Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-06-28


To the People of Tennessee.
The undersigned, a committee appointed
by the Democrats of Tennessee to present to
the people of the State the reasons which
impelled them to depart from the action of
the Readjusters, submit the following: The
joint convention of the two wings of the
Democratic party which assembled at Nash
vile on the 10th instant failed to harmon
lie, and for the reason that a large majority
OF those present adopted resolutions IN re-
gard to our State debt, plainly and distinctly
IN opposition to every declaration made here
tofore by the Democratic party and to the
fundamental principles OF Democratic gov
erpment. The resolutions declare the settle
ment of the State debt made by the Legisla-
ture with our creditors to be unwise, because
II is not in accord with the views of the peo-
pie. and agreeing that what Is commonly
called the State debt proper shall be paid
without abatement, except war interest; ten
ders to the other creditors offer to settle
by paying one-half the sum due in bonds of
the State bearing interest until maturity at
the rate OF three per cent. per anuum. This
offer was made after months of discu ssion
through the press and on the hastings, and
therefore must be accepted as the ultimatum
of a majority of the joint convention. The
subject has for years engaged the attention
OF our people to the exclusion of almost
AS FAR BACK AS 1859, WHEN MR.. BROWN
LOWS RULE
was overthrow and the distranchised ma
jority of the people took control of the gov
eminent OF the State, resolution was passed
unanimously by the Legislature, and that
Overwhelmingly Democratic, declaring
That the people of Tennessee will never signal
ize their restoration to the control of public affairs
by sanctioning In any manner indifference to
with the honor and good faith of the State, de-
mand that the interest on the public debt be paid
pal securely provided for ut maturity.
This utterance by the Legislature was APP
proved by the Democracy and John c. Brown,
their candidate for governor, in 1870 and
1872, obedient to their wishes, took high
ground in behalf of State credit, declaring
everywhere upon the hastings that it was the
duty and interest OF the State to pay the en-
tire debt This position was sustained at
the ballot-box by majorities of many thou
sands. In 1874 and 1876 the Democracy in
convention solemnly declared their purpose to
OPPOSE REGULATION
in every form, and in 1880 affirmed it to he
ture, to settle The debt with the States cred
itors upon terms TO be agreed upon with
them. The Legislature, after comforting
with the creditors, has agreed upon terms
of settlement with them. In accordance
with the terms of this settlement, en-
bodied in bill, enacted into law, now in
force, the creditors are to receive in payment
new bonds, for sixty per cent. of the sum
now due, with graded interest of three,
iour, i've and six per cent. per annum. The
offer was voluntarily made by the creditors;
was the subject of discussion between them
and committee of the Legislature. This
settlement recognizes the so-called equities
of the State, and saves to it more than ST.
100000. Nobody claims that it does iDjus-
tice or wrong to the people; in fact, every |
body knows that the offer was made in a
spirit of liberality that meets the approba-
ton of men of every party, for
IT IS NOT PRETENDED THAT WE ARE UNABLE |
TO PAY
the interest as it shall become due, or pro- |
vide for the payment of the principal at |
The only objection offered TO it |
in the late joint convention is that it 'is |
nnwise," because it 'is not in accordance |
with the views of the people," For that |
reason, and that alone, the resolutions |
adopted show, the majority propose to dis |
avow the settlement, and tender an offer to
the creditors upon the basis to which we have |
heretofore referred. This offer is not the act |
Of legislative body. the law-making power
Of the State. 1t comes from a party acting |
in its own interest, and is intended to pro-
mote the success of party movement. Ii is
Intended, to use the words in every body's |
mouth, TO secure Democratic harmony, and
iefest what is claimed to be trick of their
adversaries. 1t seeks to bind every member
IF the Democratic party, however strongly
he may be, that honor and fair
dealing, the peace and repose of society and
he good of the Slate, demand the full and
prompt performance OF the contract already
N ade In effect the action of the majority
sffirms that the State, in respect TO its oDlIga-
ions, disregarding every consideration of
FAIRNESS AND JUSTICE,
should abdicate its high functions as a sover-
,ign, and its obligations to do equal and
.xact justice, and leave every question,
whether involving the liberty of the citizens
or the rights of property, to be determined
~ the majority OF dominant party. The
minority, in the joint convention, cannot
accept the action of the majority as a correct
exposition of Democratic sentiments, or con-
ent to be bound by it as a declaration of
Democratic principles. If we owe the money
We should pay it, if able to do so; and surely
10 one can say that we are unable to meet
he requirements of the settlement. If we
10 not owe the money we should not pay,
,ut in case of doubtful right should open
,ur courts and leave the question to be judi
tally determined under our own laws and
" our own tribunals. The fact that the
,onds outstanding were issued in pursuance
# laws on the statute books, were signed by
ur chief executive, and bear the broad seal
# the State, should entitie the holders to
his poor need of justice. But, although
many members of the joint convention voted
or the reso ution under the belief that
HE STATE Is UNDER NO LEGAL OBLIGATION
TO PAY
he bonds, yet the resolutions themselves as
ume that the State owes the money, and
hat the only ground of objection to the
is that it does not meet tie views
t the people. They affirm, in substance,
hat majority of party has the right, for
be sake of its own success, to deprive eiti-
ems of this and other States of their prop
rty rights, proclaiming that they are in the
,ajority, and, therefore, ''the rightful guar
ians OF the homer and good name Of the
tate, and that they willingly accept the
uty and responsibility of preserving them
rom faint or suspicion" and that it is
qually-their right and duty to settle its in
ebtedness. The convention pledges the
democratic party to unsettle what has al
eady been settled by the Legislature; and