Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-05-10
WHO ARR TIE RRpuprAroRsI

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mails TO intimate that the ant-iunderi
are repudiators; il not directly. ind
rectly in effect. The funders have it all
their own way-the Governor has de-
clined to call the Legislature together
while it would be possible to repeal OF
modify the law-and still they stop occa'
sionally in their lofty duties to give the
vanquished anti-funders a whaek or two,
and to call them names for
not falling into ranks. They should
hardly expect us to DO converted
on as short notice az some OF them
were. The opposition " to the fund
ing act after its passage was urged until
the Governors circular came out, with
a hope that an extra session would be
called before the bonds were signed and
registered, and an opportunity thus
afforded TO undo some Of the wrong fas-
tened on the people. But that time has
passed; the bonds will soon be issued,
signed and registered, and the State Of
Tennessee bound irrevocably to pay the
interest for forty years, unless able alter
the first ten to begin to retire the prlncl-
nal debt. Hereafter we can only protest
at the manner and spirit in which this
load was put upon the people without
their consent. Not a man in the State,
to our knowledge, certainly not paper,
favors reputation. Yet because certain
papers and members of the Legislature
happen to occupy about the position that
some ofthe present funders held two years
ago, they are denounced by the latter as
regulators. A contemporary remarks
that "if we are not now able to resume
payment OF interest we never will be-
The same remark could have been
made with equal force two years ago.
State finances have not improved
in that time except that the debt
has been diminished by selling out
assets. nor has the value Of prop
ertv assessed for taxes been increased.
On the contrary, the Cdmptroller's re-
port shows that values have been greatly
diminished in East and Middle Tennes-
see. The new assessment law, although
not much better, il any, than the old one,
may, under the pressure of the Govern
ors circular Archaeological for that
effect-somewba increase the aggregate
value of property. The interest will be
met of course, while Governor Brown
remains in office; but other claims
almost as sacred to the people, such as
appropriations for the blind and insane,
the deaf and dumb, and even the salaries
of State officers (?), may have
to be passed unpsid We hold
that it is as great a crime, NOR
ally, to defraud the helpless objects
of charity in our State out of appropri-
atoms made to them BY the Legislature
as to postpone the payment of bonds or
past due coupons. Who then are likely
to be the repudiators-those who would
give the preference to legitimate cur
rent expenses of the State and to the I'M
fortunate classes thrown helpless upon
the public, or the funders who give the
preference TO bondholders, even If not
cent remains in the Treasury after ex-
cessive taxes have been collected2 1t is
true, as we believe, that the funding Tao
cannot be made an issue in future con-
tests; but the flinders will find serious
personal issues to meet that will lay
many of them high and dry on the po-
litical shelf. The law is about to become
a fixed fact, and many Of the authors Of
it will find themselves fixed to stay at
home if they come before the people any !
more.