Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-03-23
Litigants in a Bad BOx-SynOpsis OF the
Sensible Bill introduced in the
Senate by Judge Clapp for
the Settlement of tie
State Debt.
Special to the Appeal

Special to the Appeal
NASHVILLE, March 22.-Senate - Mr..
CiapP offered a resolution, which was
adopted, to authorize the dIsinterment Of
the remains of the late Charles Kortrecht
and the removal Of the same from Bartlett
to ElmwO0d.
Senate bills to exempt blind fdders from
license and prIvilege-tax passed Third reading.
Mr.. Byrd offereI a resolution requesting
the governor to communicate to the general
+ assembly his views as to the validity and le-
gality of certain State bonds, aCd which
bonds should be paid, and to furnish to the
general assembly al the facts in his posses
sion. Referred 70 the finance committee.
Mr.. Savage's bill constituting State
| officers a board of finance, to purchase
bonds at prices not t. exceed forSy cents on
the dollar, every surplus twenty thousand
dollars coming into the treasury TO be appro-
| Drlated tor that purpose, passed on its third
reading-19 to 6.
HOuse-The senate bill TO repeal the fund
| ng acts Of 1873, and TO amend the charter
| of Ripley, finally passed.
The senate bill to provide for an appoint
meut Tor the supreme court was rejected Tor
the want of a constitutional majority. It is
estimated that there are twelve hundred
| cases now on the SUPREME court dockets here,
| representing FIVE million dollars AMI twenty
| thousand htlgants, who now have a dubious
prospect, as Ia the case OF JarndyCe as. JarL-
| dyce, OF ever getting out of court.
! The house bill to make it a msdemeanor
| for any one to throw stones at railroad cars
| or other vehicles of travel passed third read
| ing.
SENATOR CLAPP's STATE DEBT BILL.
The following Is a synopsis of the bill in
trodaced by Senator Ciapp, but which was
| defeated by the triumph OF the reputation
| lists:
bill to provide for the settlement of the State debt
WHEREAS, The legal validity of a portion of the
ALLEGED indebtedness OF the State of Tennessee is
claimed to debateable question, and equities in
relation thereto asserted in her behalf, yet it
people of the State that there shall be prompt and
permanent settlement of their Indebtedness upon
pToperty Toughout the St te tie pTostFatio6 of our
industrial interests. and the pecunary embarrass-
its Of citizens shall be just 10 her creditors
and honorable to the State; and
MHsREAS proposition has been made on behalf
OF the creditors TO adjust their Ia. ebedneSs upon
pom bonds bearing six per cent: interest said cou-
dues the State, and We the representatives of
the p6O lie. TO whom any proposition for a settle
msnt viii be referred for approval or rejection be-
evs that while they may be willing to accept the
basis of sixty cents on the dollar to the principal
of said Indebtedness they would be unable to com
ply with the StipuatOnS to the rate of interest,
and unwilling to make the interest coupons receiva
BILE in payment of other dues to the State
and could not without adding too much to the bur
den of taxation. pay higher rate OF interest than
three per cent per annum at the present. and until
a reaction occurs In property values; and We are
willing to submit TO them such proposition, and
urge It's acceptance at the ballOt-bOx in the hope
that it may be ratified by the creditors of the State
and result In permanent and satisfactory settle
ment; therefore,
Be It e7sct1d 6 the G.neraL assembly at the state Of
TSt9essee That the following described bond, pur-
be settled and funded the legislature may here
after direct in the coupon bonds of the State, at the
rate of sixty the dol ar including past-due
interest, said renewal bonds to bear interest at the
rate of three per cent per annum for the first
years, and four per cent per annum thereafter until
paid, and to be In denominations of five hundred
ana one thousand dollars, third thereof falling
other third at twenty-five years, but re-
deemable and renewable at the pleasure of the
State, tine interest being due ana payable
at the capitol of the State at Nashville, in the
treasurers Oce the bonds herein above referred TO
being known and described as follows:
Here follows list and description OF all the
State bonds outstanding except the . Mineral
| Home."l
duty of the governor OF this State after the
passage of this act may be practicable, to
municate to the holders OF the above mentioned
bonds the foregoing section OF this act or the pur
port thereon, In such mode as he shall deem best
calculated to reach them and elicit a response to
the same; and if he shall receive responses giving
| reasonable assurance that the proposition herein
above contained will be acceded - by the holders of
said bonds. or majority in interest thereof, ii shall
theFeupOn be his duty to make proclamation there
of and to order special election to be held within
the hours prescribed By law at the various voting
places in tue several counties OF the State, such
proclamation TO give timely notice or holding said
election. and the sans to be held and conducted
der the rules and regulations prescribed By law
Sec. 3 provides that the qualified voters Of the
State voting at such election shall have written or
| printed their tickets the word Accepted or
| Rejected" as they may vote for or against the
Sec. provides for the calling of an extra session
OF the legislature by the governor If the proposition
Is accepted By the people, for the purpose OF enact
Ing it into law, and providing for the Issuance OF
| the renewal bones.