Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-05-11
THE JOINT COMMITTEE.
What They Saw and Did In New
York and En- Route.
They Recommend the Accept
ance or the Proposition
6O-3.4-5-6.
Nashville World, 10th.

Nashville World, 10th.
Senators Tillman, Perkins and Wat
son and Representatives Anderson,
Vernon and Jarvis were in the lobby
at the Max we'll House last evening
answering questions regarding their
reception and success in New York.
Senator Iillman, the chairman, upon
being asked by a World reporter to
begin at the beginning and tell all that
occurred since the departure of the
special joint committee which left for
New York last Tuesday night until
their return to-day, made the follow
ing statement:
He said, in substance, that the COM
mittee arrived in New York about 10
pm. Thursday, and went to the Fifth
Avenue Hotel. On Friday morning
they were met in Psrlor +. of the
Fifth Avenue Hotel by Nr. Eugene
Kelly, the banker, and Messrs. Terry,
Geddes and several others of the COM
mittee appointed by the bondholders
to meet them. This committee repre-.
sented about nine millions of the
bonds, constituting nearly one third
Of the entire indebtedness in ques-
tion. During the conference held
on Friday there was a great deal OF
desultory discussion, but the bond
holders would not accept the PROPOSE
ton of the Tennessee committee. On
Saturday morning, however, another
conference was held, which resulted
in the bondholders accepting the
terms Of the Tennessee committee,
viz: 60.3-4-5-6.
Mr.. Eugene Kelley, who, Senator
Tillman says, seemed to be the spokes.
man for the bondholders, gave in
Friday morning with very poor grace,
saying that he would never hear the
end oft, and many OF the people whom
he had represented would think they
had left the settlement of the matter
in very poor hands. He said, how
ever, his shoulders were broad Che is a
large man and he would be able to
stand up under the abuse of his
friends, because he had satisfied his
own conscience in the matter.
The Senator explained that the ac-
ceptance Of this proposition, under
the bill proposed to be drawn, could
in no way change the legal status Of
the debt, but the bondholders, instead
Of having dollar for dollar and six pei
cent interest on their bonds, were
putting themselves in position where
they could never again possibly hope
to get over sixty per cent of theil
debt, with interest modified as above
stated. For, said be, there will be
no chance for them to 20 behind this
settlement, whatever the Legislature
may do in the future"
Mr.. Tillman," asked the scribe, I'll
is rumored that there was clause in
the memorandum, agreed upon be
tween the committee in New York, tC
the effect that if this matter was to bt
settled as proposed, the bondholders
fund under it, and the new Legisla,
ture repeal the law, then, and, in that
case, the bondholders were to be re
stored to the position they ere in, and
would be entitled to the old bonds on
the surrender Of the new ones7 Is that
true?"
ut has no foundation in truth or in
fact" answered the Senator. 1.-The
case is exactly as l have already stated
to you"
who brought about the introduc.
tion of the clause into the memoran.
DUN modifying the interest as you
have stated it has been modified, Mr..
Tillman2"
u did, answered the Senator.
We had very pleasant time, added
the Senator. The committee LETT New
York at p m. Saturday, spent Sunday
at Niagara Falls, and from there went
to Cleveland, which place they left
Monday. Upon their arrival at Utica
Judge Butler, a member of the COM
mittee, stopped over to see his mother.
He intended to meet the committee at
Buffalo, but the train did not make
the usual connections, and he had to
remain there oyer one train.
He arrived, however, last night, and
the committee had conferenoein the
gentleman's parlors of the Maxwell
House. 1t was agreed by the commit
tee to report in favor of the modified
proposition of the bondholders, all the
members of the committee voting for
it but three, who did not vote, Repre-
sentative Fite being absent. Senator
Watson and Representative Jones
we're appointed a sub committee
to draft the report, and prepare
bill from among the several
bills on the subject now before them,
among which is the 50-3 bill Of
Senator Barrett. Representative Fite,
while he says that he is personally in
favor Of accepting the proposition, yet
he cannot vote for the bill because his
constituents are not in favor Of it and
that he labored hard, as did Senator
Tillman, to get the bondholders to
propose a 30 cents settlement Sena-
tor Tlllman has not decided whether
he will vote for the bill or not. He is
one of the three members of the COM
mittee who refused to vote on the
question of recommending the accep-
tance Of the proposition. The report
will be made and the bill introduced
into both houses this morning.