Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-04-15

; precistive audience has listened to hin
, than the one which assembled at Coch
ran Hall, on Main street, in this city
last Saturday night, the 18th inst. |
was composed of merchants, bankers
| professional men, working men ant
others from the most influential classeu
of the community. Colonel Savage wa
introduced by Hon. Henry G. Smith, wht
served with him in the last legislature
Judge Smith said:
Fellow Citizens--I commend to YOU
kind attention a gentleman we'll known
to public famein Tennessee, Col John II
Savage, who proposes to speak to you to
night Of the public debt of the State and
the policy in regard to its payment
which be thinks the people should ap
prove and execute. You will fad him q
man of definite and positive convictions,
earnest and outright in the utterance Of
them. saying what he means 10 vigorous
words and meaning what he says with O
sincerity and faith not to be mistaken or
doubted. A man who so thinks and SO
speaks it is q pleasure to hear, whether
we approve or d%iSapprove, and | certain
" have cause to expect to disapprovs to
a very large extent the principles and
policy he will espouse in regard to the
obligation and payment of the bonded
debt of the State. Without moreI COM
mend to your kind and attentive listen
ing Colonel John Il. Savage.
w do not undertake to give a verba-
tim report Of the telling speech which
followed and occupied over an hour and
a quarter, but merely the main points,
which indicate his position and line Of
argument;
Mr.. Savage said he should speak
briefly. Knowing that be spoke to an
audience we'll posted 10 political
affairs, he should leave many things
to be inferred which otherwise might be
repeated. 1t was impossible for him to
say one tenth Of what might or ought to
be said in the time be should occupy.
he had no use for the arts of the orator;
common sense and common honesty
we're the best rules for human conduct.
The common sense of the people should
be the Law of the State, and was the onlg
sure foundation for the general welfare.
he should speak more as the lawyer than
the politician, but Law itself was nothing
but common sense; when it assumed
other shspesit was legislative or judicial
blunder.
His subject proper was the State debt.
Before taking 1t up be would say a few
things about national affairs, only
enough to remind the audience that the
dark shadows Of poverty and misfortune
now depressing the people are the result
of the violations Of written constitutions
and of political crimes equal in euormity
to any be could fod in the annals Of the
world. Within the last ten years the
action Of the Federal government 10 the
interest Of money and monopoly had re-
duced the currency to an mount not
greater than the taxes-Federal State.
county and corporation annually col.
lected from the people. 10 other words,
the whole OF the money in circulation
must pass through the hands Of the tax.
collectors every year. II is strange that
the people have borne this oppression so
long. But like a strong man whose
veins are opened by the lancet and bled
to exhaustion for successive days, death
must soo come.
The report Of the secretary Of the
treasury shows that all the gold possessed
by all nations is only about S.. 900. 900.
200, and our gold debt DOW mostly
owned 10 Europe is neal half that sum.
and the annual interest thereon, payable
in gold, is about 500, 600. 900. This re.
port also shows that all the nations
more than 1000, 900. 900 of peopls) pro.
duce annually only 500, 900. 600 in
gold; so that the American people, (40..
600, 0OO) are required to pay as interest
on the public debt as much gold as all
the world produces. How much longer
can they do it and liver is the question
for men at Washington.
Speaking Of cur State debt in 1874. he
then said: Gov. Brown and the Demo
Gratis say they are going to pay It; and
ne being always a Democrat would stand
IN line and Eight the battle with Brown
and the Democracy. If they fail ht
should do as he did in the late wa. fpht
no more for q lost cause" and nnles,
there were great financial changes Al
Washington the question Of non.pav
ment, or so. called Reputation would
come as certain as to.morrow's sun. and
come quickly" The dishonor of tbe
State has been the work Of the so.ealled
State credit men. Persons of bis way
of thinking had no part in it; he smoke
against these bonds in 1857 aud 1859. al
ways opposing them; be uttered no new
doctrines now. The messages Of John
son aud Harris showed that these bond,
were cold in 1855 and 1859 in mops,
markets at ruinous rates of discount
Governor Porter could not borrow a ali
lar upon the credit of the VolunteeI
State in July 1875, and when the legisla
ture met in January, 1877, there was do
and unpaid OF interest accumulated al
ter the passage Of the funding bill IN,
sum Of S2,OSS, 900, showing that The mel
who funded the debt did not have I'M
moral courage to levy the tax to pa,
the interest, and that The State ha
been q dishonored State for NOR.
than twenty yeare-dishonored BY me
who now talk Of State credit and cal
others demagogues, while they are III.
pets and favorites OF the b~ondholder
Some say they are willing to pay wha
the bondbolder is willing to take. Tk.
b~ondholder wants a hundred cents an.
nothing less, if be a get IT, There i