Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-07-18

quest me TO ask very DESTROYS of knowing
this at once. think you and your wing of
the party have acted nobly in your sfiort to
restore the grand old party. l have had
frequent occssions to say that you were the
only men who made any sacrifice for har-
mony. Answer me at once. Truly,
JOHN w. BUFORD.
COLONEL JOHN II. sAvAGE's REPLY.
l submit for publication the above letter
of Colonel John w. Buford, gallant soldier
and State-credit Democrat, as a sample of
many others of like character received from
gentlemen Of both wings Of our party, with
my reply thereto, which 1 request will be
accepted as an answer 10 all such letters, in
asmuch as have not time to address answers
in full to each. it is little singular that
we have governors and ex-governors, none Of
whom seem to know the precise condition Of
'the actual indebtedness OF the State" or OF
f'the liability of the State on account of
bonds loaned to internal Improvements COM
panIes." We need an honest man for gov
ernor, not Tslleyrandish schemer for per.
sonal and party ACKNOWLEDGEMENT. 1t matters
little to the people which party has the gov
ernor
IF THE CAPITOL is TO CONTINUE AN AUGEAN
STABLE
in which the enemies of the people fatten
and grow in huge proportions in wealth and
power. The limits of this letter will allow
me to present only few items. 1t appears
from the governors message on the 4th OF
October, 1859, that "the actual Indebtedness
was then S., sS4, COG Sc, and the liabilities of
the State on account of bonds loaned to in
ternal improvement companies was Sc, 709,-
O00" The items are there set forth and
cannot be detailed in this letter. All bonds
issnsd- bAfere me passage OF the railroad act
Of 1852 were issued by the State for the use
OF the State. All bonds issued under the
act of 1852 and amendments thereto were
issued for the use and benefit of the rail-
roads. All the bonds show upon their face
to what class they belong-whether issued
for purposes of State, or for the use OF
the railroads, and there is a descriptive
record or list of each bond showing the
specific purpose to which each bond was
appropriated. The United States keeps a
history and descriptive list of each soldier,
30 as TO identify him for pay or pension. In
like manner can every bond of Tennessee be
identified. The bondholders have tried to
mix these unjust bonds with the Just bonds,
so as to save the railroad Sodom by virtue
of the bonds covering money used for State
purposes. If l had been governor for two
years 1 would answer from personal exam
inatiou, but now rely upon the clerical abil-
tiles of others.
NEIL g. BROWN, JR.,
whose clerical abilities are admitted to be of
the highest order, made detailed statement
of the State bonds in April last. Mr.. Brown
is a State-credit Democrat, and had no IN
terest, so lar as l can see, in making a mis-
statement. This statement purports to emu
merate every bond issued for the use OF
railroads, and also every bond Cancelled, and
TO which class it belongs. l rely upon this
1t is entitled to more credit than
vi Ur for
poses. L believe it TO be correct, or approxi-
mate to the truth. Mr.. Brown shows all
bonds issued by the Stale for the use OF the
T0---ssouVs, 1f-vlrzries 40
bonds issued for State stock in the Hiwasse
and 200 bonds issued IN like m an
ner to the Lagrange and Memphis railroad.
Mr.. Browns statement further shows that
1912 of
THESE BONDS HAVE BEEN CANCELLED
and that there is now outstanding, uncan-
celed, neither funded DOR renewed, only 1918
bonds of this class; deducting the above
named railroad bonds, which commenced
and ended in one Of the grossest frauds ever
on people, leaves 500 bonds
now outstanding. Ii all the above bonds
are 10 be paid, the amount would be 81 ,000,-
600 or less, because 500 bonds Issued for
building the capitol are for $3.50 each,
some of which, it is believed, are now out
standing, which would reduce the estimate
above to the extent OF $3.50 for each bond
Now, deduct war interest, and the amount to
be paid on the State debt proper will be
small. 1 am opposed to war interest. War
is moneys opportunity, and the misfortune
and sacrifice of the people. 1t should be an
everlasting law that when the war drum
sounds no dollar or fixed capital should
draw one cent interest until the banner of
peace is again unfurled. If such was the
law wars would cease and
UNIVERSAL PEACE BLESS THE WORLD.
The convention meant well. The action
is a progress in the right directions vast
of 1880. Neither the verdict
of a jury or the platform of convention
will ever satisfy all parties. Conventions, at
best, are subject to grave objections 1t is
not always that their,platforms represent the
will of the people, or even OF the body itself.
Their platforms are advisory. There is
higher power behind them, to whom all great
questions must be submitted. Free men
cannot be made to think by legislation, or by
the sword believe. Let each representative
district send a solid man to the Legislature
TO represent the people, no matter what may
be their particular views. As 10 the gov
ernor, the race is
BETWEEN BATE AND HAWKINS.
The absurdity of the cutlery against the
payment OF the State debt proper is manifest
when it is known to be made by men who
have heretofore favored the dollar for dollar
funding bill, the hundrei-and-three coupon
bill, and now favor the Hawkins sixty and
six bill. Some of these men slandered me
because asked relief from one hundred-and-
six, and they will now denounce me because
do not bolt the ffty-and-three. The bills
introduced by me in the Legislatures oil
1877 and 1879 for settling this question by
he hal tOt. N w
submitted sixty cents, fifty cents, thirty-three
and a third cents and nothing, provided
lat if nothing should have a majority OF
all the votes cast that it should be held as
The decree of the people that the railroad
bonds are illegal, reserving to tho next Legis-
lature thereafter assembled the power and
the duty to provide for the payment OF SO
much and such part of the State debt proper
as shall remain unpaid and az they think
ouebt 10 be paid. 1 was then aud am now
unwilling to scale or repudiate the bonds
issued for the use OF the State still outstand-
ing, especially those
TO BUILD THE CAPITOL AND BUY THE HER
MITAGE.
There were four propositions before the
each with able advocates.
First-Sixty three four-fve-and-six.
Second-ifty-and-fou
Third-Payment in full OF the actual in
debtedness oil the State less war interest,
with payment of railroad debt scaled at
fifty and-three.
Fourth-Payment of the State debt proper
Immediately in full, less war interest, If de-
manded, postponing all action on the rail
road debt until after the decision OF the suit
now pending before the United States Su-
preme Court between the bondholders and
the railroads, after which the people could
better consider equities in the light OF such
1. l.
The third was in substance adopted.
Let us compare results. Assuming the debt
at $4,000, 900, which is about the true
amount. the following calculations, carefully
made, will enable the voter to decide between
them:
First-sixty three-four-fye-and:sixg gives
SIS 600 600 balance of principal. In
terest on SIS 000, 900 two years at three non ooo
Interest on -"o 100000