Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-03-07
SENATOR CLAPP on THr :

SENATOR CLAPP ON THE STATE DEBT.
We have the highest personal re-
gard for Senator Clapp, but no per-
sonal regard can lead US to approve
that which merits condemnation.
Coloucr Clapp's position on the State
debt meets with no favor in this com.
munity. Whenever that subject has
come before the legislature, in what
ever shape or form, he has Invariably
placed himself on record against the
best interests of the people of Tennes-
see, and in direct antagonism to the
Just expectations and almost unani-
nous public sentiment in Shelby and
the adjoining counties. If he had
purposely studied to misrepresent his
people he could not have succeeded
better. We have just read his lengthy
minority report on the State debt.
! We look through nearly four columns
Eof fine print in the Appeal, and fail to
3 find one-word in this document that
sindicates any interest in the people of
Tennessee, or any appreciation Of
Htheir overwhelming necessities. Sena-
tor 'Clapp takes most mar
ROW view of the situation, and he
swants the sum nominated in the
Sbond, in disregard of the rights and
equity and misfortunes of his people.
We think decent regard for the all
most unanimous sentiment of this
people ought to have elected from the
distinguished senator at least a passing
notice Of the equities and misfortunes
and suferings Of the people of Tennes-
see. The LEDGER is not sufficiently
versed in legal lore to cope with Col.
Clapp in all Of his legal propositions.
But one of these he states as follows
Second-As to the invalidity of bonds
Issued for funding interest accruing dur
ing the war and interest coupons, / can
only say that | know of no principle of
international war that suspends interest
on an interest-bearing debt due bv one of
the belllgerents to the other, or by bel
lgerent to third person. Public poliev
requires that during the war the citizens
or subjects of one belligerent shall not
contract with or pay money 10 citizen
or subject Of the other belligerent; but
tins ls duty that each bellgerent imposes
upon It's own citizens or subjects for its
own protection, and US it thus becomes
unlawful to pay interest, it is regarded as
suspended during the war But this rule
certainly has no application to the paw
ment of interest by the beligerent itself.
AS to interest coupons, it is question
now too well settled to admit of argu-
ment that they draw interest after ma
turlty the same as any other debt.
Now this statement is neither cor
rect in law nor fact, and must arise
from the ignorance of the distinguished
senator, A recognition of war in
terest has never been made in the
settlement of any public debt in the
history of the world. In his array of
authorities on other points, why does
not Senator Clapp, in justice to his
people, say that Thomas Jefferson and
the statesmen of the Revolutionary
war in accordance with we'll settled
principles, refused to the British mer
chants war interest on any contracts?
We refer to Mr.. Jefferson great state
paper to Mr. Hammond hi 1892 Why
did he not say that in every decision
by every court in America, State or
Federal, war interest has been re-
fused? We refer to the following ex-
press adjudicatians Hoare VS.. Allen,
and Foxcraft VS.. Naglc, 2, Dallas
y (Pa.) Reports; Brown VS.. TIiatts. Is
Wallace; Mathew vs.. McStea, lst
Otto; McGanhey VS.. Berg, 4 Hcis-
kell-and an unyarying current of
innumerable authorities. Nearly all
of our bonds were held during the
war by parties who lived in belliger
ant country. Why could not Senator
Clapp, in obedience to the legal adiu-
dications, have said as Governor
Marks did, that "to demand this war
interest was cruel, and to concede it
was crime?" We cannot now notice
the other points of this report but it
ignores the people and attempts to
vndieate the bondholder of every
fraudulent and void bond We trust
that Senator Clapp may yet proximate-
ly do something on this subject that
our people can indorse. Thus far they
have no sympathy with his views.