Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-03-15
THE IHvTsTIsArrNe coMaurrEEs.

NN'Ai'%eeNN HNO~AN 10 appOmttu 70 I
Investigate the facts connected with /
the nature aud progress of the State
debt. In order that thore might be
intelligent action in the premises this |
recommendation was very pertinent. |
The committee was appointed, with |
the Hon. S. +. Wilson as chairman,
, a man who enjoys reputation in the
State for integrity and ability that
cannot be questioned. Much had been
charged--much had been proved
about the monstrous outrages and
frauds that had been practiced upon
the people Of Tennessee. Our morn
ing contemporary, the Memphis Appeal,
lent its powerful aid in educating the
people and teaching them the degrade
ton of the past history of the State
and the fraudulent and iniquitous
character of its debt. ln.its issue of
June, 1870, it graphically portrays the
equities Of the people as follows
Our dispatches from Nashville yester-
day were highly important, az they in
form US that 'intense excitement was
created in the legislature "by discussion
Of the resolution repudiating the State
bonds and coupons illegally issued to rail-
roads, It's time the people of Tennes-
see were looking in tho face the enormous
debt which has been saddled upon them
by Radical rascality. Nobody favors re-
pudiatioR. individuals dislike to avail
themselves Of the bankrupt law, but
necessity is sometimes inexorable. The
debt ofTennessee amounts to nearly ffty
million dollars. This debt was created in
fraud and villainy. The people, already
tax-ridden, should not pay such debt If
they could; they cannot if they would.
The parties who purchased the illegally
issued bonds and coupons to railroads are
party to the swindle. The bonds were
hawked about the streets of New York.
They were sold for a mere song. The
Radicals of Tennessee needed money, and
they were determined to have it, regard
less of the sacrifice and the debt they
were fastening upon the people, The
Radical Spectators who purchased the
bonds at such shameful discount, made
themselves party to the swindle, and
they should share the fate of the swlndler.
We trust the people Of Tennessee will see
toit that they are paid onlywhat they gave
for the bonds if anything ispaid at all. In
fact, the taxpayer is unable to pay more.
Fifty millions Look at your resources,
your taxable property, and your present
OnerOus taxes, and see how long it will
take you TO pay this fraudulent debt.
Debts contracted in good faith should, in
good faith, be redeemed But much Of
the debt Of Tennessee has no such claim
to consideration. Many of the bonds
were Illegally issued Illegally sold, and
are the representatives of fraud, of steal
ing, of public plunder, and other forms of
rascalityi and the people cannot pay
them without making themselves parties
to the crimes which the bonds represent.
1t is high moral duty to repudiate debt
contracted by knaves, who have conspired
70 swindle tho taxpaying people of Ten
nessee. The North made the South repu-
diate the rebel debt because it was con-
tracted for the benefit of treason, and Ten
nessee will repudiate so much of her
bounds as were Illegally issued by knaves
for the benefit of speculating villains
The rebel debt represented the honest
efforts Of a brave people struggling for
liberty most Of the debt Of Tennessee, on
the contrary, is the representative Of
fraud, is rotten with moral depravity, and
is reeking with corruption. Already has
1t swollen TO such monstrous proportions
that its interest eats up our substance,
paralyzes our industry, and filches from
honest labor all therewards Of its fatigue
and its tendency Is to constant increase.
All history teaches that q system Of taxa
tion such as this monstrous debt necessi-
tates, operates as a perpetual mortgage
upon the property, lives and toll oil the
people and, as a necessary consequence,
converts them into practical lslaves-slaves
Of spectators and plunderers who con-
spired with thieves TO rob an honest pee
pile. We scorn the reputation Of an
honest debt. Our State, during the next
century, by grinding taxation, may be
able to pay what she honestly owes, after
which it will be time enough TO contem-
plate debt which is the hideous product
Of unwhipt knavery and of plumber pat
ronized by usurped auth irity. This
mountain Of debt, founded in fraud, viii
be swept from existence by tho breath Of
an outraged and indignant people, who
are unwilling to sweat and toll for the
beneit Of money-sharks, thieves and spec
ulators, who, with hands polluted will
corruption, venality and fraud, are ready
to talk about honor and the duty of pre-
serving the credit Of the State
Such appeals had their effect, anC
the committee have impartially inves
tigated these grave charges, and the.
report from proof that carries convic
tion to every mind that these thing
are true. The people were robbed
without warrant of law or by its reck
less and fraudulent exercise. Thi
fraud and corruption and knavery ar
not denied even by Colonel Clapp; an,
yet because this committee, in tn
honest discharge of its duty, has un
earthed many odious facts which wer
hcralded to them in such glowing an,
glaring colors a few years ago, thes
same newspapers are now denouncin
the investigation as a star chambe
proceeding and as an insult +
every decent man in the State. The
may hold up their hands in hol
horror, but the people will say tina
honesty courts investigation, and doe
not fear the result. Why should tn
facts not be disclosed? This is
peoples government, and they hay
the ri ight to know how and in who's
interest tits administered. The pres
of the State has once before place
itself in antagonism to the sentimen
as well as the best interests of tn