The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-05-28
OUR STATE DEBT.
The Law More than Complied
with by the BOndhOlders.
Nashville American Goth.

Iu0 Law more IMAM COInplA0u
with by the BOndhOlders.
Nashville American Goth.
The american has never doubted
the propriety Of the action Of Gov.
Marks in submitting the proposed
settlement of the State debt to the
people for ratification or rejection.
We had satisfactory reasons for be-
lieving that the law had been fully
complied with by the acceptance OF
the bondholders. This was evident
from the report of the Enloe-Baxter
Commission and the Citizens Com
mittee, besides we knew that other
acceptances had been obtained by
the Governor than those reported
through the Commissioners. Yet
this fact was not clear enough to
prevent the carpings and insidiOus
attacks Of those who were unwilling
to believe, because it was their de-
termination not to believe anything
which argured fsvorably for the set
tlement of the debt. These forum
ately were few, yet by inuendo and
iBsinuation against the bona fdes of
the acceptance, and the legality of
the Governor action. they were en-
abled to more successfully oppose
the settlement than by any direct
issue upon the justice and liberality
of the settlement. Such opposition
as exists will perhaps continue until
the question be finally disposed of
by the ratification of the settlement
at the polls, yet it is gratifying to be
able to present such facts as must
satisfy any reasonable doubts that
may have been engendered in the
mind of any one who honestly de-
sires a settlement of this question,
which has been fraught with so much
of disaster to Tennessee.
We have examined the accept.
ances in the hands of the Governor
upon which his action was based in
the election, and they are
Of the most satisfactory character.
The written acceptances returned to
the Governor by the Commissioners,
The responses received in answer to
she circular they sent out from New
York, and the voluntary and unso-
ieited aeceptances made directly to
he Governor, aggregate an accept
lnce of little less than five millions
If dollars, probably more, as some
If the parties do not state the
AMOUNT Of bonds held. The Cover.
lor has received assurances entirely
to him that majority Of
he bondholders will promptly fund
lnder the law. Among the accept
RS are such men as F, D. Tappan,
President of the Gallatin National
Bank of New York, and President of
he New York clearinghouse Asso-
iation, the latter being the source
rom which the original sixty cents
originated; Charles M.
Fry, President of the Bank of New
York, one of the oldest and best
Danking houses in New York Mr..
cry also presided over the last bond
lolders' convention in New York,
" which the sixty cents proposition
vas renewed to the present Legis-
ature Gen. Roger. A. Pryor, who
ame to Tennessee as the represen-
ative or the sixty cents proposition /;
Ioh1 B. Manning, who represented
2, 1000, 900 in the sixty cents propos-
tion as reported in Gov. Porter's
Message to the extra session of 1877;
nman, Swami & Co, whose letter
o Gov. Porter appears in his second
Message at the same session Of the
legislature, Elk Norton, of Elk Nor
on & Co., bankers; J. L. McAuley,
large holder of bonds; H. L. Hor-
on & Co., prominent bankers and
brokers': Hallgarten & Co., one of
he most prominent firms among the
,ankers of New York; P. G. Cal
loun, President of the Fourth Ma
ional Bank of New York, one Of the
ichest banking firms in the United
states, w. H. Hays. President of
he State of New York, another of
he celebrated bankers Of the city;
IseIiD & Co., bankers, who are
cry large holders of Tennessee
onds; L. D. Alexander & Co., we'll
.nown bankers Amos Young, Pearl
I Co., Stout & Thayer, Levy & Borg
rominent bankers and brokers;
stephen Crowell, President Phoenix
insurance Company John S. Town
end, large holder of Tennessee
onds, Of Poughkeepsie, New York
:. Green, Jr., of Wappinger's Falls,
lew York John Sherwood, of New ,
-ork; Henry Randall, Of Newburg,
lew York; G. Langdon, of Elmira,
-ew York; John Dougherty. New
urg, New York; Thomas johnson,
lew York; John Jones, Poughkeep-
e, New York Frank Vincent, Tar