The home journal. (Winchester, Tenn.) 1858-188?, 1882-07-26
Tennessee bonds are quoted at 55
cents.
Tho Spurious Democracy Of
July lith.

Never before, in the political history
of this country, has there been such n
display of preposterous and utterly ri
diculous assumption as that exhibited
by the knot Of men who, at Nashville
'on the 18th of July, went through the
form of adopting set of resolutions and
nominating young man, scarcely
known beyond the limits of his county,
as candidate for Governor, and there
upon pompously styling themselves the
Democratic party of Tennessee. 1t is i'll
deed the broadcst farce Of that charac-
ter ever attempted. In this free coun-
try it is the privilege of any number Of
persons who may choose, to assemble
and formulate their views on public
questions; but for a hundred or two
selfappointed individuals to arrogatc to
themselves the province Of speaking for
the creed and opinions of great polit-
cal organization from whose regularly
called and authorized Convention they
had recently seeded, and to boastfully
assert themselves the true representa-.
tives Of that party, is the rankest abuse
of the privilege. The gross pretension
is an insult to common sense, and
scarcely merits the trouble necessary to
expose it. If that junto Of disappointed
and factious leaders had been content to
callthemselvcs "New-Light Democrats
or Latter-Day Democrats" or " Re-
formed Democrats" we should have
made perhaps a mild protest against
such misuse Of the term, Democrat or
If, as they were attempting to form a
new political sect, they had invented a
new name-no matter what--no objec-
ton would be offered. But for cabal,
which in Convention of the Democrat
ic party Of nearly fourteen hundred rogu.
larly chosen delegates, by vote in
round numbers of t,celue hundred to tue
hundred, had been defeated, to erect il
self as the exponent of that party, ant
attempt to beguilc the people and pro
cure following as the Dcmocrotic par
ty ofTennessee, is feat of political au
dacity without parallel
In the Convention of June Goth, for
mally called by the official representa-
tves authorized to assemble it, the Dem
ocratic party of Tennessee, previously
divided on Il single subordinate, domes
tic question Of State policy, by mutual
CONCESSIONS ix-seyenths of the dele.
gates concurring-were practically uni
fed rs regards that question. That Con
vention proclaimed declaration O
views in regard to the public debt o
the State, in substance this: First
that the recently enacted law proposing
a settlement of the State debt known a
the 60-3.4-5-5 adjustment, was repug
nant in its terms, as also in the mode o
its enactment, to the Views of n MAORI
ty of the people, and for that reason
could not, would not, and ought not to
be permanent settlement. Secondly,
that recognizing in the aggregate of the
States aledged Indebtedness two dis
tinct species of debt-one incurred for
property and stocks owned by the State
now and formerly, and another for
which the State received no considcra-
ton, and for the payment of which,
principal and interest," certain railroad
corporations were originally liable, ant
only technical and doubtful claim now
holds against the State-.a proposition
in lieu of the 60-3-4-5-6 was suggested
as the basis of a permanent settlement
by the Legislature now to be elected.
The essence of that proposition, strip.
ped of its useless verbiage, is, to pay the
first species of debt-the "actual" debt,
so demonstrated by all the Comptrollers
of the Treasury from 1858 to 1874, in
full--100-6, less interest accrued during
the war; and the contingent debt, in
Cured by loan Of State credit to rail
roads, in half and at half the rate of in
tercst stipulated in the bonds, or sos.
Much hypercritical disparagement Of
this portion Of the platform has been
made. 1t has been characterized as
ambiguous, impracticable and unjust in
its determinations among creditors.
Should it come to be formulated as n
tender by the Legislature to the credit
ors it need be neither AS declare
ton by the Democratic party on behalf
of the taxpayers, it is suggestive only
asa basis. A Legislature would fully
obey its Instructions in offering general
compromise bonds on an average of the
portion Of the debt to be paid in full
and that to be paid in half and an av-
crage rate of interest likewise. The s
platform discriminates only as to the
(Ax-payers estimate of what he owesI q