Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-08-15
speeuIssins ON the Financial Dis
trcsses.


specuIasins ON the Financial DIG
tresses.
The Nashville Banner says there are
"rumors Of speculations IN bonds by
officers, and rumors that parties have
been playing the financial roles Of both
"bulls and bears " with the stocks OF the
State Just as suited their interest In the
game, regardless Of the interest OF the
taxpayers and of the various railroad
mpauies receiving aid from the State
To suppose anything else is to sup
pose the carrion birds gathered together
where the carcass 10 will not make II their
prey. What else is to DO hoped for but
that thieves will steal when they have
every chance in the world 2 While they
keep the honest and simple negroes out
side, doing their guard duty in the cold
without pay, they will Of course gut
themselves with plumber inside where
the white scallawags are holding the
Offices once held by patriots and sages'
With all their subordinates bound BY
fearful oatbs, couspirators in Loyal
Leagues, what may they not do with i'm
punity2 Is such IMMUNITY safe to the
public interests or liberty--is the money
safe in such hands? "Foraugbt we and
the public know" says the Banner
"there may be death penalty Tor d.
vulging any facts which would lead TO
conviction of felonious plunderer oil
the public treasury" Why notf What
security has any good citizen of the State
for any interest or any right whatever
The Banner, observant of what is pass
ing at the capitol, says:
The leaders Of this faction are falling
out with and abusing each other 10 IN,
measured terms, yet the specifications. OF
the charges are indefinite and leave the
public to surmise without giving satisfac-
ton. Perhaps there is some terrible
penalty hanging over them il facts are
specifically revealed, and yet In their
secret oaths no provision against back
biting and SANDER. We think that there
il circumstantial evidence that the dens OF
Indicators, known as Loyal Leagues,
have no great moral truths underlying
them. For it is unreasonable that the
conceiyers of such diabolical organEa-
tions as have for their object the swim
ding of negroes and the oppression OF
white men should have in view aught
more than plunder, and the means OF
concealipg theft and robbery. Good
name is, in their estimation, of far less
value than riches.
But we regard it as fortunate for the
people of Tennessee that the imbrogllo
over the spoils and speculations of oth-
Gals has eliminated in an event-the
failure to pay the July interest-that has
strongly fixed public attention upon the
officials having in charge the finances OF
the State For now they are compelled
to show the hand they hold. Unfair and
honest dealers must define themselves,
gratifying the public curiosity with full
and complete exhibit Of their completely,
or non-complicity, as the case may be, in
the disgraceful transactions that have
disbonored the credit of the State.
We know not who among our State
officials are to blame in this foul-playing
with the credit of the State. That there
are some gentlemen among those that
have control Of the finances who would
scorn to commit so great crime as the
one alluded to we are fully satisfied.
Yet as the investigation now being
made, if dispassionately and fully ac-
must extend to the con-
duct of every one in official position
directly or remotely interested in
in State bonds, heavy
outside pressure will, no doubt, be
brought to bear upon the Legislature to
render the investigation as superficial as
possible. Ku-Klux sensations, the mill.
tia bill, and other kindred topics, tend.
ing TO absorb attention, meet this end
most admirably. To enfranchise the 4
people would deprive corrupt men of the
opportunity they now enjoy to hide their
nalfeasance. Calling out the militia,
IS it will throw more bonds on
he market, will further depreciate
he bonds, and thus make the profits
Of the bears the greater. Perhaps some
unfortunate defsulier now shaking in his
shoes from fear Of eaTly detection and
exposure, expects q quartermaster's
in the State Guards, which,
by a liberal use OF Abstract l." world
enable him to supply his deficit and
thus rescue himself from felon's
doom. The ten per cent wastage
allowed to q commissary might be
adroitly used By some conscienceless
Radicals as the foundation Of comfortable
fortunes. And, OIL if those ghostly,
dam nable, mischievous and rebellious
Ku-Klux would but capture the chief
depot of the quartermaster's, commits
sary's and ordnance stores Of the pro.
posed grand army to be placed under
he orders of our amiable Governor, how
thieves, both large and small, would revel
in afidavits in accounting for property
- lost, captured and destroyed"
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