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

EDITORS LEDGER: Cairo, one hundred
and twenty miles from Alexandria, was
built from the debris of ancient Memphis
1t is possible--all things are-that mod
ern Cairo may profit by the example, as
history often repeats itself. Your Cham
Der Of Commerce may meet in conclave,
or otherwise; your citizens may invest
n stocks, rail or other varieties sacri-
fees of bonds for the laying of pave
ments may be made; yet all will be of
no avail. Memphis is decaying; it is u
palpable fact All know it is, but how it
is, that's the question" None but fools
believe that the tone of the press has
driven capital away. The press of Mem
phis is the most hgh-toned of the South,
and in no community is there greater
array of talent. Capital is despotic, and
controls the world in peace and war with
its sinews of gold Politics have not
done it; all the Radicals out of hell can't
control the currents of trade; then what
is it2 We will give our opinion, and any
intelligent reader will say amen TO our
reasoning, if he believes in evidence and
fact:
Philadelphia supports a population
nearly equal to New York, and but few
miles from the latter city, with single
Observation-Disclosures she has not
been able to establish successful steam
ship line, after many trials; and yet she
has a surplus capital, as you can borrow
any amount of money in that city, on
real estate, at six per cent. per annum.
Boston was once the great shipping point
of the United States; now it is New York.
The change resulted from causes need
less to mention; and to day, with her
immense capital. Boston cannot support
two steamers. New York controls the
coffee trade with Brazil, while our South
ern ports have greater facilities in the
difference Of distance in their favor.
Lyons hourishes on her silk manufacto-
ries. London became great, although
Liverpool fourished at her doors. Paris
is inland, yet is greater than any OF her
seaboard rivals. These are all facts, but
how is the illustration to apply to Mem
phis2 / remember that in 1859, when
the cotton receipts of Memphis approx
imated to four hundred thousand bales,
Memphis barely supported popu-
Iation of 35, 900; now, in 1858, with that
population doubled, and your cotton re-
ceipts reduced, how can you hope to en-
rich your citizens2 Every railroad you
build takes that much trade from you,
aud a few more roads ond you will have
none.
What has politics to do with the
progress of Memphis ? What does the
Aux or rehux of trade have to do with
Nicolson pavement2 Railroads are to
your city what the individual common
carrier is to a commercial house. A city
to flourish must use transportation as an
auxiliary-not imagine that a railroad is
to enrich her; and your citizens must
again consider that these enterprises are
generally fostered BY capitalists who have
lands on the proposed line, and VINO, as
a rule, obtain pay for right of way, con-
tract, etc, in bonds, which are soon
forced of, and the poor people bee ONE
the scapegoat, while railroad officers
have well-feathered nests. Then, as none |
of those elements are the heart of your
city, what is2 Study to employ two
agencies, and Memphis will rear her
queenly head in opuIent splendor on the
banks Of the modern Nile. The irst and |
most important is to use your natural
auxiliary-the Father Of Watets-who |
glides msjestically past your doors, laugh |
ing at your inertia IS he bounds onward /
to the gulf, free from the burthens Of
Memphis enterprise that should cover his
bosom with a navy freigbted with the
wealth Of Venetian srgosies. Second
Encourage manufactures. II you do not
use one or both Of these Influences, the
city had better be sold cut to those who
will IL amuses hnanciers to hear the
sIlusions made to the success Of your
city in making this and that arrange
ment 10 pay her Indebtedness, while the
temporary conTenience but ads thou
sands TO your debs-bondiug IS q lnnding
process by which liabilities that pay no