The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1877-02-28
THE STATE DEBT.
a Highly Important Message
from Gov. Porter.
His Recommendations Concern
ing the Proposition from the
BOndhOIders.

The following message from the
/ Governor was laid before the Gencr
al Assembly on the 22d:
/ Gentlemen of the Senate and
House Of Representatives: On the
the 18th of January last a large
number of the leading cit;zenes of
New York met at the Clearing House
ofthat city, to consider the embar.
rassment of the several Southern
States which are in default, and to
/ devise a plan for the adjustment
of their debts aud for the restoration
Of their credit. This meeting was
inauguraled by gentlemen who have
no pecuniary interest in the question
other than that which is common to
all citizens who feel tina the restor-
alton, of the credit OF these States
is essential to the prosperity of the
whole country, and was participated
i'll by gentlemen whose character is
a guaranty Of their good faith and
Observation-Disclosures. After full.
discussion of the subject the follow
ing 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 immigra-
ton and enterprise from those States,
and operate continually to retard their
growth in population and wealth; and
50 long as those States remain in default
these accommodating volumes of unliuuid-
ated debt viii prove an insuperable OBJ
stacle to all true progress and pr0speri-
ty; therefore, be it
Resolved. that as citizens of New
York, VIC deplOre the existing state of
things in the defaulting States of the
South, and we desire to give expression
Of cur sympathy with the people of
those States in their unhappy condition.
We recognise the insurmOuntable obsta-
cles in the way of an honorable DISCHARGE
by them in full! of all their legal obliga-
stions, and We perceive that some method
Of compromise and readjuStment is
absolutely necessary. Anxious to pro-
mote such 4 settlement upon equitable
terms, we recommend the Intervention
of q committee OF DISTINGUISHED arbiters
between the States and their bondhol,lers.
as offering method fair and honorable
alike to debtor and to creditor.
Resolved, that in the opinion of this
meeting, the five bank officers named. 10
wit: Geo. S. Coe, J. d. Vermilye. b. b.
Sherman, ID. -. Comegys and Enoch
Pratt, possess the fullest confidence and
respect OF the country, and are there
fore, cminently fitted to discharge such
a duty, not only from their high. per-
sOnal character aud qualifications, but
also from their long experience in i'm
portrait business affairs.
Resolved, that we most respectfully
commend this movement to the earnest
consideration of the authorities Of every
State, and we cordially invite
them to signify to this committee their
desire to confer upon this important
subject. l.sr-fr 1
The invitation to Tennessee to CO
operate in the movement has been
officially communicated tothis office,
and I am assured that the gentlemen
named in the fourth resolution as
arbiters have no pecuniary interest
in securities of the States referred
to; they are business men of estab-
lished regulations. | am convinced !
of their integrity and of their purpose
10 act Justly with HE questions that !
may be submitted TO them. The !
Commonwealth of Virginia has al.
ready accepted their mediatorial Of
ices, aad1 earnestly recommend i'm
action on the part of Ten
nessee, by the appointment of leg
.slative committee OF three or five,
charged with the duty of appointing
4 time and place for an interview
With the arbiters named in the fourth
resolution, and to lay before them
he statistics in referencet to the pub