Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-08-01
T~ENNESsEE's CABINET.
Hire a Hall and Take Up Their
Abode In New York.
Few Bonds Funded and Few Likely
to Be Until after the Election.
ROderick Random Butler Boss
ing the Job.
Special 70 The world.

i
Special to the World.
! NEW YORK, July 25.-SaunterinI
down Nassau street to-day, | hap.
pened to glance up and saw the sigr
Tennessee Funding Agenoy-Room,
/ ID and l6. Being a Tennesseean anC
so far from home that the very name
so interested me that | resolved to ex
plore the ground and find out what il
all meant. Walking to the elevator |
instructed the boy in charge to put
me off at the landing of the T. r. A,
Up and up we went until | had almost
concluded that mine was a will 'o-the-
wisp chase, when finally the top of the
Continental Bank building was
reached and | was instructed to turn
to the left, and in a little cuddy hole |
found Colonel Polk smoking and read
ing Colyar's valedictory in the Amer
lean, Captain Nolan and young Revels
(Nunn's nephew and clerk a~fixiDg
the seal of the State to the commits
sions of the Magistrates to be elected
next week, and Russell Duncan fgur-
ing over a small pile OF bonds. They
all greeted me very cordially, in fact,
cleverer men are not found in our
borders than those named above, but
they are now engaged in a most unho-
ly enterprise.
When asked how many bonds had
been presented for funding, the inqui
ry was evaded with "0h, a very large
amount" | glanced around the at
tic. and am satisfied that there could
not have been fifty bonds in sight, nor
would the New York Office Of the II.
L. A hold a million. No new bonds
at all have yet been issued. Some
few were exchanged, but upon being
presented to the Executive Commit
tee Of the New York Stock Exchange
they we're rejected on account Of the
color. So the coloring will have to be
done over. Not only do the stock
gamblers direct the 7. +. A. as to the
manner of bonds, but requires that
when the printing is done that the
plates shall be deposited with some
one in New York unknown to Tennes-
see or any other citizen thereof, unless
it be the T. f. A.
Can a reader OF the World imagine
a spectacle more humilidting than the
officers Of a great State taking up
their residence in a foreign city, trans
porting the great seal of the State
without its borders, so that every
document requiring the seal, whether
a judges commission or a Governors
requisition, must follow it up to per-
forming the duties of the Office 3t the
beck and nod Of a lot of spectators.
and finally, required by these same
Spectators, to deposit the bond plates
Of Tennessee, the property Of Tennes-
see, in the hands of foreigners, to be
dealt with as they see fit? Yet all
this is reserved fortTenuesseeaus. |
remained in the Office ofthe I. E. A.
a couple Of hours and not n bond
holder did | see rushing excitedly
in to have his bonds refunded: so
| concluded to investigate the matter
a little further, and | went to the
office Of a large holder Of Tennessee
securities. made myself known to him.
and asked him what about the funding
Of Tennessee bonds. He said: Large
holders, as far as | know, will not fund
until it is seen what the result of yonr
next election will be. 1t would be
perfect folly for us to fund if the set.
element cannot be carried out. Every
body We see from your State assures
us that the Republicans, with the aid
Of the boiling Democrats, will re-elect
Governor Hawkins, and a Legislature
favorable to the settlement. | have
taken the trouble to ascertain from
whom the assurances come, and |
found in every case they were from
either Republicans or dissenting Dem
ocrats.
l am glad to meet a regular Demo-
crat Of your State-not that [ am not
very anxious to see the present
settlement of your debt carried out,
and that | think you should pay the
whole debt-but it gives me the other
side Of a question in which | am
largely interested. Your Funding
Board seems TO be very anxious to do
the job. They have issued this circu
lar, a copy Of which came into my
hands.
Tuarrcuvu Er~pv~r A.
Rooms Is and l6 Continental Bank Building.
No. NASSAU ST., New YORK.
To Holders OfBonds Of the State Of Tennessee.
We are now ready TO receive and re-
Geipt for the bonds of the State for the
purpose OF examining and passing upon
their validity, preparatory TO funding
them under the provisions Of an act en-
titled An Act TO Compromise and Fund.
the Debt Of the State" passed by the
General Assembly Of the State Of Tennes-
see, May 18th, and approved May Doth,
1882.
We would suggest as early action as
possible in letting US have the bonds for
examination, as the new bonds will be
delivered according to the dates Of re-
ceipt OF the old ones,
We will fund the old bonds at the rate
Of sixty per cent Of their face value. and
sixty per cent Of value of all past due
coupons, up to and including the coupon
due on the first day of January, 1882.
Copies of the act may be had upon ap-
plication to this Office.
New bonds will be issued in denomina-
lions Of 5000 and $500. Ten per cent
must be In $500 bonds, but any creditor
can have as many $500 bonds rs he NAV
elect to take, over the amount fixed by
law.
Fractional amounts needed to make a
full bond can be paid in currency.
The July interest on the new bonds
will be paid at the Continental National
Bank, in this city, upon presentation.
Any further information in regard TO
the funding will be eheerfuliv and
promptly gwen from this Office.
JAMES n. NOLAN, Comptroller.
DAVID A. NUM-, Secretary State
M. T. Polk, Treasurer.
81 far have MT aooaptad H. :.