Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-06-23

presslve to the people. That this will
be the result we have an abiding faith.
=-
THE CLAMOR OF THE REPUDIATIOE-
lists.
There are few papers in the state
that have claims to respectability,
whose editors are really respectable
gentlemen, that continue to clamor
over the settlement Of the state debt.
They show no good reason why the
debt should not be settled, and present
no argument against it, except the
absurd arguments that have been met
and answered time and again. They
do not appeal to reason, based on com
mon honesty but seek to arouse pas
sion and prejudice. Any man who
does not wish to pay his just debts can
give a pretext for his dishonesty. OF
course he can give none that satisfies
one who believes in fair dealing, but
he does not care to do this.
We are forced to the conclusion that
large majority of those who are now
fighting against the settlement of the
debt upon the basis adopted by the
last legislature are against it, be-
cause they do not favor any hon
est settlement. They do not come
out boldly and say so, but the
reasons they give are so utterly absurd,
and their statements so utterly false
and misleading, that the conclusion
that they mean to deceive, is irresist-
ible. For instance, they say that it
saddles the debt upon the people,
and places them at the mercy of the
coupon scalpers for hundred years
If they have read the 100 3 bill they
we'll know that this is false. Until
the debt is paid, of course it remains
a debt. If the people never pay it, it
will be upon them and their children
for a hundred years, or for thousand
years. There is but one way to get
rid of debt, and that is to pay it. II
it were repudiated it would still be a
debt. But, under this law, we may
pay it, or any part Of it, after five
years. And as the new 3 per cent
bonds will not be worth rs cents on
the dollar, the principal may be re-
duced rapidly. The men who are cry
ing out that it is burden for one
Ahundred years, from which there is
escape, know better, and they
deliberately falsify the facts. Il Knox
vile Chronicle, 22d.
No one knows better than the editor
of our able and trenchant contemporary
that the people will be in no condition
at the end of the first five years to avail
themselves Of the provision alluded to,
The present rate of taxation which
the people will be called upon to meet
this year will not be sufficient to pay
the interest on the debt and current
expenses. This can be easily demon
strated. 1t is poor comfort to say
that the state has the glorious
rivilege of calling in the bonds
dollar for dollar after FIVE years,
whe, there is no sinking fund
and the tax payers are unable
to create one. The same papers and
speakers that endorse the 1908 act,
and say it Is right, advocated the 80.
4 measure, and pointed to it as the
standard of the state credit elements,
irrespective Of party. If they we're
right then, they are wrong now. If,
however, they are right now, they
virtually confess that at one time
they contemplated a sharp bar
gain, whereby the poor innocent
bondholders would have been
cheated out of many millions Of dol
lars. Some Of the republicans, for a
purpose, have advocated the payment
of the debt in full; but this was not
urged by any Of their candidates in
the late canvass. When it comes to
paying taxes out Of their own pockets
they are not more enthusiastic than
democrats or anybody olse So far as
the LEDGER is concerned, we desire
10 see the question settled and
taken out of politics but nc
settlement can stand and be
enforced which is not approved by a
majority Of the people. The bond
holders and all concerned may as we'll
take this fact into consideration and
be governed by it in all future steps
they take. The 1903 act was unau'
thorized and unjust 1t will fall tC
pieces of its own weight even if held
to be constitutional. Legislation car
be framed, and will be if nee
essary, to meet the case. The
debt to be funded includes
all the interest which has accrued fol
these many years, aud some of it com
Ia - a., ,,or oark ,ntarest III i