Year: 1879

| OdCkSOu 1TlDuuo auu SuH


Many good people are astonished


that the holders of Tennessee bonds


did not eagerly grasp the opportu.


nifty to accept fifty cents in the do


lar of the debt in satisfaction of the


whole. Many good people equally


intelligent have believed for long


time that our bondholders were all


living in New York city, and that


they congregated about Wall street
/, in schools like fishes. AS to the lat


ter suggestion, investigation has de-


veloped the fact that very few Of


them live in New York. The bonds


of Tennessee are held in considerable


sums in Alabama, Georgia, Mary


land and other States Of the Union,


and in all parts of Europe
New York as the commercial Genre


of the United States has assumed


to make the settlement wi h Ten
nessee and other Southern States,
and holders of Southern securities
elsewhere have acqulesced only in
so far as the action of New York
holders met the approval os their
judgment. Why the bondholders


did not jump at the chance to take
fifty and four is easily explained


From our standpoint it would seem


that they should be glad to get it.
But it is a fact that majority of
the bondholders are measureably
ignorant of the condition of our
State, and the sentiment of our
people. They estimate our natural
and undeveloped resources as


wealth, when in fact they have
no more than nominal taxable
values, and can never have,
without capital to develop them.
While we are struggling with pres
ent difficulties they are disposed to
look upon the rosy future of Ten
nessee, taking the hopeful view of
the speculator as to what Tennessee
may do, and can do with the help of
money. Independent as most of
them are, and knowing little of tae
pressure which grinds the people
between the upper and neither mill
stoces, they never consider the ques-
ton as to who will furnish the cap
ttal to the people of a State that
has been discredised, to aid in de-
veloping her natural resources. Per-
haps majority of the New York
holders are speculative holders, and
1t is not characteristic of any sectinn
to want to mage all thst can be made
out of an investment. They want all
they can get, and specializing upon
the natural resources Of Tennessee
they are slow to accept anything
short of their anticipated profits.
Holders for investment want an in
come, and when they are satisfied |
that nothing better can be done,
they want it settled so that interest |
will be paid in the future. 1t is no
easy task to 60 to a man who thinks
you can pay all, and ask him to
take less, and at the same time con-
vince him that it is his interest to
take less. Micawber frequently set
tied all his debts with his [. 0. US,
but he did not ask the deduction Of
one-half the principal and one
third the interest as Tennessee is
doing. The new bond is
Just like the old, except
as to amount, and the man
who surrenders from one to iva
hundred thousand dollars, nat


wants to know if we intend pgC-
vide for the prompt payment .n~
serest in the future. They were
slow to act because they wanted to
know if nothing better would be
lone. Satisfied on that they want
he prompt payment of interest sess
cured. This we should provide for
10 as to place it beyond perchance
,r peradventure. The credit of our
people having been impaired we
hould make this settlement so as to
.nstora it Tn this we arc all inter.