Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-08-26

matured during the war; second, OF
bonds issued in funding old debt ma
tured since the war; third Of bonds
issued in exchange for registered and
defaced bonds; fourth, of bonds issued
to railroads, which do not ask to be
relieved of liability; and fifth, of
bonds to those which ne treats as
"non-paying." He says:
OF the first three items, amounting
to S6,270,0O0, it may be said that they
stand in law, equity and honor, on
precisely the same footing as the old
| debt, the old debt to that amount
having been retired, and the overdue
bonds and coupons cancelled and filed
in the office of the Comptroller. There
is Just as little grounds for objection
to the fourth item of $4,470,0O0 being
bonds issued in aid of solvent and re-
sponsible railroad companies who pay
their interest without difficulty.
The remaining 50, 795, 900 was issued
to railroad companies who fail to pay
interest, and most of them now are in
the hands of Receivers. The State
has its lien on these roads and some
of them are worth more than they
owe the State; others are worth the
greater portion of their Indebtedness
and some will fall far short if forced to
sale in their present unfinished cOndi-
ton. 1t is difficult to see how the
State can ultimately lose on these non
paying roads more than three mil
lions, provided reasonable diligence
is used by the Legislature and its
agents.
AS if conscious that the issue, not
withstanding his =" opinion" that a
Just debt should not be repudiated,
might turn on the question whether
the debt is just OIL otherwise, he pro-
ceeds at some length to argue
| that question. He admits that
ait may have been, and
no doubt was extravagant or inn
prudent legislation to issue these
bonds for sale when they were worth
but from sixty to seventy cents on the
dollar" but insists that this was not
the fault of the buyer, and that refu-
sal to pay evil be criminal" He
denies that the law required our
bonds to be sold at par" and insists
that they were issued " in aid of peace
and commerce." and not to lover
throw or sustain any government"
Again he says:
"There is not a single reasOn why
these new bonds are not a just and
valid, both in law and equity, as our
old bonds, or as any other bonds OF
any other State; and it is painful to
have to come to the conclusion that
this movement (if such it can be
called) is but the Outcropping of that
seditious sentiment which looks upon
the present State government as a
void and illegal affair, fOisted upon
the people by that very wicked con-
Germ at Washington, called the Fed
eral Government. But that is no
open question. The Federal power
set up this State government and will
maintain il. Besides it is the very
same state government which Issued
the bonds it is proposed TO repudiate.
4 change in the politics of the officers
does not make z new government;
The members and Officers are elected
under the same constitution and laws;
and hold their offices uuder the same
State government which issued the
bonds il is proposed to dishonOr, and
are all estOpped from denying its va
Tidity. The State officer who denies
The validity Of this State government
denies his own right 70 the office he
, ails."
mi add that it is the opinion CT
| our hest LAWYERS that our bonds can
not be repudiated, because they are
coIIectable 6y TAR in the Federal
courts, either by direct suit against the
State, or by bin IN equity to enforce
the States lien against TIE ,fAiisGeds
for the benefit of the Bondholdef.
As to that portion Of the bonds
which were issued to pay off indebt-
edness existing before the war Il Will
hardly be cOntended that there is q
want of consideration, emitting Us to
withhold payment. And, no matter
how or by whom created, We do not
| sDprehend any refusal to pay any por-
ton ofuRe debt whatever, where such
consideration has PesF received by
the State. we see no g0QQ EF4a12
why the "Opinion Of Mr., Secretary
Fletcher should be taken as law, nor
more why it should have any effect to
bar ipyestsaiiap. which, perhaps, he,
with many Of bis cQ-Q4eials, you'd
willingly avoid, His assertion tEaf
" the Federal power set up THIS STATE
government and will maintain it,"
has the air of a threat, which Is hard.
y respectful to Tennesseeans, and
disdoses the animus of the nan 1t
is not Fqe t44t t9is State gov
efnmept was set Up ~ tpe FEDERAL
power. The directions Of Mr.. bIS-
coins tenth vote proclamation WeEs
never obeyed, and the State Govern
ment was not produced in accordance
with IL. i was the creature of a few
minpows, wac Hoqts4 on the crest of
the war tide, and has eXsteq G4lg by
s~uaeEanae eyer since. Whether every
debt which mas been PIT upon Us by
irresponsible and RECKLESS partisan
legislators and spoilsmen at Nashville
is justly due, may be worthy OF inves.
tigation, with some other things per-
tanning 70 their m~ischievOus career.
But the question Gf payment of debts
incurred by them, In caSc they are
not just, will rest on grounds OF So
pediency and the interest of the State
We shall not consent TO repudiate in
any case without the existence Of
both right and expedie1cy in fsvqF Of
doing so. But meanwhile we see no
IMPROPERLY in making the inyestiga-
ton necessary to fail development
of the facts.
RECOGNIZE the negro's right 10
vote; cease to abuse and sneer at him;
treat him a a human being with a
soul in his body, and as susceptible Of
the sensibilities, the resentments and
frailties of humanity, and he will at
once emulate the magnanimity of the
whites, endeavOr to rival them in in
duStry, enterprise andthrift, cultivate
amity, educate his children, acquire
hOmesteads FOR his family, strive to
deserve the confidence of his fellow
men, and, above all, he will never
aacf bic ynfa fo tho ipittrxy of Tho nit