Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-11-28

trace back to the bons prime of mu'
nicipal law and national right-that
there is no conceivable wrong without
a judicial remedy, and that the tribu-
mails Of public justice arc at last the
bulwark of security for the rights oil
the people.
The Judge goes on to define the
power and the functions Of the three
&C. coordinate aud equal branches Of
government. The legal argumontOnd
definitions VIC pass over for want OF
space. The conclusion seems to be
that there is no wrong under our sys-
TEN without a remedy. Recurring on
to the 1908 act Judge Sneed says:
Aftor all the efforts to compromise
this debt: after the many generous
oyertures on the part of the creditors
Themselves; after all the hope defer
red, and reasonable expectation by the
whole people that a liberal settlement
would ultimately be agreed upon; to
say that the passage of the 1908 was
IA surprise. would scarcely interpret
! the shock Of amazement and conster.
nation with which its passage was re-
ceived by the people OF Tennessee. Its
/ effect was electrical aud instantaneous
lin consolidating the great body Of
the State credit people Of Tennessee
into a readjusting party. No polIti,,
! clan, no journalist, no bOndholdephad
ever been heard to urge a settlement
that demanded the utmost pound OF
flesh; mortgaged the whole property
of the State; paralyzed its Sovereignty,
and handcuffed its people for ninety
nine years. No man had dared to seek
Office except upon q platform OF a fair
and reasonable compromise, and II any
bold hirehng Of the most relenting
creditor had ventured to proclaim him.
self in favor Of the coupon feature of
this act he would have been hooted by
the indignant multitude and driven
into obseurity. For many years all
party platforms while declaring for an
honest settlement, declared also for a
reasonable compromise, denounchg
the coupon feature as a thingnott to be
debated. A solemn joint resolution Of
the General Assembly, adopted at the
session next preceding the last had de
clared that mo compromise or adjust
ment of the State debt shall be made
that provides that coupons shall be
made receivable for taxes. And yet
this odious m asure-conoocted, it is
said, among the spectators Of Wall
street, where the leading financial
journal Of the United States, says the
bill was written-and iathered BY a
distinguished gentleman, who, it is
said, was one of the committee Of 1879
who reported q sufficient acceptance
Of the 504 to authorize uuder the law
the submission of the question to Che
people-a man who knew the compro-
missing spirit of many of the creditors
themselyes-was forced upon the un-
willing people by acts aud appliances,
which il true as charged, has brought
discredit upon the State, which could
only be eclipsed by open and defiant
Reputation itself. And this unholy
act, thus conceived in sin and brought
forth in iniquity, has done more to
create alarm among the real friends Of
State credit than all things else con-
nected with the unhappy history Of
the State debt Of Tennessee. 1t has
aroused a spirit of indignation and
dissatisfaction among the better class
of citizens, which, if not checked by
some timely stroke Of craftsmanship
or generous and speedy overture on
the part Of the public creditor, will
undoubtedly assert itself to bring ruin
upon creditor and debtor alike. The
people feel that they have been
wronged and misrepresented; hat the
little that the rayages Of war had left
them has been mortgaged, ~cODfscated,
without an effort to Tighten the bur
then; without a protest or remoD-
trance from those in whom they
trusted for sympathy aud protection.
This suficiently.defnes his position
with regard to the 1909 act. Without
following him further in his scholarly
dignifed, courteous and statesmanlike
address, we give his concluding re-
marks
But you ask me what can we do
How and when is this incubus 10 be
thrown off? Ny answer is, throttle
this iniquity o. the 1909 in the courts
if you car. Fight it in the last ditch
If the courts shall determine it against
you, like a brave andlaw loving peo.
pie you can submitcto your fate. Blu.
If the victory should be on your side
then meet your creditor with a candid
front on some honorable ground, tel
him Of your misfortunes, tell him that
your rich men are too poor topay high
taxes now, and your poor men too pool
TO buy their daily bread Tel hin
nota dollar Of this debt will be repu
dated. But do not presume to die
tate your ultimatum. You may pro
pose but let him dictate the terms Of
settlement. IF they be within YOU
power TO pay, then begin the gooc
work o. payment at once. ButiI not
bid him abide the coming time Rher
the scars of civil war shall disappear
and then do all you can to pay the ut.
termost farthing. Meet your creditor
in the right spirit and Twill vouch fl
a settlement that will be Just, gener.
GUS and satisfactory. But whatever
be the issue, let no foul heritage O.
dishonor 60 down TO the generation.
that are to come after you. For =.
good name" at last my e~ountrymen
is rather to be chosen than grea
riches"
The speech will doubtless be gener
ally read and commented upon, and
cannot fail to make an impression
upon the thoughtful public mind
upon those who look beyond the strif,
Of to day to the years and the peopl,
that are to come, It is a production
worthy Of such an able and eonseien
tious man.
The BrOWnIOw Family sin a
ahn NHAw. .