The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1881-03-17

IeitheheH o. ne SENATE d3id House ~ !
Representatives.:
desire again to call your attention
to our State debt, and most earnestly
to urge upon you the greut Importance
of providing for its payment or adjust
ment upon such terms and in such
manner as may be alike just to eur
creditors and honorable to the State.
l will not undertake to repeat what is
stated upon this subject in the biennial
message which I had the honor TO
transmit to you under date of the 24th
of February last, bus would most re-
specially direct your attention thereto.
The principal Of the bonded indebted
ness Of the State now outstanding is
$40, 2O6,200. The interest past due
and remainingsunpaid amounts to So
33G, $50, making in the aggregate the
sum Of $26, 542 $50; and to this, rs
understand it, may be added contin-
gent liability of $7S5 900, on account
of bonds supposed to have been lost or
destroyed. The interest now past due
and unpaid has accrued SINCE the LIST
of July, 1875. Thus it will be seen
that the interest annually accruing
upon our Indebtedness amounts to
something over 81, OOO, 900. For the
payment-of both principal and interest
the faith and credit of thesState have
been most solemnly and authoritative
ly pledged. In the message before
referred to, after declaring that, tony
mind, there can be no well founded
question as to the moral and legal OBJ
legations of the payment Of these bonds,
stated further that l am happy to
know that under the misfOrtunes sur,
rounding us, there has been and be,
lieve there still is a disposition upon
the part of some Of the holders of our
bonds to approach an adjustment Of
this matter in spirit ofliberality. ]
did not then feel authorized or at lib
erty to suggest any basis Of settlement
but felt that it WAS matter which
must be left to the voluntary action OF
our creditors and to your practical
wisdom and sense of justice. l now
have the honor to submit for your con.
sideration a voluntary proposition foI
the adjustment of our Indebtedness,
made under the date Of March 4, 1881
by q committee ofEhe holders of our
bonds, representing, as / believe,
nearly three hundred bondholders re.
siding in the United States and Eu-
rope, and owning, as have assurance,
majority of the outstanding bonds OF
Tennessee, which is as follows, to-wit:
The bonds and interest coupons thereof
up to and including the ones due July
/, 1891, to be capitalized and new
compromise bonds of the State to be
Issued therefor, bearing date July /,
1881, payable ninetY-nine years there
after, but redeemable at any time after
five years, at the pleasure of the State,
with interest at the rate Of three per
cent. per annum, payable semi annu-
ally in New York, on the first days ot
january and July in each year, and
the coupons for said interest on said
compromise bondsto be made receiva
bic at and after maturity for all taxes
and debts due to the State OF Tennes.
see. To this proposition, which 1.
signed by the committee, there is an
nGxed vote of concurrence, signed by
Il portion of the constituents of sale
committee owning or representing
bonds to tho amount of s3,477, 600
also, statement that others of theil
constituents, whose names are alsC
gwen, holding or representing bond:
TO the amount of S2,561,000, have
concurred by letter, making, in The
aggregate, Sc, OBS, 900, besides the in
terest due on that amount. The com
mittee states that these are such o.
their constituents as they have been
able to communicate with ON the sub,
iect in the limited time of one week
at their disposal since coming to n con
clusion among themselves. One of my
predecessors, to-wit: Governor jaime.
ID. Porter, by his message to the frs
extra session of the fortieth genera
assembly of this State submitted tho
recommendation made by eommitte,
Of arbiters appointed at a meeting O
citizens held at the clearinghouse il
the city of New York in January
1877, after Il conference with com
mittee appointed by the said genera
assembly, which is as follows, to-wit
That after adding the arrears Of inter
est, the aggregate amount Of the State
debt should be readjusted by the issu-
ance of new bonds ut the rate of sixty
per cent. Of the total amount; in and
for every sum of $1,000, new bond.
should be given in exchange, and a
full settlement for $500 or for proper
tionate amounts the new bonds to
carry six per cent, payable semi
annually in the city Of New York,