Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-10-17

that amount, not that the b~ondholder hso
law or equity on his side, but for peace
and to end r troublesome lawsuit.
he then read aud commented on the
preamble and provisions of a bill, which
he presented and read to the legislature
after bis return from New York, but toe
late for action. which provides that the
people at the ballot-box, as arbiters, shall
settle all disputes between them aud the
bondholders. Wo
The act in legal phrase provides for
holding the election, and for comparing
the vote and publishing the result, II
submits sixty cents. forty cents, thirty
three and one-third cents and nothing "
as the issues to be written IN the ticket
Of the voter. II sixty cents has a major.
ity of all the votes cast, it shall be CON
sidered the decree of the people in favor
Of paying that sun in the shortest time
possible, aud the next legislature is
charged with the duty Of levying taxes
and making provision for its payment.
II forty cents or thirty,three and one.
third cents either have a majority, in like
manner it shall be taken as the decree
Of the people in favor Of paying such
amount in the shortest time possible.
If nothing" has a majority this shall
be considered a decree that all bonds
issued for railroad purposes are void,
reserving to the next Legislature the
power to pay so much Of the State debt
proper, of $3,s4O,6s6 created for the
capitol, bank stock, turnpikes and the
Hermitage, as shall remain unpaid.
If neither Of the three last prsposi-
tons have a msjerity of all the votes
cast, then the next Legislature shall
have power to adopt one, or either, OF
said last-named proposition, or so much
of all as shall seem most in accordance
with the popular will, as indicated by
the vote.
He was in favor Of paying thirty-three
and a half cents if everybody behaved
themselves, and the b~ondholder had bet
ter take this now or he will do worse
hereafter.
We have seen, he said, near two
thousand millions of dollars worth Of
property in slaves belonging to South
ern people, the accumulative saving
Of our ancestors for the last two hun
bred years, voted away. This prop
erty was guaranteed by the Consti-
tuition of Tennessee and the United
States. The bonds began in acts Of the
General Assembly, passed in violation
Of both. If they could vote the black
man free, we nov can vote the black and
the white nan out of bondage--we can
vote a little piece of the corners of the
bond in a good humor, and il we get
halt as angry as some men did when they
put it in the United States Constitution
that we should never ask any pay for the
loss of u property, we can vote it all
away, and there is no power to prevent
US.
We could pay these bonds more than a
half dozen times and still be rich if they
will accept payment by an assignment
of our right to the property they con
verted and destroyed and if they will
accept payment according to the prac-
tees and doctrines Of the best Govern
ment the world ever saw the bonds will
never be repudiated, but will be honestly
abolished and buried in the grave of
African slavery, without a resurrection
morn for either.
The bill proposed by Colonel Savage
is entitled An act to submit all ques-
tons in dispute concerning the State
debt TO the arbitration and award Of the
people at the ballotbox.p The preamble
r~ecites many grounds against the legal
ity and equity of the bonds. The sixth
allegation says: mo public debt can
rightfully survive the generation that
created it and hence the system oil
American bondage, State and National,
is a dark cloud upon the good name Of
our people, aud a crime against human.
ity greater than African slavery with all
Of its imputed sins, and which crime is
now making pasperS, vagabonds and
tramps Of unfortunate men, black and
white, North and South, in so much that
it is the duty of good men everywhere to
destroy it, so that the nation may mol
look upon a bondmsn or a slave"
Should Governor Porter call an extra
session tf the legislature Colonel Savage
and his bill will be heard from, and ]
predict that he will be heard from any.
how next summer. j. Fl. NJ.
our Boarding-HOuae."
BALTIMORE, October l4.-A duel with
knives was fought over the table Of John