Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-06-28

without eaIe, denial or delay. And IN acc
ton q of the came article il is declared th II
no man's particular service shall be required
or properly taken, or applied 10 public use,
without the consent Of his representatives, or
without Iust compensation made therefor"
and in another section il il declared chat
no Retrospective laws, or laws in pairing the
oblig alton of contracts, shall be made" An
| other reason why We cannot consent to be
hound by the action of the majority of the
convention is to b found in tbs fact that the
resolutions unjustiy discriminate between the
creditors of the Safe.
THE HOLDERS OF THE BONDS
which they describe the State DEBT proper
are To be paid in full, less what is called the
war interest, while the holders of the other
bonds, Of equal obligation, are to be paid
only one-half the sum due in bonds of the
State bearing three per cent. interest, which
IL equivalent to less than thirty three per
cent. of their just demand. Nobody believes
that this class of creditors, whose claims are
thus recklessly disregarded, will accept the
terms proposed, and we convinced that
the tendency of further agitation and heated
discussion Of this question is in the direction
OF downright reputation of the entire debt,
and that there is great danger that if il is
not speedily removed from the arena of po-
liticai strife Tennessee will have to bear the
opprobrium aud suffer the losses that inev-
iIsbly fall upon a repudiating State. We
do not assert that majority of those who
sustain the action of the convention desire TO
bring about 20 unfortunate a conclusion to
this iamentable controversy, but such is the
tendency of these policies-of policies that
are blind and reckless, looking to weight of
numbers rather than TO principles, and for
the sake of gaining strength at the ballot
box, compel great masses of men to add
millions 10 the public debt. AS was shown
when the convention having, by vote of
$50 to 473, declared against
THE PAYMENT OF WAR INTEREST,
within less than three hours afterward unan-
imously reversed its action upon an appeal
made by a distinguished member, who de-
clared that by SO doing they would "add
$1,000 votes 10 their cause, and your banner
will go TO victory" An additional reason
for opposing the action of the convention Is,
that the new terms proposed terms of set
tlement), although uujustly discriminating
between the creditors, does not materially
change the Gum total to be paid by the peo-
pie. Indeed, many persons, we'll informed as
to the different class of bonds, do not hesitate
to say that the sum TO be paid under the set
Element made by the Legislature is less than
will be paid if the offer made by the conven-
ton shall be accepted. Then, whatever may
have been the motive that controlled the |
convention, the State will not derive any
benefit from its action, while our own party |
will be still further disrupted. The minority |
is not insensible to the fact that they have
taken a course that will
SUBJECT THEM TO CRITICISM BY SOME, AND TO
CONDENSATION BY OTHERS,
of those with whom they have been ascot |
sted in party relations. The responsibility |
of this course they are willing TO assume |
They believe they are fully justified by the |
departure of the majority from every prece- |
dent in the history of the party in Tennessee,
and they are constrained to take this step by |
their love of true Democracy, which requires |
every man to do equal and exact justice to |
all men, and exacts from the government a
recognition of the personal, civil and politi- |
cal rights of all. Moreover, they wish to |
save the Democracy of Tennessee and to |
place it abreast with the Democracy of the |
Union; to align it in 1882 with the men of |
other STATE, who have declared that the |
pubic credit, State and nationsI, must be |
m sintained and they are convinced that the |
only hope Of harmonizing the Democracy of |
the State is to BE- found in the recognition of |
principles that govern men in all civilized |
States. the basis of which ia the "Goiden |
Rule" Acquiescence in the settlement made |
by the Legislature will place our unhappy |
State before the world in its proper position;
it will accord to its creditors all they ask;
will bring peace and repose to our borders,
with honor and character to all our people. |
j. E. BAILEY,
ROBEBT l.. MORRIS,
s. r. LAJTA,
Z. A. JAMES,
(. H. HATCHER,
COMMITTEE.