Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-06-27
The DERr sErrLEnENr.

The last general assembly was regarded as
q low-tax legislature. 1t was composed Of
members, few of whom opposed any abate-
ment OF either principal or interest. Others
thought it dlshonora6Ie to propose terms
and advocated the acceptance of any propo-
sition which the bondholders might suggest.
Others favored settlement on the basis of
sixty cents On the dollar, with six per cent.
interest. The other members of the legisla-
ture entertained conflicting views, varying
from fifty cents on the dollar to downright,
fragrant Reputation of the whole debt
Nearly the whole session was occupied in
discussing a compromise without arriving at
any satisfactory agreement. In the meantime
the people grew restless and clamorous in de-
manding that the members of the legislature
discharge the duties which they were elected
to perform-a final settlement of the State
debt. On the eve of adjournment the legit-
lature agreed to submit to the vote of the
people a settlement on the basis of fifty cents
on the dollar with four per cent. interest.
This was regarded as a lust compromise be-
tween the conflicting views entertained by
high and low tax men. With singular una
nimity the people acquiesced in supper! of
this settlement. Here in Memphis the press
was united in recommending a settlement at
fifty and four, and in support of the bill after
It's passage by the legislature. The leading
men of all parties congratulated each other
on the passage of bill which would pre-
serve the integrity of the State, which had
been so long banded about to the injury of
the great material interests Of the people.
The low-tax men, headed by Governor Marks
and Hon. A. S. Colyar, led off in support of
a measure which they regard as just to the
bondholders and especially just to the tax
payers. In every part of the State
the people were hattering themselves into
the belief that unanimous vote would be
cast in ratification of the proposed settlement.
But in the hope of deriving some selfish or
party advantage, a small faction is engaged
in organizing weak and silly opposition to a
settlement which some of them claimed the
honor of being the first to propose, and which
they supported until it was discovered that a
final settlement of the State debt would in
terfere with their selfish purposes. We can
not believe that the people, who have fol-
ASf u hhSSO hlOn III support Oh the proposed
settlement, will now stultify themselves and
oppose it. The argument against the COM
promise is without force, for if the people
signify by their vote, on the seventh of
August, that they are able and willing to
pay only fifty cents on the dollar and four
per cent. interest, every bondholder and
creditor of the State will promptly come for
ward and accept the terms Of
fered by the people themselves. If the pro-
posed settlement should be rejected by a vote
of the people, the creditors of the State will
be left no other alternative but to resort to
the courts; and with such men as Baxter
presiding over the Federal courts, means
would be devised for forcing the people to
pay the whole debt. In a recent speech de-
livered in Weakley county, A. 8. Colyar said
There are In Tennessee a good many men who
commenced this fight for the relief OF the people by
bringing about a compromise, when 10 do so was 70
Incur much oensuEo and for the time be read out