Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-08-24
SOME CLEAR VIEWS.
A Wright Democrat Who Forms
the wilson Idea.
HICKMAN COUNTY, Tenn,
August IA, 1880.

august ii, l0oO.
James L. Sparks, Editor Ripley
News -
Our convention, after stormy ses-
sion, nominated one of Tennessee's
truest and noblest sons, and one every
way worthy the support of all good
democrats. shall give my cordial
support to the nominee, and trust that
the party will not falter in his sup
port. After arriving in Nashville, |
discovered that there was three dis
tinct and well defined parties inside
the democratic party-the radical
state credit men, the conservative
state credit men and the low tax men.
| found each wing of the extreme az
gressive and defiant, and was not slow
in determining to align myself with
the conservative element of our party.
| favored division Of the places Of
honor among each wing, and yielding
my convictions of duty to expediency
that success might reward our efforts.
| determined to support the submis.
sion feature Of the platform, but in
the shape OF q constitutional amend
ment, | would have commissioners
appointed by the legislature to confer
with the bondholders and receive from
them the best terms they are willing
to offer, and have the same legislature
to embody such proposition in the
shape of a constitutional amendment
to be submitted to the people for rati-
fcation or rejection. This manner of
submission would be free from all
constitutional objection, and would
meet popular demand. 1t is very
clear that no adjustment will ever be.
come fnality that is not approved
by the people, unless Hawkins and
republican legislature shall he elect
ed, and in that event a settlement
may be made allowing taxes to be
paid in coupons; then thequestion will
be beyond the reach of the tax payers
and the sovereignty of the state sub
ordinated to the power OF the federal
courts. This would be calamity
greatly to be deplored. In view of
such cOnsummation | favored the
submission feature of the platform.
1t certainly would have been we'll
had the convention, during the pend
ency of suits in the Federal courts to
subject the railroads TO the payment
of the bonds, to have left the question
OF our bonded debt in abeyance till
such suits shall be decided, in the
event that the suits shall result adj
versely to the roads, then the adjust
ment will be between the state and
the roads, but should it be decided
that the roads were only liable to the
state, then the adjustment will be be.
tween the state and the bondholders
1t Is very evident that the state Is
primarily liable on tho bonds, but
simply as an accommodation endorser.
and equity would declare that the
roads must first be proceeded against
and whatever amount remained I'M
paid after the sale of the roads. would
become a debt to be adjusted, etc.
equity requiring that the state should
account 70 the solvent roads for all
that she had received from tho sale of
insolvent roads. 1t seems that lust
and equitable settlement of this yexed
question might be made in this way.
All who are familiar with the history
Of our internal improvement legisla-
ton we'll know that it was never de-
signed that the state should be called
upon to pay one cent Of interest or
principal ot she debt incurred in the
building OF these roads. The writer
we'll remembers the appeal made to
members of the legislature when the
first aid ives siven to roads in 1913 Ay
A. K. Stephenson, who solemnly de.
clared that the roads would pay in
teTest and principal, and that tho state
would neyer have any part of the debt
to pay. Yours truly, ?. Il. GLASS.