Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-08-27


serious trouble in our ranks.
szlszsss-is-sss.-l--.ss-l - s--s
GOT IT DOWN TO THE MILLIOETH
PART OF A MILL.
The high credit organs, and the
state is full Of them, generally called
Wilson men regulators" This re-
minds us of the epithets used some
years ago when all who opposed the
funding bill were called the same
Memphis LEDGER.
The term reputation as applied to
those who propose to repudiate por-
tion Of the public indebtedness is not
an epithet. The reputation of a
millionth part of mill Of the debt,
without the compromise or the assent
Of the creditor, is-repudiation, and
whose favOrs that method of extin-
gushing or reducing his indebtedness
is a repudiator. This is not an cpl
thet. It's a fact. Those who favor a
compromise and final settlement of
the debt, and itsremoval from politics,
ero called high takers" This is an
epithet and is not a fact. 1t was re-
served for the LEDGER to apply to its
fellow boilers the epithet of Wilson
men. II Nashville American.
Letus see what the Americans the
ory about reputation would lead to.
Suppose that Hon. John V. Wright is
elected governor and that the
people at the same time choose
legislature in accord with the ma
jority platform and the American
views. Suppose, which is quite as
likely, that the bondholders, when
approached by legislative committee
for proposition, respond in this wise
Gentlemen, cur money has been
invested in these bonds many years
and we have been put to great incon-
yenience, if not actual loss. VIZ
have sympathized with Tennessee
and waited patiently, At one time Q
number of us, holding about ten mil.
lions of the bonds, fearing that we
might not get anything soon, agreed
to take sixty cents on the dollar, al
six per cent, and after the adjourn
ment of The last legislature few
of us, representing still less
consented to take hfty cents on the
dollar, at four per cent interest. We
see by the census, however, that Ten.
nessee has gained greatly in property
and population. Your leading papers
and speakers admit that the debt il
legal and just, and we learn from thu
same high sources, that with the re
turl of a marvellous prosperity, yoE
are now abundantly able to carry thiI
debt, and still not be taxed as high al
other states. We are fully aware tina
you aye INSTRUCTED to settle upon suct
terms as we bond holders may agree
to. Therefore, under all these cir.
cumstarces, we will not abate Ont
'millionth part Of a mill Of tht
debt You orc it all, as your lead
ing democratic paper has said {
thousand times, and you must pay i
or be branded before the world al
repudiators." This is about the ma
ture OF a speach or letter that We
would expect from Il syndicate o
Wall street bondholders to a higl
credit governor and legislature. Pasi
concessions were made by the credi-
tors under circumstances which hays
since materially changed. and, o.
course, are in no way binding nov
The negotiations and attempts at com
promise al failed, and both side
stsud just where they did before,
According to the AmeriOap's logic
the state is bound to pay the debt
dollar for dollar, even to the milliontI
part of a mill, if tht
bondholders demand it, This position
we are constrained to say, in no wa!
conflicts with the specious and very
ingenious platform adopted by the
majority convention at Nashville. The
bondholders will not remit any part
of the debt as personal favor or an
act of generosity, or even for sweet
charity's sake. Some Of them offered
at one time to take less than the face
of the debt, but it was because they
thought it was the best they could
do. Let a state credit governor and
legislature get in and they will come
down to Nashville with that platform
in one hand and bundle
of Nashville Americans il
the other and demand dollar ioi
dollar. No. set Of shrewd business
men could be expected or asked to Dc
less, We have simply to state in gen