Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-04-28
The BALL OPENING.
Tennessee's Debit --Hopes and
Plans Of Republicans and
High Tax Democrats.
THE OUTLOOK FROM THEIR STAND.
POINT.
Special to the n. Y. Herald.I

FUlNts
Special to the n. Y. Herald.I
WASHINGTON, April 24.-The spe-
cial telegram to the Herald from
Nashville regarding a proposed injunc-
tion by low tax men and spectators
to prevent the governor, comptroller
and secretary of state from executing
the recently enacted law to refund the
stLte of Tennessee bonds at par with
3 per cent interests, attracts the atten-
ton Of prominent citizens from the
state now in Washington. 1t seems
that Mr.. S. f. Wilson, late repudia-
ton democratic candidate for COVER
nor John II. Savage, who on the
same ticket aspired to the senate, and
ex-GOyernor Marks, with others, held
q meeting last Tuesday at Nashville
and agreed to attempt IN Injunction
for the purposes above named.
The programme was to prepare a
bill and secure a fat before the gov
ernor and treasurer or comptroller
could begin the re~iunding in accord
ance with the provisions Of the act by
issuing new bonds bearing three per
cent Interest. Mr.. Wilson informed q
gentleman last week that there were
two chancellors in Tennessee who as
sured him they would upon applica-
ton grant the fat for the Injunction
sought. Elk Governor Marks was en-
gagged as one Of the attorneys to draft
tho petition and bill, but Governor
Hawkins, Comptroller Nolan and
Treasurer Polk, with State Printer
TaYel, having gone to New York, the
plan was Unexpectedly interfered with.
1t was believed that these officials
had gone there to issue new bonds to
holders, thereby complying with the
intent of the law, and thus preventing
any ground for an injunction.
CORRUPTION CHARGED.
The parties engaged in this matter
will allege the unoonstitutionality Of
the act and also that its passage was
secured by the use of 100000 often
nessee bonds placed in the hands Of
the lobby, the parties who assisted the
passage of the bill to receive the in
creased 7alue Of the bonds from forty
two cents up making a profit of about
$l98,00C. Among the prominent gem
tlemen who are said to favor the re-
adjuster movement, ss proposed by
this Injunction scheme, are ex.Comp-
%trOller Gaines, democrat; Judge G..
W. Heiskell, democrat ex-AttOrney
General j. B. Heiskell and Judge
Arch NJ. Hughes, republican. j. w,
Clapp, of Memphis, has bean solicited
to become an attorney in the case.
Judge Thomas G. Muse, a prominent
republican of jackson, who came with
in three votes Of being elected to the
senate, says II would not be sur
Frised if quite a number Of democrats
engage in this matter. While ! do
not personally know anything connec.
ted with the passage of this act fund
ing the state debt at par with three
per cent interest, | am Inclined to
think a big speculation in Tennessee
bonds has been going on since the
late senatorial election. | really be-
lieve there was a combination of spec
ulators, composed OF men Of both par
ties, that prevented the election of a
republican to the United States
senate.
PARTY BREAK UP PREDICTED.
Il think the funding act will reor-
gauize politics to some extent, and
that there will be a break up in both
parties. the result being to array
against each other the funders and re-
adjusters, irrespective of their previ-
Gus political prediction. l think, on
the whole, the republicans will gain
in white votes. but it will be hard to
tell under what name this anti. fund
ing party will go or be known. It.
will lead to the formation of political
associations different from what there
have been in Tennessee. The repub-
will be glad to have an exchange
Of the negro for the white voters, espe-
cially in West Tennessee. | would be
glad to see such a policy inaugurated,
as it would increase the white element
in the republican party. 1t were bet
ter for both parties it such could
occur. Moreover, | believe such a
change would be the key to the sOlu-
ton of the problem of the solid south.
| do not think the courts have power
to inquire into the manner in which
funding act was passed, and will
prove Inadequate as 10 this unless it
be as to a question Of contract. Now
as some claim, there can be estab-
any fraud in the passage of the
funding act, these parties will insist
that the courts have jurisdiction, and
so far as / know this will be an entire
ly new question"
VIEWS OF GENERAL Nancy.
General George Nancy, who was a
commander in the Confederate army
and was republican elector for the
state at large last year, says: THE
courts will hold that it is valid to pay
the debt at par and half its interest,
with the consent of the creditor. So
this proposed injunction amounts to
nothing in law, though the issue is
already made, and there will be a re-
adjuster party in Tennessee. 1t will
include the masses Of the democratic
party and some republicans. But
more democrats will support the re-
publicans than will republicans the
readjuster democrats. The democrats
who come to the republicans will be
the best and the republicans who 60
to the democrats will be the worst
element in our party. While some
republicans are dissatisfied with the
settlement of the state debt, they will
hardly go the democrats. The read
justment will be the next question,
but / hardly know a republican who
will On 10 the readiuSters. The effect