Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-01-03
m.aday EVENING. Jan. :, 1881.
WILL THE nRBr BE SETTLED

It would now be in order for some
body to rspudiate the bOndholdcrs'
ring Of New York spectators who
assume to represent all the creditors
Of Tennessee, as well as to dictate TO
che high credit element IN this state.
Perhaps it would be we'll to inquire
how many bonds the authors Of the
famous circular actually hold or con
trol. There is no question but that
this circular has an%tagOnized many
high credit men, both democrats and
republicans, in this state, and the
probabilities of a settlement
by the present legislature are fewer
and further between than ever. The
high credit democrats made a fight for
their cause such as they never made
before, and perhaps will never again.
That the leaders we're stimulated by
the influences of the national contest
going on there can be no doubt. In
nphOlding a high standard Of state
credit, it was hored to strengthen the
national democracy and aid ia the
election Of Hancock, as well as in
holding some Of the Offices under him.
This was one of the factors,
and there we're others too
numerous to mention, not the least of
which vas a sincere desire to guard
against the stigma Of dishonesty or
population, and to upheld the ancient
prestige ofthe volunteer state. With
cut fixing any exact figures it vas
generally minated and understood by
fhe state credit democrats that they
expected to secure a settlement at
not higher figures than GO and 4 or GO
and G. 1t is true their platform con-
tanned no such limitation, but they
had such a good opinion of the bond
holders at the time that they eK-
pected good treatment after the
election. In this they we're serely
disappointed. The bondholders look
on them as so many shares Of stock
in a big scheme, or bricks in a build.
ing. The circular not only declares
that the old basis OF settlement once
profered is withdrawn, but that they
propose to carry the suits against the
railroads for SIS, 600 to the United
States supreme court, with fair pros.
poets Ofgaining the cases. They do not
propose to take any chances. The leg,
islature may settle it, and these
suits still go on, or be held 10 reserve,
Is a threat to compel. the railroad
influences in the state to be exeIted
in the election of legislatures. They
are to take all they can, and hold all
they get. But there arc already evil
dences Of commotion in the high credit
camp; the republicans made use Of
this issue to divide tho democracy,
but they arc not anxious 10 settle at
dollar for dollar the democrats
feel the aHront put upon themi
and it is very questionable whether
they and the republicans, although &C.
cupying substantially the same posi-
tion in regard to this question, viii
agree upon a basis Of final settlement
The low credit members Of the legis.
lature are in such a minority to the
whole body that they are not expected
to originate or carry out a settle
ment according 10 their wise and con
servative views. They are in a posi-
ton which requires no special action
The Ouus is on the other side. and thu
people look to it for measures and thi
forward movement that is 20 re
Aesm the pledges Of the late canvass
If the bendholders had not been So
nsisied in regard to the true state Of
affairs here, they would choerfully
accept any settlement they are likely
e obtain At the hands Of this legiaa-
cure. There will not he such
.noshsg effort made Tor years, If eyeF.
Tro rsars hence there would be Is
nr.k a loeom0iive = which Chi.