Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1879-05-22
The BOndhOlders.
jackson Tribune and Sun.

Many good people are astonished
that the holders of Tennessee bonds
did not eagerly grasp the opportu-
nifty to accept fifty cents in the dol
lar of the debt in satisfaction of the
whole. Many good people equally
intelligent have believed for a long
time that our bondholders were all
living in New York City, and that
they cOngregated about Wall street
in schools like fishes. As to the lat
ter suggestion, investigation has de-
veloped the fact that very few Of
them live in New York. The bonds
Of Tennessee are held in considerable
sums in Alabama, Georgia, Mary
land and other States of the Union,
and in all parts of Europe.
New York as the commercial centre
of the United States has assumed
to make the settlement with Ten
nessee and other Southern States,
and holders of Southern securities
elsewhere have acquiesced only in
so far as the action of New York
holders met the approval oc their
judgment. Why the bondholders
did not jump at the chance to take
fifty and four is easily explained
From our standpoint it would seem
that they should be glad to get it.
But it is a fact that a majority of
the bondholders are measureably
ignorant of the condition of our
State, and the sentiment of our
people. They estimate our natural
and undeveloped resources as
wealth, when in fact they have
no mere than nominal taxable
values, and can never have,
without capital to develop them.
While We are struggling with pres
ent difficulties they are disposed to
look upon the rosy future of Ten
nessee, taking the hopeful view of
the Spectator as to what Tennessee
may do, and can do with the help of
Independent as most of
them are, and knowing little of the
pressure which grinds the people
between the upper and neither mill
stones, they never consider the ques
ton as to who will furnish the cap
ital to the people of a State that
has been discredited, to aid in de-
veloping her natural resources. Per-
haps majority of the New York
holders are speculative holders, and
it is not characteristic of any section
towant to manage all that can be made
out of an investment. They want all
they can get, and specializing upon
the natural resources of Tennessee
they are slow to accept anything
short of their anticipated profits.
Holders for investment want an in
come, and when they are satisfied
that nothing better can be done,
they want it settled so that interest
will be paid in the future. 1t is no
easy task to 60 to a man who thinks
you can pay all, and ask him to
take less, and at the same time con-
vince him that it is his interest to
take less. Micawber frequently set.
lied all his debts with his l. o. Us,
1ut he did not ask the deduction of |
the principal and one
bird the interest as Tennessee is
long. The new bond is
ust like the old, except !
IS to amount, and the man
yho surrenders from one to five
hundred thousand dollars, naturally |
wants to know if we intend to pro
-ide for the prompt payment of in
crest in the future. They were
low to act because they wanted to
know if nothing better would be
lone. Satisfied on that they want
ne prompt payment of interest Sc
cured. This we should provide for
20 as to place it beyond perchance
'r peradyenture. The credit of our