Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-05-31

instead or peinR ended this summer, 1t may
be FIVE or ten years. We will have gotten
the question out of our way. but will not be
paying interest; if they succeed we will owe
the money to the railroads, and will have to
settle with them, they having already paid
their debt to the State; but if they do not
succeed, which is the more probable, it will
then be fer the State to say whether this
fourteen millions shall come IN. they having
failed to comply with the terms prescribed as
they wdl be when the Legislature meets. If
we settle we give no new security, and pay
no interest until January, 1881; and, indeed,
by radfylng now we may put the fourteen
million dollars where the holders will them
selves be responsible for its being cut off en-
tlrely. 1t is true that many of the low-tax
men in the legislature voted against
this this a bill, put no, most toss Of them
Colonel Savage, Mr.. Wilson, Mr.. Tolly, Mr..
Gregg, with myself, had the year before sup
ported this settlement, and if this bill had
been put IN shape to suit them most of them
would have supported It, as have reason to
know. have no knowledge as to what
Colonel Savage would have done, but the
other gentlemen would have supported bill
at fifty and four, If the provision of first SUBJ
hitting It to the bondhoiders had been left
out, with perhaps some other slight altera-
tons. ] mention this fact because l should
regret to find myself differing with these gen.
tlemen who stood up for the rights Of the
people when it was not popular In Tennessee
to insist on an abatement, and while do not
know what these gentlemen MY do when
it comes to voting, except Mr.. Tolly,
who has came out fer tue settlement. | am
sure that they and | will not differ upon
the propositions that the abatement is az
much as wrought to require of toe bondhold
erS, and that the. good Of the State requires
that the question shall be- removed
| he, ~ I
of the gentlemen differ with me as to the
legal validity OF a part of the bonds, but we
should agree about another thing, and that Is
that this abatement of two-thirds of the in
terest will cover not only the equities, but
all the legal defenses if the question was up
In court. This is upon the principle that
asking equity we must do equity, and account
earnestly appeal to all who, with myself, have
stood up for relief, now that we have it
offered, let US accept 1t, and go to work In
earnest to build up our great State, by re-
moving this distracting question, and by di-
verifying our pursuits so as to give employ
child that wants to work. Moreover,
the settlement is calculated to bring
about better state of feeling between the
two parties. I am pleased that it is not a
party question. It was properly regarded in
the legislature as a matter of business, and
party lines were not drawn. and at this l am
well pleased. Politics in politics is enough !;
let US not bring politics into business or So
cial life. ! will not close without specially
| mentioning the fact that, under this bill,
about four millions of the new bonds will be
small bonds, ranging from fire to one hun
dred dollars, intended for circulation. This
part of the bill meets my hearty approval.
As l have always contended that in
any settlement some provision ought
-. L. 10 Co.. -, H.. 4,
| that the people could use as a
substitute for money while the present Fed
| eral policy continues. 1t is true that some
| notifications ought to be made in this part
of the bill. which may be done if the legls-
lature shall be convened, 80 as to make it
conform to the principle of the Pennsylvania
relief note or the Georgia small bonds. If
| good purpose III making for the people cir
oulation. Upon the whole l support this
settlement, believing that while | would not
| be willing to demand greater abatement,
1t is a fair settlement, being as much as the
people are able to pay. The bondholder had
AS veil understand that the Federal
| government policy is what took two
bonds, and that o3t for our losses By this
policy We could have paid the whole
debt. It Is but truth to tell him that under
this policy, from the comforts of life, all our
people have been brought to bare hFSAg
Many Of them without property and wltteot
employment. and all exercising the most rigid
economy. Iasrennessee there is oneQnjyer-
sal sentiment. and that is, that h&Fin& the
burdens Of all our Obligations inreaaed by
| legislation, 40 that it takes doubls Tie prop
| erty to paJsthe debt thatit did when the Gebi
was mades equity demands that the dollars
in numbers to be paid shall be correspond
ingly decreased; and this is the principle o.
| this compIomise,