Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-12-29
A COSTLY BLUNDER.

1t required no great foresight or knowl-
edge of politics and human nature to
anticipate just what has occurred as the
result Of Governor Porter's call for an
extra session Of the legislature. The
LEDGER confidently made the prediction
less than two months ago, that nothing
would be done except to put the peol lie
to a heavy and unnecessary expense.
How far we we're justified in this assump-
ton appears IN the final action of the
legislature yesterday. After a contiLu-
GUS sitting of twenty-eight days, includ-
ing Sundays and holidays, both houses
adjourned sine die, without accomplu h.
ing the object of the governors calls.
Only one bill was passed, and that
was TO pay the expenses of the
two extra sessions blended in
one. The members we're entitled by
law to their per diem and mileage. 1t
was not Of their seeking that they had TO
90 to Nashville. The fault, the mistake,
the blunder, was with Governor Porter,
whose sympathies with the bondholders
we're so remarkably developed loon after
ais second election was assured. he has
taken no step backward, unless forced to.
His ideas we're imbibed 10 a %bon6bolding
atmosphere through which he could not
see the necessities, the hardships, and
the poverty of the Woodworking people
who pay all the taxes at last. he mis-
understood the condition and the temper
of the people. The narrow proposition
be first submitted to the legislature was
an insult to the members Of that BODY
and the intelligence Of the State, and
one which has been properly character.
lied aud resented. His ~over-anxiety
to force through a pet measure b..
trsyed itself in the wording CT the
call. He even used his personal in.
huence to give a turn to the discussion.
and went so far ss to suggest to a high
tax member a supposed point against
the Confederate record of a member on
the other side. This charge proved t
be false and had TO be withdrawn arc
explained away. There we're severa
propositions for q settlement of the STATE
debt before the Legislature from FIRST t.
last. 1t is all over for the present, bu
it may not be smiss to state eonsecu
lively what they were aud would havI
involved if passed:
First, there was Governor Porter
proposition, which he seemed to thinl
would pass rather than nothing at all
We will assume for the sake Of rount
numbers that the State debt is 1913 900,
900. This funded on the governor
plan at sixty cents on the dollar woull
be reduced TO Sl3. 800, 900, which at 81.
per cent. would bear $S2S. 900 per annum
amounting in thirty years to the enor
nous sun Of $24,S4O, 900 paid out as in
terest without reducing the principal on
cent.
There was a senate bill iptroduce,
providing Tor the funding of the debt g
fifty cents on the dollar, bearing
graduated rate Of A., 8 and 6 per cent. IL
terest. The principal would be $ll 500
900. Interest at A per cent. per annuu
$3.50 600; total for FIVE years, $4,000, OOt
Interest at 5 per cent. per annum, 1915
900; total for second FIVE years, 81. S75
600; interest at 6 per cent. per annuu
$690,000; total at this rate for the r
naming twenty years $l3,800, 900, Tot
interest to be paid out upon the grad
ated scale in thirty years, without toucI
ing the principal, $lS, 975, 900. This bi
passed the senate, and when it wen. I'M
the house Mr.. Peters moved to inse
four per cent. The vote was a tie, an
it therefore failed. Mr.. Phelan move
to reconsider, which prevailed, and the
moved to insert in lieu the body Of b
own bill. This passed, aud her it b
came apparent that Phelan's bill hG
passed on it's third reading. To prevel
it becoming a law a motion 20 adjouI
sine die was rushed through by the GU
witted and enraged high tax side, aide
by some disafected low tax men.
motion to reconsider was laid on Il
table, and that closed the possibility
any settlement, for the senate ha
already passed a resolution to adjoul
at the same hour.
Me-. Phelan's bill, which was sustaint
by all the Democratic members Of OF
delegation. proposed to settle at 6f
cents on the dollar by issuing bont
raRning thirty years and bearing q uu
form four per cent. interest, thus Eivir
pOSiSrity a chance as well W the prestl