Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1877-03-03
THE STATE DEBT.
A Highly Important Message from
GeT. Porter.
His Recommendation Concerning the
Propositions from the BOndhOlders:


His Recommendation Concerning tn,
Propositions from the BOndhOlders.
The following message from tn,
Governor was laid before the Genera
Assembly:Feb. %:
Gentlemen of the Senate and House
of Representatives On the 18th o.
January last a large number of the
| leading citizens of New York met al
| the Clearing House, of that city, to
consider the embarrassment of the
several Southern States which are in
default, and to devise plan for the
re-adjustment of their debts and for
the restoration of their credit. This
meeting was inaugurated by gentlemen
who have no pecuniary interest in the
question, other than that which is
common to all citizens who feel that
the restoration of the credit of these
States is essential to the property of
the whole country, and was partIcipa-
ted in by gentlemen whose character is
a guaranty of their good faith and dis
interestedness. After full discussion
OF the subject the following resolutions
were unanimously adopted:
Whereas, several of the Southern
States of this Union have incurred
heavy public debts, and which have
become a burden greater than they
can bear and
Whereas, such financial embarrass-
ments naturally tend to repel immi-
grafton and enterprise from those
fa 20
tard their growth In population and
so long as those States remain in de-
fault, these accumulating volumes of
unliquidated debt will prove an insup-
cradle obstacle to all true progress and
prosperity; therefore, be it
Resolved, that as citizens of New
York, we deplore the existing state of
things in the defaulting States Of the
South, and we desire to give ex-
preston of our sympathy with the
people of those States in their un-
happy condition. We recognize the
insurmountable obstacles in the way of
an honorable discharge by them In full
ofall their legal obligations, and we per-
ceive that some method of compro-
mise and readjustment is absolutely
necessary. Anxious to promote such
a settlement upon equita Bile terms, we
recommend the Intervention of a COM
mittee of disinterested arbiters be-
tween the States and their bondhold-
ers, as offering a method of fair and
honorable alike to debtor and to credi-
tor
Resolved, that in the opinion of this
meeting, the five bank officers named,
to wit Geo. s. COe, j. D. Vermilye,
B. B. Sherman, B. B. Comegys and
Enoch Pratt, possess the fullest con-
fidence and respect of the country, and
are, therefore, eminently fitted to dis
charge such a duty, not only from their
high personal character and qualifica-
tions, but also from their long expert
ence in important business affairs.
Resolved, that we most respectfully
commend this movement to the earn
est consideration of the authorities of
every defaulting State, and we cordi-
ally invite them to signify to this COM
mittee their desire to confer upon this
important subject.f
The invitation to Tennessee to CO.
operate in the movement has been
officially communicated to this office,
and [ am assured that the gentlemen
named in the fourth resolution as ar
biters have no pecuniary interest in the
securities of the States referred to;
they are business men of esta blished
regulations. | am convinced of their
integrity and of their purpose to act
justly with the questions that may be
submitted to them. The Common
wealth of Virginia has already accept
ed their mediatorial offices, and | earn
estly recommend immediate action on
part of Tennessea by the appointment
Of legislative committee OF three or
FIVE, charged with the duty of appoint
ing time and place for an interview
with the arbiters named in the fourth
resolution, and to lay before them the
statistics in reference to the public
debt, the resources of the State, the
values upon which the debt was con-
tracted, our present taxable values,
with a statement of the condition of
the people Of the State. Such con-
ference will, IN my opinion, result in an
adjustment of the State debt upon
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
tion of the arbiters, but will be free
to accept or reject it.
Ifthis policy is adopted, respectfully
recommend that all questions touching
this subject, be postponed to await the
action of the arbiters, and if time be-
comes essential, [ will not hesitate to
convene the General Assembly In ex-
traordinary session.
This is question of more gravity
and of greater Importance to the peo-
pie of Tennessee than any that has
been submitted to their representatives
since the foundation of the State gov
ernment, and | earnestly advise its i'm
mediate consideration.
JAS. D. PORTER.
Exc. Office, Nashville, Feb. %, 1877.
The following is the action which
the General Assembly has at present
taken in reference to the above mes
sage:
SENATE.
Mr.. Garner moved to suspend the
rules and act on the resolutions to APP
point arbitrers to visit New York and
confer with the State bond holders.
Carried.
The following is the resolution:
Resolred by the General assembly, Of
the State OF Tennessee, That Legisla-
tive committee, composed of two Sen
ators and three Representatives, to be
selected in such manner as each House
shall determine, be appointed, who
shall be charged with the duty of Wis
iting New York and comforting with
the arbiters mentioned in the special
message of the Governor, and they
shall report the result of their action
to this General Assembly, for ratifi-
cation.or rejection, at the earliest day
practicable.
The resolution was referred to the
Finance, Ways and Means Committee.
HOUSE.
On motion of Mr.. Smith the resolu-
ton in regard to the committee to go
to New York and confer with the