Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-05-23
TIE los TNFAMY.
The Bill Drafted by the BOnd-
holders Committee in
New York.
NUMBER i


EDITOR LEDGER-The New Yorl
Bulletin, Of April 9th, in announcing
the passage by the senate of the 100
bill, and that it then only awaited
the signature of the governor TO be.
come a law" also said "This bill il
the n which was drafted by thu
bondholders' committee here" In
deed 1t seems that the once prouC
old state of Tennessee, which used t
number among its Legislators able
statesmen and learned j%urists, has
fallen very low. About April 24th
Governor Hawking was reported, in
New York Herald special, which was
republished all over the state and
never denied, as having said that
hundreds Of state credit demo
Gratis" naming John ", Wright
especially, had told him
they would join him and his
crowd against any movement to repeal
or invalidate the infamous 1907
brokers act. The Appeal Of April
Dist, while Justly denouncing this
measure as IAN insult to the peo.
ple of Tennessee" and IAN outrage,
and declaring that its adoption vas
secured by disreputable means, and
in utter disregard Of the popular
WILL yet counsels lis acceptance AS
a fnality," because the first legal
talent Of Tennessee, lawyers opposed
to the recent act' unite IN
the opinion that there is no legal
remedy" Without commenting upon
the democracy Of such an opinion OF
such advice, | will say, III my opin-
ion. no true democrat OF true repub
lican, who regards the honor aud vel
fare CT his state, can or will adopt
either. In this view, | shall here.
after designate all those who favored
this iafanious 1908 bill, who voted
tor it. who now sanction it, nr who
counsel submission to it, as the Bro
kers' Bill party. This name fits them
all much better than either democrat
or republican; for the sovereign
ty urrendering-tax-r receivable coupon
provision las nothing in it, or shout 1t
sayorine Of either true democracy or
true rcpublicanism
1t IS benslth the dignity OF a SOW
ereign, u~nrepublican and undenocrat-
ic. TO execute a mortgage, selt-execu-
ting, upon his revenues, Ills good
faith Is all that should be asked, all
that should ever be conceded aud,
otter all. it is the only safe reliance Of
the creditor. 1t is opposed to pub
lie policy and violates a fundamental
principle of our V as well az the
English form Of governmcnt-thlt no
one legislature or parliament has the
power to bind its successor. | believe
our people will never be content until
this mortgage Of the revenues Of the
state, this control of the very life
of the government, this insult to the
good faith aud character OF the
state, is utterly wiped out.
AS a settlement Of the state debt,
this Infamous 100 3 brokers act is "a
fnalily'' only while the sovereign peo-
pie Of Tennessee so will it, but not q
moment longer than they can after
wards choose a governor and legisla-
ture to tear it up, root and branch (;
which l predict they will do at the
next state election, in 1882, by more
than $4,000 majority over the brokers'
bill party. including the whole Hsw-
kins family and their ally, John V.
Wright.
The following is a provision in a
state constitution framed by demo-
Gratis. some of whose leaders were
statesmen and not merely Office seek
ing politicians. declaring true demo
cratic and true republican principles :
The right Of taxation is a sovereign
risht-inal euable, indestructible,-is
the life Of the state, and rightfully be-
longs to the people III all republican
governments, ana neither the general
assembly,nor any, nor all other depart
menls Of the government established
by this constitution, shall ever have
the authority to irrevocably give,
grant, limit or restrain this right; and
all laws, grants, contracts, and all
other acts, whatsoever, by sid gov
eminent or any department thereof,
to effect any Of these purposes, shall
be, and are hereby, declared to be null
aud void, for any purpose whatsoever;
and said right Of taxation shall al
WAYS be- under the complete control Of,
and revocable by, the state, notwith-
standing any gift, grant, or contract,
whatsoever, by the general assembly. y
These principles, wisely expressed in
that constitution, | will now show, by
high republican authority, no less than
the supreme court of the United
States, are in substance, theunwritten
law and right Of the sover-
eign state Of Tennessee, and that
her people have it in their
power, within two years from this
time, to make the brokers' tax receiv-
able coupons valuable only as old pa
per. Upon all questions relating to
the rights, powers, dignity and soyer-
eighty of the several states under our
federal constitution, especially where
no secession wal question is involved
the republican supreme court of the
IIuitpd States hos halfad vary far