Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-02-16
A DEMOCRATIC CAUCUS
Decides 10 Pay Only Three Per
Cent Interest Cn the state
Debt Proper.

After several meetings and much
discussion the Democratic caucus at
Nashville decided, Wednesday night,
by vote Of SO ayes to IL nays, to table
a resolution offered by Mr.. Champion
to pay A per cent interest on the State
debt proper. In continuing its report
the Banner Of yesterday says:
Mr.. Dodd, who came in Just after
the decision, wished to express his
views. He said the position of the
debt under discussion was spoken Of
in the platform as sacred. This i'm
piled its full payment. General Bate,
their standard bearer, had put this
construction on the platform from
Carter to Shelby. Nearly all the
newspapers did the same. John j.
Vertrees, Chairman OF the Democratic
Executive Committee, calculated the
amount Of the State debt proper at an
interest Of 5, st and 6 per cent. 1t
would put a stigma upon the party
aud these leaders if Democrats went
back on this platform. He hoped this
bitter cup would sool pass from the
Democracy. In the canvass Demo
Gratis have assailed as reputation
60 Of the State debt proper, but this
was precisely in comparison with a
settlement at 100 3. The former
would yield an interest to the bond
holder Of $36 90, and the latter only
S22.88. He hoped Democrats would
not throw away their defense against
the charge of reputation. They had
been slsndered from abroad. "For
Gods sake" he said, do not put a
weapon in the hands Of our aversas
ries."
Mr. Gregg then called for a vote on
the 3 per cent proposition.
Mr.. Burrus called Mr.. Haynes to
the chair, and moved to reconsider the
vote, tabling Mr.. Keith's amendment
to substitute 5, st and per cent for
per cent interest on the State debt
proper. He said he wanted to carry
out the provisions Of the platform.
Democrats in making that platform
had come together on the only vexed
questionable railroad debt. The
validity of the State debt proper was
never assailed. The platform recog-
nized its sacredness. There was not a
word said about changing the contract
He was in favor of funding it at iti
contract rate of interest, but would
abide by the action of his party's rep.
resentatives in caucus.
| Mr.. Head said these business mat.
ters should be discussed in business
like manner. Impassioned speaking
convinced no one. Every one should
| be heard. Perhaps some had come il
since some Of the votes we're taken
He hoped vote would be taken OF
Mr.. Gregg's 3 per cent amendment.
/ Mr.. Ivie said it Was clear to hi
mind that the June platform contem
plated the payment Of the contrae
rate of interest on the State deb
proper. He felt that nothing but |
desire for harmony would justify hin
| in voting for another proposition
General Bate in his first speech of III,
campaign calculated the amount of tn,
| debt with the contract rate of interest
1t was even claimed that the amour
paid by the Bate platform would b
greater than that paid by the 60 act
| All the calculations made of tn
amount of the debt were on the basi
Of 8, 81 and 6 per cent interest on tn,
State debt proper.
Mr.. Gregg said that the party ha,
repeatedly pledged itself not to e,
beyond tax of forty cents on the $l0O
He said the platform Of June 20 di,
not pledge the party to fund the STATE
| debt proper at 6 per cent. 1t pledge;
the payment Of this debt in full up t
the time the bonds were funded. |
said nothing about the future rate o
interest.
A vote was then taken on Mr.
Gregg's amendment to fix the futur,
rate Of interest on the State deb
proper at per cent.
Each member was allowed fyt
minutes to explain his vote. The fol
lowing availed themselves of thu
privilege: Messrs. Williamson Black
more, Keith. Smallman, Ballentine
Blackburn, Berry, Buntin, Bagwell
: Champion, Caldwell, Erwin, Hicks
Hale, Haynes, Daniel, Jones, Manson
Mcdowell, Northrup, Pardue, Pillow
Porter, Roscoe. Sowell, Swope, Steph
ems, Tillman, Wallace, Vaughn an,
LedgerwoOd.
. Mr.. .Gregg's amendment was adopte,
by the following vote:
i Ayes-Messrs, Bibb, Galloway, Nc