Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-02-14
srArE DEBT QUESTION.

the clearing house IN new 1Ork Vi
the 25th nit, will meet to-day il
that city to report what terms vii
be offered to the Southern States
desiring a readjustment OF then
debts. 1t is stated by an exchange
that, in regard to North Carolina,
they have agreed to accept not less
than six and one-half millions Of
new six per cent. consols as an
equivalent for the total recognized
debt of the State, which amounts,
with accrued interest, to nearly
$4,000 900. The first proposition
of the committee was to fix the new
funded debt at 100000 DOC, but
this the legislative committee de-
clined. In the new proposition the
debt will be scaled-say fifty
cents for the anti-war OF
cold" bonds, thirty-three cents
for the funded, and twenty-five
for the new bonds, the interest
coupons to be receivable for taxes
The legislature Of this State, an
ticipating some fair and equitable
proposition from the bondholders,
has very properly deferred any
definite action for the present be-
yond a resolution to defer the pay
ment Of interest until further no
tice. When the creditors of the
State make a proposition it will be
considered until then nothing vii
be done. The session is over hal
out, and the few remaining weeks
viii soon slip by. We think it
would be wise in our Legislators to
make some provision for the ap-
pointment Of a committee, either
OF members from both houses or o.
eminent citizens to act after adj
journment, for this question cannot
be settled between now and that
time. Any agreement arrived al
subsequently could be, and
would have to be, submitted
to the legislature in extra session
and perhaps eventually to the PEG.
pie. To make the settlement bind.
ing and satisfactory toour creditors
it should be incorporated into the
constitution. This much the bond.
holders have a right to expect, i
they agree to take fifty cents on the
dollar and a reduced rate Of inter
est, as now seems likely. An ex.
cellent bill on the subject Of refund.
ing at fifty cents on the dollar wa.
introduced early in the session by
Mr.. Peters, and we see that Mr.
Ragland recently offered a similar
bill in the senate. These ant
other bills of a like nature vii
probably remain in the hands 0.
the committees until the bondhold
ers are heard from. Mr.. Peters
bill, we are inclined to think, i
the best one yet offered. The clear
ing-house meeting referred to wa
presided over by the yenerabl,
William Cullen Bryant, who is
financier and a sound politica
economist as well as a poet. Oh
taking the chair he made an ad
dress admirable for its sentimen
and common sense. We appent
the following extract:
We are assembled, my friends, for
purpose which may, without offense {
the proprieties Of language, be Gale
philanthropic. Certain of the State
which compose this Union are in a col
dition of deplorable insolvency, fro
which no exertlons OF their own can e,
trica.e ihem-that is to say, that they a,
80 deep in debt that only the assistant
OF some friendly hand can enable the
to emerge. You all know what is Il
effect Of insolvency when it becom,
hopeless. 1t petriGes the moral naiur,
it causes the obligations Of debt to |
disregarded, or, in the language Of II
day, ignored. The debtor loses his sci
respect, wraps himself in a sullen ind.
ference TO consequences, aud looks d
hsnce, II be dees not speak IL, at Il
creditor. But give him the hope Of 81
isfying his creditor, and show him a prs
iibable way OF doing it, and you NAL
another man of him. He adopts it,
he be not lost to shame; he adopts
with alacrity, comes to an agreeme
with his creditor, and r%ejoices at bavir
get rid of a burden which be could n
bear without a sense Of ~degradatio
This meeting is called for the purpose
initiating a method of helping tho
States which are unfortunately past he
ing themselves.
THE Brownsville Bee has BET