Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-06-26

The ordinary revenues of the State
are barely sufficient to defray the cur
rent expenses Of the State Govern
ment, and our people are taxed to
their utmost capacity. TO hypothe-
cate new bonds on six months time,
receiving One-half the amount in cur
rency, and paying eight per cent. on
| that half, VIII certainly be no better
| than selling our bonds at fifty cents on
| the dollar, and may be much worse,
! for it is extremely doubtful whether
our cOllaterals, when brought to a
forced sale, rs they certainly viii be
if issued, will bring so much as fifty
per cent The January interest is
only six months in the future If we
desire to repeal the same disgrace
full operation Of borrowing upon
eOllaterals at fifty cents on the dollar,
and at eight and q half on short time,
the sale of the cOllaterals issued for
the July interest would defeat US from
obtaining any loan for January, even
on the terms mentioned. The thirty
year bonds We now issue viii have to
be paid in gold. or its equivalent, for
no one expects to see the present de-
preciated currency perpetuated. The
liltlt1>l Oll tiltSot NtAlAi1 W III s+l1D -Otll1
have to be paid in specie or lis equiv
alentS. To accept fifty cents in green |
backs now, and agree 10 pay therefor |
one dollar with interest," in gold for |
thirty years. IS SO shocking as to make |
one feel disposed to characterize it rs |
a crime against pOsterity. There is |
danger that the next generation might |
not feel bound in law or morals TO eX- |
ecute such a contract. In my judg |
ment, to negotiate loan on the terms
you mention, viii be more disgraceful |
and more injurious to, the credit Of the /
State than a simple failure TO pay the |
July, and even the January interest. |
| therefore decline t0 advise and con-
sent to the borrowing of money on the
terms you suggest.
With regard to the Governors de-
mand for $40, 900 for the paying off of
the militia, am more at a loss to adj
wise. They are a nightmare upon the
prosperity of the State, and if we can
have an assurance that we can get rid
of them by raising this sum, you
might well dO>SO on almost any terms.
If, however, they are not to be finally
disbanded, or if disbanded to be called |
out again upon any trifling sensation,
or for the improper motives you indi-
cate, the case would be very different,
and your duty in the present crisis Of
affairs might be very different. You
are in a position to infoTdR yourself
fully on this subject, and l hereby
give my consent tOwhatevcr YOU may |
do upon being assured.
The railroads having failed to come
to time with their interests YOU are
10 manage any portion of the
July interest on the State debt. Should |
they vet pay up before the first Of Ju-
ly, it viii be your duty TO apply the
funds they pay to the releasing Of the
cOllaterals now out
I have the honor to be, most respect |
fully, j. FLETCHER,
Secretary of state.
The Secretary is also of opinion that
the creditors of the State and all per-
sons interested in the State credit, |
have a right, at all times, to full infor-
nation on this vital subject; and that |
the Withholding Of said information
produces uneasineSs and encourages
speculation and gambling.