The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-02-21
virrinia-.The stare Debts.

VlrElnla--lne SLSIc Aop1~'..
correspondent sends us the following
auc;d sketch OF some OF the movements OF
the New York bankers touching the debts OF
the southern States. The reader will per
eeive that they are definite and practical TO
a degree that could hardly leave DOUBT
that the financiers figursng in the financial
parleys should have settled the trouble
some questions relating to the state oep's
ere this. What staggers lis, however. is tue
.scentennial" enthusiasm Of the bankers.
such enthusiasm as that, we know, must 90
tic WORK at once or not at all. 1t seldom
lasts more than twenty-four hours. were
far rho reader to our intelligent correspond
ent's letter:
NEW York, February 16, 1871;
I, may interest your readers espe..ans
those OF them who are in the LeS'slatuIe,
! 70 know the origin. object, and probable
cnd Of the movement begun here last month
With the avowed purpose OF settling tnc
deh,s OF the southern States now III defauit:
Some of the gentlemen who signed the cail
Tor the meeting OF January 25th sincerely
desired 10 assist the States named to re-
cain q portion, at least, OF their former
prosperity. It's origin, however, was Wholly
selfish. and its object is not that wmch APP
pears on the surface-namely, the satssIac-
tory settlement OF the debts OF all southern
states. II that should be the rcsult, none
,Nn,,}a he more surprised than the organ
;zers OF the movement, their primary op-
SCOT being the settlement Of the especial
+er" bonds of North Carolina. Suisse
o,,er.,y il may have occurred to them 10
.aEe in other States. Of whose carpet-oaS
securities they are, doubtless, hotdefs.
<.Cnlv this and nothing mere
Public attention was first directed to TINS
ma.,cr nv a meeting OF North Carolina
hnndbo,dcrs held in this city the latter part
OF December, which was attended by M;
Fred. TAYLOR, whose trm-Fred. butterhela
( Co.-arc among the largest holders OF
&" snccial-taN" bonds. These securities,
having been virtually repudiated by, North
Carolina, were denied recognition D! the
holders OF the recognized bonds. mere
upon Mr.. Taylor left, and few days later
on advertisement Of a second meeting ap-
reared in the principal city newspapers.
This cali was signed by August Belmont 4
Co. Fred. Butterfleld & Co., Thomas Den
nv a. Co., and William II. Hays. THESE
1irr. it is said, own "specialtax" bonds TO
rho extent Of from So, 900 to $4,000 900.
However this may be, they controlled the
meeting which took place January 4th, and
procured the appointment Of the nve pank
presidents rs a committee to arbitrate be-
fwe.n The defauting States and their credit.
ors, The programme had been carefully
arranged in all its details, and worked to
charm. At the right moment the chairman
(dr. Fred. Taylor stated that the five bans
presidents had .sconsented to act as trus'
fees in this matter.'' and ''seem to 60 into
the matter with good deal OF spirit ano
VIM" 1t was also stated by Mr.. Taylor
that these "trusteeS" knew OF the meeting
then being held. The most surprising aver
ment was, however. that "three of then
1.-THE bank presidentS) are at present at the
Merchants Exchange Bank waiting an in
vitation to come to the meeting "and &C
cept the trust placed in their hands," pro-
yided, Of course, that the bondholders
of North Carolina" requested then
to do so. Here was disinterestednes:
indeed. Three. presidents OF large city
banks patiently waiting an hour or more
at the. merchants Exchange Bank" fol
the signal of the Chair to appear and help
complete the programme. A committee wa:
therefore appointed to escort them to the
meeting, where, on arrival, Mr.. Coe deliv.
cred an address, which / am permitted to
copy per5atim from the report OF the ste
nographer. Mr.. Coe said: 'It is proper
that should state to this meeting how il
came about that We meet here to-day and
occupy this position. We were to come to.
gether to meet gentlemen very prominent
in the Centennial organization, and who
presented this idea as entirely in harmony
with the spirit Of unanimity OF the Centen-
NAL Exposition, to bring about, If possible,
an arrangement by which the whole south
ern States should be restored to credit and
thereby put them in harmony with the great
al
asked US IL we would unite for such pur-
pose. We stated to him that the thing
was OF great magnitude, but that we
were willing to entertain it. 1t was then
stated that any gentleman might be proud
to be united with us. 1t was suggested that
FIVE bank officers should constitute COM
mittee, il that arrangement could be brought
about in view of an equitable adjustment of
the debt. We were asked il we would
serve in that capacity, and we agreed to !;
and that is the situation in which we stand,
and we present ourselves to YOU in that
attitude. ......
owe must occupy, as you can see, an I'M
partial position-neither allied to one side
or the other-but to occupy n position
necessarily impartial and iudicious. We
went so far as to say to this gentleman, IF
you will find one bank officer in Philadel-
phia, and another one in Baltimore, we
think it would be more iudicious than to
have all the trustees appointed from New
York.; therefore the idea of Mr.
Komcdggs, Tice-president OF the Philadel-
phIa National Bank, occurred, and he con-
cured. Also, Mr.. Pratt, president Of a
bank in Baltimore.
trrhe selection Of this committee must
necessarily be a matter OF qualification to
US, because this meeting consisted Of q
mighty element in moving this commission.
II it is considered wise that the commits
sion go on and this be considered the COM
mittee, we are willing to entertain it, while
we are equally willing to retire from it and
give way to any other movement that would
seem better adapted to the fulflment OF the
object in view. We were invited to come
here, and merely ask that harmony prevail,
which Is essential to success. We are will
ing to undertake the onerous duties devolv-
ing upon this committee, but If there is any
better way to effect the purpose we viii
submit to it. ibeLieue every gentleman pre-
sent ,ciH readily admit that there is no NOR.
;mportant proceeding for The restoration Of
the southern States to their proper station n
the Union than the plan proposed, WHICH I:
TO SETTLE THE DEBT OF THE STATE OF n ORTIZ
CAROLINA. The southern States, since thu
war, have rested under cloud. Theil
creditors have harsh feeling against them
and look upon them with suspicion, and re
gard their credit as questionable. There |!
no political or religious question concerned
in this meeting, and there could be no cues
ton more important to the States in ques