Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-05-24

luC PooocEN VI SAo 0NeAoA
60.6bill has again complicated the mat
ter of q permanent settlement Of on
State debt. 1t was unquestiOnably
intended by its authors to have tina
effect, but all good citizens will depre,
cate the fact that, unless wise coun.
sells prevail, this disreputabls quar-.
rel must remain as a sort of spring
board for the politician for IN indef-
mite period of time. Now, it is most
manifest that an overwhelming ma
jority of the taxpayers of the State
believe that 50.4 would be about a fair
and honest basis of settlement. All
our leading men, our railroad states
men and even the cunning s%rtificer,
Butler himself, stood upon that plat
form in 1879. With all the recent
developments of public opinion, it is
not likely that any sane man will
make haste to fund his bonds under
this law until the Democratic conven-
ton of the 10th Of June has spoken.
Indeed, it would be inexcusable in
the Funding Board to have the bonds
printed until the drift Of public
opinion is seen. If the Democracy
should harmonic upon this settle
ment, then this is a fnality-so far as
that party is concerned-but the dan
ger in that event would be that the
Butler Hawkins dynasty would call
another extra session and undo the
whole thing. If, on the other hand,
the convention should demand a re.
adjustment, it is well that it be under
stood that this Butler bill is a dead
letter on the statute book. Now,
what is the best thing to be done2
The writer of this is a 50-4 Demo
crat. He thinks that a debt that has
been funded, refunded and com.
pounded as often as this has, and that
has about its history so much suspi-
cion Of foul dealing, might we'll be
cut in twain, as the Minnesota debt
was, and that four per cent would be
q fair interest upon it. But the live
question is, what are we going to do
about this settlement My advice to
the Democracy is let it stand. By
the time we are done quarreling oVer
the debt it will have doubled itself.
The whole is now bearing interest at
the rate of six per cent per mum.
1t is increasing at the rate of $l,2O0,-
516 per annum-$l00,04z.90 per
month, $3334.75 per day, 1890 per
hour and $3.50 per minute. If the
Democratic convention acquiesces in
this settlement, the question is put at
rest forever; the Radical balloon is
punctured and it drops to the ground.
and the old Democratic msjoritles Of
forty and fifty thousand will bring out
again the shout of triumph which this
this debt question has effeetually
squelched and suppressed. The six
per cent interest is a heavy rate in
these times on a public debt. If it
becomes too great a burtheu, how
ever, the remedy is with the Legisls-
ture. But by the time the lower
grades Of interest are paid our great
State will begin to real her crest as
she has never been able to do with this
incubus upon her. This settlement
eliminates the war interest, the COM
pound interest and much else besides.
Ny advice to the Democracy is to
stand by the settlement, put this debt
question out Of State and national
politics, for it is a dangerous element
Of both, and thus battle the machina
tons Butler and Hawkins aud their
Radical allies 10 New York and Wash
ingtOn. But suppose a majority Of
the convention should disagree with
me in this matter, then what is to be
done? The convention must take q
position in favor Of a settlement and
stand by it in good faith. The honor
OF Tennessee may well be entrusted
to the Democratic party. A settle.
ment at 5O-3l and 5, the first rate t.
run for ten years, the latter thirty
years, or some approximate figure viii
be just, and doubtless acceptable Il
the bulk Of the creditors when the,
come to a full understanding of tn,
history Of this debt. Let this and tn
Co.'s be Squarely submitted to tn.
people in the election Of Governo
and Representatives, and Messrs
Hawkins and Butler may remain a
home hereafter and bemoau the fat
of the best laid schemes Of men an.
mice"-the debt will be honorabl
settled by the people who have it t
pay and justice be done to all. Ihop
the Democratic convention will b
governed by wise counsels; that il
members may see this matter as l Sc
it. 1t is better to agreed upon Ii
settlement as proposed in the Butte
bill, consolidate our scattered force
take the question out of our politi,
and go to work and pay as long as v
can. But if you cannot do this, q
something that will lead to an homo.
ob1a ond oOaoJv .o4Al. III