The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1879-07-24

This question ought to have nothing TO 3,
with this vote OF the people. The Lcgisla
/ ture has submitted the question 10 IA,
people. They are now deciding for theoi
selves, not the bondholders, and their reiec
ton OF the proposition il 10 De taken y,
their decision 10 pay nothing Ii j. nolics
that We mean TO pay nOthing-;t is the ut
ter and final rejection of an obligation en-.
| tered into with al the solemnities of lepis.
lation and high executive approval Snd
| sent to the world under the great seal OF III.
State, committing the whole peopIe "a q
promise that the bearer il entitled to the SIM
/ named We can afford 10 compromise this
debt; this Is honorable: but We cannot sf
| ford to deny the obligation, nor to plead the
| shortcomings Of our own agents and high
| public servants who made the debt This is
i a plea OF our own tUrpitude aud involves all
our public men for the last forty wears 10
/ extreme moral delinquency Besides being
| an ungracIuus plea, IL Is An uB;rA n ful plea
/ he lew frauds peTpetrated are the common
/ Incidents OF weak humanity. and no more.
aHect the States actor in Obevipg the con
sututlonsi injunction To sid IN q Weli-rern-
iatet system OF internal improvements than
the mlsdeedy of erring children would affect
The solemn marriage vows of the parents.
We made the debt: We borrowed TIN.
money; IL was used We intended il should
be; u gave us orr system of internal i'm
prOvements. And 10 deny the debt because
We are not pleased with sll that mas been
done. would be an set cOnsIEning = priyar.
individual TO neighhorhood infamv As IL
Will bring US to national shame. The courts
will treat Us as people without conscience.
and utterly without principle and in shame
and sorrow We viii be compelled to meet the
whole obligation.
The present effort TO repudiate the las;
third Of the debt BY some of the low-ta.
men Is curious IN more ysys than one; they
are aide by side with Mr.. Geddes. of New
York, and nay friend Mr.. Byrd Douglas. of
Nashville, who say the people are able To
pay the whole debt and " no are fighting this
proposition because they mean, if possible
and the hope lies in having the boudholders
all unIted-to make Gs pSy the whole debt
1t they succeed they will certainly be in
debted TO such low-taI leaders as have re-
fused 10 compromise at all This is. indeed
strange fellowship.
II IL strange in another respect. The
open, undisguised and observation-disclosures
offer OF the low-taU men to settle al 30 ANA 4
in the extra session, and the refusal of the
State-credit men to agree to il: and now the
acqulescence of the State-credit men, and
the iow-taX men flying from their own
proposition Is a curious medley OF PROPOSE
tious.
All will admit that the great fight over
this question was in the Legislature at the
extra session. At that session the united
demand of the low tax men was so and i
This they insisted on and fought for, and
TINS the State credit men would not sgree to.
Finally, the bill tPhelan'sl to settle at 50
and was passed on it, third and final read
ing by So votes, the low tax men standing
almost solid for il. It's friends were Glpou
: call OF the previous question by Mr.. vii
'on} Savage, Wilson, Tolley, Shepherd, Phe-
an, Peters, Oliver, Manson, Lavender, Ford.
=
nhts, and myself, and other low tax men
We passed the bin by IS votes, but it failed
% get through the Senate
II IL sometimes said this was not \ fair
est because ii was In lieu Of another bill;
'ut this was upon the final passage and its
allure was not the success of any other
measure; 1t stood upon its own merits.
This theory is disPelled by the action Of
he committees.
First, joint committee was appointed,
of three State credit men, II. r
Iohnson, James Oldham and c. B. Simon
on, and three low tax men, 5. F. Wilson.
Nathan Gregg and George r. Phelan-M
,. Bearden was also on the committee: aud
liter labored effort the State credit men
made report, saying:
Tine other members OF the committee de.
lined to meet MS, AS we think, in the same
piTlt OF compromise, but expressed themselves
with, perhaps, one exception" Mr.. Bearden, "as
unwilling 70 recommend any proposition for
be acton of the House "a q basis OF settlemenl
ifeTent from that embraced in the bin of the
Gentleman from Shelby, NJ Pnelan; that 10 70
ind the debt At fifty cents on the dollar, viii
7terest at the rate OF per cent per Aunum; 10
ais we cannot come"
Mcssrs. 5. +. Wilson, Nathan Gregg ana
ieo X. Phelan were not satisfied with the
Implications Of this report, and to show
lat they were actually and truly in favor
1 "A sargi 4 ~ l.,
report lsee House Journal, ~, in which
ley reply:
They did distinctly present and advocate he.
re the committee proposition of adjustment
Inch they conceived TO De- and which was IN
ler opinion, d TAR compromise measure, ana
ier proposition was not approved by the mem
srs Of the committee who have submitted re-
lrts."
Now this proposition, which they consid-
ed "a fair compromise, " was Phelan's bill
so and 4.
MIR. Wilson, in his vote on the Senate bill
No. 10, and which upon the basis of
cents, with graded interest commencing
and ending at s per cent, went further
" a settlement than most other lOW-tax
zen by saying in his explanation: 81 vote
yainst the bill, not because ] oppose the
asls Of settlement embodied IL the bill, but
ecause, by amendment, some features have
zen incorporated in the bill which are leg
latively and morally wrong
So anxious were the low tax men to settle
30 and that at the very last Of the ses-
on /, At the instance Of nsuy Of our low
* men, moved the appointment Of = com
Itiee Oi nine 10 see II some final conciu-
on could not be reached, and which was
)ne. ! was made chairman, with three
her low-taz men. Wilson, Gregg and Pie
n, with four State credit men, johnson,
ldham, Bearden, Simonton and Fisher, who
ok no side, and after an earnest effort a.
gree, made this report:
"The special committee to whom was re-
rred Senate bill No. II have not agreed. a
ajority OF the committee are unwilling 10
pport It. -Four Of the committee report il
vOr OF fixing the rate Of interest al per
MT, ami ar. Fisher, on his point submits his
N report. Unless ne unites in supporting al
Bsudmeut so red4ce the rate Of interest 10
r cent, majority urahle 70 make any
commendation. See Journal, 81
The abandonment OF our proposition 10
title the 80 and al the extra sessiOn will
AXE Us appear insincere in al We did.
he feature Of this compromise providing
n the issuance Of four million Of ali
)tes, with four millions more Of notes or
nds ranging from 100 10 500 dollars, was
scussed ~ length.
It was claimed that these small notes
Ou!d answer q substitute Tor money, and
ould become To some extent circulation.
he relief note system OF Pennsylvania and
le small bond system OF Georgia were July
resented, showing that a people IN great
eed OF circulation might imprOvi=e a cur
.ncv based on Cancelled bonds, which would
i've the people entire relief. With slight
publications VIXEN the Legislature ks, IL
as commended this small note feature could