The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1879-05-01
THE COMPROMISE.
Result of the Committee Con-
fereHces ON the Tennessee
Debt.
The Correspondence Between
Gov. Porter and Messrs.
EnIOe and Baxter.

pointed to CONFER WIN the HOluerS OF
Tennessee bonds with reference to the
acceptance in settlement Of the prop
ositiUn recently proposed by the Leg
islature of Tennessee have been about
finished, aid they will begin to leave
tonight for home. Their work is
summed up III the letter OF Gov.
Porter to Messrs. Enloe and Baxter,
the committee appointed by Gov.
Marks.
The letter of ex-Gov. Porter was
written in answer to the following:
FIFTH AVENUE HOTEL, NEW York,
April q, 1S79.-Gov. Jas. ID. Por-
ter, Chairman of the Citizens COm-
mittee-Dear Sir; Recognizing the
valuable services rendered us by the
harmonious cooperation of your cons
mittee in the effort to secure the ac-
ceptance of the settlement proposed
by the Legislature to the creditors of
Tennessee, we desire before your de-
parture an expression Of the impress
sion made upon your committee as to
the acceptability to the creditors of
the proposed compromise.
Your committee have been brought
into contact with the leading financial
and commercial men of the city of
New York and many of them holders
of Tennessee bonds and the agents Of
bondholders, and we trust you now
feel competent to render all intelligent
opinion upon the matter OF our ill.,
quiry. Respectfully,
B. A. ESLoE.
NATHANIEL BAXTER, Jr.
The following is the letter from
Gov. Porter, chairman of the COM
mittee:
New YoHK, April q, 1879
Messrs. Enloe and Baxter-GeDtle>
men: Replying to your note of this
date, since reaching New York on
Thursday morning, We have diligent-
" sought the leading commercial and
financial men and such holders of our
securities as we could identify, and
we are grati6ed to report a more IA
vorahIe sentiment for the adjustment
Of the debt of Tennessee on the basis
proposed in the act recently passed by
the Legislature are anticipated. While
we find some of the largest holders OF
our bonds heSitating to accept the of
fer, yet we believe the very liberal
spirit which pervndes the commercial
and financial circles Of New York on
this question justiiies the hope that
a large majority cf the holders of our
securities will accept the offer made
by the State at all early day, and that
finally all the Indebtedness of the
State will be adjusted on that basis.
1t is proper, in this connection, to say
that we met last Saturday evening
with number of the leading repre-
sentative gentlemen of the city, and,
after free interchange of views, a
resolution was offered by Mr.. T. ID.
Tappan, President of the Gallatin
National Bank, i'll the following
words
Resolved, that we do most earn
estly recommend the creditors of the
State to accept the proposition made
to them by the recent Legislature, to
settle the debt at 80 cents on the dol
la1 of principal and accrued interest,
PAYABLE in new bonds of the State,
running 80 years and bearing 4 per
cent. per annum interest"
The adoption Of the resolution was
moved by Mr.. f. H. Cassett, of New
York.
Mr.. Charles NJ. Frye, President OF
the Bank of New York, and who pre-
sided over the bondholders' meeting
in this city which offered to adjust the
| Tennessee debt at 60 cents, advocated
| the resolution, when it was unanl-
mously adopted by the New York
gentlemen present.
There were respectable number
of the holders of our securities who
were not merely willing but anxious
TO refund their bonds on the terms
proposed, and we think they should
be afforded an opportunity for doing
so. What opposition exists to the
settlement lies less against the amount
offered than the absence of special
provision guaranteeing the prompt
payment of interest.
Our bonds are more largely held
elsewhere than in the city of New
York, but we End the same sentiment
prevailing among Others as with the
holders in this city. Our purpose has
been to impress the facts as they ex'
ist upon the holders of our securities,
and after that has been. done the re-
sponsibility of accepting or rejecting
the proposition is in their hands.
| We desire to express our gratihca
ton over the promising prospects
which are about to crown your earnest
and diligent efforts with early success
l have the honor to be, very respect
fully, JAMES ID. PORTER,
Ch'm'n of Citizens Com.