Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-05-17
The RepOrl.

vestigate and report as to whether or not the
requisite number of bondholders signifed
their acceptance of the terms of "an act to
settle the bonded debt Of the
State of Tennessee, passed March IS, 1872"
beg leave to report follows: On Wednes-
| day, May 10th, the committee met and Or
ganized by electing Senator Duggan chair
man and Representative Taylor secretary.
| The chairman appointed a sub-committe,
consisting of Senator L. T. Smith and Repre-
sentatives Lester and Driver, to search the
archives of the State for any and all papers
and documents from the creditors or their
authorized agents, proposing to accept the
terms of said act By full and thor
ough examination, by the sub committee,
and the whole committee, of all letters
received and filed in the executive Office by
Governor Marks, your committee found let
ters, with amounts named, of parties agree
ing to accept said terms of compromise, as
shown in exhibit A to this report. The
amount of bonds which said parties claim to
OWN AND REPRESENT Is S754,OGO,
b 1t your committee find that six of said let
ters, claiming to represent aggregate OF
but purporting to come from different places
This fact, together with the fact that said
names do not appear among the names of
those making the other proposition to compro-
mise the State debt, lead your committee to |
believe that said letters were not genuine let |
tsrs, but were intended land doubtless had |
the effect) to deceive the governor |
Taking the amount from the $751; !
900 there is left only SAC, 900 !
represented by those about whose accept |
ance there seems to he no doubt. Your |
committee find a number of letters from |
others proposing to accept the terms of said |
act, in which the signers were unable to de- |
termine how much they represented. The
NAMES OF THE PARTIES SIGNING SAID LETTER |
are given as part of said exhibit. They fur |
ther report that w. B. Reese made verbal |
statement before the committee that he and |
I. w. Turley, represe nting as guardians and |
attorneys bonds to the amount of 100000, |
agreed to accept the provisions of said act. |
The foregoing is all the documentary proof |
OF the acceptance of said act by the bond |
holders that your committee, by faith |
full and repeated researches, able |
to find; but being desirous 10 afford every |
opportunity for throwing light on this here
tofore disputed question, and desiring to do |
justice to every one, whether past official or
private citizen, who has been connected with
the same, your committee requested certain |
gentlemen 10 come before them to make such /
statements they deeired to make, and to
produce such documentary evidence as they |
had in their possession, that would enable
the committee to get at all the facts
PERTAINING TO THE INVESTIGATION TO BE
MADE.
Written notices were delivered, or caused
to be delivered, to the following gentlemen,
requesting their attendance before the COM
mittee at stated times and places, viz: Ex-
Governor A. s. Marks, Ex- Governor james
d. Porter, n. Baxter, Judge Whitworih and
Joseph l.. Gaines; telegram waszsent to B.
A. Enloe. In response 10 these requests Ex-
=. Governors james d. Porter and.A. S. Marks |
came before your committee, and the former
stated verbally that it was his opinion that
about ninety per cent. of the Indebtedness of
the State was represented by those making
the 60 and proposition
Ex-Governor POrter's Statement.
Ex Governor Porter subsequently, filed
with the committee the following written
statement:
NASHVILLE, May ID, 1ss2.
To Senator Duggan, Chairman, etc.:
in answer to the interrogatory propounded to
me by the committee appointed to ascertain the
accept the PEopesition, pro n, t made by the commit
among among the the &aeceptorS were George smith Esq
Morgan & Co, Ward, Campbell & Co. James King
y Sons, George W: Stanton and G. Geddis, Who for
of the bonds. These are the parties referred to by
the sLegislative Committee, that reported the
award to.the General Assembly on the 18th OF
March, 1877. Other accepters were VIM. McKeen,
AZ bonds; John Bolgeano, s. L. Peters, F.
A. D.. o'Leary, D. H. sinner, B. W. Barnett, John
Cushing F. Scatter, . F. A Cook SdSo for d, them them.
Eugene Kelly, 297 bonds; G; w. Morton 4 Co., $50
Sonds Al and H % @ SSSd Sn1 aaldgg
executor, 200 bonds; A. Iselin, $50 bonds R. z;
bonds; Byrd douglass, 100 bO0ds; F. B Fogg, ss
bonds; I. NJ Evans, so bonds; H. NJ Spoford, so
bonds secretary Of the interior, 400 bonds; the
estate of Calvin Stevens 450 bonds; the
bonds bonds. making more than si7oOSoOO Of the debt
l have stated it as my opinion that ninety per
OF the proposition / believe it was more thaa
that; the creditors had eight months for the con-
mitied to the general assembly on the 5th Of De
cember, 1877. During that time many OF them not
and through agents and friends and l am con
hdent that two per cent. would more than cover
'-' "---' INV -'''1 - '''e JAMES D. PORTER
Ex-Governor Ma.ks's Statement.
Ex-Governor Marks also made a verbal
statement in regard to the acceptance by the
creditors of the so act, and subsequently
filed a written statement, which is substan-
is as follows:
Question by senstor Duggan-state what evil
dence you had that the bondholders had accepted
the provisions of the act passed March %, 1879,
entitled IAN act to settle the bonded Indebtedness
OF the state" at the time you issued your procla,
nation ordering an election, and the names and
amounts owned by the aeceptors- Answer ep-
agaents TO go to New York city to confer with
the bondhOld'rs, ascertain the facts and report to
visions of the act by the bondbolders. After they
ha1 gone a citizens eommittee composed OF
lied for the pHrpose of visiting New York and
inducing the bondholders TO accept the provisions
hsd a conference with it upon the subject of its
mission. Messrs. Enloe and Baxter remained in
committee; and upon their return the report,
which was published with the proclamato
is now before me; was submitted to me,
bondhoiders procured by Messrs. Enloe and Bax-
ter. Before the reception OF this report and ae-
csStanees; &c several seeepianeeS na1 come 70 me
that the letter and spirit of the act had been com
piled with. ordered on election accordingly.
After the election was ordered, and up to the
acceptance by the bondholders were kept
in my. office for the inspection of all
election resulted adversely to the proposed settle
ment paid no further attention TO the papers
connected with the acceptanees of the bondhold,
ers- Whether the secretary filed the report and
other papers in his Office, as have made no ex-
animation, do not know. On the I'D OF May,
1873. and soon after the proclamation was issued,
published q letter. known as the Gardiner
letter. and the part OF it l now read states the
facts truly as understand them
Question by Senator Duggan-Can you give the
names and amounts of any OF the acceptors?
Answer cannot.
Question by Mr.. Wiltse-Have YOU any evil
dence in wiring in your possession showing the
acceptance of the act by the bOndhOlderse
AnSwer-I have.
Question by Mr.. Wiltse-what is that evidence?
Answer-It is private letters TO me by MessTs.
EAloe snd Baxter.
Question by Mr. wfltse-what was the amount
Of the aceeptances You had? Answer-I cannot
undertake TO state the amounts with accuracy, but
my recollection is il was something over S. co.,
600. state this only opinion, and some
OF the aeecptors did not give the amounts in their
accepte noes, the full amount was never known, I
suppose-
Question by Mr.. Wiltse-Have you no other evi-
deuce Of scceptances by the bondholders in your
possession except the letters of Enloe and Baxter
and II 50, what Is it AnsTer-I have copy OF
the published proceedings OF the meeting held IN
New YORK between the Citizens Committee and
certain of the bondhOlders. which now produce |
have no other evidence that now remember
Question by Mr. Wiltse-Do you know the report