Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-11-06

Address at ths Democratic
Headquarters Saturday
Night.
Nnshrilla American.

EAAAA1A A&A1
month he had been canvassing the
State in the interest of the Bate tick
ct. and could conscientiously say that
he believed it would be elected.
As for the mountain district, he
could at least answer for 1t. Its
Democracy had always been true and
had never allowed the flag to droop in
forty years. The strongest indorse-
ment and the one to which Bate would
most probably refer would be the one
he would receive from the mountain
Democracy. (Applause.) =.
In referring to the much discussed
question OF reputation, Colonel Say
age wished to DO understood that he
had never advocated thai policy. AS
to the validity of lthe debt, however,
he wished TO be understood as taking
the position that it was not; that the
Legislature of the State had no au
thority to issue the railroad bonds
now existing. But nevertheless the
bondholders had equities, and he
proposed to waive all legal questions
and fight it out on equity. On the
question of the State debt, to quote
the speakers language, Savage stood
where he had stood in ~1876-7-S-9,
1902, and would stand as long as
his beloved mountains stood. The
Bate platform was his platform. The
doctrine OF the Bate platform was as
old as history.or the Bible, not that
ofrepudiation, but that Of the in.
disputable prerogative Of a burdened
people to scale its debt. 1t was a God
given right to a people to protect itself.
Self preservation, ia fact, was the first
law Of nature. When an obligation
oppressed and bore to the earth any
nation or people, it was their divine
right to rise in their might and cast
it off The b~ondholders we're at
tempting to perpetrate the same wrong
of oppression upon our people as in
ages gone by armies had been brought
into reauisition to maintain. The
man who claimed that scaling a
debt was reputation, was n who
had never travelled or atudled
and knew but little be
yond the petty accounts on his ledger.
The speaker continued: I'm 1877
Savage was sent TO the Legislature
over his will and personal desire.
There he found $2,980,000 of interest
due on the Brown and BrownloW
bonds. In his message Governor
Porter had said that he had, without
avail, endeavored to borrow money all
over the world to meet this interest
debt, but without success. 1t was
not the fault Of the low tax men, but
of those who had been eternslly yell
ing State credit State credit The
Nashville American at that time, with
its fifty seven columns (2). and the
Memphis Appeal, with its eighty.sever
columns (2) was cOndemning the
homes and property Of the people tx
get money to settle this debt Savage
said that if this was not stopped 500,-
900 tax ridden, oppressed and pauper.
lied people, citizens by birth Of the
grand old State of Tennessee would
be forced to leave their dear old State
and seek homes among strangers
Savage saidin his heart that this should
not occur if he could help it. Ii
consequence he introduced a resolution
in the Legislature instructing thu
State Treasurer and Comptroller Il
pay no more interest upon the Brown
low bonds unless otherwise ordered
The effect Of the resolution to stoI
the payment of interest upon all State
bonds except those held by education.
al and charitable institutions The
bondholders consequently had from
that day to this, never received a dollal
interest. Instead, therefore, of ST.,
100000 having been wrung iron
Tennessee to 90 to the foreign or New
York bondholders, that amount hac
remained in the pockets Of the people
Of Tennessee, and they could thanh
Savage for it. When the interest OF
these bonds had stopped, the bond
holders had called for a committee t
confer with them in New York, 0
which Savage (the speaker was made
Chairman. When the committee frs
met Mr.. Coe in New York that gen
tleman had proposed to reduce tn,
interest on the bonds so much thii
year, 30 much the next year, and sc
on. But Savage (the speaker haC
asked him if that was all he was goint
to DO, and upon receiving an afirma
tive reply he had said We'll, let's q
home" But Coe had asked for tint
to consider, and upon the eveninI
following had made the 60-6 PROPOSE,
ton, with the bonds to run thirty
years.
This compromise has been the frs
one ever made by which the principaI
Of the debt had been reduced.
The speaker then adverted to tn,
tariff, and said in regard to it that b,
stood where jackson had stood, wher,
the people stood, and where common
sense taught him he should stand
He was for tariff for revenue only
; He was for protecting home manufsc
turers, but believed that such revenu,
should only be levied as would max
competition equal between the foreign
and home manufacturer.
The speaker then gave a very min
, ute history of the tariff from the tim,
of Washington to the present, show
ing its good and evil effects unde.
certain conditions, and drawing tn,
conclusion that a tariff to be Of benef
/, to the nation should be for revenu,
only. He then entered into a length,
a~rraigning Of the iniquities Of III,
present internal revenue system an,
high tax policy, etc., of the govern
ment. He held hat the object of tn,
Republican party was not to pay the
national debt by the great revenue
that was sufficient to pay it in sever
years, out wished to perpetuato it, al
they, in consequence, as fasI
as money accumulated in the
treasury, appropriated and applied Il
for purposes of no material benefit tc
the country, viz: that of improving
creeks, bayous, etc., that no one could
find on the map, and to other purpose,
equally absurd. The speaker closed
his speech, which followed his remarks
on the tariff and devoted entirely L
national issues, with a few remarks a.
to his own course. He did not intend
n ask epv Ropraeantot,vn ~