Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-04-25
FORTY CENTS,
That Is the Figure which Colonel
savage Says ShOaId be PAID on tine
DOllar - the BOnd-u elders

That Is tho Figure which Colonel
savage Says ShOaId be PAID on the
BOllar 10 h BOnd-HOlders.
Nashville Banner, April 21.l
Colonel John Il. Savage, representa-.
tive from Warren county, has been in
the city several days attending the Fed
eral Court. As the State papers are dis
cussing the proposed compromise of the
State debt, and as Colonel Savage was
chairman Of the commission sent to New
York to confer with the bondholders, we
thought that what he had to say on the
subject would be read with interest, and
hence a representative of the Banner
called on him this morning for the pur-
pose Of interviewing. After the usual
interchange Of courtesies the following
conversation took place:
Reporter-Whst are your views in re-
gard to q compromise with the bond
holders2
Colonel Ssvage--My views are mn.
changed in regard to the so .called honda
Of the Stats, aad if they are not well
known to the people it is not nv fault:
but because the press and persons differ
ing with me have thought it better noliov
to abuse me aud cry repudiator than to
let the people read my arguments. I
have said the people by their constitu.
ton never granted the legislature anv
power to issue bonds, and hence the an.
called bonds are null and void, and worth
no more as bonds than waste paper; that
the statutes creating the bonds COM
mapded that they should never be- sold
at a discount, and at this time ninety
and nine Of the bondholders held their
bonds in violation Of the policy and the
law OF the State creating them. and
would be rejected rs men of unclean
hands from a court of justice if suit
we're brought on the bonds. I
have neither time nor inclination
to repeat the many arguments against
the bonds. 1t is sufficient to say that
the 6ondholder has no legal rights and
but little equity; that q claim originating
IN a policy which must be abolished. or
the people must be slaves, and which Is
'impeached before constitutional LEGAL
and equitable grounds, ought not TO h.
paid Snless approved by a popular vote
or the decree OF a court, l prepared a
bill to submit all disputes about the
bonds to the people ''as arbiters at the
ballot box, after returning from New
York, but declined to introduce il, as we
had msrely time to pass the bills reduc.
ing taxation. | AN unwilling to see a
o~ondh0lder paid one cent unless an.
proved by the people, They (the p%eople)
can be trusted; legislators are sometimes
bewildered,
RepoTter-What is the prevailing sem
tment in the State on the subject ?
Colonel Savsge-I have been engaged
in court since the legislature adjourned
and have 20 personal knowledge of nom.
ulsr sentiment throughout the State.
Where | have been it is every day less
favorable to the b~ondholders.
Reporter-What figure DO you think
the legislature will decide on2
Colonel %Savage--I am not willing to
say what figures the legislature NAV
adopt, If called together, but nobody
need be alarmed; there is DO danger Of
a figure above forty cents. The funding
bill scheme Of raising the bonds above
the market valHa will not be repeated,
and no man of common sense can be-.
heve that there is any real market for
the bonds at forty cents. The quota.
tons in New York papers are fictitious
the work Of spectators and bond.
holders.
For the sake Of peace and quiet, and
not for any rights or equity on the part
OF the bondholders, | am willing to see a
compromise atsuch figures as the people
can pay In the next twelve years. Twill
De a party to q transaction that fixes
a burden upon the Bext generation.
-O--
Professor Bell is to give q telephone
entertainment at New York and Brood.
lyn simultaneously. Nav Tn tha -