Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-02-14


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The decision Of the Supreme Court
is received with real satisfaction all
over the State. If the 1908 act could
have been submitted to the people we
do not believe that twenty-five thou
sand votes could have been drummed
up in its favor. Those who favored it,
however sincere at the time, will
see that they made great mis-
take and ought to be thank
full that it was defeated.
Those who opposed it and carried the
question into the courts, deserve the
lasting gratitude of all thoughtful cit
liens. The fight on this line is over,
and the debt question goes back to the
people. The high credit papers have
received the decision with better grace
than was to be expected by the read
ers familiar with their abusive style.
They, perhaps. realize that they are
on the wrong side, and will be in a
frame Of mind to treat their late oppo.
nents with more respect and listen to
reason. Now word to our low tax
brethren. The LEDGER claims the
right to be heard. This paper has
pursued a given and a consistent
line ever since the debt ques
tion loomed up as an issue in
State politics. We have all the time
favored and urged a fair settlement,
based upon the good faith of the State
and the ability of tho people to pay
The LEDGER supported the 5O.4 meas
ure for the sake Of harmony. We can
say further that in a spirit Of compro-
mise we not only advocated this bill
through the paper, but that
we Individually and personally
worked for it outside, took the stump
and voted for it,. Still be-
cause we opposed the 1908
bill as we did the old funding
bill of 1873 the LEDGER has been
classed as reputation organ. But
let all this go, it was theresult Of an un-
fortunate misunderstanding and differ
ence of opinion, which has worked
great injury to the State,
What we propose now is that the low
tax people repel and disprove the
charge OF reputation by adopting a
positive policy looking to an carly and
equitable settlement Of the State
debt. We would not have the pres
ent Legislature touch it. That body
has been tried and its work is rejected.
But let the doctrine of settlement on
middle ground, say 50-3, be made the
issue in the next canvass. There will
be no Presidential election and no
national result involved. Let us
settle at a reasonable figure without
consulting any bondholder, levy a
sufficient tax to carry out the
settlement in good faith, aud
say to the creditors. Here
isyour money, come and fund your
bonds, get new ones and collect your
interest every tx months. Those who
might stand out for time could do SO,
but it would not be long until all
would come in and accept the terms
offered. Such a settlement would
stand and the question would
never again be opened,
or dragged through the mire and lob
bies of politics. If all conservative
sensible men will unite upon such a
policy az this the true principle of
state credit will be established and put
in operation. twill be vitalized and
Incorporated into the conduct OF
public affairs and we shall hear no
more of reputation or of
coercing a free and sovereign state.
A splendid opportunity presents itself
to the low tax press and leaders, and
to the good people Of the State at
large. Let US forget or condoue the
bitterness and the pickering and tho
pndignified discussions INDUCED in in
some quarters, and look ahead to the
restoration Of better feeling, and to the
welfare and good name of the State.
Let us settle the debt, even if some
have to make concessions. There are
many views as to the amount Of prin-
cipal and interest that should be paid.
All cannot prevail; delays are dan.
gerous. A fair, positive proposition
will carry and will end this unfortu
nate controversy.