Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-08-31


the platform of June 20, 1882, which the
letter. Having adopted it and plasted him.
self upon it, ne must execute it, if such
thing were possible. This platform proposes
to settle the estate debt proper" at dollar for
dollar, with six per cent interest. General
Bate estimates this at s., los, 900. This, with
accumulated interest. is over 81 500, 900
He adopts the Wilson report, which
is incorrect and makes his whole cal
culation unreliable. For instance, the
capital bonds should be 100000 less
than General Bate makes them. He evil
IDENTIFY supposed that these bonds were is
sued for $1,000 each. The fact is, 400 OF
them were issued for $3.50 each. There are
other errors showing the same carelessness,
Acknowledging the validity of the entire
debt, and then by discriminating process
arbitrarily 10 dispose of the rights and prop
erty of creditors, is foreign and unknown to
Democratic principles; especially when a
noted Bate leader OF that convention,
whose name and sanction were given to
many of these very bonds, said before SUBJ
committee in the 10Th of June convention,
Gentlemen, there is no difference in these
bondsn We fail to understand, unless we
accept ss indicative of the spirit which ruled
the hour the declaration of a certain gentle
map (whose name we have) who said TO the
same committee, ave mean BY tender, they
can take it or they can lump it." This IN
fortunate document would hold up the State
in the unenviable position of receiving, at
the hands Of solvent railroad companies, the
amount of their Indebtedness TO the State
with accrued interest, and then refusing to
pay the creditors holding the States bonds
but one-half the value of said bonds, and
but one-quarter of the amount OF interest /;
that IL, three per cent interest OF 5000.
What will the grand old State do with the
other half the amount paid by the railroads
in liquidation of the bonds loaned and now
in the hands of innocent holders? The same
were, by decree of court, sold by the Slate,
and over $6,000,O00 added to her sinking
fund, and S56,O00,000 additional taxable
property. The settlements by the SOL
vent railroads were made long after
this decree of court. And the State
must be heard to say, it Is true
the sum of $15,495,731 % has been
locked away in the vaults OF our treasury |;
yet we have a right to settle this debt, and
propose to sever it in twain because we think
it wise, aud we cannot be sued, and in our
wisdom we prefer the and scale-the
other" It has been said that this settlement
was obtained by Republican influence, the
object being to prevent the unity OF the
Democratic party. Here the speaker as
serted that the Legislature was convened at
the instance and through the influence of
Democrats, and the settlement procured by
Democrats. The Legislature thus convened,
after having first obtained from the creditors
a proposition, marched boldly up 10 the full
discharge of the great duty they certainly
owed to the country, that OF forever retiring
from politics the disgraceful contention con-
corning the State debt. The power being
with those men, under their oaths, and con-
sistently with the principles of the platform
of 1880, they passed the act of May 10, 1882.
The provisions of the act are being carried
out each day, and the bonds are being rap
idly funded. Now, the object of the Re-
adjnster platform is to reopen the question.
This should not be done. The very salvation
of the Democratic party, as well as the honor
and highest interest of the State, dem ands that
the late settlement be faithfully observed.
Our relations to the National Democ-
racy and the contest in 1884 call us to stand
firmly by the faith and credit of the State.
The sentiment of the civilized world cannot
be disregsrded, and Tennessee Democracy is
expected to adhere 10 the great principle OF
doing right, and at no time to SO far forget
principles as to elevate party success above
right and honor and public welfare. Ten
nessee cannot afford to be held up as hiss
and by-word" among all nations. She can.
not afford 10 be kicked from the society of
States and her fair name dragged into disre-
pute, her noble sons made to bow their
heads in shame wherever they may go upon
the face of the earth. Never let it be said
that the State which gave SO many brave
men to do battle for her in years past, and
has ever borne the name of the "VOlunteer
State" cannot now furnish men 30 morally
brave as to willingly, eagerly and earnestly
throw themselves into the breach to rescue
their State from the disgrace and dishouor
that threatens it. No. Our State credit at
home and abroad should be on as sound and
as firm basis as the marble foundation on
which she stands.
He then proceeded to discussion of The
four-mile law, and closed with an appeal for
the neIP aud vute, of the young men OF the
State This closed the show, and after
few cheers for each of the happy family the
crowd dispersed. FRESH.