Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-12-18
The state Bond 0ues,Iou.

our legislature Oetng tRe umpire Oe
tceeR people and creditors, hare no
right to daily about a compromise. Let
the matter be set at rest. II must soon
be so or WorSe WSU befal.
1t is rather a strange feature just now
presented in the legislature of Tennes
see, that its members, in discussing the
policy and scaling the bonded indebted.
ness to a point within the ability Of the
people Of the State to really provide for
and to promptly meet principal and in
%terest; the one at a time sufficiently re.
mote for the State, by the establishment
of a proper and moderate sinking fund
to accomplish without distressing Its tax.
payers; the other at o rate low enough TO
insure its willing acceptance by the PEG.
pie, as being a just and fair compeusa-
ton to the bondholders, and that would,
in that view, excite a determination on
their part to promptly pay the tax neces.
saIy to that end; it is, to an outsider,
very strange that the legislators of q
sovereign State, having the subject before
them under the present condition of all
things bearing on it, to say in part,
shrinksge Of all values; greater worth Of
currency or money now, than when the
debt was contracted; tendency from gen.
ersl economic influences to lower rates
Of interest; the almost necessity there is,
for the conservatism OF society, as be-
tween capital and labor, that there should
be a diversion Of money from investment
in bonded securities to its more benef-
cial employment in active enterprises,
that, 80 employed, it might dc-whst it
is anything but doing now-set the whole
machinery of human thews and sinews
and brains Of the great practical and
enterprising men Of the country now
idle, at work, who, in turn, would speed
the beneficial food to the respondent,
almost despairing mass Of laborers that
are nearing, and every day drawing
higher, 10 q sort Of sgrarianism
that bids fair to grow into the enorm.
ity Of seriously questioning the
rights of property as o spportioned;
it is, / say, passing strange that with
these conditions before them, and they,
the arbiters, as between their constitu-
cuts and the bondholders, and from
whose decision there is no appeal, that,
in the interest of both parties, our legis-
lators should falter and hesitate instead
Of acting; should ask for a compro-
mise platform on the one side, or talk
Of referring the matter to the people on
the other. Our legislators are now the
judges, and should at once decide.
They have no right, or cause, or reason,
to let II will wait upon l would" II
any one among them is dubious Of the
right of a sovereign State to decide such
matters upon the sound basis Of lin.
iting by a peoples ability to pay, and to
authoritatively and fatty tell the bond
holders that new bondson such and such
q basis OF a given rate less than the old
ones, must be received for those old enes,
let them refer to England's example
about two centuries ago, when her par.
lament consolidated her debt Just in
that way and for that reason; they can
also see how Austria pursued the same
course toward her creditors ten or
twelve years since. Don't shirk your
duty, then, Legislators of TENNESSEE
More than dollars and cents depend on
your prompt decision. /, for one, say
that fifty cents on the dollar for the debt
and four per cent. for interest on new
bonds is all that can be promptly paid,
or that will be acquiesced in. Look to
your laurels as true arbiters, and God
defend the right. PHILo JUsTIT1A.