Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-01-30
sourHgRN 1NpEBrRpNEss.

This subject has Of late begun to
receive the calm, deliberate atten-
ton it deserved and should have
received several years sooner. The
bondholders have relented and
made a virtue of necessity. They
would demand the last dollar if
they could enforce their claims,
and did while there was any hope.
Strange to say, they had allies
among the Southern people who
declared that we were able and
must pay the amount nominated
in the bond" They argued as
though a sunburst of pros
perity shed its halo over the
land, and that all who could
not see it were repudiators. The.
toiling millions could not see it.
Only the opulent capitalist or the
pennies aud visionary politician
seeking the favor of the former
could have investigated the subject
and believed that States, impoyer-
ished by the war, with labor sys-
TENS utterly demoralized, could pay
the principal and interest of the
enormous debts piled up, while
the most of the property-holders
were deprived of a voice. The
Georgians got possession Of their
State in time to throw out the bo-
gus bonds issued by the carpet-bag
government, and are on the high
road to prosperity. Alabama ef-
iected an honorable compromise.
North Carolina is moving in the
same direction. Mississippi, hap
PLY, has no debt Of the kind. Ark
ansas will make a compromise (;
aud lastly, we suppose Tennessee
viii effect an arrangement with
her creditors that will be equita-
Die and satisfactory all around.
This is no longer called re-
pudiation it has become popu-
lar, and even the most timid
as they advocate it start hot at their
own voices. The agitation Of a
compromise has brought forth fruit
in due time. The people under
stand it, and have the courage to
say they are willing to pay what is
right-unab,e to pay more. The
bondholders, understanding this
resolve, are ready TO make proper
concessions. The proposition is a
very simple one, and requires no
superior training or ability. There
is a difference Of opinion perhsps as
to the new rate of interest, the
extent Of the scaling and the time
the new bonds should run. A
meeting Of solid men of New York
was held in the clearinghouse on
Thursday Of last week to consider
this question. The venerable VIM.
Cullen Bryant presided, and both
political parties were represented,
and a very fair spirit was manifest
ed. AS q preliminary step toward
practical action a committee Of five
bank presidents was appointed to
consider and report what would BE-
a fair adjustment. These banks
never deal in Southern securities
and something approaching fair
ness at least may be expected
When they have reported and tn,
result, if approved, is transmittet
to Southern governors or legisla
tur;s then there will be somethin.
tangible TO work on. In the even
hat no such proposition is submit
tel before our legislature adjourn:
it might be well to provide for tn
appointment Of a commission wit
power to act, if required, instea
of calling a special session Of tn
legislature. Without having an
pet plan of settlement, We woul
suggest the following points as
basis Of settlement with the lei
nessee creditors: First, eliminai
before some competent tribunal a
tainted bonds, if there are an,
secoad, reduce the principal
Fifty or even forty cents on the do
lar; third, graduate the rate Of il
terest, to-wit; for two years pay on
three per cent. for four years pa
fourper cent, and ever after pay e,
per cent; fourth, let the new bono
issued instead of the old ones run I,
a long term Of years. This wi
give them more value in the ma