The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-05-07

reasons, as Wei as ny the very IFienuIy
and conservative spirit of the financial
men of New York, and we were max
ing fair progress when the citizens
committee arrived.
They were appraised of the situation,
and in perfect accord the entire delega-
ton continued the line of policy we had
decided upon, until we were all satisf-
ed that public action should be taken In
the matter. A meeting was appointed,
which resulted in the unanimous adop-
ton by the New YOrkers present of
resolution advising bondholbers gener-
ally to accept. The gentlemen opposing
the settlement failed to attend the meet
ing. A counter demonstration was
made the same night at Mr.. Geddes'
Office by Mr.. Stevens, who is prosecuting
the suits against the railroads, Mr.. Ged-
des and the Rev. Mr.. Moran, and this
was announced as meeting of the bond
holders, who had decided to sue the
railroads.
Before the departure of the Citizens
Committee from New York, we sought
an expression from them of their epin-
ion of the action of the bondholders
from their knowledge of the sentiment
prevailing in regard to the settlement.
We desired to incorporate their views
as part of our report, and we are graft
fed to state that the accompanying cor
respondence discovers the judgment of
the entire committee,
We continued to prosecute our work
of soliciting acceptances with good sue
cess, until we had pretty well exhausted
all the material.
We had advertised our presence in the
newspapers and through circulars, and
solicited correspondence or conference
with all bondholders accessible to that
point.
We have to report that two thirds OF
those we were able to see or reach asked
that the question be submitted to the
people for ratification. Many others
signifed their purpose to fund under
the act if suitable provision should be
made to insure the prompt payment Of
interest in the future.
We found the settlement approaching
much nearer to the satisfaction of the
creditors generally than we had beer
led to expect. A few were objected tC
the settlement upon the ground that i
was not just, or that the coupons were
not made receivable for taxes. We are
satisfied that the assurances of accept
ance furnished US complies with thu
provisions of the law on the subject, anC
we heartily agree with the distinguish
ed gentlemen who composed the citi
zens' committee, in saying that "ther,
are a respectable number of the holder
of our securities who are not merely
willing but anxious, to refund thei
bonds on the terms proposed, and w,
think they should be afforded an OppoI
tunity for so doing"
We will only add that it is our DELHI
crate Judgment, founded upon ou
knowledge of the sentiment of the bond
holders, that when the Legislature shal
have made suitable provision for tn
; prompt payment of interest on the neV
bonds, this settlement will be readil
accepted by large majority of the hold
ers of :he bonds of the State.
All of which is respectfully submit
ted. b. A. ENLoE, 9a
NATHANIEL BAXTER, JR.
Nashville, Tenn, April 90, 1870.
NEW YORK. April 81, 1979.-Gov
Jas. D. Porter, Chairman of the Cit
zens' Committee-Dear Sir: Recognil
ing the valuable services rendered us b
the harmonious cooperation of you
cpmmitteefn the effort to secure the az
ceptance of the settlement proposed b.
the Legislature to the creditors of Ter
: nessee, we desire before your departur
3 an expression of the impression mad
, upon your committee as to the accept,
bility, to the creditors, of the propose
compromise. Your committee hav
been brought in contact with the leaC
= ing financial and commercial men of tn
city of New York, and many of thes
holders of Tennessee bonds and tn
, agents of bondholders, and we trust 20
$ now feel competent to render an int
t Iigent opinion upon the matter of OF
inquiry. Respectfully,
b. A. ENLOE,
NATHANIEL BAXTER, JR.
: NEW York, April 81, 1879. -Messr
7 B. A. Enloe' AMI Nathaniel Baxter, il
Gentlemen: Replying to your note {
this date, since reaching New York O
Thursday morning, we have diligentl
: sought the leading commercial and |
4 nancial men and such holders of our 8
f curities as we could identify, and "
:, are gratified to report more favorab
sentiment for the adjustment of th
s debt of Tennessee, on the basis propO
Y ed in the act recently passed by tn
1 Legislature than we anticipated. Viii
we find some of the largest holders
our bonds hesitating to accept the offe
/ vet we believe the very liberal spir
t which pervades the commercial and
! nancial circles of New York on tn
question, justifies the hope that lars
. majority of the holders of our securiti
t will accept the offer made by the Sta
= at an early day, and that finally all I'll
Indebtedness of the State will be adjus
ed on that basis. It is proper in tn
y connection to say, that we met last Ss
g urday evening with number of IL
!. leading representative gentlemen of tn
!. city, and after a free interchange
% views, a resolution was offered by M
g f. D. Tappan, President of the Gallat
q National Bank, in the following word
recommend the creditors of the State
. accept the proposition made to them
IS the recent Legislature, to settle the de
e at so cents on the dollar of principal al
: accrued interest, payable in new bon,
= of the State running thirty years al
u bearing per cent. per annum intere'
9 The adoption of the resolution W
e seconded by Mr.. F. Fl. Cosset, of Ne
J. York.
Mr.. Charles M. Frye, President of Il
Bank of New York, and who preside
g over the bondholders meeting in th
@ city which offered to adjust the Tenne
/ see debt at so cents, advocated the res
J. luton, when it was unanimously adoE
ed by the New York gentlemen presen
9 There are respectable number of Il
g holders of our securities who are n
e merely willing but anxious to refur
!, their bonds on the terms proposed, al