Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1882-09-09
TENNESSEE BONDS.
How the Work of Funding rs Progressing.
A Statement From Mr.. Frazer, of this Cfy,
n0acornfnn fho Mani

ROW tne work or FUNDING rs Progressing.
A Statement From Mr.. Frazer, of this c,ty,
Concerning the Work
Nashville Banner.
The following letter from his law
partner, was received, this morning,
by ]. M. Dickinson, Esq:
New York, September 2.-Your
letter of August % was received.
and went at once to the Offices Of
the funding commissioners, to ascer-
tain the information asked for in
your letter. / had been there on a
previous day, and the process of
funding, ETC., was explained fully
to me; but yesterday l wanted
more accurate information as to de-
tails.
Now, in answer to your first en-
quiry, "Are the bonds being actual
ly funded" ' 1 answer, yes and
any reports to the contrary are
malicious fabrications, originating
in Tennessee for political purposes.
The funding commissioners have
receipted for over $4,000, 900 of the
old bonds, and have issued $4,121,-
800 in the new bonds, and are issu-
ing the others as fast as the clerk
can work. They are receiving the
old bonds much faster than thew
can audit them. When a lot of old
bonds are received, they give a re-
ceipt for them, showing the num-
Der, amount and series, and this
receipt is taken up as soon as the
old bonds and coupons are compar-
ed with the comptroller's books,
cancelled and the new bonds deliv-
cred. No mans old bonds have
been or will be received upon any
condition except that of beine can
celled and funded Immediately into
new bonds. This is done as rapidly
as possible.
European bonds have not yet be-
gun TO come in, but the funding
agency is assured by the agents
here of the foreign holders, that
their bonds will be presented for
funding by the middle of Oct.
The agency have only one set of
books, and, consequently, only one
man can work at a time, and as
there are thirteen coupons on each
bond to be compared with the
books, to see if they have been paid
and are genuine, the process is a
slow and tedious one. For instance,
on August %, 348 old bonds We're
presented. Multiply this by Is,
the number of coupons on each
bond, AMI consider the book entries
necessary, and you readily perceive
the time and labor required.
Yet the holders of these bonds
had received their new bonds on
yesterday, and the old ones had
been cancelled.
l mention this simply as an illus
tration.
The bonds have been on the New
York Exchange some time, and are
quoted every day. Yesterday $15,-
900 Of the new bonds were sold at
624 cents, and more could be sold,
but holders do not want to part with
them, thinking that they would go
higher.
In the Office l saw the cancella-
ton going on, the signatures on the
bond and each coupon being punch
ed out. A man is kept there for
that purpose alone. saw chest
three feet long by six feet and three
feet deep, filled with the cancelled
bonds.
Any reports that the old bonds
are not actually funded and cam
celled are untrue, and the contrary
can be ascertained here, by actual
inspection.
The funding agency expect to
move to Nashville soon, and return
in October or November, when the
European bonds come in. l am
yours truly.
JAS. s. FRAZER.