Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-01-18
MEssAeT OF GOVERNOR MARxs.

Although her people have cried aloud
in their distress and oppression sgainst
the illegality and fraud and iniquity Of
much of the public debt yet her gov
ernors, who ought to have been the
exponents Of public sentiment, have
for eight years past been dumb as
oysters; they have been deaf to
the appeals and suferings Of their
people; they have been in strange an
tagonism to the popular will and best
interests of the State and have failed
to utter one syllable in favor Of the
rights or equities Of their people
against the bondholders. At last a
new era has dawned in Tennessee; at,
last the voice of the people and the
~ voice Of justice has reached the
chief executive Of the State and
found expression in his message.
Tennessee now has champion who
does not hesitate to portray the real
situation to the world, and who. BY
the most convincing arguments and
full detail Of facts, gives unanswerable
reasons for the faith that is in him and
his people The message of Gov
ernOr Marks is not only one Of mas
terly ability and Of great brilIiancy
and eloquence, but we commend it to
everybody as containing the most com.
- plete presentation Of the subject of
the State debt and the most able vim
dication of the people Of Tennessee
that has ever emanated from the exec
. utive Office. Every syllable of it rela-
ting to the State debt we indorsc
heartily and without qualification.
After an elaborate and exhaustive
review of the State debt, Governor
Marks says.
The obvious equities as to the State
debt proper, are First, the funded
war interest ought to be expunged
and all other funded interest. Second,
all payments upon the war interest
ought to be credited upon the prinei-
pal at their value at the time of pay
ment. Third, where funded at a
greater rate of interest than the CON
tract originally bore, the original rate
ought to be restored. Fourth, whore
interest has been paid at greater rate
than the original contract, the excess
ought TO be credited upon the princi-
pal at its then value. Fifth, as the
debt at the time of its creation was
payable in gold or silver, and as by
Federal legislation the State has been
deprived Of the opportunity to pay in
the cheaper metal, the State ought to
be allowed the difference between the
market value of gold and silver. So
much of the State debt proper as is
owned by the Federal government
ought to be entirely rejected, until it
is willing to pay the State the money
justly due her The bonds loaned the
agricultural bureau ought to be en-
braced in the settlement of the pri-
mary debt of the State. A settlement
of this branch of the debt upon these
principles of justice will be right and
ought to command the approval of all.
~ The next branch of the public debt,
in order of merit, is that of the anti
war bonds, issued to insolvent rail
roads, turnpike and plank road COM
panies All the equities existing, as
to the State debt proper, obtain as to
this in addition, the whole loss of the
iron appropriated by the Federal gov
ernmentu upon which these bondholders
had lien, ought not in justice to be
thrown upon the States, but as a mat
ter of those bondholders ought to have
an assignment to them by the State of
the claim, if they have confidence in
the ability and willingness of the gem
eral government to pay just debt
As to that branch of the debt com
prising the bonds issued to solvent
railroad companies, it is not probable
any adjustment of it can be made until
the question of lien is settled. Ii the
decision is in favor of the roads the
adjustments will be with the bond
holders, and if in favor of the
bondholden the adjustment will
be with The companies. As to
that part of the dobt embracing the
pOst-ward bonds, no part of it should
be settled now, or hereafter, only in so
tar As the bonds were issued, sold and
used in conformity to law. The State
is able to provide for tho first branch
of the debt when adjusted, and it
ought to be done now. 1t is probable
an investigation will disclose the
ability of the State to provide for the
second branch, and if so, it ought to
be done, but no more ought to be at
tempted than can certainly be accom-
plished Prudent and cautious steps
will lead to satisfactory results, but if
more is attempted than can certainly
he accomplished, the result will neces-
sarily be disastrous. a
If an adjustment is made the cou-
pons ought not to be made receivable
for taxes. The demand for this con-
dition implies want of confidence in
the integrity of the State, and ought
for that to be rejected. But as a mat
ter of principle the State should never
consent TO put her sovereignty, which
she holds in trust for the whole peo-
ple, in pledge for debt Famine and
pestilence may befall and cut off reve
nue., and then it will happen to us as
it has elsewhere, where this demand
was conceded, that the public schools
will be closed and the administration
Of the government paralyzed in all of
its functions for the want of necessary
means. If an adjustment is made,
however, certain sources of revenue
may be set apart for the payment of