Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-06-12
fEakEssrE REPUBLICANS WAITING
FOR MAYNARD Oh s0ME 0THER

a NASHVILLE special to the Appeal
Of to-day says
The State Republican executive COM
mittee met to-day and determined To
make no recommendation TO the marty
ieoneernlng the settlement Of the State
tleot at hfty cents on the dollar and four
per cent interest leaving to each person
70 decide for himself how he will vote in
August upon that question, which Is con-
Sidered as purely Of interest to the State
hnd not of a political nature.
1t seems very singular that the Re
publicans should at this particular
time and at this late day have no pol
lcy with regard to the proposed settle
ment of the State debt, which is now
presented before the people in tangi-
BILE form. This action, or rather non
action, betrays remarkable lack of
sincerity and an abundance Of incon-
sistency. Heretofore the Democratic
party has been somewhat divided
upon this question, but the RepubIi-
can party has been solid for the high
est of high State credit. They were
were willing and rather anxious to
pay dollar for dollar, or whatever the
bondholders might demand. In East
Tennessee, where assessments were
low and taxes light, they were espec
tally pronounced in behalf of shy
lock settlement. The last legislature
passed bill providing for refund
ing of the whole debt, interest and all
at fifty cents on the dollar, with four
per cent. interest, provided that as
many Of the bondholders agreed to
the same as formerly agreed to settle
at sixty and six. Governor Marks,
who was to be the judge, has decided
that this condition has been complied
with, and has therefore issued a proc
lamation calling for an election on the
1th of August to test the sense of
the people. If a majority of the
votes cast are in favor of settlement
at % and 4, the legislature will be con-
vened in extra session to enact such
legislation as may be necessary to
carry this settlement into effect Re-
markable to say, and for the first
time, the Republicans have no opinion.
They have charged all along that the
Democratic party meant reputation,
aud only kept the quesSOn open be-
cause 1t was easy to agitate and fur
nished abundant material for dema-
gogues and lightweight politicians.
But now, when there is an opportunity
Tor settlement, to be followed of course
by the necessary increase Of taxes, the
Republicans do not know whether they
want it settled or not If any blunders
are to be made, or if any dlssatiSfac-
tion is produced, they propose to
stand off and lay the blame on the
Democrats. The pretended friends of
State creditwill not actwhen the test of
their honesty is about to be made.
All hope of an alliance with the high,
State credit wing of the Democratic
party being gone, they have nothing
to say, and would really as soon vote
for out and out reputation as
for the fifty and four PROPOSE
ton, which is somewhere in
sight of what is equitable
aud right. This question has
been a source of weakness and the
cause Of division in the Democratic
party, and it has been turned to good
account by the Republicans. The
latter would be grieyed to see it taken
out of State politics. One of their
most high toned planks would be for
ever removed, and would have to be
replaced by the colored exodus, or
some other ephemeral issue. The
mask of extreme honesty has suddenly
dropped, and we see in its place a
time-serving visage, which smiles only
at success, or the prospect of it.
All of the Republicans in the legisla-
ture, except three or four, voted for
the 80 and 4 proposition. The ex-
ceptions were members who preferred
a higher rate. That the bondholders
will all accept the terms proposed
whenever disposition to raise The
necessary revenue is put into effect in
good faith, there is not a shadow Of
doubt They will then receive bet
ter return on their Investment than,
they had any right to expect, and
more than on ordinary speeula-
tions in these times. The pretended
neutrality or indifference of the Re-
publican party on this proposition i
as thin as a moonlight transparency.
After fighting over the question ten
years they suddenly pull out and say
there is nothing in it and they do not
care to take sides. As Mr., Toots in
Dombey and Son, so often said when
his heart was greatly involved, Its
Of no consequence to them-so the
Democrats keep up a fight.