Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-09

WE devote great deal Of our space to-
day to the message OF Gov. Bate, which is
mainly taken up with The State debt ques-
ton. This he discusses with clearness and
force according to the declared will OF the
people implied by his election as chief
magistrate of the State. The funding of
the debt, he says, has frequently been the
subject OF legislation from 1866 TO 1882,
but under none of the acts passed has
a majority OF the outstanding bonds been
funded, nor has the entire indebtedness
under all of them taken together been fund
ed. A large number are in their original form.
The first funding act was not by the consent or
request of the creditors, and when passed
and put in operation three.fourths OF the
voters aud taxpayers were denied the right
10 vote or hold Office. The funding act OF
1878 was SO Objectionable 10 the people that
subsequent legislatures made no provision for
the payment Of interest. The one-hundred-
and three act was declared unconstitutional
aud void by the courts. The sixty-and-six
act, passed by the same Legislature, fell
short Of rs aim, as the official reports
show that the owners Of more than half
OF the outstanding bonds declined to fund
under that act. Since July, 1875,
no interest has been psid on any
bonds save those belonging to edu-
catioual and charitable institutions and
TO Mrs. Polk. The interest paid out by the
fror, f,nJa ,,ot
for that purpose, but OF funds previously paid
into the treasury. The governor maintains
that none OF the FIVE funding acts grew cut OF
the expression of popular will, nor
were they sequiescsd in by the people
after their passage. The people, see
ing constant and systematic efforts
TO foist upon them unjust laws touching the
State debt, and witnessing the schemts and
practices of corrupt spectators and Lobbyists
preying upon the crippled credit OF Tennes-
see, took the matter in hand and for
the 6rst time expressed their will through
The ballot-box, last November, and rendered
terms OF settlement to cur creditors which
every disins.rssied, right-lhinking man mus
regard as just o all concerned. The duty o
the Stale is = tender a settlement anc
let each credito act en- it SO he deems
best. The governor then reviews at length
the history OF the creation OF the debt, anC
states that Sl4,OOO,OO0 OF bonds were issued
10 railroads Immediately sitter the war
when Inc maj lrity Of the citizens
of the State were disirauchissd, snS
it is part Of the published history
In connec lou with tue issuance OF thes'
bonds, that purchasers were put upon thei
guard % 10 dealing in Tennsssee's sscuri
lies. The evidence OF previous it
vestigations shows that many bond
were issued Wrongfully- The devssta
tion Of war the usurpaticn and misrul
of State governments, the tardy recupers
ton tberelrom, the doubtful authority @
tue governments which Issued certain Q
these bonds has bsen recognized and actt'
on by the holders of oiher Southern securi
ties a. jlst aud equitable reasons for III
abatement of part Of the principal OF theI
debts. aud the governor doubts if any OF thos
States settled their Indebtedness upon NOR
liberal terms han those proposed BY Tennei
see. In accordance. vita the will OF the people
he therefore suggests tender Of settlemer
of the State debt proper 10 full, less war in
teresi. with the came interest as the origina
bonds; also, those held by educational an
charitable institutions, and the tweny-uin
bonds of Mrs. Polk. He also suggests that ii
remainder or contingent debt be settled q
city cents on the dollar, principal and ii
terest and TO bear interest at three per cen