Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-10-18
WILL THERE BE AN EXTRA SESSION
nr ruP EnTgIA

WILL THERE BE AN EXTRA SESSION
OF THE LEGIsLATURRl
This question IS asked daily all owe
the State with some concern. The bond
holders are anxious TO know because
they are receiving no interest and al
extra session could not make matters
worse for them. The members OF the
legislature have some anxiety on this
subject from different and various res.
sons. Four dollars a day and mileage
each way is more than most of them are
making at home, and a trip back to the
capital would not be distasteful TO every
one. Crops are gathered, wheat is sowed
and time is no particular object jost now.
especially with the farmers. The news.
papers would have an additional theme
to discuss if Governor Porter should
issue a call for an extra session. So il
seems that the public is not Indifferent
to the subject, though public opinion has
not settled down into sDy definite
shape. One of the last acts of the
legislature at the last regular ses.
sion was to reduce State taxation
from forty cents on the ole hundred
dollars worth Of property to ten cents.
TAis created considerable surprise, but a
number of the members explained that
it was not intended as a reputation or
default of the interest on the State debt,
but as a temporary suspension of pay
ment until pending propositions for ar
adjustment with the bondholders could
be disposed of. A basis OF settlement
had been suggested by parties in New
York representing some ten millions Of
dollars of the States bonded debt. This
was sixty cents on the dollar. 1t was
only a preliminary step, which it was be.
lieved generally at the time would be
approved and sustained by the great
body Of the bondholders. The legisla-
ture took no notice Of it, but reduced
the rate Of sdvalorem taxation az be.
fore mentioned, and adjourned There
was a popular impression at the time
that a special session would be called to
consider the State debt question, and
possibly q few other matters hat might
be specified in the proclamation.
The situation then was briefly as follows:
Governor Porter, by an extraordinary
effort and action. had paid of the July
interest of 1874 sud fractions Of the for
mer series Of coupons at par, amounting
in all to about 800 900. He was elected
by the party OF the Presidential election,
but this could no. be construed as an in.
dorsemsnt by the people who understood
it of this particular act. The legislature
perhaps understood the true feeling and
temper Of the people. The first act
passed was one formerly vetoed by the
governor abolishing the power OF the
governor and other State officers to Dor
row money. Another bill passed forbid.
ding the State %oiicers to pay out money
on any account, except when specially
appropriated. A resolution passed sus-
pending the payment Of interest on
the State debt; and then last Of all the
rate of taxation was leduced to
q rate which will barely pay current
expenses. The State officers could moi
pay off the interest If they had all the
authority in the power OF the Legislature
to give them. That was the situation
seven months ago, and it has not mat,
rally changed. II the taxpayers ar,
grooming for an opportunity to pay OF
any part of the State debt, we have neve
heard Of it. The man who paid fort,
dollars last year, aud finds that be onl,
has ten dollars to pay this year, will gen
orally stand it with p~hilosopbic coolnes
and fertitude. The State has virtual,
%repudiated the State debt, as far as it i
in the power Of one Legislature to do SC
and nobody except the ~boudholder seem
to care much about it. We have repudia
ted almost without knowing 1t, and man,
find a justification by referring TO tb
: funding ring which captured the legislt
ture Of 1873 But the question recuru
Will Governor Porter call the legislator
together this fall2 la Middle Tennessee
there is an impression that he will. W
doubt very much whether any goo
would come Of it. Members who vote
to reduce the taxes will be glad to vol
for an increase until it is definitely a
c~ertained that the amount so raised wi
be sufficient to meet all demands. TT
governor may have facts in his posse
sion not known to the public but to q
outsider it is rather hard to discover an
COED reasons for another session of Ii
legislature.
The Cleopatra obelisk. which for tv