Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-10-01
The InterVieW.

A Tribune reporter recently talked with
Col NJ. T. Polk the State treasurer of Tennessee.
about the financial and political affairs Of his
81 viii Confess that the exchange of bonds I'M
der the recent compromise has not proceeded as
have recepted for more than q. 600 900 old bonds
which were delivered to US. We nave Issued
= oeT 6 o t6s o ia sse ceorng he
rate of exchange. That, as Is known, Is sixty per
cent in new bonds for the fsSs s OF me 1S
total debt TO be refunded is about $2!,ooo.OOO;
From that amount, however. must be deducted
tionai Institutions in our State, and something
over 81 2OOOOO held in trust BY the United States
indian nations. We are not refunding
these. having been paying the interest on
bondholders return from their summer vacation
believe that the amount OF bonds presented ior
exchange viii be very large In fact nsye only
bondholders that they would refund their mold
ings at once. Undoubtedly many persons have
been deferred from exchanging their bonds by the
fear that the new Legislature will be controlled
by the repudiationists and will upset the present
groundiess. The election is sure to be carried by
the debtpaying parties At any rate, If the re-
pudiationists get control it will mean post
ponement of q settlement for twenty years; equiv
alent TO nat-footed reputation: The best terms
offered I'D BY e that paey Sr per
Now. allowing for the possibility of the sue
cess of those people, bondholders, by accepting
terest on the new bonds. l am paying the July
coupons on the bonds as they are issued, and have
the funos on hand to pay the next January cou-
pons. Aud Intend TO pay that coupon. think
that the man who doesn't accept the present set
closed in about ten days and thereafter bon dhold
ers who decide to surrender their old securities
Will have 10 send them on u Nashville and pay
the expense of transportation. After September
10th our week here stops ,
Are you confident of the defeat of the repudi
stors in TennesseeT
Perfectly confident" Mr.. Polk replied. There
Republican candidate The state-credit Demo,
crsts are steadily gaiaing, too. The furer over
the nomination of Gen. Bate, the Low-tsx party
over. and also the aliuring enthusiasm about
uniting the Democratic party in the State. We
voters who at first were Influenced by these con-
sderations in favor of the repudistionisis- Low
tax party is an attractive name. and l never
knew any persons TO be more attracted by the cry
of low taxes than those who don't pay any and
am willing 10 predict that IN the next Iegisla:
ture there wilt be ffty-two Republicans and
twenty four State.credit Democrats, seventy-six
members in favor OF maintaining the debt settle
ment: out Of total of 1872 in both branches of the
reslly doubtful district. 1t is true that many OF
these districts are claimed by the Low-tax party
but then they clsimed many Of them at the last
"our State election occurs on November I'd
continued Mr.. Polk. 1.-THE campaign begins at
once. GOV. Hawkins. James Fussell, the State
credit candidate for governor. and J. K. Beasley,
the Greenbacker, start on a stamping tour to-
gether. The friends of Gen. Bate refused to allow
him to go with the party on the ground that there
would not be time for all four candidates to make
speeches on the same night. The real reason is
that they know that Gen. Bate would be beaten on
the platform. He is very popular man. and per-
sonally like him very much. But while he is
good orator, SO far as speech-making goes, he can
facts against him and he could not overthrow
them
"How about the United States senatorship from
"Senator Harris, whose term has expired, took
the ground that he must support the position of
the majority of his party As the refunding of the
State debt In new three per cent. bonds at fifty
cents on the dollar is favored by majority of the
Democrats, Mr.. Harris has esp0used that proposi-
ton, and will speak through the State in support
of Gen. Bate. But Mr.. Hsrris will not 60 back to
the Senate even ii the repudiaionists are victori-
ous. In that case any other man-even a violent
Low-tsx mAn-would be preferred by our party
10 him., Senator Howell E. jackson is going
10 meet Mr. Harris wherever he goes. Mr.. jack
son is man who does not believe that Democratic
principle should be sacrificed to Democratic
TO pay ones debt, he does not believe in repu-
dating it. The good name of the State is to be
preserved even above the union OF the party.
Harris when governor of Tennessee, signed about
900 900 OF the old bonds, and he knows that the
1ebt is an honest one"
In conclusion Col. Polk. reverting to the Ques-
ion of the present exchange of bonds, said: ut
4 they suffer the compromise to fail through
heir neglect to exchange their bonds. By delay
hey are only aggrayating the State-credit Demo
rats, who have sacrificed their political and per-
onal Interests in order to bring about the settle
nsnE"