The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1882-04-27
Extra Session No. 3.

he present legislature Will De
no less memorable for its extraor-
binary transactions than for its
number of neutrality-suspicious..
So soon as the present one ends it
is understood that we are to have
session No. 4-called ostensibly to
settle the state debt, but in reality
to tamper with it, and more espec-
tally to widen the breach in the
democratic party, which is being
gradually healed and would be com
pletely so but for the agitation of
this perplexing question. l say
camper" for Gov Hawkins knows,
as does every other intelligent man,
that the action of the legislature
upon that question will amount to
nothing more than tampering. An
enactment may be made to settle
at the figures proposed by few of
the bond holders, but it will amount
to nothing. 1t would be ignored
by the people, as it would be by
well informed bond-holders. The
people must have voice in the set
Element or it will be dead letter,
and no one knows this any better
than the intelligent bond holder,
and he would never exchange his
old bond for one of a less figure
created by such authority. For the
new bond to be of value and sought
after it must have the sanction of
the people. To be issued other
wise than by the endorsement of the
people it would be a fraud and a
cheat (under the recent decision of
the supreme court) upon innocent
creditors who might come in pos
session thereof. / took the posi-
ton in the 50-4 contest of 1879
that no settlement would be of any
effect that did not have the sane
ton of the two parties-debtor and
creditor. The supreme court has
sustained me so far as relates to
the former, and the veriest common
sense teaches, too plainly, that the
latter cannot be made surrender his
old bond for the new. This he
must do of his own accord, and he
surely will not do it unless he be-
lieves the new is an improved one.
The bond holder now has the prom
Use and good faith of the state of
Tennessee pledged for the payment,
the legislature can give no add
tional guarantee, and none can be
given except by a constitutional
amendment or constitutional con-
vention, except the assent of the
people. How can we expect the
creditor to come forward and volun-
tarily exchange his old bond for
the new unless he has a guarantee
ola willingness of the people to pay?
OF this the present Legislature can
give no assurance. Indeed it may
be truly said that no settlement
this legislature might make would
please the people. And would it
not be well therefore for the people
next Monday-being first Monday
to assemble at the court house
and request, nay instruct, our rep
resentatives TO use their influence
and vote against the proposed set
Element? / think Gov. Hawkins
and the funding board may succeed |
in getting it through the house, but !
it may be killed in the senate. The |
1903 act passed the senate by on
ly one vote, and that of our senator.
A timely effort made throughout
this district may secure his vote
against the measure. The 1908 |
act contributed largely to the max
ing af Republication il Tennessee
and 60-6 measure
now would in my opinion popular
ize it. In the interest of the credit
and honor of Tennessee, then, let
us protest, and earnestly protest,
against such action by the legisla-
ture. Z.