Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-09-07

the reputation OF the JUST lndeDteu-
ness Of the state; that we are in favor
of an equitable adjustment of our
public Indebtedness, but to the end
that this question may be put out of
the politics Of the state, we declare
that we are for the submission to the
people for their ratification or rejec-
ton at the ballot box, at a separate
election, OF any adjustment Of the
state debt which may be made
by the legislature; and until such an
adjustment shall have been made and
ratified by the people, we declare that
we are opposed to the levy Of any
greater tax upon the people than may
be necessary for the payment Of the
expenses Of the state government eco
nomically administered"
If these were facts, and sound dem
acratic doctrine in 1878, why is it not
democracy in 1892
In 1876 the democratic convention
which nominated James d. Porter
for his second term by reclamation,
declares /:
I'VE are utterly opposed to the re-
pudiation of any obligations justly due
to the creditors of the state national
government,
In harmony with this enunciation of
sound principles by the national de-
mocracy, we declare our intention to
to meet and pledge ourselves to the
payment Of all debts and obligations
JUSTLY due by the state Of Tennes-
see."
The following amendment in lieu
of the above plank was offered by 10.
G. Stark, j. II. Jamison aud George
r. Phelan, and was voted down 737
to 275
THAT an equitable adjustment
ought to be made Of the bonded debt
of the state alike honorable TO the
state and the boldhOlders, and that
the details of this question should be
referred to the next legislature for
consideration and action.
1t will thus be seen that the demo-
cratic party of Tennessee in conven-
ton assembled has twice expressly re-
pudiated the Wright platform Of 1880,
and once adopted the Wilson plat
form. Who then are the "bolters" Of
the principles Of the democratic party?
Not only this, but no democratic con
%vention which has assembled in the
state since 1920, has ever proposed or
offered to pay any other than the JUST
Indebtedness of the state. The Wright
platform declares for a speedy settle
ment by the legislature Of the bonded
debt" ofthe state, without regard to
whether it be just or unjust. Ifthen,
every other platform has favored the
payment simply of the just indebted
ness of the state, would not this seem
to indicate that The democratic party
had always regarded some portion OF
"the bonded Indebtedness OF the state"
as unjust? Can there be found any
man now who dares deny but that
there is some portion at least Of the
bonded Indebtedness Of the state
which is unjust? Is it not a time
honored principle not only Of domoc-
racy, but of all free government, that
the people have the right to control,
and to have such legislation enacted
as they will ratify2 What sensible
objection then can there be to having
the people ratify a settlement of the
state debt BEFORE it is enacted into a
law, when, if as is proposed by the
Wright platform, a settlement is made
by the'legislature which the people dc
not approve of, they a and will have
it repealed by the very next legisla-
ture2 Any settlement that is made
can only be brought about by means
of a funding bill, and does not the la
mentable history ofthe funding bill Of
1873. and all other funding bills which
the people have not ratified and ap-
proved. prove conclusively what will
be the fate OF any and all settlements
of the state debt, which has not first
been ratified by the people at the bal
llot-box .? II is the only settlement of
this vexed question which can or will
be made permanent, unless the coupon
feature be attached, (and any mar
who would advocate a settlement Of
the debt, at any figure, with the cOu-
pons made receivable for taYes, ought
to be hanged to the nearest lamp post
and it is the only settlement which
any man having the good either OF the
bondholder or the people at heart,
ought to advocate. These are the is
sues presented by the two platforms,
choose ye which is democracy, and
say with your ballots in November
who has "bolted" the principles Of
IL. I-.o.4,o ,o-tw