the
award OF the AIbiters was rendered. and there was
no time to enact law to give II effect; and .
WHEREAS, 1t was very generally understood that
an extra session of the Legislature would be cen
yened to accept prof. OSiton from the BondholderS
to compromise the State Debt on the terms of the
award of The Committee IF Arbitration and to enact
law to fully carry 1t out, the holders of very large
amount of Bonds OF Tennessee did make and send
to toe Governor propositions of compromise on the
terms Of said award and the Governor did there
after convene the Legislature in extra session TO
consider said proposition; and
WHEREAS, During the sitting or the Legislature,
the i'm eryentIon of other parties proposing aud ad
vocatng before ii other and different terms OF set
Element than those considered by the Committee of
the Legisisture and the Committee OF Arbitration,
and awarded by the latter COMMITTEES, and agreed 10
f tn State of Tennessee and to hsr creditors, in
SD far as IL has delayed Il settlements and
WHEREAS, The Bondholders OF Tennessee had
neither an agent nor any other person to represent
them before the Legislature but confded In the Leg
islature, and fully expected that the Senators and
fat.fy and confirm the award of the distinguished
and disinterested gentlemen who had acted as a
Committee OF Arbitration, and accept the PROPOSE
ton of the BoDdhOder3 made in accordance there
with, unhesItatinely; therefore
Resolved, That efforts made By any persons who
purpOrted to represent the BondhOldsTs of Tennes-
see were entirely unauthorized and tina, the aeclara
ton alleged TO have been mage az blshVis that
Upon lover basis than that proposed by the Com
mittee Of ArbIters, OF which Mr George s Coe Is
late5 to the great body of BondholdeIs.
RESOLVED, That while we deplOre the altitude a.
sumed by the Legislature while assembled at Nash
Vile in DECEMBER, toward the BOndholders, we be-
lieve that it resulted from the influence and unwar
rantable interference OF other parties than real
BondhOlders, Or their representatives,
ResoLged. That we have an abiding bslief that the
people OF the g,eGt State of Tennessee will nos By
The ee ctl61 OF honest claims which they are album
S2nty able 70 pay. suffer stigma long 70 rest upon
them, the effect OF which Will be to parall re the
prosperity of the State; subyer its best Interests;
and engender that Generalization which must ulti-
maely result In losses to It's citizens, even far great
I.e,GI.es., That the people of Tennessee be urged
to adopt such legislation as VIII uphold the honor or
the Stats, and eynee proper regard for the high in
egry which has hitherto characterized her ITEMS
ReS0lUed That committee of Ave re appointed,
d. Morgan Ge Co.. j. G. K Duer Cof James o. Kings
Sons. Peter Geddes (of Geddes d Smith), and Dr..
h. s. Mordn-Eugene Kelly to be chaIrman-to take
such action as, in their Judgment, TuAy be fer the
interest of the PoGdh adyFs, but with the unoeT-
standing thai ~ settlement less favorable than the
C. AMoRY STEVENS. Secretary.