Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-04-27
The 0O-4-5-6-HistOry Repeats
EfscIE

publican plotters, not only at Nash
vile but in New YOsk, are making the
Tennessee debt question a sort of
chess board for political ascendancy.
This fact was long ago proclaimed by
leading Democratic journalists, but
some of our people were slow to be-
lieve it. Very few thinking men of
either party now believe that either
Hawkins or Butler care for State
honor or anything else, except the
temporary triumph they are likely to
derive by distracting the Democratic
party on this question. With the aid
of one or two Trojan donkeys who are
braying at their heels they may sue
ceed; but we are slow to believe that
the Democrats Of tho present General
Assembly will suffer themselves to be
caught mapping by a scheme so trans
parently hollow, hypocritical and
false. On the 25th Of March, 1881,
while the 1908 was pending before
the Legislature, the Memphis Appeal
sounded this note Of warning: "a
few days before Governor Hawkins
permitted the press to anticipate his
message by announcing his purpose to
recommend the 1908, circular was
issued by the bondholders, or a ma
jOrity Of them, at New York declar-
ing their willingness to approach the
Legislature and ask a settlement at
6O-4. Why did not the Governor wait
for the creditors to make this offer2
What was it that induced the hurry
to push upon the people settlement
at par, pending an offer of 60-42 What
was it that induced a majority of the
House to vote, after a few days
debate, that the people Of Tennessee,
through previous legisiatioHs siaoe
1873, had deliberately lied when they
said that their impoverished condition
prevented them from paying dollar
for dollar, and each refusing, for foul
or five years, to recognize the validity
Of any part Of the debit" About the
same time the Knoxville Dispatch
had this to say: Now, on its face
this Butler hill looks like bona fd'
effort to bring about settlement. II
our minds, it is anything else; ant
the fact that itrepresents the majorit,
OF Republican sentiment in the Legis
laturQ, but confirms our opinion. LIE
it be remembered that the 6O-4 propo
sitiOn has been uniformly rejected a
often as presented since the Bond
holders Arbitration Committee frs
proposed such q settlement. And also
that afterwards, when bondholderi
representing many millions of bonds
agreed to 80 g., that proposition wa
| rejec ted. Also, that the 50.4 propo
Sition was overwhelmingly rejected
despite the most strenuous effort
to carry it. Also, let it b
considered that when the So
proposition was made the assesse,
value of the taxable properly of th
State was $235, 100000 and the deb
ofthe State did not exceed $22, 900, ,O0C
whereas DOW the assessed value 0
taxablos is $2ll 900, 900, and the deb
has swollen to $28,0OO,OOO. Bearing
these facts in mind, let us look littl
further into this Butler bill. 1t i
we'll known that Judge Butler was
jealous champion of the 504 No
only was be so in Nashville, but h,
was one Of the Citizens Committe,
that visited New York in April, 1879
to confer with the bondholders, anC
persuade them to agree to 5O-4 set
tlement, and for several days, alonI
with other gentlemen Of the Commit
tee, he labored to that end, and full,
concurred in the representations o
Governors Brown, Porter and Others
that such a settlement was the bes
that could be procured. In fact, Judg,
Butler made an energetic and eloquen
speech at the Delmonico banquet, il
which he declared that a settlemen
at 30 4 was the best the cred
itors need ever expect, for b,
thought he knew the sentiments ofth,
people Of Tennessee we'll enough t,
know what he was talking about,
Now these little scraps of curreu
history shed a food of light upol
the motives of these latter day saints
who prate so fippantly about publi
honor. Now comes the proposition o
Eugene Kelly to settle $6,OO0,OOO, o
the debt at 6O-4-5-6. It's a put u
job Of the politician which will COS
the State some ten or fifteen thonsant
dollars and result in nothing except t,
exhibit more plainly still, the insiDcer
ity Of the Radical politicians, who ar,
making a foot ball of the public hon
or" for the loaves and fishes of office
This question has paid them too vel
in Virginia to be neglected in Tennes
see.
THE Old Folks at Home Society viii