Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-10-07
JUDGE A. WRIGHT
And His Argument in Favor oil the sixty'
and-Six Settlemeot-Wbat Is Re-
pudiation and Who are Re-
pudiatOrs.
The Law and Logic Of the Question
The Democratic Party OF Tennes-
see Set Right-1he Second
Chapter.

Chapter.
70 the Editors of tAsAppeai;
The paramount IL Of the citizen-after
be provides for own household-is
promptly to pay his Nlbute to the govern
ment that protects him. But when the TAX
gatherer confrouts MIN and demands that he
render unto Caesar the things tnat are
Csessr's. il is his privilege and duty, also, to
INQUIRE whether Cesar has the lawful IIght
to demand the tribute. The people OF Ten
nessee are wrestling with public DEBT
which at the close of the civil war amounted
To 500 4O8 900. and which ran up between
1865 and 1870 to $40 39S, 0OO- Of this amount
more than S30,O0O,O00, principal and m
teresf, remains TO be paid. IL our msgnln.
cent resources that lie hid 10 the bowels OF
The earth could be liberated by the hand OF
toll and brought to the surface, this whole
debt could he paid in dozen years without
oppression. But il is not altogether ques-
ton of ability, bot of Istice and duty that
has given rise to this gigantic struggle be-
tween the people and the bondhoiders. 1nere
is a ereat deal OF sheet-iron thunder Just
now-not to call it by the less polite name
of twaddIe-about Reputation. That word,
technically defined, means TO dlsavoW or
disclaIm, but in the sense in which poll
ticians use it the meaning is to ignore ana
refuse to pay a debt hat is known TO be Just
We have SAID, and we say again that there
Is not a morally sane man In the State VINO
would favor the Reputation of one dollar oil
what he believes to be tn Just Indebtedness
of Tennessee. We hear different opinions as
to what
THE JUST INDEBTEDNESS
is. These opinions are honest, and that is
nf lQW
technical obligation, according to the face oil
the papers, it may be true that the State
owes every dollar Of the debt, but, according
TO whaL is behind the papers, there are thou
sands and tens OF thousands OF honest men
who believe we do not owe but bali OF 1t.
And nobody knows this thing better than
the creditors themselves, who have repeated
" siguified their appreciation OF what IS
popularity called "the equities OF the people,
by Offering to scale the debt. Many OF them
have thought that all the wrongs OF which
the peopIe complain may be righted by seal
ing the debt 10 one-hslf OF the principal.
with a graded interest of from four to six
uer cent. But the people have declared Tor
fifIy-and-three, and in difference to the car
dinal principle OF popular government, thai
individual opinions must be subordinated to
the will of the majority, we are bound TO
Weld our convictions and make an honest ell
fort to settle at that figure before
we try another. Certainly no stickler
for State honor or the rights OF corporations
would object 10 a settlement at even lower
figure, provided the creditors consent 10 it
The msiority of the people have said thai
the sixty- and-six is not q settlement but q
mere overture to settle, and born of political
strategy at that 1t could become settle
ment only by the seton Of Democratic
Legislature, and the consent and concurrence
] of all the creditors of the State. The people
I intend 10 do right in this matter. In spit'
of all that has been said and done, they
will show disposition TO
DEAL JUSTLY,
to nav all that is lawful, 10 exact nothing
that ia unjust, and thus stimulate the mani
| fest disposition among their creditors to dea
generously with them. The trouble ha
| heretofore been that there has been too mucl
| They are but men; they have been forbear
| ing. and negotiations OF this nature must b
| conducted with all the diplomatic prophecies
| T, ct ma Danish this odious word, "repudiatiop,
| from our vocabulary, for as long as we cal
| each other hard names we cannot come TO
| gether upon this question. The question
| must be settled upon the principles OF Law
| and Justice at last, and am glad to see tina
| Judge Wright has set the example at last o
erapples with the reason and the law OF In
Controversy. When the State OF Pennsylva
MIA sdisayowed" part of its debt the British
| bopdholders denounced her people as com
mouwealsh of repudiators, and an e@lnen
| Euglishman said: Il never meet Pennsyl
yaniau at a London dinner without dispo
ait ON TO seize and divide him. To allot hi
beaver to one sufferer, his coat 10 another
TO appropriate his northumberland /
the orphan, and 10 comfort the widow wit
his silver watch, Broadway rings and tn
| London guide which he always carries II
| his pockets." And yet Pennsylvania cor
tinued, through all this obloquy, her struggl
for Justice until satisfactory settlement wa
had. Her people we'll knew that justice di
not mean wilful and inexeusable suicide, an
that
4 SPIRIT OF MUTUAL CONCESSION
and compromise was but another name 10
private and public honor. When the pros
nerity of the great State OF Minnesota stoo
sill. like the sun did in Joshua's time, VI
der the burthen of her public debt, and sh
refused to pay dollar and finally comprt
missed with her creditors at hity- -foul
| and-a.half, she TOO was pronounced as n
indicating State. But now that the passion
| of The conflict have died away, men can sc
that the settlement was but Just and rlgn
and Minnesota stands vindicated before th
civilized world. When Virginia elaine
the rioht 10 readiust a debt which she b
iieved had been unrighteou funded again
her the arms of no less person than the pre-
dent of the United States were lovingl
thrown around the neck OF the grand oil
Commonwealth, and she was seduced Tor
while into the camp of the Stalwart OF II
Slalwarts. And now, when discussion hi
!. developed the fact that large portion
the debt funded against Old Virginia wi
contracted while West Virginia was pa
| of il. and that the funding process ha
saddled the whole on the mother state, an
that this was the chief cause oil complaint
IL il not SO clear TO the minds OF men, as
YVES before investigation, that Virginia h
been dishonored by this quarrel. No, n
, this CRY of reputation is loo thin, 1t wi
NOT disturb the equipoise OF honest men, wi
want TO do right and intend to do right
his matter. We have no guide, said Solo
by which to. regulate our conduct better hi
reason, and before we say or do anyth1n
this guide ought always to be consulte
Now. we have endeavored TO show that tt
settled purpose OF the people OF 1enne
see to
NEGOTIATE WITH THEIR CREDITORS
for the scaling of this debt at fifty per Gel
does not originate in any dishonest purPoi
/, Now. let us gee if it has aoy ground
moral right to rest upon growing out OF I
intrinsic merits Of the question. The writ
I. of this article conenrs with Judge Wright
the opinion that the debt can never be no
|. orably settled but in two ways-elther
having every cent. or less, with the eonse
Of The creditors. Until some judicial t
buual shall say that we do not owe 1t at
J. we are bound TO admit the fact that, TECH
r cally. we do. Bot the opinion OF the writ
is OF no importance. Let US scquit our pc
+, Die of dishonor; let US avert I
J, scorn of all civilized nations, by sho
inc. If we can, that the people hs
IS some reasonable ground to justify their @
position to paying more than fifty per Gel
Of this railroad debt. We speak OF
principal and not the interest, for We take
that If the people and the creditors can agl
mon the abatement of the principal at b
DER cent, and should disagree upon the h
effort at negotiation as TO the rate OF intere
that a difference of one cent or even TIL
cents in the interest would not be allowed
bsfie the final settlement. Now, Juo
Wright SAYS that mo lawyer will msint;
that as between the State, The companies a
the bondholders, the State is not the prln
" nal debtor, and bound in law and morals
protect the companies from the claim OF
bondbolders.D Well, we have heretofore
pressed our concurrence in that proposltl
Is am q q r