Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-03-28
.HELEGIsIATuRE-

1
THE EDNUSDsoN RAILROAD COMMISSION BILL
ADOPTED IN THE sENATE-PEABoDY BONDS.
Special to the Appeal
NASHVILLE, March 27.-Holse.- the
session draws to a close there seems to be a
great effort on the part Of each member to get
bills through, but great confusion also reeults.
This morning Mr.. Milliken called up the
bill to fund the souds of the Safe held BY
the Peabody Institute of Baltimore into GER
tificates of Indebtedness
Mr.. Glars moved the Substitution OF Ed
| nondson's Senate bill on the same subj .ct.
| Carried. He then urged the obligations of
the State to put these 300 bonds on the same
| footing as those held by the educational and
| charitable i9aiiiu;ioDs in .the State of Ten
nessee. Mr.. Peabody had given IS, 600 900 TO
benevolent obj cts, the greater part in the
South. He gave the South for educational
purposes 100000. The trustees seemed TO
have favored Tennessee, and mads Nash
vile The center of their bene6cent opera
tions. 1t would be strange if the Stale Of
Tennessee could with one hand accept
these favors and with the other withhold
the recognition OF these tennessee bonds
held by the Peabody Fund. The State had
last year enjoyed the benefit OF larger sum
bhdu hho Ou AncSS pOHue WOulu
amount to.
Mr.. Ledgerwood said he recognized the
financial embarr BASEMENT OF the State, but as
a representative of the county of Kuox he
must insist on doing justice. 1u the matter Of
these bonds, his people would be willing TO
60 out and work lew hours by moonlight
in order to raise the nee sslry amount to
pay the interest on the bonds. Mr.. Pea
body had not made his money by specula-
ton, but by legitimate business, and had
,fi il for the bsneft OF the people of his
native land, Impoverished by wsr. He
could not rest essy in bed if the S ate did
not provide for the payment of every dollar
OF the principle and interest of the bonds be-
longing TO this fund.
Mr.. Thomas spoke in favor of the bill
He said the platform was silent on this quss-
ton, leaving il open, aud considering the
ststus OF these boHds, and the benefits de.
rived by the 5 ate from tue fund by which
they were held, he thought they should be
paid in full.
Mr.. Head said VIXEN the State debt bill
passed, he thought it provided for the pay
ment Of higher rate Of interest on this
portion of the debt than he thought the
people able to staud. He had hoped that
this fusl disposition of line debt ques.
ZION. This Legisla ure had been running up
larger expense account than the people
would approve, and nearly 100000 larger
than OF the preceding one.
The previous question was tabled and los'.
Mr.. Manson moved ndsfaite postpone
nent. Lost-yeas, 81; nave, AZ.
Mr.. Milllken then moved the passsge OF
| the bill.
Mr.. Patterson said while he of his own
| judgment favored the payment of the bonds
in full, be considered himself bound bT the
/ artinn of ho The auhi nj
was asked if he did not remember that the
caucus in its action recOgn I'D the fact tn at
there was bill pending in the General AS
sembly on this subject, and the members for
| this reason did not insist on their views con-
corning these bonds. Mr.. Patterson said he
had no suci recollt ction. At the instance of
5 nator Champion, a vote was taken on this
subject, and he was one of the eighteen who
voted for The payment of these bonds in full.
He considered himself bound by this action.
Mr.. Butler said he proposed to be bound,
not by the actien OF any caucus, bu. by mis-
oath Of oflice. The Safe oil Tennessee re-
ceived $4,000 4 year from The flnd by which
these bonds were held.
Mr.. Butler WAS asked if the Peabody
Fund had anything do with The question of
the payment of these bonds? He said it
certainly did. II the State Of Tennessee
took the proposed action in repudiaiing these
bonds by the dictation of party caucus she
could not expect TO receive a dollar in the
final deposition OF the Peabody Fund.
Mr.. Head asked if the last Legislature I'd
not paid interest on bonds held by the edu-
cational and charitable Institutions i'll the
S ate, and if any effort has been made TO pay
interest on the bonds held by the Peabody
Fdud?
Mr.. Butler said an effJrt was made, and
he told the gentlema an representing the Pea
body fund not to fund under the sixty
three-four. 6 ve-snd six act, As he believed
that the Legislature, consulting he.pecuniary
interests Of the State, even if not bound by 8
sens9 of honor, would make provisions fol
full payment.
Mr.. Fulkerson said any mau who felt him
self bound by the June platform would feel
bound TO support the bill. Mr.. Peabody was
the greatest philanthropist that ever lived
aud hand been special benefactor 10 the
S>uthern people.
Mr.. Ivie questioned the statement thai
these bonds constituted portion OF the Pea
body Fund. DR.. Curry, in his address, had
said he WAS glad he represented a fuad TO
which the State of Tennessee did not owe 81
He considered this az intended to meet thi,
very question. 1t was his belief that Mr.
Peabody had bought in his lifetime Tenues
see boads, Sll3 coo railroad bonds, and the
rest State debt proper bo1d., and hsd
seen proper TO leave these 10 the institute a
Baltimore. He did not believe The platform
contemplated dispensing charities bv ths
State of Tennessee throughout the United
States
Col. A. NJ Looney delivered one of thu
hsppiest speeches of the session, urging tn,
State by every obligation OF honor and graft
iude TO include the Peabody bonds with tn,
educational bonds hsld by schools in Ten
nessee, which the Bate platform promised II
settle 10 full He was loudly applauded.
The vote stood-ysas, 40; nays, 40, and tn
| ELL was lost