The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-04-30
TENNESSE e. B0NpHOLDES.
HOW FHE ARE LIAEaLY q RE-
AkZzE HLETK PER 1EE42E
New York world.
Y OLA III III :
TEPEGT

4.E i
holders of the bonds Of that State
and some of oarsleadiRg haukerss
E4-Goys PoEtergana Brown Of
Tennessee; Judge Whitworth, Presi-
deatof the Fourth National Bank Of
Nashville; Mr.. N. Baxter. President
of tue NIechaaicg Katiohal Bank,
Nashville; Mr.. Dempsey weaver,
Vice President of the Third National
Bank Of Nashville; Col. Gaines,
Comptroller. of the Treasury Of Ten
nessee; Judge Butler member Of
the Legislature Mr., Rule, editor Of
the Knoxville Chr0ntcle; Coll Flem-
ing, late editor of,sthe} Knoxville
Tribune; Mr.. Enloe, edtter of the
jackson Tribune and Sun. and Col.
Burch. editor of tue Nashville Anaerj-
capf were among the Tennesseans
present. JThe bankers of New York
were represented by Charles M. Fry,
President of the Bank ogNew York !;
Frederick D. Happen, President of
the GalIatin National Bank; James
Buel. President of the Importers
and Traders Bank F.. o. French,
'of the First National Bask James
NJ. Morrison. President Of the Man
hatton Banking Association; VIM.
81 !. Hays President of the Bank Of
the State Of New York +, H. Cos
slit. and others. "A IS - -
Gov. Porter Gov. Brown, Judge
Butler and others of the Tennessee
ans explained fully the present con-
ditions surrounding the people, the
status of the debt, the efforts which
had been made both by those who
are opposed to State credit and
those whe have advocated, a just aud
eguitables compromise, aad gavea
history Of the preceding and the
present legislation on the subject.
la Gen, Roger A Pryor, who as an
attorney of bondholders visited the
I.egfstgnEe a ltsglast session, was
called upon for the impressions which
had been made upon him in his visit
and the views he entertained as to
tie best-eourse Observation-Disclosures
to pursue. In reply, Gen. Pryor
said - Z y 81 - = = !
IL visited Nashville as the representa-
,tfvctof the bondhOlders and put myself
in communication with all classes of
people in Tennessee, and think got
pretty clear ideaso the temper and attis
tude of the public mind in reference to
the indebtedness of the State, and |
came to the conclusion that 80 per cent.
was the extreme amount that the people
of Tennessee could be brought to under
take 10 pay. The mOdesty of Gov.FPor-
tersand the other Tennessee men here
prevents their@saying what I now state,
that it is due to their weight of charac-
ter, energy and judgment that the peo-
pie of Tennessee have been brought to
that figure. The same weight of char
acterand strenuous effort will no doubt
secure the Endorsement of the people,
"The thing for the. creditors to con,
slider is not what ought to be done, but
what can be done. Be assured the peo-
pie of Tennessee viii 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 40 idea of the
poverty of the people in the farming
And moreover, while there is |
a reputation sentiment prevalent in the |
State it is not a consciously ignOble SEN !
timent. Those people do not think they |
are repudiating just obligation, though |
some of the demagogues doubtless do. |
But for reasons satisfactory to their |
whichgI will not state, they |
have got the idea that there is not very |
strong, if any, moral obligation to pay |
this debt That combined with their |
poverty is really as / see it the cause
why there is a reluctance among a por-
lien of the people to pay this debt. Bnt
they have come to the conclusion that
they will stand so cents on the dollar.
Ii is sort of outburst of enthusiasm
largely Manufactured by Gov. Porter
and other able and honorable gentle
men.
{ II rather think the masses of the peo-
pie in Tennessee hope the proposition
will be rejected. IT it is rejected you
Will never getsanether. 1t is ofwno use
o argue it. People get familiar with
he non payment of their debts, and the
loses its monstrOus charac-
err -grEEE Faass - e Ash
1.-THE next point that arrests the at
ention of the creditor is, will this offer
De caTriedyout? Well, there is no doubt
lbout that. l have not shadow of
al and ratified by the people of the
nd inviOlate.
s''ghe, interest onzthiss debt is a very
mall proportion of the burden that the {
,eople have to bear. The creditor had
lways bettergtafe q dividend that the
ebtor can pay than have him under
axe one too heavy for him to bear.
81. tried to come to the conclusion 6
hat tue railroads were Responsible. = / s
tudied the statutes of the State bearing 4
non the subject. But l came to the l
oncIusion that any resources against {
he railroads is all together illusery. |
O that am forced to the Qpipion shat st
le bondholders must take she so cents /
r run the risk of never getting another t
Ter. III EJEss ExkSs G
Mr.. Frederick D. Happen, President b
the Gallatin National Bank, said: Il a
elieve that it is utterly impossible for
Ie State of Tennessee to consider any
her proposition than, that which has {
wv been presented TO the -boudhelders; T
at if that, is notsaccepted no other Of
rswil be made.sI therefore desire to I
fer the following resolution and to say C
at it expresses my sentiment4anJl feel. ! Ii
g as the representatives, of tile holders .
a very large amount of these bonds. :.
hey are willing to accept, and / do'ac- Il
pt on their behalf, the proposition II
lich the State has made:
''This meeting having been fully in
rmet fas % the condition of public ii
ntiment in Tennessee respecting the =.
1ebtedness of that State, by the com