Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-10-04

never be finally settled without IL. But |
now that ninetseu-twentieth OF the Dsmoc-
racy, in their great representations Conyeu- |
ton OF the 10th Of june, have agreed 10 |
stand together on the middle ground, the |
people and the creditors are alike to be con-
graduated that submission 10 the people" |
in any other form will never be demanded. |
Within twenty days after the passage OF the |
sixty-and-s six, there came up from all parts |
of the State the muitsriDgs OF popular Indig- |
nation, and it was manifest to all thoughtful |
men til al the proposed settlement was uusat- |
isfactory to a majority OF the people. 1t
NAV be that there were other reasons Tor this
general storm Of indignation besides the
preconceived opinion that the settlement
promised more than the people thought they
o light TO paw. But with this we have nothing
t. do. The TACT stands undisputed that
verv large majority of the people OF TenDes-
see are opposed TO the sxty-aud six PROPOSE
ton. and many of the sensible men among the
bondholders have very clearly indicated the
opinion that so long as this is 80 no settle
ment can be a fuality. Under these condi-
lions the Convention of the 10th Of June as
sembled at the capital. 1t was the
largest, the most representative body
of earnest, honest, thoughtful men ever
/ assembled in this State. Such IS the
concurrent testimony OF all who looked upon
that splendid gathering OF farmers, mechan-
les, merchants, physicians, journalists and
LAWYERS OF Tennessee. They adopted basis
of settlement as a compromise of all conflicts
of opinion at ffly-and-three for the railroad
bonds, and TO pay all the other debt at par,
except the war Interest," d ltference In favor
of the creditors of dozen millions or more
over the sixty-and-six. This they propose
| to submit to the creditors, and ask their ap-
| provaI. This proposition is eninently sat
isfactorv to the holders of the favored
b nds but eminently otherwise to the rail-
road companies and their attorneys. These
railroad companies, still frightened at the
ghost OF Charles O'Conor's opinion, have
| allied themselves with the Hawkins wing OF
| the Republican party to elect Mr.. Hawkins
governor. They think it is a fight Tor life
with them, and the instinct of self-deiense-
| natures higher law-ought to shield them
| from the public censure. Mr. OConor's
| opinion, that the bondholders have lien
| upon the roads, Notwithstanding the State
| has discharged them, is at wsr with that OF
| the whole profession of disinlerested lawyers,
| and is triumphaptly refuted by the opinion
of the United States district judges,
| who, as court OF prime resort,
| have adjudicsted this question. There
| is scarcely a lawyer in Tennessee familiar
| with this bond legislation, who does not
| think that tine opinion of the court in that
case is a demonstration. By the time the
| trepidation OF the railroad companies over
| O'Conor's opinion had been soothed and
| auieted by the passage of the one-hundred
| and three, public opinion was rapidly COM
| biniug against that measure, and professional
| opinion in Tennessee began to formulate
| against il and to foreshadow its overthrow.
| The legal propositions involved were elemen-
| tary, but there had been no ecasion for their
development in the Jurisprudence of the
| State before. The act was declared uncon-
| stitutional, and this effectually put quIetns
| upon the principles of the northumberland
| three bill. 1t was now that the railroad
| troubles began to come back to them. Mr..
| Eugene Kelly, chairman OF the Tennessee
| Bondbolders' Association, said in an inter-
| view with New York Tribune reporter:
"Tbe suit brought by the committee against
the railroads is pending 10 the United States
| Supreme Court, and non, Of course, Tie commit
| tee will press that suit to q final hearing"
| This timely threat-published, doubtless by
arrangement, everywhere in Tennessee-had
the desired effect, and instantly the old
| tremor seized upon the companies again,
scheme of Hawkins, Butler & Co. to disor-
ganizs the Democracy and force an odious
| settlement upon the people. These were
| the schemes of Hawkins, Butler ~
| Co. We are but Just to the rail
road companies and their advisers when
| we say that the pecuniary stake, not pol
| itics is the whole secret of their cooperation
and that nothing less than the momentous
| interest involved could have won the
scores of sterling Democrats who control
our railway system, 10 throw themselves,
either directly or indirectly, into the lech-
erous embraces OF those bold, bad men who,
| in the long sad night that followed our I'M
happy civil war, made this beautiful COM
monwealth very hell OF discord, Injustice
aud oppression. So much for the political
status Of this unhappy controversy. The
legal aspects of the question in the several
phases in which Judge Wright has discuss
ed them, will be considered in the next and
| subsequent papers. MAX WELToN.