Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-04-09
PUBLIC LEDGER.
rHE RxrRA SESSION.

An extra session Of the Legislature is
inevitable; the only question left is when
will il be convened by the GOVERNOR 1t
will be remembered that near the close
of the regular session the Comptroller
and the Treasurer gave il as their opin-
ion that all revenues received should be
set apart exclusively to meet the inter
est on the funded debt until enough was
accumulated for that purpose. In other
words, the funding act made the inter
est a preferred claim over and above all
others, even to the regular and neces-
sary expenses Of the State Government.
But we learn indirectly that these Off
GERS. after a more careful examination
of all the laws bearing on the case, have
arrived at different conclusions, and
NAV not first set aside sufficient revenue
TO meet the double compounded interest
which was. without notice, saddled on
the taxpayers, without meeting the
legitimate claims that may be presented
in the course Of the year. This may
have had some influence upon the exec.
ntive or it may not In any event a
rumor reaches us through a semi-official
channel that an extra session will
probably be called in May; but of
course no one is authorized to
anticipate the subjects which the Gov
eruor in his call will authorize the
Legislature to consider or reconsider.
More good could be accomplished by
considering and repeating this funding
law than in any other way; but we do
not believe the Governor will give the
Legislature an opportunity to undo what
mischief has been wrought. he started
out merely to improve the financial sys-
tenn and the condition of the State credit,
hut be has drifted on farther than he
dreamed of, and will doubtless abide by
what he has been the instrument OF
accomplishing. His political fortunes
are at stake upon this one question, and
upon it he will risk his chances of going
TO the United States Senate. 1t is q
desperate issue, but he will play his part
With nerve; therefore we have no hope
in anything that may be accomplished by
an extra session. This much we believe
we can safely say on behalf of the peo-
pie: they abhor anything that can be
construed into reputation OF the State
lust debts, and If the funding bill were
only repealed, they would cheerfully
submit to an advolorem tax of sixty
cents, including ten cents for school
purposes, which would enable the State
to lay the foundation of sinking fund,
and, at an early day, 10 begin reduc-
ing the principal Of the public debt
instead Of increasing the interest.
We happen to know that many Of the
funders in the Legislature did not be-
lieve the newly created interest would, in
law, be preferred claim. let they had
committed themselves in all their
speeches to forty cents as a sufficient
tax, and some of them were consistent
enough to vote for that rate. The anti
funders in the House numbered twenty
seven all told, but they increased to
thirty-eight, when the test came on
standing by forty cents. Let this fact
be remembered: the rate of taxation
must be increased, or the funding bill
repealed. If Governor Brown is willing
for the Legislature TO revise its late
action, the entire question may be ad-
justed SO as to barmonize the respective
rights of the people and bondholders
with the ends of justice and fair dealing.
We shall see.