Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-04-24
THE TENNESSEE DEBT.
OF an Informal Meeting
OF the state Delegates and Bond
holders In New YOFk-General
Roger a. PryOr's Opinions as
to the Best Course for
All Concerned.

All Concerned.
New York World, 2lst: There was an in
formal meeting Saturday evening between
the tennessee gentlemen, who are visiting
New York with the desire of obtaining an
acceptance of the proposition made by the
late legislature to the holders of the bonds of
that State, and some of our leading bankers.
Ex-Governors Porter and Brown, of Ten
nessee; Judge Whitworth, president of the
Fourth national bank, Nashville; ii. Baxter,
president OF the Mechanics national bank,
Nashville; Mr.. Dempsey Weaver. vice presi
dent of the Third national bank, Nashville;
Colonel Gaines, comptroller of the treasury
of Tennessee; Judge Butler, member of
the legislature; Mr.. Rule, editor of the Knox
vile Chronicle; Colonel Flemin ,, late editor
of the Knoxville Tribune; Mr.. Enloe, editor
of the Jackson Tribune and Sun, and Colonel
Burch, editor of the Nashville American,
were among the Tennesseans present. The
bankers of New York were represented by
charles M. Fry, president of the Bank of
New York; Frederick d. Tappen, president
of the Gallatin national bank; James Buel,
president of the Importers and Traders bank;
+. o. French, of the First national bank;
James NJ Morrison, president of the Man
haitian banking association; VIM. b. Hays,
president of the Bank of the State of New
York; F. II Cossitt, and others.
Governor Porter, Governor Brown, Judge
Butler and others of the Tennesseans eX-
planned fully the present conditions surround
ing the people, the status of the debt, the
efforts which had been made both by those
who are opposed to State credit and those
who have advocated a just and equitable COM
promise, and gave a history of the proceed
| ing and the present legislation on the subject.
General Roger A. Pryor, who as an at
| torney of bondholderS visited the legislature
at its late session, was called upon for the i'm
| Uh hn6n n
| his visit and the views he entertained as to
| the best course for the bondholders to pur-
| sue. In reply General Pryor said: 81 visited
| Nashville as the representative OF the bond
holders and put myself In communication
| with all classes of people In Tennessee, and
| think got pretty clear idea of the temper
| and attitude of the public mind in reference
| TO the Indebtedness of the State, and
| came to the conclusion that Fifty per
/ cent. was the extreme amount that the people
of Tennessee could be brought to undertake
| to pay. The modesty of Governor Porter
and the other Tennessee men here prevents
| their saying what | now state, that 1t Is due
| to their weight of character, energy and judg-
| ment that the people OF Tennessee have beSn
brought to that figure. That same weight
| of character and strenuous effort will no
| doubt secure the Endorsement of the people.
The thing for the creditors t. consider is not
| what ought TO be done but what can be done.
Be assured the people of Tennessee will not
do better than they offer now. And they are
not so much to blame as we may think. They
are very poor. You have no idea of the pow
erty of the people in the farming districts
And moreover, while there is a Reputation
sentiment prevalent In the State it is
not consciously lgnoble sentiment
Those people do not thirk they are
repudiating just DBL Cation, though
some of the demagogues doubtless do. But
for reasons satisfactory to their Judgment,
| I mill ,Of toto HOY 10 1ao
that there is not a very strong, if any, moral
obligation to pay this debt. That combined
with their poverty Is really as L see it the
cause why there is reluctance among por-
ton of the people 10 pay this debt. Bat they
have come to the conclusion that they will
stand fifty cents on the dollar. 1t is sort of
outburst of enthusiasm largely manufactured
by Governor Porter and other able and hon
orable gentlemen. | rather think the mass
of the people in Tennessee hope the PROPOSE
ton will be rejected If it is rejected you
will never get another. 1t is OF no use to
payment of their debts and the proposition
loses its mcnstrous character. The next point
that arrests the attention of the creditor is,
will this offer be carried cut? Well,
there Is no doubt abcdt that. | have not a
shadow of doubt that if this proposition is
accepted and ratified by the people of the
State of Tennessee it will be held sacred and
inviolate. The interest on this debt is a
very small proportion of the burden that the
people have to bear. The creditor had always
better take dividend that the debtor can
pay than have him undertake one too heavy
fer him to bear. tried to come to the con-
cluslon that the railroads were responsible.
| studied the statutes of the State bearing
upon the subject. But came to the conclu-
sion that any resource against the railroads
is altogether illusory. So that am forced to
the Iopinion that the bondholder must take
the fifty cents or run the risk of Fever getting
another offer.
Mr.. Frederick D. Tappen, president of the
Gallatin national bank, said; II believe
that it Is utterly impossible for the State OF
tennessee to consider any other proposition
! than that which has now been presented to
the bondholders; that If that is not accepted
no offer will be made. !, therefore, desire
to offer the tologI1g resolution and to say
that it expresses my sentiment and feeling SIS
the representative of the holders of a very
large amount OF these bonds. They ere will
ing to accept, and do accept on their be-
half, the proposition which the State has
made. This meeting having been fully in
| formed as to The condition of public senti-
ment IN Tennessee respecting the indebted
ness Of that State, by the committee appoint
ed at meeting of State credit citizens with
out regard to party:
'ResOlged, That we do most ga nestly
! recommend the creditors of the State to &C.
| C6pG the proposition maze 10 Llem pY the re-
cent legislature, to settle the debt at fifty
cents on the dollar of the principal aud ac-
crued interest payable in new bonds of the
State. running thirty years, and bearing four
per cent. per annum interest"
The resolution was seconded by Mr.. Co.'S
slit, and Mr.. Charles M. Fry, president of the
Bank of New York, before putting it 10 vote
expressed himself to the same effect as MIR,
Happen. He spoke of the poverty of the
people Of the south, which he had personally
seen in recent visits, and said that if the
bondholders' action depended upon him he
was then put by Mr.. Fry, with the request
that no one but citizens of New York should
|; vote upon it, and it was unanimously
adopted.
Governor Potter in conclusion thanked The
New York gentlemen for their presence al
the meeting, and expressed the gratitude o.
himself and associates from Tennessee fol-
their sympathy and good WILL
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