Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-07-18


maturity Of the same six million dol.
lars and il she merely sells for moieiy
OF their value-the rule, we opine, in too
many cases-she pays a half million
more. Governments and States may
survive interest, but cities rarely flourish
under its gnawing influence. But your
readers will say Look at our city
scrip-irs approximating to par T. Yes,
Madison street took hold OF it, held IL F;
and If they drop it, the kite loses its tail.
Borrowing money to improve your city
is like buying garments on credit-one
dislikes paying for them when worn out I;
and your citizens will vince under the
onerous accumulation of interest that
the Nicolson pavement will entail upon
the city. Subscribing to projects that are
injurious has been the bane Of Memphis,
while your capitalists have refused TO
render material aid to enterprises of
vital Importance to your city. ! remem-
Der an energetic mechanic last spring
informing me that he could establish an
establishment that would employ a score
Of mechanics, could he but raise five
thousand dollars; and after repeated
efforts his failure was q signal one, as not
one capitalist would take hold of the
matter, and n majority of others would
hardly listen to him. Ill.directed capital
and commercial apathy has killed Mem
phis for the present Her destiny, in
spite Of her decay, will be glorious in the
future. But her true citizens must be
patient; the true wealth of Memphis lies
buried in the river that will finally
develop itself; and this, with the aid Of
mechanical and manufacturing enter
prise, will place her in the position to
which she has been naturally assigned
"the empress of the valley" of which
she is the geographical, and should be
the commercial, center, forming, with n
position so eligible, nucleus that will
attract by accretion the wealth Of the
great agricultural region she so torpidly
represents at present. 1t is plain
case that Louisvlle and st. Louis, by
active energy and lavished capital, have
temporarily diverted much of our trade,
because they have taken advantage Of
an artificial flow, that little effort on
our part will bring back to its natural
channel. Depend upon it, the river,
properly employed, and devotion to
manufacturing, and Memphis will soon
rebound and advance with gigantic
strides to the front rank Of Southwestern
cities. The producer goes where his
produce commands the highest price,
and the consumer where he can
obtain articles for consumption. st.
Louis and Louisville undersell you be-
cause they are nearer to the East, and
carry on their business more economi-
cally. Their transportation, rents, hire
of employees, etc., are at lower figures;
and it is reasonable argument that
argues: In view of these facts, we can
undersell our rival, Memphis"
Philadelphia has discovered that her
source Of wealth and progress is in man.
ufacturing; New York in shipping; Bos-
ton as the medium for the wants of
great part of the East. A concentra-
tion of capital has given to Lyons facili-
ties in manufacture that de6es competi-
tion. The docks of Liverpool have made
her metropolis, while the bar at Havre
has left her an insignificant seaport. The
embellishments of Paris attracting trade
and employing artisans-the levers by
which she has risen to her present splen-
dor. London, the metropolis of the
world, does not depend upon transporta-
tion. Antwerp, with her immense trade,
has not half the railroad interests that
Memphis languishes under; she has the
Scheldt; London the Thames Paris the
Seine, as Memphis has the river, but does
not properly employ it. The natural
current of trade west of the Alleghenies
is the medium ofthe Ohio and the Mssis.
sippi and their tributaries, and all other
carriers are artificial. Water is natural
and cheaper. mode of transportation than
rail, and the section that devotes atten-
ton and capital to the former will even
tually absorb the trade of that region that
depends on the latter. England uses her
water-power as an economist. She has
more than 10000 miles of canals; one
section of ninety.one miles costing one
and half millions of dollars. France has
possibly 5000 miles; Russia the most ex-
tensive systems in Europe, while even
China has one cansl-the Imperial-700 |
miles in length. AS to Belgium and the |
Netherlands, these countries are net |
work of this cheap transportation sys-
has the Mississippi and tributaries. Let
our people remember one great CONNER
cial fact, that it is not what comes into |
a country that enriches it, but it is what
goes out of it; it is not what you buy,
but what you sell; and as the country !
which has selected Memphis as her COM
mercial representative is agricultural,
her shipments are heavy, and economy |
in hauling Is what is demanded. Make
your city the stopping point-free wharf
age-well kept whsrves. The talk about
special privileges is vast. Free trade
carries with it guarantee of success.
Open your ports to all. St. Louis and
Louisville can sell dry goods and New
Orleans groceries at lower figures than
Memphis, and it is useless to disguise the
fact; but you can ship cheaper. You are
nearer the Western market than New
Orleans, and checkmate your up river
rivals by being at the head Of navigation.
When the producer sees you are going
10 work, aud that you can ship his pro-
iuce at cheaper rates, he will naturally
shift to your market, and will rarely 90
back TO his farm and take second trip TO
Louisville or New Orleans for supplies.
No city can CONTROL trade simply by
to sell goods cheap; the man
bad rather sell high and pay high than
per contra. Make Memphis a market for
cotton, corn and tobacco and cereals in
general Put up an elevator, when the
season will admit. Charter a steamer
1t New Orleans; load her in bulk for the
American sesboard or for Europe.
Build two style Of boats-fast passen-
ger one aud enormous freight boats,
With sufficient steam-pover 10 run
hus divert your capital from your rail
roads aud other sinking corporations
until such tiufe as they will bring trade TO