Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-11-10
THE EXTRA SESSION OF THE LEGIs-
LATURE.

THE EXTRA SESSION OF THE LEGIs-
LATURE.
Governor Porter's proclamation con-
vening the legislature in extra session on
Wednesday, the 9th Of December. Is q
very carefully worded document, and was
not issued without that subtle thought
and purpose for which its author is dis
tinguisbed. The constitution provides
that when a legislature is convened in
extra session it can only consider the
subjects specified in the governors call.
Governor Porter mentions three subjects,
and only these can be considered:
First-To consider the recommends.
ton made By the Rrbiters at the confer
snce held in New York in March, 1877,
70 adjust the State debt by the issuance
of new six per cent. bonds at the rate OF
sixty per cent. of the total amount oil
principal and past due interest.
Second-To levy a tax sufficient to
meet the interest on the new bonds; to
provide a sinking fund for the extin-
punishment Of the debt, and for the more
efficient collection Of the revenue.
Third-To provide by appropriate leg.
islation for the expenses of the general
assembly.
The third clause gives assurance that
miIesge and per diem viii be forthcom-
ing, and that there will be a quorum on
hand for twenty days, the constitutional
limit Of the session. The call is SO
worded that aside from voting hem.
selves pay the members eau consider
nothing but the State debt question, and
the subject is so mentioned that they can
act only on the recommendation to com
promise the total bonded debt Of the
State, with accrued interest, at sixty
cents on the dollar. Under this call it is
intended to restrict the action Of the
legislature to this single proposition. 1t
must be sixty cents or nothing, and of
course the latter will be the result. This
same legislature declined to entertain
this proposition before, and We do not
believe will be any more fsyorably in
clined when convened in extra session.
There was a time, perhaps, when the peo-
pie felt willing, whether able or not, to try
aud pay fifty or sixty cents on the dollar Of
this debt, so much of which is unjust and
should have been ~repudisted boldly long
ago. But that time has passed, and
Governor Porter cannot force the sixty
cents proposition through. The rate Of
taxation last year was four dollars on the
thousand; this yearit is only one dollar,
aud nobody is clsmoring TO have it in-
creased. When Governor Porter vas
North this fall be announced 10 one OF
his speeches that the State debt would be
paid. This We regarded at the time as a
mere figure Of speech, intended to please
Northern ears aud rich b~ond.holders
around him. bat it perhaps had a deeper
meaning. The governor clearly intends,
by the exercise of his peculiar preroga.
tive, to prevent this legislature from ad,
jasing the State debt at q basis lover
than sixty cents on the dollar. There is
no probability now of such a settlement
as the governor seems TO anticipate. A
legislature which reduced taxation will
not be likely to vote faF an increase the
same year. Some Of the members may
want to run for Office next year, aut
their biggest claim upon the people Vil
be the reduction Of taxes and the repes
Of the dog Law after it had been declared
unconstitutional BY the Supreme Court
1t is not likely that this class will vot'
for the proposition which they are cslle'
together to consider. The msu who doe
so ehould certainly be able aud wiilingt
give good reasons Tor changing bis view
in 50 short a time, aRd must expect b
endure criticism and censure. 1t is 90
nounced that a syndicate has been formel
at New York for the purpose Of buyin
up the defaulted bonds Of Southern an
Western States and bringing snit on ther
to compel payment. Ex.Seeretary Nj
Culloch, Drexel, Morgan & Co., L. Wo
Hoffman & Co, Winslow, Lauier & Co
and other wealthy parties are m~enti0ne
Is members of the syndicate. It's cha
tered name is to be the Funding ASS
cation of the United States" Aft,
buying up $500, 600, 900 State bonds, an
perhaps $780, 900, 900 county and cit
bonds, these meu will bring to bear Ii
immense corrupting power they wi
unitedly hold to influence legislature
municipalities and courts. The 6rsf O.
periment will be made in Tennessee
Governor Porter's call affords a spIend
opportunity. The syndicate has a
pointed ex-Judge John McKinnon
rsnresent its interests at Nashville, al
s,e was expected to arrive in that oi
Yesterday. What new argument or pr
Cess of reasoning, logic or inhuen
A. n,onoses TO employ remains