Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1875-12-17

the sum Of $751;, 1851 26, of which amount
sIl,620 "a was in Comptroller 9 warrants,
Sl0,bI6 IN old issue Of Bank Of Tennes-
see; the balance of Sos, 90I 90 in cur
rency. The writer OF the article en-
closed Is IN error as to the expectation
OF realizing large collections from the
$'FO.UUO OF a%rrearages reported TO the
last Legislature. From q careful inves.
sigausn OF the subject, it is found that
tins sum covers commissions not yet al
lowed, iusolveneies and land sales not
yet reported, judgments and debts in
suit in favor Of the State, where princi-
pal and s~ureties are insolvent, aud repre-
SCENTS q very small sum Of collectable
revenue.
This statement covers all of your in
Quiries except the one in reference to a
reputation of the State debt; aud / do
not hesitate to say that there is not man
in the State with the slightest claim to
respectability who favors such a proposi.
ton; butt do believe that there are many
good and wise men in Tennessee who be-
lieve that the bonds of the State carry
tso high q rate Of interest, aud hold that
it would be to the interest Of the holders
themselves to consent to such a rsduc-
ton Of the rate Of interest as would be
acceptable to the tax payer; this propo-
sition cannot come from the State, but |
have information that induces the belief
that the large holders of Tennessee
bonds will accept a reduced rate Of in
terest, if they can be satisfied that per-
manent provisions will be made to Jay
with promptness the rate agreed upon,
and that all holders of our securities
consent to this reduction.
The Governor now agrees with a ma
jority Of the Legislature that borrowing
is q bad business. BE vetoed a Dill re-
pesling the unlimited borrowing power
Of the Financial Board, but could not
veto the decision of Wall street, which
vas that no money could be loaned Ten
nessee without the collsterals, and Ten.
nessee had no collaterals. But the
Governor has got on the right track, and
to realize this subject in a practi-
cal light. Next we may look for a weak
euing on the part Of the bondholders.
The Governor is a high tax man, but has
had to yield to the memorable logic of
His letter contains nothing new
except his admission, which mad better
been made about nine months ago in
stead Of that veto. However, we give
him credit for sincerity, and unlike his
predecessor he will doubtless BE- ready to
cooperate with the people rather than
cherish chimerical ideas Of high State
credit not adaptable to an impoverished
Commonwealth. The stnbbornness Of
the bond-holders, their recklessness in
passing the Ful ding Bill and the un-
reasonable demands of the high tax men
have brought about this unfortunate
state of affairs. They we're warned, but
would not heed; appealed to, but would
not hear. AS we said twenty months
ago, the high tax men are the real repu-
diators, and the evidence begins to show
itself but too painfully soon. Lei them
retrace their steps, and a fair, equitable
and honorable adjustment of this ques-
ton may yet be had. The time for die.
tation has passed; death-bead repentance
is better than none. The Wall street
b~ond-holders had better issue instructions
to their retsiuers in this State to keep
quiet; otherwise there is no accounting
for consequences,