Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-02-23
SPECIAL MESSAGE.
Governor Porter to the General
AsSembly-The Public
Debt Question.
Immediate Actlsa Recommended
The Proposed Conferences.

NASHVILLE, February 22.-The follow
ing message from the governor was laid
before the general assembly to-day:
Gentlemen ofths Senate and House of Repre-
sentatives:
On the 25th of January last a large
number of tine leading citizens of New
York met at the clearinghouse in that
city to consider the embarrassment OF
the several Southern States which are
in default, 10 devise a plan for a readjust-
ment OF their debts and for the restora.
ton of their credit. The meeting was
inaugursted by gentlemen who have no
pecuniary interest in the question other
than that which is common to all citi-
zens who feel that the restoration OF
the credit of these States is essential to
the prosperity of the whole country, aad,
as it was participated in by gentlemen
whose character is q guarantee Of their
good faith and disinterestedness, after a
full discussion the following resolutions
were unanimously adopted
Resolved. That as citizens OF New
York we deplore the existing state OF
things in the defsplting States of the
South, and we desire to give expression
to our sympathy with tue people of
those States in their unhappy condition.
Resolved, That we recognize the insur-
mountable obstacles in the way of an
honorable discharge by them in full of
al their legal obligations, aud perceive
mat some method of compromise and
readjustment is absolutely necessary;
that being anxious to promote such d
settlement upon equitable terms, we re-
commend the Intervention Of a commits.
sion OF disinterested arbiters between the
States and the bo~ndholders as offering q
method fair and honorable alike to debtor
and creiitor.
Resolved, That in the opinion OF this
meeting the FIVE bank officers named,
to-wit-George S. Coe, j. d. Yermilye,
B. B S~herwsn, B. B. Comegrys and
Enoch Pratt, possess the fullest conf
dence and respect Of the country, and
are therefore eminently fitted to dis
charge such duty, not only from their.
high personal character and qualifea-
tons, but also from long experience ia
important business affairs.
Resolved, That we most respectfully
commend this movement to the earnest
consideration OF the authorities Of every
defaulting State, and cordially invite
them to signify to this committee their
desire to confer upon this important
subject.
An invitation for Tennessee to co-ope-
ate with the movement has been official.
" communicated to this office. | am
assured the gentlemen named in the
fourth resolution rs arbiters have 10 pc.
cuniary interest in securities of the
States referred to; they are business
men Of established regulations; | am
convinced Of their integrity and their
purpose to act justly with the question
that may be submitted to them. The
commonwealth of Virginia has already
accepted their ~mediatorisl Offices, and
| earnestly recommend immediate ac-
ton on the part of Tennessee By the
appointment Of a legislative committee
OF three or FIVE, charged with the duty
OF appointing the time and place for
an interview with the arbiters named
in the fourth resolution, to lay before
them statistics in reference to the public
debt, Of the State, values
upon which the debt was contracted, its
present taxable value, with a statement
Of the condition of the people of the
State. Such a conference will, in my
opinion, result in aa adjustment of the
State debt upon a basis acceptable to
the great body Of the people, and will
relieve them from any stigma or stain
whatever. The general assembly will in
no wise be bound by the recommends.
ton Of the arbiters, but will be free to
accept or reject it. II this policy is
adopted, | respectfully recommend that
all subjects touching this subject be post.
poned to await the action of the arbiters.
aud if time becomes essential | will not
hesitate TO convene the legislature in ex.
traordinary session This is a question
of more gravity and Of greater impor.
lance to the people Of Tennessee than
any that has been submitted to their rep.
resentstives since the foundation Of the
State government, and | earnestly ad.
wise its immediate consideration.
JAMES d PORTER
Executive OFFICE. Nashville. Feb. %, 1877,