Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-07-21
The COurier-JOurnaI and Ten
nesSee.
Courier Journal, 18th.

Our jocose neigbbor, the Louisville
Commercial, whose disposition to poke
fun at the Courier journal is only
rivaled by its zeal in the cause Of
reform, is just now amusing its readers
and itself with an attempt TO establish
an inconsistency upon us in the matter
of the Tennessee debt. 1t makes, by
way of proof, two quotations, one of
last December and one of a recent
date, in the first of which We urged
the friends Of public credit in Ten
nessee to stand by their guns at every
cost, and in the second of which we
advocated the election Of General
Bate. The Commercial, whose face.
tiOusness overcomes its logical acu-
men, fails to see that there is no in
consistency whatever in these two
expressions.
There are three modes of dis
posing of a debt, to pay it in full,
to scale or compromise it and
to repudiate it. We have
steadily urged Tennessee to adopt the
FIRST Of these methods. The disquali-
fed 100 5 bill did so. But, since its
notification by the Supreme Court, no
party in the State has proposed
the liquidation of the debt
dollar for dollar. On the
contrary, the settlement made by the
last extra session of the Legislature
repudlates forty cents on the dollar,
proposing to close out the business at
5000. AS a matter of public credit
and honor, this is as Objectionable as
BOB, or 40-4, or any other less sum
than the full principal and interest,
and discharges US, and everybody else
not committed TO it, from obligation
to support it. Assuredly we have
never given it any other concurrence
than that Of desire to get rid and
have tone with a wretched middle,
which has done infinite hurt to both
Tennessee and the Democratic party.
Meanwhile a Democratic State con-
vention assemblies at Nashville. This
is both large and representative. 1t
embraces the very best men in the
party and the State. By an over
whelming majority it rejects the 60-6
arrangement, and proposes in lieu
thereof the full payment Of what is
known as the State debt proper" and
the settlement OF what is called the
railroad debt" at the rate Of 50-3.
This, il is claimed, is more equitable
to the creditors Of the State than che
scaling Of the whole debt to 60-6.
Whether it be so or not we do not pre-
tend to say; such details do not con.
Germ US. Ali that we know is that both
parties propose partial repudiation;that
ten cents on the dollar covers the issue
between them; and that on either hand
our choice is reduced to one Of expe-
dients. Thus free to choose betwixi
tweedledum and tweedledee- Ito sup.
port a little clump of boilers in their
effort to continue the State in the
hauds of the Republican party and to
give the Administration another Uni,
ted States Senator, or to stand by oul
party and its colors-we cannot for a
moment hesitate, and there is not the
slightest inconsistency, as between
two schemes Of population, since VIZ
have TO take one or the other, in oul
preierring that which is offered by ouI
friends TO that which is offered by Oul
J enemies.
OF the Democratic plan we may say
as Touchstone of Audrey, It's IAN i'll
favored thing, sir, but mine own
We discount it for what it is worth
promising that it is worth at least a
much as the sham p~retense Of thosI
who preach for Tennessee honesty q
sixty cents on the dollar, whilst preach
ing readjustmen and repudiatiou il
Virginia. Of the Democratic nominee