Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-05-27
FIFTY AND FOUR.
A Bit Of Rather Interesting PO-
litIcaI History.
jackson Tribune and sun.

The pretended investigation into the
number of creditors who agreed to
accept the 50-4 proposition by the
Legislature, presents one of the curl
osities of politics. :.
At the beginning of the session such
and investigation was desired by the
low tar element and resisted by the
State credit element. At the close OF
the session the State credit element
inaugurate the farce of a pretended
investigation against the wishes of the
low tax element. The reasons for
this farce SO feebly acted are evident
to the thinking mind. Having deter
mined upon a settlement higher than
50-4 it became important to reverse
the tactics aud labor as hard to con-
vince the people that so 4 was not &C
cepted as they labored in that memoir
able campaign to convince the people
that it was accepted. Public opinion
having largely eentered upon a fifty
cent settlement, it became desirable to
create the impression that none of the
creditors ever agreed to accept it. The
manner of the investigation as well
as the report showed hat it was such
an i'll disguised maneuver as to deceive
no one.
Now as to the facts, Messrs. Enloe
and Baxter submitted to Governor
Marks with their report, q list OF
names claiming to represent an aggre-
gate of $2.5OO,0 900 bonds, and the in
dorsement of that fact by the Govern
or's private secretary, was, rs we un-
derstand, on the paper on the names,
and yet the majority of the committee
ignored the fact and decided that it
was not documentary evidence. The
acceptances sent directly to the Gov
ernor amounted to nearly four million
dollars.
We learn from Hi Enlos that the
reason why the amount represented
by each person or firm signing the &C
ceptance was not placed opposite their
names, was because it was objected to,
on the ground that it was injurious to
the credit of a firm or individual 70
publish the fact Of holding any consid-
cradle amount Of such doubtful secu-
rites.
During the 5O-4 campaign the names
and amounts represented, showing
over six million dollars acceptance,
we're published in the Nashville
American editorially, from the exam
ination of the official papers, and it
was copied all over the State into
other newspapers, and never denied OF
c%ontroyerted as a fact, 1t is notice
able, too, that the BOndholders' Com
mittee, who partially inspired this
farce, did not attempt to repudiate the
so acceptance until after it was voted
down by the people. The majority Of
the committee also attempt to create
the impression that nearly all the
creditors agreed to the so 6 PROPOSE
ton, and yet there is not in existence
documentary evidence on which they
put so much stress 10 show that more
than 100000 agreed to the 60-6
This fact, too, was published in the
same editorial Of the American re.
ferred to, and it was not c~ontradicteC
from any source. The anxiety tC
contradict it now would have beer
more timely four years ago, when the
same persons we're pushing the So
settlement who are now pushing tbs
66-34-5-6. The refusal oil the com
mittee to ask for power to send fol
persons and papers, shows the exten
to which the farce was to be pushed
That the Legislature did not est
mate the committees work yer
highly, may be judged from the fac
that no effort was made to adopt tn
majority report and give it the weigh
OF legislative judgment.