Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-03-14
A Sharp Debate Between CIapp and Saw
age-MOrris, Smith and Others Dip
in-The Matter to be Discussed
Again To-Day - The House
Firm on the Concealed
Weapon Bill.
Special to the Appeal. I

1
| The supreme court has decided that under
! section 46, acts OF 1873, to peddle or mer.
| chandise without license is an indictable Of
tense.
Senate.-The house bill to repair the su.
| preme courtroom at Jackson passed on THIRD
| reading.
The bills amending an act creating State
| board of health; to enforce liens in favor OF
mechanics, and to repeal the charter OF
| Gardner, passed on first reading.
For the first time during the session, TO-
day the senate was crowded with spectators,
attracted thither by the information that the
senate would go into committee OF the whole
to discuss the State debt Mr.. Grove pre-
sided
Mr.. Savage thought it unnecessary to read
the.bI The rules governing the committee
of the whole were different from those gov
erning the senate in regular session. There
was to be greater latitude of debate. 1t was
to be great battle in which they were to en-
gage.
Mr.. Clapp wished to know if Mr.. Savage
was opening the battle. He thought that,
although in committee of the whole, the pro-
ceedings should be governed by some method.
Mr.. Savage said if Mr.. Clapp would sug-
gest better method than he proposed, he
would cseerfully follow it. Mr.. Savage de-
nounced the whole bonded system OF this
government as the crown of crimes against
human nights. He felt that they could
not carry the bill from the finance com
mittee. 1t was the bill of an in
harmonious committee, the result
of repeated votes and not of any single man =
concurrence. 1t was the fashion of certain
newspapers TO allude to men as demagogues.
If demagogues had destroyed this country it
was the demagogues of 1860, 1870-73, and
before; it was not the, so-called, of to-day.
They are trying to relieve the State of It's
burden; it is the Journalism of the country
that Is most interested in prolonging the dis
| cussion of the debt; 1t was perfect gold
keep the question open indefinitely;
as patriotic as they claim to be,
there are many on this floor
who know they don't publish things for
nothing. There are interests out of this hall
as we'll as on this floor that don't want set
Element Of this question. He was willing to
submit three propositions to the people.
First the sixty cents proposition of the bond
holders; second, whatever basis the legisla-
ture may agree upon; third, the abolition of
the whole debt. His own favorite doctrine
was thirty-three and a third cents; but, if
others could not come to hin, he was willing
to go as far as he could to meet them on some
other basis.
Mr.. Morris said that, as chairman of an
inform al meeting Of eight or ten senators the
day previous he was instructed to offer one
or two amendments 10 Tie committees bill,
not to be voted on now, but to
be considered in connection with
the bill and be acted on afterward in regular
session. The amendments were to strike out
sixty and insert fifty cents in the frst sec
ton, and In the third and fifth sections to
strike out thirty-three and one-thlrd and in
sert fifty cents. Their object was to average
| the debt at fifty cents. The graded PROPOSE
ton would confuse the people if submitted to
them. For himself he believed, after care
| full investigation, we ought to pay sixty cents
| at six per cent. The people themselves crea-
! ted the debt. He believed the people of his
| d strict would ratify the proposition to settle
at sixty cents with Six per cent interest, by a
| large majority.
Mr. Smith, of Davidson, said that in his
: canvass he had taken the position that the
| debt question should be pretermitted; that
non action would be the wisest policy fol the
present; the proposition of the bondholders
warranted a counter proposition from the
State. The bonds issued for the capitol
| Hermitage, for charitable institutions, and
those held by Mrs. President Polk. should moi
be scaled in interest or principal. There was
no real or legal distinction between the out
standing bonds, but as the State was unable
to pay them IN full, and holders having
voluntarily proposedsan abatement he would
favor a settlement of the remainder of the
debt on basis of fifty cents, to run forty
! years with four per cent. interest. This would
fall within the limit OF the tax mentioned in
the Democratic platform, and he believed il
would be adopted by the people. He re
garded the States liability on the bonds al
more correctly stated in the minority than IL
the majority report Of the Investigating com
mlttee; the State was estopped by Its own
action In fore closing the mortgage to secure
its lien or the railroads.
Mr. Savage said he would like to be shown
where any court could estop State.
Mr. Smith SAID this State was estopped by
| its own supreme court. As cited IN the mi
nority report, from one of Humphreys re
ports, the State can only act through it
agents, as is found by contracts Of its agents
He found four per cent. interest as the basi
established by the general government. HI
was satisfied his views would not be popular
| with extreme men on either side Of the ques
ton, but he preferred to occupy no extrem
position on a question of such Importance.
! Mr.. Beckerdite said he had been prepared
to exempt capitol and Hermitage bonds from
the scaling process, and pay four per cent
interest. If the bondholders had 40 othe
than the sixty cents proposition to offer the.
might as well stay at home. He would never
vote to pay one dime of the interest accruine
during the war, except on capitol and Her
mitage bonds. He might be willing to pay
between thirty-fve and forty cents on thes
railroad bonds, but did not think he coul
90 further than that.
Mr. Byrd SAID bis constituents wanted thi
debt question settled; he believed that tn
entire State and the industrial and bushes
interests of the State wanted 1t settled; tn
) railroads wanted it settled; the bankers, tn
: bondholders, the Democratic party and tn
senators on this floor wanted it settled; b
had been characterized as a high-tax man
but this he denied emphatically; he was TO
l the lowest taxes possible consistent with hon
orable action; he would scorn to plead tn
pauper's act, and to talk of States lnabilit
to pay that was worth four hundred mllllo
dollars was preposterous; he was ashamed
hear senators proclaiming this State paupe
| with thirty million acres of the best land o.
9 | the whole globe, and plenty Of sturdy arms
till it; gray headed as he was, he was willing
1 | shoulders his part Of the debt though q poe
: man Every dollar of the debt that bean
q the seal Of the State we owe, before God an
= man; but although we owe 1t, he would nc
:. be understood as urging the people to pa
n | the whole Of it, when cur creditors were vii
c ing to accept as a compromise sixty per cen
of it. If we had exercised the ordinary ca
gacity of business men, they might hay
=. been induced even to modify that propos
: ton. He knew no distinction between bono
: bearing the States seal and the signature
=, Of its chosen magistrates. He woul
e not oppose any settlement they mlgl
J, finally agree upon, bot he did not recognli
d the right of debtor to dictate terms to
= creditor who was an innocent holder of bond
IF He submitted a bill embodying his views
a fair basis of settlement; providing that Il
oatst- nding bonds and accrued interest up
d July, 1878, be funded in new bonds at Il
rate of fifty cents on the dollar, redeema6
l. after FIVE years, at the pleasure of the Stat
* and payable twenty years from the date
W their issue, with interest at four per cent.
A. e. NJ NUn nanf Tor