Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-04-18

her own name, and sell them OFT on her own &C
count third, to hold the lien for her own protec-
ton; and fourth, above ALL the express right by fu
terms-du such atCS' the legislature. In ITS dis
creton. might deeln-necessary for her interest and
allcomprehensive reservation but plain words need
10 construction in automatic law. The exigency
changes were expressly left be determined by the
legislature. The bondholder's lien, therefore, at
him in the face It is not wonderful therefore. that
the bonds went into the market. and were sold pre-
lien at ALL When therefore, subsequently the legsla-
ture deemed it 10 the Interest Of the State to make
body was Strictly within the letter OF their right by
the terms OF the original contact. Of which
EVERY BoNDHoLDER
had notice, The State owed the holder of her
bonds after this, as before, and there can be 20
lust charge OF fraudulent evasion against the
Third-That the sales Of rods belonging to the
companies delinquent in payment are for like rea-
sons Invalid This is but coIrolary from the sec
Ond position, but there Is special answer 70 It, Tne
sixth section of the act expressly gave the state
the right tn SCI, he rods as VIII De Sc seen Dy
eenth section provides that Ia case OF sales the gov
erno was Al AGENT Io[ me s.a's r ~ a!sena'
ditOnal proof, was # needed that the object and
purpose OF this was the profession OF the
State and her absolute power to make this effectual
was carefully provided for. Unfortunately many OF
the companies were Tsey GTed I the
ties eulyerts, buildings nay their whole properties,
we're rapidly dseayDg and decreasing In value more
account at least cost. The legislation OF 1870 was
exact contract made between the State and compa.
MES when the bonds were loaned. The enforcement
81 Tfh has 81 the re-
cheap. Nevertheless 1t Is to be regretted that MIR.
OCOnor gives the sanction OF his name TO unltS &C
cusations again t the people of a whole State. He
Surely such conception is not pafaleled In
fraudulent evaSi5n recorded in history, eccen-
Iric as from necessity such pretenses nave BEEN
imaginarS drama was assovefeign State does not as
sentially relieve the difficulty The unsullled honor
her vindicaton when thus assaed. the discharge Of
pleasant duty. In these regards 1t Is easily done.
PRED. The political SKY had blackened into sec
tiona hate, IL bursted like tempest Into the most
terrific OF civil wars From her geographical posi-
ton Tennessee was one
WIDE BATTLEFIELD,
over which war rolled back and forth like
pillows of FIRE 1t ceased. She was a
desOlatiOn. Her System OF labor was OVerthroWn,
millions of her property DESTROYED her trade, com
merce, agriculture cones her State COVER lment had
ventmers held power. They disfranchised most of
er citizens, kept the hates of the past alive. and
rights for selfish purposes. 1t was miserable carl
cature of free government though, In fact the State
last The peoI lie we're being restored to the full dig
nifty of citizenship, and fou themselves confront
lars. The state had no public lands nsr tariff
imports. and to think about llquidatlng this Inn
ure through general c)ntscaton. AS an honest
State, respecting her promises to pay, what
available re oHrcts. retire every bond She could
through them, and If pos ible reduce her indebted
terest, we'll her simple duty, to do this and If
possible to lift herself from the depreciation of
sT pS sf h on am Of m see
eensured IN the opinion had for Its object the at
of paying, far possible, and rroyding an asSuI-
ance Of ability to pay the balance The complement
the administration of the gallant Brown. whom
everybody knew to be an unfolding champion for
less Porter, was trlumpaantly elected as bond-pay-
ing governor The scheme would have been COM
plete success but for causes which Tennessee could
not control. Whether or not it was the
CONTRACTION OF THE CURRENCY,
the banking up Of money at certain centers IN the
hands of the few, yet from some cause the State
on an. undeicurrent down, down, down, till
by shrlnkage in values. and the actual scarcity of
knoweg e to The world her absolute inability to pay
Her purposes had been most honorable, and the
Sc OF shts BY Contract reserved to her on the
face OF the act under which she issu, the bonds.
FEW CANDID WORDS TO THE B0NDHOLD-
ERS.
An opinion from Hon. Charles O'Concr, upon any
question of legal right. is ordinarily entitled to the
Ing, experience and reputation pledge OF care
in forming and candor in expressing it. But
cumstances such that however exalted the
paternity, suspicious surroundings may prevent
9th sr,1ise mis lit be accorded You had recognized
the fact that Tennessee could not pay her bonds In
full, and submitted your basis OF settlement. This
had not been accepted Her Indebtedness was be-
ing no IL diseu sea- the legislative session almost
offered by the State and the time looked propItous
for slight pressure" At once tie whole railroad
system OF Tennessee was melaced by bills in
chancery," filed in the Federal courts Memphis,
Nashville and Kn 1xville, followed by the publication
with ali the weight Of Its Distinguished authors
name. Did 1t ever occur to you that others might
price OF bonds, and unloai or else of "bul dozers
trying 10 ntmtdafe Tennessee into accepting thelr
prescribed terms? The State has offered you 80
and 4" IL is honestly believed by many earnest
| and intelligent
TI-REPUDIATI0NISTS,
that this is the highest possible figure which Will
be voted. DO not overlook the state
by census reports and fanciu satsticans as 10 the
the hour squarely in the ia e. and deal with them
1 facts. The bulk OF our voting population have little
| rms are assessed at a valuation for which they
| could not be sold. Money. ready money. is not In
| circulation among them, and lands have ceased tC
| be security Nobody can borrow money here on a
dukedOm OF realty so far from being prosperous are
We that our aversg- business is nothing but srug
gle for existence; Lot only is the State in debt but ou
| countless municipalities and ctizef AS we'll. II
would surprise who had not locke into the fact:
to see how many homes In this State have been actu
! ally ''sOld for taxes" Beside these burdens are
dark hour with our people, and the hope
of better times has been 50 long deierrtt
| their hearts are indeed sick The politicians
| are telling them OF bonds issued under cir
cumstances redoe..t of fraud, and in one Instance
at least to a company, the place OF whose road AZ
| m IN know eth. The people know, too, that whi
| their property and means have Iun down so low
age In value, and natural sense Of justice becomes
potent element just here. They do not want to re
pudiate. but to pay all they able to pay on wha
is Justly due. But II you stand severely on term
which they cannot pay, and live,or which they Zee
TO be unjust, they may be driven TO take most de
| plOrdDle step. Remember Inc WS6St feature Oh III
prayer is LEAD US not into temptation" save ant
except that other which many thousands In thi
broad land are now utteTing to heaveL Give US thi
day our daily bread" We are not swnoleIS. but VI
mortal, and wisdom dict ties that you should no
bs too exacting. Ponder we'll these frank words
and as a token of my sincerity publish them owe
my NAME ED W. MUNFQRD.