Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-07-05
Special to the courior-Journal,

this question, the two obligations are
dissimilar in nearly every important
feature. Asan illustration, wise sattes.
men have held that public debt was a
public blessing, but not even the wild.
est vagarist ever dreamed of applying
a like maxim to a private debt. A
public debt may or may not be a mat
ter of principle; private debt grows
out of the debtors relation to the
obligation, and wherever he ray move
that obligation follows him. If Sena-
tor Bailey and others who are SO
sensitive to the States honor, so
sensitive, indeed, that they are blind
to all the equities which belong to the
public debt, should move into another
State, would they feel obligated I'd
leave behind them their pro rata of
the existing debt? Of course not,
for the obligation is in no sense per-
sonal, and cannot follow the individ
ual beyond the borders of the State as
private debt always does. The Ban
ner of this morning says that in few
years past $1,000 or $4,000 taxpayers
have moved out of Tennessee. This is
quite an exodus, and according to all
sound logic certain equity as against
the claims of creditors grows out of
this very fact.
But again in 1852 the people of Ten
nessee owned hundreds and thousands
of slaves, a species of property on
which the debt was partially based
and which vanished at the stroke of
the pen. This fact of itself would
Justify reduction. If a majority Of
Democrats, the natural and only
guardians of the States honor, think
it should be reduced to 50-3. while
the majority would hold at 60-6, in
what sense are the latter more honor
able than the former2 In a strict party
sense it is dishonorable to refuse to
abide by the views of the majority,
legislatively expressed. Suppose a
certain State with tax paying popu-
lation of 1000, 600 contracts a debt 10
1882 payable in 1890, and 10 1884
| 100000 of said citizens Gust one
hal) emigrate elsewhere, as public
obligations depend rot on the indi-
viduals relation to the debt, but is a
mere matter Of citizenship growing
out OF his relations to the government,
who will urge that the question can
possibly reach higher than one of
expediency? In such a case the
equity would apply to one-half the
debt and to pirate of principle would
be TO insult right and reason. To
protect the private citizen from I'M
foreseen hardship the State enacts
bankruptcy and insolvent laws, aud in
private debts the question of princi-
pie is always uppermost With how
much greater reason, therefore, ID case
of public debt, almost always one Of
expediency, may the State essay to
protect herself with such equities as
a majority Of her people see proper to
plead.
THE PEOPLE OPPOSE COG.
The people of Tennessee do not
approve the 60-3-4-5-6 settlement
made at the special session of the
Legislature. | have it from the most
honorable and intelligent sources that
ifthe Democratic legislators who voted
for that settlement had during the
canvass announced such determine
ton, they could not have received
twenty votes in each of the 100 that
elected them. OF the large convention
of over 1000 delegates who nominated
General Bate, but sixty delegates
withdrew number so small that
they were scarcely missed-so small
that DIR. R. l.. G. White stood for
some minutes afterward voting his
entire delegation for Bate, and declar-
iBg that be gould vote for big, brave,
honorable man like w. B. Bate on
either low tax or high tax platform.
Such was his unalterable confidence
in and devotion to the man; but on
learning that sixty delegates had with
drawn, and Of the sixty there were
twenty seven railroad lawyers, forty
five per cent of the whole, the Doctor
put on his hat and quietly followed
after.
BATE GROWING IN STRENGTH.
When the canvass warns up there
will be an esprit du corps manifested
which will eulist the support of every
true Democrat in the State. The
World Of this date publishes extracts
from fifty letters received By the nom
inee from all over the State, pledging
hipi the most enthusiastic support.
These are but few from a stack four
feet high from the best men in Ten
nessee, the active, fighting. working
men, the bone and sinew of the
Democracy. Il cannot answer them
all, said General Bate, 'just nov; il
takes all my time responding to those
! get from the ladies. See here" he
added, exhibiting an envelope ad-
dressed to Mrs. Jilson p. johnson,
Georgetown, Ky; II have just writ.
ten 10 a noble lady in your State in
answer to her letter sending compli.
ments and congratulations. | am
determined the ladies shall not be
sighted. whatever happens. I'D
rather be beat"
THE BOILERS CONVENTION.
II the 18th Of July convention shall
conclude 10 nominate candidate fol
Governor, IL is thought here that ex-
Senator Bailey will be the man, though
West Tennessee favors Senator Howell
! ". Jackson. Bailey wishes the nomi-
nation ] understand, not with any
| hope Of an election, but that he may
| canvass the State and spread himself
fighting for such a Legislature as viii
adjust tho debt according to hi
views, and elect him to the United
States Senate.
WILL VOTE FOR BATE.
Colonel George Dardon, of Nashville
always an ayowed State credit Demo