Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-03-09
Where the Compromise Comes

In.
The low tax men who consent to a
settlement at 50-3 make far greater
concession than most of the high tax
men. The former supported plat.
form which recognized only about two
million five hundred thousand dollars
OF the State debt as valid. Mr.. Will
son, the candidate upon this platform,
was supported by $1,000 Democratic
voters, and there is no Disgusting the
fact that great many of them feel
very much as they did then. In
agreeing to settle at 5O-3 in spirit of
compromise and in order to get tie
question out of politics, they go up
from 81 5000 to not less than Sl5,-
100000. Now how muchs do the
others fall? The test of State credit
In 1879 was 50.4. Judge John v.
Wright made the canvass upon an in
definite platform, but he intimated
that he would never consent
to settlement above COG. So
1T is not great step from
6O-4 or 6O.6 down to 503. The 1908
act was not Democratsc measure, or
contemplated, until sprung upon the
Legislature. 1t barely passed by a
majority OF one vote in the Senate, and
the member who changed his vote over
to that side explained that he had
hoped to pass Mr.. Daniels bill, which
provided for 50-4, 5 and 6, but failing
in that, voted for the 1908
as better than no settlement
at all Various other members
made the same explanation of their
votes The most of the high tax pa
psrs came out and said it was not
what they wanted, but for the sake of
some kind Of a settlement they wonld
acquiesce in it. So that measure is
not the true standard of State credit
from a high tax Democratic stand.
point. We believe that majority of
them would favor something like 50
aud 4, and that majority of low tax
Democrats will readily consent to 80
and 3, The chasm is not so wide
but that sensible men may come to-
gether without any sacrifice of priu-
clple or personal pride of opinion.
The low tax meu, so often suspected of
being repudiators, have manifested a
disposition to go over half way, and we
cannot see how they could be asked or
expected to 60 any further. We are
aware that certain element insists
that it would be Reputation to
offer anything less than the bond
holders agree TO take. Yet this same
element stood upon platform in 1880
which proclaimed that the bondhold-
ers recognized the equities of the peo-
pie and would make very liberal con-
cessions to the people, If any of the
bondholders were so literally disposed
they failed to come forward when the
Legislature met. The equities Of the
people have been recognized and de-
clared by every Democratic conven
tion that has met since the war and re-
sounded upon every stump and by every
single Democratic newspaper. The
bondholders would naturally prefer to
collect dollar for dollar with six per
cent interest. To leave the settlement
to them would be to pay at this rate
and acknowledge that our talk about
equities had been done in a spirit OF
insincere dickering to secure an ad-
vantage in a trade. It would be an
admission that the Democrats of the
State through all their agencies,
presses, cO9yentions, platforms, Leg
islatures and Governors had been will.
fully misrepresenting the facts. IF
there ever were any equities or grounds
for claiming reduction and readjust-
ment, they exist yet, and if the people
do not insist upon them, it will not be
done at all. Whatever negotiation"
Judge Wright might have attempted
if elected Governor, he fell
into line and approved tbe 100 3 act
after it was passed. The theory of
some Democrats is that no settlement
is honorable that does not come from
the bondholders. Yet these same
Democrats have no public assurance
that even the 1908 was acceptable to
a majority Of the States creditors. A
larger class of Democrats are unwilling
to assume any settlement that
they know cannot be carried out.
There are innumerable shades
Of opinion, but it is possible to mus
ter these into ommon line and
march on to victory. If those who
exerted themselves so severely to,
swallow the 1908 will make half the
effort to harmonic With the other
wing of the party settlement will be
made through Democratic Governor
and Legislature that will be accept
able to the great majority of bond
holders, maintain the good name of
Il