Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-03-15

run. No one who knows anything
about the productive capacity Of
the state, present or prospective,
can believe that many of these
bonds could be retired in the
next ten or fifteen years. And
thenit is to be borne in mind that when
any of these bonds are called in it
must be at dollar for dollar. The
funded debt under this scheme would
be very little short of $3O,OOO,OOO, and
the interest on this amount or what
ever it might be when refunded would
be as much as the people could posi-
bly, pay for many years to come. The
talk about immigration, opening up Of
mines, developing resources and get
ting rich as soon as we assume an
enormous burden to meet the clamOrs
of creditors, is all moonshine. flour
resources are developed at all it will
have to be done by the labor and en-
terprise of our own people. Tennes-
see is an old and a pretty well finished
state. Some mines are to be opened and
manufactures established ,as publicne-
cessity may require it, but agriculture
is the main interest of the state, and
likely to remain so for generations to
come. Incalculable harm has been
done by teaching the people that
somebody is expected soon to develop
our resources, as though we were in
ferior in energy and intelligence to
the people Of other states. Such doc
trine is demOralizing to the masses.
There will be in the natural course
Of things, an increase of population,
and it is to be hoped, some conside-
rable increase of wealth. The inter-
est to be paid on the state debt under
any settlement, nearly all goes out Of
the state and is to that extent a drain
upon The Industry and commerce of
the stats. This money cannot flow
back into the ordinary channels Of
business. II is taken permanently
out Of circulation forever, as far as
we are concerned. In locking over a
list Of those who unite in the dollar
three proposition, we do not discover
the name Of single Tennessee holder.
The fact is that very few Of the bonds
are held in this state. Bond holding
is luxury in which but few of our
people can indulge. The creditors de-
maud full pound of flesh. They do
not agree to lose anything. They
claim six per cent. interest on all the
bonds they hold, good. bad and indif-
ferent, up to the FIRST Of July; after
that they graciously come down to
three per cent, provided wa will sur
render the sovereignty of the state
and make the bonds as good as those
of the United States government.
Where are the equities and rights
of the people in such a settlement as
this? What has become Of the suit
which the bondG olders brought against
the railroads, and which onlya few
months ago they were confident of
gaining in the United States supreme
court? There is much danger that
this monstrous proposition, ,ah,.eady in
troduced in the form of bill, wiz be
enacted into law, and when tie
state is once turned over to the federal
oour,,s the taxes to pay nearly
5000 OOG interest annually will have to
come. whether crops grow or not, and
regardless of ia mine, pestilence, pan
les, hard times, or any other public
calamity that may visit the country.
The legislature was not elected to
make any such settlement as this and
the act cannot be passed unless men
abandon the position they occupied
during the canvass. Ifsuch changes
do occur, the people will want to know
the reason Why. No democratic cans
didate for the legislature last fall
would dared advocate such a settle
ment as this. The bare insinuation Of
such apurpose would have been in
dignantly repelled. We are proud to
know that there are few at least in
the legislature who can be depended
upon to resist to the end any such an
attempt as this to defeat the popular
will, and bind the state hand and foot,
and turn it over to a ring Of merciless
creditors, who have sought from the
first to fatten by cur misfortunes. 1t
will be a dark and unfortunate day
foe Tennessee when such settlement
as nade.