Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1879-07-30

anu the better part of the Democrats
here are for an honest and an honor
able settlement Of the State debt. But
with the present lights before US, we
think the 50-4 proposition was bego.-
ten by fraud and born of reputation,
the same in kind and quality, if not
in quantity that Savage is step.father
OF. 30, without more light, we will
vote against the proposition, because
1t Is dishonest, fraudulent and dis
grace1ui. W f. F. NJ.
Athens, Tenn. July "a. 1879.
We will proceed to answer these
questions as our correspondent de-
mands-seriatim.
list. A majority of the creditors
of the State have never at any
time proposed formal compromise
of any kind.
End. The bonds represented by
the bond-hohers who proposed to
the last Legislature to take sixty
cents on the dollar, from the most
authentic information to be
obtainable, did not exceed three
millions of dollars. They
never stated themselves just what
they did represent.
Bird. From the Comptroller
at Nashville we learn that
the bond-holders who have
formally proposed to take fifty
cents and four per cent.
represent about five millions of
principal, and accumulated interest
amounting to between two and
three millions, or in the neighbor-
hood of one-third of the debt. This
we have repeatedly stated before in
these columns.
4th. IF the act of the Legisla-
ture referred to the proposition be
fore that particular Legislature, as
we presume it did, We think the
Governor did comply with the law.
But this is not material matter to
US, for, as we have before stated,
we attach no particular weight to
this election, as the Legislature
must give binding force to all &C.
ton OF this question. We have never
favored an election of this kind.
but as we have stated time
and again, it can do no harm that
we can see, and a full vote will
serve to stiffen the backbones o.
cowardly Legislators, and perhaps
induce them to act honestly in Civ
ing such future guarantees to ou
creditors, as they have a right t.
! expect.
5th. This question is answere,
above. A bona fde proposition
from majority Of the bond-holder
to take sixty cents and six per cent
was never made.
9th. No.
7th. Yes.
9Th. No.
: 9th. Yes.
e 10th. Yes.
: 18th. To the first proposition
yes. To the second, we propos
). to do all in our powt
give the bondholders a qua
/ antee of prompt payment in Il
= future, and as, stated above, if
r large vote is polled for this propos
It ton, it will serve to induce coward
d and dishonest Legislators to
/ their duty. We do not believe th'
IS it is right for the people of Tel
it nessee to sit in judgment in the
n own case, and for that reason '
n have advocated the payment of tt
D. ,, debt in full. When We saw that tn
le could not be- done, owing to Il
IL presence of a large Reputation ell
8 ment in the State, we advocated Il
i acceptance of the sixty cents pro
At osition, although it came from
)? minority of the bondholders, al
z. now for the same reason we a
rs for settling with those of o
81 creditors who are willing to acce
r fifty and four, upon that basis. l
we have stated before in these &C
st umns, we are not in favor
to coercing q single bondholder in
D. accepting dollar less than he
10 willing to accept.
OF II. We have answered our &C
respondents questions fairly al
~ ~ squarely, lodging nothing. AS
m L,owa if ha has .heen reading