Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-02-09

been received in this city from a prom
inent high tax Democrat in Nashville
stating that it had been ascertaineC
that three members of the SUPREME
Court would decide against the bond
holders in the 1908 case. The news
created considerable talk in a quiet
way, but was generally discredited
even by those who thought it might be
true. 1t does not often happen that
opinions in regard to important cases
are given out in advance, although
outsiders sometimes form correct con-
lectures. It's the concurrent testimony
Of all who have listened to the pro-
ceediugs in this case that the court has
paid very close attention to the argu-
ments without giving any intima-
ton as to its bias. The common pre-
sumption was that being State credit
men, the members would be inclined
involuntarially and unconscious
ly to follow the adopted policy
Of the party, or rather
faction of the party to which they be-
long. That there is law, theory and
plausible argument on both sides no
candid intelligent man can deny. The
man who does so advertises himself as
narrow.minded, bigoted partisan.
The low tax men, after their expe-
rience, after the passage of the 1908
bill aud its endorsement by leaders
who had opposed such q settlement,
were prepared for almost anything. 1t
was rather expected that a majority Of
the Court would affirm the constitu-
tionality of the act. Hence the rumor
of yesterday was received with some
grains Of incredibly. The anti 100 3
folks are used to defeat but not to
success, and hence not prepared for
such news. All went home to sleep On
it. This morning brought no con-
and so the matter viii stand
until the court delivers its opinion,
which will probably be on Saturday.
The people can afford to wait, even
until next December. The hurry has
al been on the side of the bOndhold-
Frs and others interested in fastening
this piece Of legislation on the State
forever. Efforts have no doubt been
made to sound the Supreme Court |
Judges separately through intimate
friends, not directly, of course, but
casually and incidentally. Great i'm.
Dortanee would be attached to |
, slight remark even coming second |
handed. 1t may be that the tendency |
IT mind Of the Court has thus been
Dolled in advance. Under the effect Of
he news sent out from Nashville, !
quotations Of old Tennessee bonds in |
New York fell between Monday and |
Wednesday from 74t to 663c. This |
does not prove, however, that any
sales really took place. The whole
thing may be a speculative trick to
enable the syndicate to buy more |
bonds at a low figure. The ring man
ipulates the figures, and makes changes
from day to day when no trausac-
tons take place. To illustrate this.
Last summer a gentleman in this
city sent three Tennessee bonds to
a bank in New York to be sold. The
bank placed the funds in the lands Of
a broker as usual. Three weeks
elapsed and no return. The quota
tons were changed daily. Finally
the gentleman went on 10 New York
on other business and called to see
what caused the delay. The banker
confessed that no sales had taken
place in the three weeks, and that the
quotations were purely fictitious. The
bonds we're forced on the market and
sold at two cents less than he quoted
price, and this, the first and only real
sale made in a month, caused the
market to decline two cents, and 50 it
stood for some time. The big dealers
always know how to squeeze out the
little ones and to take advantage Of
circumstances. The decision will be
awaited with more anxiety than ever,
and should it be in favor of the peo-
pie and the sovereignty of the State
it will give greater satisfaction than
any event since the eniranchissment
OF one hundred thousand citizens soon
after the war.
------
Lives OF great men always remind
us that we are to die" says an ex
change, but never cough yourself