Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1878-11-24

States in default and their bondholders, the
debt of the State of Tennessee was 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 Committee 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 per
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 q few
days after the award of the Arbiters was
rendered, and there was no time to enact q
law to give it effect and
Whereas, 1t was very generally under
stood that an extra session of the Legisla~
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 a law to fully carry it out, the hold
ers of 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 extra
session to consider said proposition; and
Whereas, During the sitting OF the Leg
islature, the intervention of other parties
proposing and advocating before it 9th er
and different terms of settlement than those
considered by the Committee of the Legis-
lature and the Committee of Arbitration,
and awarded by the latter Committee, and
agreed to by the Bondholders, was prejudi-
cial to the interests of the State of Tennes-
see, and to her creditors, IN so far as 1t has
delayed settlement; and
Whereas, The Bondholders of Tennessee
had neither an agent nor any other person
to represent them before the Legislature,
but cOnfded in the Legislature, and fully
expected that the Senators and Represen-
tatives ofthe People of Tennessee would
rstify and confirm the award of the dis
tinguish ed and disinterested gentlemen who
had acted as Committee of Arbitration,
and accept the proposition of the Bond
holders made in accordance Herewith, IN
hesitatingly; therefore.
Resolved, 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 Arbiters, of
which Mr.. George S. Coe is Chairman, has
no foundation in fact, so far as it relates to
the great body of BondholdeTs.
Resolved, That whiie|we deplore the at
titude assumed by the Legislature, while
assembled at Nashville in December, to-
wards the Bondholders we believe that it
resulted from the influence and unwarTant-
able interference of other parties than real
bondholders, or their representatives,
ReSo'U That we have an abiding be-
lief that the people of the great State of
Tennessee will not, by the rejection Of hon
est claims which they are abuidantly able
to pay, suffer stigma long to rest upon
them the effect of which will be to para
lyze the prosperity Ofthe State; subvert its
best interests and engender that democrat
izatiOn which must ultimately result in
losses to its citizens, even far greater than
to its creditors.
Resolved, That the people of Tennessee !
be urged to adopt such legislation as will |
uphold the honor Ofthe State and evince
proper regard for the high integrity which |
has hitherto characterized her citizens.
Re- diced, That Committee of five be |
appointed, consisting of Eugene Kelly,
John t. Terry (of E. d. Morgan & Coz, |
j. @. X. Duer (of James @. Kings Sons, |
Peter Geddes (of Geddes & SMITH and DR.. |
Z. s. Moran-Eugene Kelly to be Chair |
take such action as, in their judg- |
ment, may be for the interest of the Bond |
holders, but, with the understanding that |
no settlement less favorable than the award |
of the Committee of Arbitration be ac~ |
cepted. g. AMORI STEW EMS,
nOV24dltaw W6t Secretary.