The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-01-26
DEFAULTED SECURITIES.

AIDING THE SOUTHERN STATES TO SETTLE
THEIR OBSERVATION-DISCLOSURES AND BANKERS IN
coUNcIL-A COMMITTEE APPOINTED TO cox
sIDEn A PLAN.
Southern securities form large part Of tho invest
mens Of the New York financial and mercantile
munty; but OF late, whether from general sagnation
IN business other causes, the interest this in
debtedness not been paid and the Southern States
are in measure in a state Of bankruptcy In order
10 come TO some honorable settlement meeting was
called yesterday at noon in the large room OF tho
Clearing House, corner Of Pine and Nassau
streets, by number OF leading bankers
and merchants to devise plans for arranging
basis OF liquidation between the deaulting States
and their creditors. The call signed by such gen.
tlemen as August Belmont, John J. Cisco Brown
Brothers Co., II. b. Claflin Il Co., Drexel, Morgan
Il Co., James G. Kings Sons, Z. S. Jaflrcy Co.,
Kuhn, Loeb & Co., A. A. Low Brothers. George
Opdyke & Co., Henry G.. Stebbns Son, j. W.
seigman Co., Moses Taylor, f. s. winslow. Morton,
Bliss Co., and many others. On motion OF Mr. Tay-
lor Mr. William Cullen Bryant was unanimously
chosen chairman.
MIR. BRYANTs ADDRESS.
The venerable gentleman said that the m ceiling was
called for phianthropic purpose. Certain Of the
States composing the Republic were IN dcplorable
condition Of insolvencybeng deeply in debt that
they require some friendly assistance to extricate
less petrihed the moral nature; it caused
the obligations OF debt to be disregardcd.
d spess aeauca his credor
looked It, Give him practical way Of
satisfying that creditor and be IS changed man.
and endeavors to come to an agreement with his cred
itor and reoices at having rid himself OF heavy bur-
den without becoming degraded. For the purpose OF
| initiating such movement had TINS meeting been
called help the southern Statespast helping them
CONDITION OF THE SOUTHERN STATES
Mr. Taylor followed, saying that few weeks ago a
meeting OF the creditors OF Inc state NORTH Carolina
solved that Messrs. George S. Coe, }. d. vermye b.
| b Sherman, b. b. Comsgys and Enoch Pratt should
be appointed to act dis,nterested arbers between
the creditors and that state II was on the strength
OF that meeting that the present movement was IN
augu:ated to select committee to act in similar
capacity in other Southern States
| The great State OF Virginia, burdened with debt
she had thank Cod been too honest to rcpudate,
a proper object OF our sympathy, continued The
speaker Louisiana and both the Carolinas wero In
Mr. Taylor concluded by stating that this not a
meeting of the holders OF bonds OF the deiaultng
States but IL was desirable show the bondholders
that there were other interests besides theirs
deeply in crested III the question.
RESOLUTIONS TO APPOINT A COMMITTEE
Colonel Henry G. stebbins offered the following pre-
amblc and resolutions which, Oh motion OF Mr.. Cyrus
W. Field, were unanimously adopted
whereas several the Southern States of this Union
have incurred heavy public debts which have become
burden than they now bear and whereas such
/
and from those states and operate con
tnuay their growth In population and wealth.
and those states IN default these accu
mulatng volumes of unliquidatcd deot wall prove an in
obstacle all and piospery and
OF Union ndssoiuby
bound together by commercial and political relations shat
when member suffer, all the members suffer with ~.
and while the public debts dtsrepue
not Of banshed from the
kets of te world hnt ths credit Of she national securities
OF Wit Importance the people OF those states aud also
of the nation but especially OF the city OF New York. that
the financial affairs Of the whole should be speedily
restored TO healthy condition, IL seems emneny fitting
that the commencement OF the second century OF the
tons existence should be by this happy
summation therefore 10 IL
Resolved That as citizens Of New York we deplore the
existing Of things in the dcfautng states of the
south and desire to give expression OF sympathy
condition.
gnze the obstacles In the way
honorable discharge by item IN full OF all their legal oh
that method OF
readjustment absolutely necessary Anxious pro-
mote such settlement upon equitable terms
mend the Intervention OF disinter sted
between tie states and their bondholuers offer
lug method fair and honorable al Ike to Debtor
creditor
Reso we'd, That in the opinion of this meeting the five
bank officers named-to wit, beor&e =. Coz. d. Yer
possess the fullest confidence respect the
therefore, ncDt fitted to discharge snc duty
only their high personal character quain
toms IRON their long experience in important bust
Resolved. That respectfully this move.
the consideration of the authorities
this committee their desire to confer this
subject
MORE SYMPATHY SOUTHERN mDIeEScE.
ExMayor Opdyke dcpiored the destitute condition
OF the Southern States and ascbed IL to the
from slave to free labor. He strongly In favor
cordial feelings with the North and gloried In th,