Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-11-24
BOND GAMBLERS.
Terrible Arrangement by a Well
Posted Republican Paper.
Smelling The Woods at Long and
short Range.
Knoxville Chronicle. November q

The action Of the Tennessee legisla-
ture OF the extra session next month is
limited to a very small compass The
constitution provides that the legislature
car only act upon such matters as the
govern n designates in his call. In bis
call tie governor enumerates the bust.
ness to be acted upon as follows:
First-To consider the recommends.
ton made by the arbiters al the confer
ence held in New York in March, 1877,
to adjust the State debt by the issuance
Of new six per cent, bonds at the rate of
sixty per cent. OF the total amount Of
the principal and past due interest.
Second-To levy a tax sufficient 10
meet the interest on the new bonds; to
provide a sinking fund for the extinguish-
ment OF the debt, and for the more eff
Gent collection of the revenue.
Third-TO provide by appropriate leg.
islation for the expenses OF the general
assembly.
Only this, and nothing more. Nov.
as we observed several days ago., the
governor and the majority in the legis-
%lature, are responsible for the additional
expense OF this extra session. This
same proportion was before the legisla.
ture ct its regular session. 1t ought to
have been accepted then. No s~atis'ac
tory reason a be given for the criminal
failure to do 90, But the governor never
opened his mouth to urge it. According
to our recollection not a Democratic
newspaper in the State advocated it. The
proposition went by default. Why was
this2 There was and is a reason for it.
The proposition is popular now. Among
the Democratic newspapers Of the State
there is no lack Of advocates of the com.
promise. Why this sudden conversion,
or profession of their faith?
There are hundreds of good people
who will believe hat sinister motives
have prevailed. The managers were not
ready last spring. Now they are ready.
The ten cents tax had a depressing infu.
ence on Tennessee bonds. This was one
move il the game. The gamblers then
loaded" Before they we're 4" bears 4"
in the market, now they are " bulls.
Then it was their interest to pull down
and load up" Now they push up, and
when bonds get as high as they think
they will 20 they will unload" and after
that they will lose oil their Interest ia
State credit. They are for sustaining
the public credit now because it is their
selfish interest. If they could make
more money by it they would take The
opposite course. They profit BIZ theii
knowledge Of what the powers that b,
propose. In fact, they are the power.
that be, for all practical purposes. |
the legislature had accepted the recon
%mendation made by the arbilers," las
March, the gamblers would have beer
unprepared for it. Hence, action wa
not taken. Everything vas done to de
lay it.
We remember that Colonel Savap,
stated while in this city, on the 18th G
March, On his way from New York t,
Nashville, as a member Of the legislator
to confer with the srbiters, that Will,
holding their conferences a number O
dispatches we're received rom citizen
Of Tennessee begging the bondholders 4
make "as little concession as possible.
1t would be highly interesting to kno,
who those citizens" we're.
} The people know very little of the @,
tent Of the operation Of these bond gam
blers. They can see that they hav
grown rich in a remarkably short tim,
but their vast wealth came noisslessl
aud unobserved. But il their operation
could be seen aud their tricks fully e.
posed, there would be no mystery abou
it. They are at work again, and whe
Tennessee bonds 60 up they will reach
rich harvest. But this is no reason VII
we should act dishonesty as a Stat,
The only cost to the Taxpayers of thi
last "swag' is the cost Of this extra Sci
sion Of the legislature. The people pc
fifteen or twenty thousand dollars ic
the expenses Of the extra session, but III
, bond gamblers will make twice or thric
that amount.