Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1879-06-03
The DEBT COMPROMISE.
why Gov. Marks Submitted the 5O-4
Settlement 10 the People.
Nashville American.

Nashville American.
A good deal has been said about the
submission of the State debt question
to the people by the Governor, without
having the act complied with.
This ia a question of fact. The
Governor was required to confer with
the bondholders or their chairman,
and when he shall have obtained the
acceptance of said proposition from an
equal number in amount as now pros
pose to take sixty cents in the dollar
and six per cent. interest,"" the ques-
ton is to be submitted.
The Governor had two things TO do /;
first, to find out what bOndholders had
made the offer of so cents with six per
cent, and how many bonds they had
and, second, who had accepted the
80 and 4 proposition, and how many
bonds they represented, and subtract
one from the other.
The bOndholdeTs making the offer
of 90 cents and 6 per cent, as shown
by the Governors message (see House
and Senate Journals of Extra Session,
pages 40, 141, 142 and 143), were John
B. Manning, a. r. Hall, u. w. Nor.
ton & Co., Eugene Kelly, c. w. Strait
ton, Jr., E. D. Morgan & Co, John
Balgiana, Samuel l.. Peters: Francis
White, Joseph A. Rieman. A. Rieman,
Thomas Wilson, A. ID. O'Leary,
Daniel H Shower, VIM. McKim,
Edward K. SchoffJer, Francis A.
Crook.
-Four of these parties, tO-wit: Hall,
G.. w. Norton & Co., StrattOn and
Morgan & Co, fail to state the amount
of bonds they represent. All the rest
represent $2,741 700 The amounts
owned by the four are not presumed
to be large, or they would have been
stated.
The Governor hiving in his pos
session be acceptance Of over So
600, 600 Of the 80 and 4 proposition, he
had no discretion, unless he thought
the fOuT-HalI, Morton & Co., Station
and Morgan & CO.-represeptedm more
than enough 70 make the difference
between IA, 200 and s., 100000. and
this was not bis information.
The confusion about this whole mat
ter seems TO have grown out of the
fact that the Clearing house Committee,
on the S;h Of March, 1877, presented to
the Legislative Com mittee sent to New
York, a proposition signed by a great
number OF OODdhuldeTs, and who in
fact represented many bonds, and who
have been treated as agreeing to the
so cents proposition. They are George
Smith, London, England; Brown Bros.
q Co, l.. ID. Morgan 81 Co, James G..
Kings sons, Ward, Campbell q Co.,
G. ". Stanton, jr.. p g. Geddis, Cal
win Stevens, }. V Clerk, VIM. g.
Dreamer, &, 5. Hill, a. Iselin & Co,
W. Il. Jenkins, New York; Mrs.
J Josephine l.. Ne@cnmb, George Wat
son, Che 80; w. II. Macy, Henry e
Johnston, JlhustOn, Bros. & Co,
Thomas +. Andrews, NJ. Abrams, VIM.
DeGocy, Samuel i. Peters, Wilson,
Cclston & Co, John 5 Cuttings.
But, in fact. the proposition of these
bondhoFdg r. was TO reduce the rate of
interest to per cent. for four years, 4
per cent. for five years and 5 per cent.
for five years, and theG per cent, for
the balance Of the term, fifty years,
with no reduction of the principal,
aud they are not embraced in the 90
cents proposition.
Ii is claimed by some that the act
has reference to the bOndhOlders repre-
scented by Gen. Roger A Pryor in his
proposition 10 The present Legislature,
and indeed th act is broad enough to
cover these. But one fact stands out
with reference to this proposition, and
that is tina, the names aud number
represented have not been disclosed,
except that he represented Eugene
Kelley, who has been already counted,
and few others for whom he accepted
the 80
Now, upon these fac's, what could
the Governor do but submit the quas-
ton to the people?
The question made IL purely TECH
meal, aud the Governor having been
himself technical, there is nothing
left.