Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-05-16
Another Settlement of the state
Debt.

Debt.
The 6O.3.4-5-6 bill, proposed by Mr..
Eugene Kelly, of New York, passed
the Senate yesterday afternoon, by the
following vote:
Yeas-Bell, Brown, Casson, Cole
man, Duggan, Hill, Huddleston,
Matthews, Perkins, Smith Of Fen
tress, Smith of Shelby, Tillman, Wat
son, aud Speaker Morgan-l4.
Nays-Alexander, Barrett, Bibb,
Carter, Daniel, Headrick, McCul-
Tough, Rankin, Ragland, Smallman
and Taylor--ll.
1t was passed after several hours
discussion, and will pass the House by
q decided majority as soon as a vote is
reached, and the solons have had
the usual time for discussion.
This is a mere matter of time and
form. There is no doubt that noses
were counted before the proposition
was ever made. The effect of the pas
sage of the act upon the popular mind
remains to be seen. That some Dem
ocrats who might be classed as low
tax will be disposed to acquiesce in
the act, and let the question drop
out of discussion and out of
politics, there is very little
doubt. But there will still be an
element that will be determined to
resist the act by any legitimate means
that may be available, and to defeat
its execution if possible. There are
low tax Republicans in sentiment
but not in practice when party success
is involved. The party, as we'll as
nearly all extreme State credit Demo.
Gratis, will abide by and sustain the
act. The opposition will come almost
entirely from what has been classed as
the low tax wing of the Democratic
party. If this division is kept up, the
State will continue under Republican
control for years to come; the mex
Governor will be a Republican, anC
Senator. Harris will be succeeded il
the United States Senate b,
Roderick Random Butler or som,
other Republican identified with thi
settlement. Mr.. [. NJ. Hill voteC
with his party as we expected, regard
less of the wishes of his constituents
Mr.. Zack. Taylor, of Upton county
voted against the bill in accordanc
with the wishes of the great majorit
Of the people be represents, irrespec
tive OF party. Both, we pre-
sumo, were conscientious, but a repre-
sentative, who deliberately makes u
his mind TO vote against the we
known wishes and sentiments of hi
constituents assumes grave respon
sibility and sets himself up above th
people. The opportunity to do such
thing is usually limited to the term
which the experiment is tried. Bu
Mr.. Hill has made good member an
if his party is to run the machine afte
this we would as soon see him go bac
to his seat or be elected Governor a
any member of his part!
The question that presents itself no.
is, what will be the effect on politics
1t is hardly to be expected that tn
$1,000 Wilson men will make a clea
surrender on account of an unautho1
lied act. They are not parties to lh
coalition between high tax Democrat
and Republicans, nor is it likely tha
they will cheerfully acquiesce. Ther
was prospect of harmony
but the outlook is not no1
so encouraging, 1t also remain
to be seen whether the bondholder
will rush in and find their bond
under this act before another Legis
lature meets. These are bonds whic
all parties admit should be paid i
full. Then there are bonds whic
certain holders claim the railroad
should pay. and then there ar
bOndholders willing to take 50-4 o
the present propositions The dill
ferences in value and opinions anon
the creditors increases tn
uncertainty OF the situation 1t
exceedingly doubtful whether half tn
debt will be funded under this az
within the present year. The whol
scheme is a financial and politics
speculation for the benefit of the fe'
against the labor and the rights of III