Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-11-08
A Kind Word to the BOndhOId-

The lVO-3 act was a failure, as all
dispassionate men who tried TO under
stand the situation foresaw. The
decision Of the Supreme Court in that
case has settled that the people
at each biennial election shall
decide through their chosen
servants what shall be done with the
question Of taxation for the time being
They decided that though our fathers
could bequeath to US a debt. they
could not bind US beyond our own op-
tion as to the time, place and means
Of payment. They decided further
that we have no power to bind future
generations any further than our
fathers could bind us. A con-
stitutioDal convention can bind the
Legislature until future appeal to
the sovereignty of the people shall
annul their restrictions. But no Leg
islature is greater than its successors;
therefore no Legislature can lay bur
dens upon the people which their
successors cannot remove.
Bondholders will learn before they
are through with this question that,
while the 100 3 proved to be a great
mistake, its substitute the 60 6 was a
miserable blunder. The 1903 act was
the bastard offspring Of violated
pledges and gross corruption. Inyes-
tigatlon bad exposed these facts to the
people. This exposure held that
Legi' lature up to public condemna-
tion; and the people protested
against any further action on the debt
question by Legislature that
through some Of its members had
shown an utter disregard of their
pledges to the people before the cleo
tlOn-some Of whom had shown that
they were accessible to bribery and
corruption.
Spectators on futures demanded
another extra session, and by suspie-
ious means, the GO 6 was forced upon
the statute book of Tennessee. Men
who had been unfinching State credit
men, begged that the question be al
lowed to 90 over to the pending elec
tlon; but stock gamblers would allow
OF no delay. The Legislature was
convened with indecent haste and the
500 was rushed through in known de
lance OF the protest of the people.
Those proceedings are matters on
record, and are well known to the
world and will not be forgotten by
the people. The people are opposed
to the 6O-6 upon its merits, or rather,
they dislike it on account Of its de-
merits. They hate it on account of
the crooked ways and means by which
it was passed.
The effort that was made to sustain
1t by indirect methods, and by con
Meeting it with extraneous issues has
excited still further popular indigna
tion against it. 1t cannot by any
amount Of party chicanery be made
acceptable to the people.
The 6O-6 refunding act was passed
in May; and it is now Novem
Der. Nearly six months have
elapsed since the refunding
began. With all the efforts Of the
funding board, assisted by Butler and
Cheatham and other volunteer aids,
its friends only claim about twelve
millions OF bonds refunded. Notwith-
standing the mystery in which the
business is shrouded, it is evident that
little or no refunding is going on now.
By the 66-6 act all funding is to close
before the first Of next January. 1t is
probable, then, that more than half of
the bonds will be left out unfunded.
By the terms of the SO called settle
ment fifteen millions of outstanding
bonds will be left to be paid in full
No man who understands the situa
tion in Tennessee, and is familiar
with the history of this question, can
for a moment doubt that the people
will never submit to such settle
ment.
Bond speculators, stock gam.
blers. and others who riot
in confusion, care nothing
for these things. To those who may
be looking to State securities as a
permanent investment, we would
suggest a word of advice. The people
have resolved upon the repeal of the
60 6 act, and they will make it a dead
letter. From this decision there is
no appeal but to themselves again.
Any settlement to be permanent
must be satisfactory to the people.
The Democracy have proposed a plan
of settlement, 10 which they are
| pledged. The uue policy of all who
are looking to State bonds
as a permanent investment and
all who wi to see the ag.
itation of this yexed question cease,
would be to uhite with the Democracy
and give foroe and dignity to their
proposition and join in the effort to
settle the question by the action Of
the people.
BY united effort after the manner
we have suggested we may hope to
make an adjustment that will last
Under the 90 6,with suspicious origin,
we may rest assured that agitation will
never cease-no, never. Let the bond
holders be wise then, and make a judi
cious compromise, and one that will
put an end to this everlasting agita-
| ton.
Special to the Cincinnati Commercial.