Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-09-15

STATE TAXATION TO BE
They are excellent gentlemen who
manage the finances of Tennessee at
Nashville. They would win the
fame Of fnanciers, even ss Grants
administration constantly boasts of
monthly and quarterly reductions Of
the Federal debt. When the people
groan beneath burdens that seem
endless and irremediable, there comes
from Washington the cOnsolatOry an
nouncement, whether true OF false
we know not, that the mighty debt
has been shorn Of some awful excres-
cence, and then Boutwell, dispOrts
himself gaily in the New York press
and swells in msgnifesnce, a bOhe-
moth among bulls and bears in Wall
street. The effect is overwhelming,
and crushed taxpayers, shudderiDg
amid endless toll, still endure patient
" and even with a share Of satisfae-
faction the unbroken visits OF tax
gatherers. There is no escape from
Federal exactions. Defalcations con-
stitute progressive calamities, and
millions will be stolen to be used in
the ensuing Presidential election. In
wide districts of Tennessee crops have
utterly failed, and agricultural toll
has been proftless. Upon the people
of Eastern Tennessee, providential
calamities have rested most heavily.
Throughout the greater portion of the
State crops of the current year will
hardly suffice to meet the exactions Of
Federal power and give the people
bread. We would do a kindness to
~treasurers and comptrOllers, and
make any personal sacrifice to main
tain, if spotless, the financial fame Of
Tennessee, but a protraction of the
present condition of things can do no
detriment to public credit, and those
who hold cur bonds made enough, in
the difference between the price they
gave, and the present saleable value
of these securities, to bear through
another year, without suffering
wrong, the non-psyment Of interest.
These bonds, to the amount of about
ten millions, III held by a single ring
in New York. They cost the ring
syndicate Il you will-ifty-one to
cents. This very COM
bination of bondhOlders will
come down to Nashville when
the Legislature is convened
they will difiuse an atmosphere of
sanctity about the very bonds they I
hold as receivers Of stolen goods;" {
the lips of personal depravIty viii sing
of praise to public honesty; and
The Legislature, with honest instincts
and purposes, may be led to do a great
wrong. The obligation that res's
upon the people is not so much one :
If morals as of public necessity. An ;
Individual recognizes no moral obliga- Z
ion to pay a note wholly or in part
tOlen, and Tennessee only proposes 2
0 pay Mineral Home and Knoxville ;
Kentucky and other stolen reil- I
DAD bonds because the credit of Ten i
essee is involved. This is already c
impaired; the world cOmprehends the !
acts, and another, that taxpayers did >
OF create the debt, 7aud the simple
CstpOnement of the MISREPRESENTATION j
the Stlte's credit will work no Diet q
iment, and can involve no d'shOnOr. 4
,et rs fist do justice to cur own I'M b
,r1unat9 X-bUrdened, impOveI shtd G
Let charity and the purpose Il
, do justice begin at home, rather ~
in behalf of Wall street. II
.nder such laws. as the Legislature a
lOUld enact, relieving merchants and IG
rmeTs, our cities will outrival others a
nd ,reduce the price OF goods and C
sras. The whole ssle trade of Mem al
his, Nashville and Knoxville will be 70
.pidly expanded industry will be If,
imulated since the farmers, and not or
Syndicate" viii reap the re- "a
ards Of industry; and above and -
,yond all this, the property Of the
where crops have failed, will es- :
sacrifice. under the tax g~atherer's
.mmer.