Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-10-19


spirit, and the prosperity that prevails
in Little Rock and throughout the
state of Arkansas
==.--------s.--.----=
THE LONG AND THE SHORT OF IT.
THE high credit advocates have for
years been telling us that the mere
suspicion of reputation will keep
capital and immigration away from
Tennessee. If half what they say
about the Wilson wing Of the demo-
cratic party be true, thereis is a stronger
suspicion now Of reputation than
ever. There has been no interest paid
on the state debt except two or three
installments, in ten years. The high
takers have blocked the business by
demanding too much They got bill
through in 1873, which refunded the
past due coupons, and set a large sum
of accumulated interest to bearing in
terest again. Then people began to real
zothat their equities had been ignored,
and the next legislature repealed the
third section of the famous funding
bill. which gave the debt preference
over all other claims. Governor
Porter, during his two terms, paid
interest only once, and that, we
thought under the circumstances, was
once too often. Since then the inter
est has gone unpaid. So it might be
said that no satisfactory settlement
has been made, or is likely to be ar
rived at, in the present temper Of the
people. This is a very unfortunate
state of affairs, We admit, but it has
not by any means brought the ruin on
the state predicted. During the last
ten years the populatin ofthe state has
increased about $1,000, and a part of
this is due to immigration. In this
period a splendid railroad has been
built across the state, by northern
capital, to get at the trade of Tenness
see and other southern states, some of
whom scaled their debts almost out OF
existence. Not only this, but in the
face Of the alleged boilers, commun
lists and Dennis Kearneys, the Tom
Hughes colony is established in East
Tennessee by a company of wealthy
E1glishmen, who are thoroughly
informed as to the situation
and had the whole country to
select from. This bugaboo, brought
out periodically like nursery story
told to frighten children into good
behavior, seems to be dead failure
bo,h at home and abroad. tits pretty
we'll understood, even at a distance,
that there is no such thing as re
pudiation party in Tennessee, although
there may be Small element Of that
character. A certain percentage on
human nature in any ctpmunlty OF
state runs to extremes in region,
poiitics and everything else. Repudr
alton is an elastic term-that can be
made to fit anybody who differs with
the high-tax crowd. In 1873
the man or paper that opposed the
funding bill was branded as a repu-
diator. In 1879 the same term was
applied to those who opposed the 30
and 4 proposition, whilst those who
supported it, including our senator's,
congressman, supreme judges and
many other leading citizens were
classed as high state credit men, who
were defenders Of the faith and honor
Of the state. Theirendorsement how
ever was too near unanimous and
somehow the 50 and 4 was rejected.
Since then the General organ and loun
4ain of state credit has announce
the dogma that it would be rank re-
pudiation to scale the state debt a
millionth part of mill without the
consent Of the bondbolders. Be that
as it may, there are a good many peO-
BE willing to risk a few millionths on
lti in a settlement, even if exeommu-
nicated The next day, Last year all
the leaders hea, tily approved submis
sion to the people, and the idea took
such deep root that all the politicians
and conventions of the times eaLnot
pull it out. This year the man who il
in favor of submission to the
people eyea if he is willing to settle
at 5O-4 or 60-6 i3a repudiator with q
big r aud not fit to be trusted
The word has ceased to frighten OF
deceive any body. 1t has been applied
in 50 many ways and so promiseuousl!
that it has lost its force and its terror
The high-.ax organs and orators arr
welcome to make the most Of it. Th,
Wilson wing Of the party as c'ass
simply demand fair, equitable, busi
ness-like settlement of this Vexedques