New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-01-26
s4ss6 ss5 So leaving surplus az to policyholders Of
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SOUTHERN STATE DEBTS.
ErroRTs FOR THEIR ADJUSTMENT.


ordav NJ tho call of some of the most prominent hrrls
I'm the city, to consider the subject OF the deo's o 'e
Southern States was well attended by bankers ana HUT
chants William Cullen Bryant presided and Thomas
Denny acted as Secretary Mr.. Bryant announced the
object Of the meeting IN these words;
We arc assembled, my friends for purpose wh'en
called philanhropic. Certain OF the States which COM
pose this Union are IN condition o, aep , , p,
cate then-that is to that they are so deep IN asp
that only c assistance III some no IrS WSa p Is the eject Of
insolvency when II becomes hopeless the obations
Of debt to be disregarded: or in the Ian an.
euage Of the day Ignored The debtor loses oo ns
self respect wraps himself in slrn inhlifrence 20 con
sequences and looks defiance. II he does not SPEAK IT, ~
the creditor But give HIM the hope OF saisS g and ND
Won make another man him He adopts H. II he be mol
lost ne adopts 1t with alacrily cocs 10
Ri of burden which sc could not bear without u sense
% dc graduation. This meeting Is called ot thr pn P
past helpiug themselves To this end IS
proposed 10 cal in the aid of some OF our Wisesi an"
experienced men OF business, WHOSE naes wiz po b''"
you Tor your approval.
Frederick Taylor Of the firm of +. Butterne'd " 70
made an address upon the Importance OF taking acuoh 10
relieve the states default, and upon the heies
which all classes of the communy-whether hoidcrs Va
bonds or notshOuld take in restoring the good name ana
the prosperity of these States In regard 10 the pan VI
committee Of arbters he said
The question naturally arises What can these states
do TO find Ieef3 Their creditors are scateieu
ont The country and the world Negotiation With eacn
one Of them is Impossible and body OF the cred'ofs
must necessarily represent but small proportion oi to
wGole number Besides any attempt at negotiation
with the creditors would undoubtedly develop q vast
contrariety of opinion among them, Whlie soit
inclined a. meet the states i'll generous spirit OF com
promise others, feeling that soreness and "sness
which is Cny natural as the result OF losing n'eso
mrnt miglt.be inclined to regard any course on the
MARI OF Tie states other than payment Of the
debts, dollar for dollar as unjust ana Wr thi
The authorities Of the dcfauted states are aware VI @
ana doubtless their inactiOn in the matter has Dcen
largely due the difficulties which they Know must con
front any attempt at compromise. something Hllsl ne
done because the Southern States cannot always remain
in their present condition. So long as any stare III te
Union is in default upon its bonds ana is dlhohoisu
its credit that STATE cannot stand in 7 rGht relation 10
its states, nor can acheve ahy posve I,
urogrcss It's dshonored credit Is like milestone ABOUT
It's neck, constantly dragging 1t down. -,
In TINS emergency II Is proposed hal i've usn,, MN
orabe men, representative men OF nilhGe incI H
toned TO the execution OF delicate fsts ana VINO nay
not themselves one dollar OF pecunary interest ~ t
matter shall be requested 10 approach the athofeS oi
each the dcfautcd States, To solicit IRON helh c
plete statement of the condition Of cach STATE KS .n
ties and its assets actual present ana proDaUe uuc
ability, and, having carefully Investigated ana cohsu
cred all the circumstance bearing upon me matte TO-
devise and suggest plan Tor The net o. .
debts each state upon basis that shall DC equally
just and considerable Of the interests OF bch DEBTOR
Henry g. stebbis then presented resolutions which
were adopted These refer to the evils resulting TO the
whole country from the defaults in Southern STATE deDs
and the vital importance to this city especially that the
financial affairs OF all parts of the nation should be
speedily restored to healthy condition, and proceed as
follows:
solred That citizens Of NewYork We degl9Fe The , eE
listing Of things in the deanSg states 81 the SGn
people Their unhappy condition We rec3g
discharge by full OF all thrir gal obi and
psreSlye that some method o. rne ana ur
upon equitable terms we recommend the nery ent,oh o.
their IonGholdrs, Offering method fair and honorable
R6ir1d Tat The opinion Of this meeting the FIVE bank
officers named H. J. D. NcnnJc, H. H. Sher
II
hdecc respect Of the country, aud are therefore emil
personal character aud qua icaton but also from their long
experience N important business AFFAIRS -, .,,. 800
90 the earnest Consideration OF me authorities O., GEey
jet Jet '''''-''''' ''''' ''r''
George ODdyke gave the resolutions his cordial appro
val If the debt OF the Southern States which is in de-
fauIt were readusted he thought that with economy
these states would regain their former prosperity
John \. Stewart said that neither himself nor the In
stiiution of which he President was interested III
the bonds these States but citizen lie was anxious
that the reimbursement should be- effected The prosperity
OF NeWYsk nthe past had iii small degree depended
oil business relations with the South. lie thought fair
settlement would be less advantageous Ia NcwIcr and
the whole country than TO the Southern States, which
wotld he vastly benefited thereby.
T. s. Winston said lie took pleasure in expressing his
approval OF ali that had been said by the chairman and
preyious speakers Tne debts OF the Northern States
were rapidly disappearing, and such arrangement AS
was contemplated would be of great advantage 10 per-
sons the North who were seeking good securities for
investment.
George 5. COe Of the committee named in the rcsOlu
ton, being invited TO speak. said that this movement
originated with enteman vino closely connected
with the Centennial Exhibition, ard who believed it emf
ncnty fitting that that national work should be followed
by this adjustment OF State debts. There were $50,
Geo 600 OF dciaued bonds hanging the nation and
the world and it matter Of national importance
and national pride to every American that this indeb
cdnoss should be hOnorahy settled. The gentlemen re-
fcrrcd to having gained promises of assistance from
dispcrested bankers in NewYorl had visited Virginia
and North Carolina to ascertain the state Of feeling
there The proposition warmly welcomed, and the
matter had acquired gravity which was not expected
at the Ontset
As an indication OF the favor with which the plan
received in Virginia Mr. Coe read letter recently
ceived from Alexander H. H. Stuart. Chairman of the
Finance Committee Of the Virginia House OF Delegates
Following IN an extract:
beg leave behalf Of the committee OF which am
chairman to say that gratefully appreciate the Kind
YOU 10 tender your mediatOria Offices III this delicate
and Important matter, and That, the result he what II
NAV we can never forget yOur disintelescd Effort 10
promote the interests OF our Impoverished and nsn'sh-
Ing state.
motion was made to add the Of II. q. strbbfs
and Cyrus W. Field to the committee Of five, but it was
finally so amcnlcd al thc bugEtsuoh "a 'hcN' Hc''n
that the members II the committee have power % add to
thcir numbers IL they consider desirable OF the com
Iuttrr Mrssrs George B. CO" j. ID. Ncinlyc, ana H. B
sherman are wclknown citizens a. Ncwf9.h, aud The
.urcsd,uts of the American Exchange Bank, the Mer-
chants National Bank, and the Mechanics National
Bank respectively T.. b. COmcsys IL the president OF
Tic First National Bank OF philadelphia ana Enoch
Pratt president OF the First National Bank Of baltimore
HOLDERS OF ARKANSAS BONDS.
The holders of bonds OF the State OF Arkan-
eas who met AT the office OF r. H. Cuttiug Ir CO.. No.
10 WIllinm-st yesterday, adopted resolution author