Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-03-28
uILL AM ExrRA sEssIoN BIZ cALLEDl

WILL AN EXTRA SESSION BE CALLED
The Legislature pulled in the TrojaI
horse full Of funders, armed with Stat
bonds Of all descriptions, and then evae
uated the citadel. without leaving muel
behind to comfort the disguised invaders
In other words, the Legislature promised
all manner of bondholders 70 take al
their bonds, even those bearing only hy'
per ;cent. interest, aud perhaps ISSUED
Illegally, and issue new ones instead
bearing six per cent. interest. fet TINS
is called sustaining the credit the honor
and the glory of the State. From
suchlglory spare us and all the people
The practical question now arises
whether the Governor will call an
extra session and give the Leg
islature an opportunity to repeal the
funding bill that the people may have a
year or two to discuss its provisions, or
to repeal it altogether. The Register,
we observe. has united with the Ava
lanche and LEDGER in demanding re-
neal of the funding bill in the event OF
a special session. II the Governor re
fuses to call an extra session the Treas
urer will have no discretion in the per
Torrance of his duty, and no alternative
hint 10 issue new bonds in place of the
old ones that may be presented. "A
reaction is going on, and we have some
reason to believe that the Legislature,
IL called together again, would repeal
the obnoxious act without delay
The responsibility rests with Governor
Brown. he may say that the people
have known his policy all along but he
cannot say that the masses began to COM
prehend the funding scheme as consum-
mated until very recently, nor did the
press at first, and many papers at once
rushed into supporting the measure with
out knowing why exactly, except that
our excellent Governor was in favor oil
sustaining the credit and honor of the
State. But the Fourth of July speeches
have all been made, and the common
people who did not make any speeches
begin to count the cost and inquire
whether it was necessary to tackle them
with such taxation as the bill requires
to give their glorious old State a
little notoriety on Wall street and to
make them poorer, while the rich bond
spectators grow richer and the poor
children of the State hardly know how
to read and write Nothing but figures
will answer their earnest inquiries, and
the pro funders just returned from Nash
vile will have to answer terrible cate
chism from the mechanics, farmers, mer-
chants and workingmen who are about
to be saddled with burden that will be
transmitted down to their grandchildren.
The Constitution provides that when the
Governor calls an extra session of the
Legislature he shall state the objects IN
view, and tina, A0thing else can be
considered. Should Governor Brown
only specify in such call that
it was for the purpose Of " in
creasing the revenues of the State,
the Legislature could not entertain
any other subject But we antici-
pate that a call, limited to and in favor
Of only one side Of the question, woOld
not keep a quorum together twenty
days, or be fruitful of the increased
revenues so essential to the prosperity
aud happiness of the bond-holders in
Wall street, and their sympathizers fur
Their South. This whole question should
be submitted to the people, that their
instructions may be given to the next
Legislature, which will be elected in
November, 1874. Bond.holders who ex-
pect to get six per cent. interest on five
per cent. bonds, can afford to wait on
the job year or two longer.