Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-02-21

IHE NasnVllle American suggests
that commission be created by the
next Legislature to investigate the
State debt question in its various
bearings and aspects, and report upon
it. Some good reasons are assigned
for such course, to which others
might be added. A board, composed
Of three, five or seven men, of high
standing and sound judgment, taking
up this question from the beginning
and tracing it step by step, as would
be done in Chancery case, and max
ing allowances for all the equities to
which the people are morally entitled,
could, and most probably would, report
a basis of settlement that would be
acceptable to the people and to the
creditors of the State. A bill having
such an end in view was introduced in
the Legislature in 1879, but the ex.
citement ran too high and fierce then
to allow any time for the consideration
Of such prudent measure. The idea
was not to give the board any
power to settle, but merely to
investigate, with q view to arrive at
calm, impartial conclusion as to the
extent of just liabilities, and if posi-
bic to harmonize them with ability of
the people to pay. If We owe it all
justly and are able to pay it we should
do SO, but the people have been de-
ceivod and swindled so often and heard
of SO much corruption and trickery
that they are not willing % Sccept q
settlement forced upon them at the
instigation Of bondholders, politician:
and newspapers. There is no question
as to the honesty Of the masses, but
they are suspicious and justly SO. Ar
opinion delivered by a fair tribunal
composed of men above suspicion
would carry some weight with it, and
probably open the wey for a prOmpt
and final settlement. A settlement
to stand must not be forced, for the
people will find some way to upset it
The one that stands must be based
upon their consent; to obtain thal
consent their judgment and con.
science must be reached, and thi:
cannot be done by the extreme
men and papers Of any faction or party
1t is an easy matter to denounce then
as communists and repudiators, as
some of the high toned papers do, but
they knowi it does not make them such
any more than it is believed by those
who invent such epithets. The
LEDGER is for an equitable, practical
business like settlement, and always
has been. We believe there is q
broad middle ground upon which men
of common sense and conservative
views can meet and talk over the CUES.
tion dispassionately, aud agree upon a
settlement which will neither do in
justice to the bondholders or impov-
erish or overload the people. To thi:
end we have worked quietly, consist
emily and unswervingly for ten years,
counselling our friends to keep COO
and bido their time, and at the same
time treating those who differed from
us with the respect which we would
claim for ourselves. Until a ma
jOrity Of the people come to some un
derstanding like this, there will be
agitation, aud elimination and re-
elimination, charges and counter
charges, schemes and rings and eau
cuses, but no settlement. If the
agitators who appeal only to passion
and to the vocabulary ofepithet could
be bound over to keep tho peace yeal
or two, until the thoughtful, prudent
men ofthe State could come forward
and take the question in hand, it woulG
be speedily adjusted so as to meet
popular approval aud be removed from
the political arena.
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