The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1877-03-01
THE STATE DEBT.
A Highly Important Mes
sage From GOV.
Porter.
HIS Recommendations Concerning
the Propositions from the
Bondholders.

The following message from the Gov
ernOr Was laid before the General As
ssmDly yesterday
Gentlemen of the Senate and House
of Representatives: Ga the 25th of
January last a large number of the
leading citizens of New York met at the
Clearing House, of that city, to consider
the embarrassment of the several South
ern States which are in default, and to
devise a plan for the REIMBURSEMENT OF
their debts and for the restoration of
their credit. The meeting was inaugur-
ated by gentlemen who have no pecuni-
AIRY interest in the question, other than
that which is common to all citizens
who feel that the restoration Of the
credit of these States lie essential to the
prosperity of the whole country, and
has participate in By gentlemen whose
character is q guaranty of their good
with and disinterestedness. After
full discussion of the subject the fol-
lowing resolutions we're unanimously
adopted:
Whereas, several of the Southern
States OF this Union have incurred heavy
public debts, and which have become q
butden greEter than they can bear; aud
W hereas, such financial embarrass-
ments naturally tend 20 repel immigra-
grafton and enterprise from those States,
and operate continually 70 retard their
growth in population and wealth; and so
long IS those States remain in default,
these secumu iating volumes Of unliqui-
dated debt will prove an insuperabie OBJ
ftaele 10 all tue progress and prosperity;
therefore. be it
ResoIced, That as citizens of New
York, We deFlore the existing state of
things ia sbe dsfaalting States Of the
sloutb, and we desire 70 give expression
of our sympathy with the people of those
Stetes ia the unhappy condition. We
recognize tue insurmOantsble obstacles
in the way Of an honorabls discharge By
them in full Of sll their legal obligations
and We perceive that some method Of
compromise and readiIstmeLt is abso,
lutsly necessary. Anxious to promote
such a settlement upon e9uitables teEBs,
we recommend the Intervention Of a
committee of distinguished arbiters be-
tween the CtkLon anu bnplE bDu4uDllcE5s
As Offering q method fair and honorable
alike to debtor and creditor.
ReS0lred, That is the opinion Of this
meeting, the five bank officers named. to
Wit: Goe. S. Coe, j. d. Vsrmiiye, b. B
sherman, b: 3 Comegys and EnOch
Pratt possess the fullest confdsncs and
respect of the country, and are, there
fore eminently fitted to discharge such
duty, not only from their high personal
character and qualifications, but also
from their long experience in important
business STAIRS.
/. ReSolUcd, That we most respectfully
commend this moy ement to the earnest
consideration of tho authorities of every
defauiting State, and we cordially invite
them TO signify to this COMMITTEES their
desire to confer upon this important sub
iect.
The invitation TO Tennessee to COOP
crate in the movement has been officially
communicated to this Office, and I am as
sured that the gentlemen named in the
fourth resolution as arbiters have no pc
euniary interest in the securities Of the
States referred to; they are business
men of established regulations ] am
convinced of their integrity and oil
tAeir purpose to net justly with the aues-
tians that may be submitted to them.
The Commonwealth of Virgins has al.
ready accepted their mediatorial ofRses,