Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-10-25

bed; and vet we arc called upon to pay
these bonds. We recognize the state
Is a kind Of surety for the railroads,
and that the state is not morally bound
50 long as the roads which are in ex-
istence. Besides, the state bonds were
largely in excess Of the amount
provided for by the internal improve
act. and sold in direct violation
ofthe conditions on which they were
granted. which absolves the state from
all moral obligations, We further be-
lieve that many Of the outstanding
railroad bonds are wholly illegal, and
should be entirely set aside. More
over since the roads are bene6eiaries,
they are responsible, or should be
made responsible for what they have
received, and what they are now hold
ing.
4. We regard the bonds outstanding
for accrued war interest and interest
thereon to be legally and morally un
Just, and ought not T. be paid at all
This portion amounting to nearly one
fourth the entire debt;
B The common market value OF our
bonds as quoted BY the New York
naners. is thirty to thirty-three Gems
on the dollar, and should we be forced
toa settlement OF the whole. then any
adjudication of our debt should not
exceed its present market or COM
mercial value,
6. The ,erIa population, as often
hurled upon the devoted heads OF the
people, is nothing more than a scare
crow" for fOne cent on the dollar be
deducted from OF; alleged debt
it is as truly reputation in principle
as to deduct sixty, seventy or eighty
cents. Theprineip'eisp
so far as reputation is concerned
and the so-elllel state credit adyo'
Gates. but one year ago voted to re
pudiate the small sum of one-half tht
alleged debt, yet they T pure anC
upright. bat when the people claim
to have rights involved in this settle
ment, and dare assert those rights
theyare called regulators and charged
with dishonesty.
z The terms honor and integrity, 81
often claimed by the se~lf-styled STAT
credit advocates in contrast to the dis.
honor Of the people, have not tht
weight Of moonshine, We assert that
it is dishonorable to pay an uDius.
claim to the oppression of the people
and that it is morally and legally riehI
to set it aside, and that whatever dis.
honor there is attaches to those par.
ties who would take the melgre liy,rg
Of the poor, without au equivalent
and heap up the alroady'6lled Golfer.
Of the rich.
s. We believe that our government
is made by the people, and for to-
people. the constitution yesting tn
sovereign rights in the peODle. There.
fore we do not believe it right ioc tht
state to take the peoples money e
pay for railroads, for private com.
Danies to heap up massive fortune Z,
Section 8of the constitution proyidIni
that there shall be no legislation t
preferred parties.
8, The term boilers so often misair
Piled to Colonel Wilson aud his sup.
porters, is altogether wrong, and th,
charge that they have split the demo
cratic party IS false aud il there is anI
boiling and splitting Of the ~demoerati,
parry. it has been done by thos'
leaders who have nominated a caudi
date on a platform different from tha
on which the democratic party eleelel
Governor Marks two years aeo
Colonel Wilson and his supporters al,
standing on the democratic platform
that elected Governor Marks, an,
they have not bolled.
10. We do not believe hat an.
people should be controlled by. anC
forced to abide by the action Of an.
con, ention, unless that convention
represents the will Of the leople, au,
res 9nee 10 such convention, on tn
part of the people, instead Of being
dishonor OF treason, is simply an as
seruion Of their majesty. We belevI
the convention that nominated Jude
| Wright did not represent the people
II. The Hon. s. 7. Wilson mos
nearly represents our views on th
great quest obs that are now agitatin
the minds Ct the peOple Of our state
Therefore We pledge bin our cordia
support for governor.
ResDcctfJlly submitted,
4. NJ. HOGAN,
j. NJ. HARRINGTON,
JOHN. B. GAR0EFR,
Committed.
The above was adopted in full an
by a unanimous vote. I. NJ. HoGAl