Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-11-27

Tanuary Jt5fh al 1 , o,cIcck N' VI
f. D. MORGAN Il CO.,
BROWN BROTHERS & CO.,
EUGENE KELLY.
GEDDES Il SMITH,
JAMES q. KINGS SONS,
A. II. PoMEROY.
GEORGE w. STANTON.
c. AMORY STEVENS
At meeting of Bondholders of the State of Ten
nessee, held pursuant to the above call, the follow
ig anu h SUI H1 ~eTs aaoptea: o.,
between Committee of five members of the Ten
nessee LEGISLATURE Sot which Colonel John H. say
(Ot which MIR. George 5. Coe chairman), 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
BILE adjustment of 1t would be; and
WHEREAS At the conclusion OF the conference be-
tween the Committee of the Tennessee Legislature
and the Committee of Arblters, the Committee of
Arbters made an award that the debt OF the State
new Bonds at the rate OF sixty per cent of the total
amount of the debt and interest; the new bonds to
and the coupons for interest to be made receivable
for all taxes and dues TO the State, and
WHERE IS, 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 II effect and
WHEREAS, 1t was very generally understood that
an extra session of the Legislature would be con-
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 holders of 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 there
after convene the Legislature in extra session TO
consider said proposition; and
WHEREAS, During the sitting OF the Legislature,
the Intervention OF other parties proposing and ad
vOcsting before it other and different terms of set
the Legislature and the Committee OF Arbitration
and awarded by the latter Committee and agreed TO
by the BondhodeIs. was pre1udlcial to the interest
OF the State OF Tennessee, and to her creditors in
so far as I, has delayed settlement and
WHEREAS, The Bondholders OF Tennessee had
ither an agent nor any other person to represent
them before the Legislature but conded in the Leg
Representatives Of the people of Tennessee would
rattfy and confirm the award OF the distinguished
Committee Of Arbitration, and accept the PROPOSE
ron OF the BondhoiderS made in accordance there
ReSolUed, That efforts made By any persons whe
purported to represent the BOndhOlders of Tennes-
sse were entirely unauthorized and that the decara
ton alleged 10 have been made at Nashville that
settlement could be effected with the Bondholders
mittee Of 4rbiteTs. Of which NJ George 5. coe is
chairman, has 10 foundation in fact, so FAR as It
latas TO the great body OF BondhOdeFs.
HeSolged, That while We deplore the attitude :
sumed by the Legislature; while assembled at Nash
Vile in December. toward the Bondholders, we be
lieVe that Ii resulted from the influence and unWar
rantable interterence OF other parties than real
BondholdeTs, or their representatives,
Rss0t,ed, That We have an abiding belief that the
people of the great State OF Tennessee will not by
The rejection 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
and engender that generalization which must uIti-
matey result In losses TO its citizens far great
Pr than 10 its creditors.
Reotred, That the people of Tennessee be urged
to adopt such legislation as VIII uphold the honor of
tue State, and evnce proper regard for the high In
tegrty which has hitherto characterized here items
ReSOired, That Committee or five be appointed
consisting of Eugene Kelly, John T. Terry (of E.
d. Morgan & Coz, J. 6. K Duer (of James o. Kings
sons, Peter Gedde5 (ot Geddes d SmItb), and Dr.
Il. s. Moran-Eugene Kelly TO be chairnan-to take
such action as, in their judgment, may be for the
int est of the BondhOlders, but with the unGer-
standing that settlement less favorable than the
award OF the Committee OF Arbitration be accepted
c. ANORY STEVENS, Secretary