Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-09-16
RONns n TAXES.

The following letter Is rom the pen
of one of the best fnanciers in the
State of Tennessee, a gentleman who
has always zealously guarded his own
credit, and who, in filling, through
twenty-five years, fduciary trusts OF
high responsibility, has earned for
himself a name and character the
best men might envy:
Eds. Appeal have read very care
fully the articles that have appeared
in the APPEAL, and most heartily do
I concur in your determination to
keep down taxation,
While I am perfectly willing that
The past due bonds of the State
shall be paid, and am positively Op-
posed TO reputation in any guise or
under any name, still must remem-
Der the circum instances under which
most of these bonds were issued-at a
time, as you well re~eOllect, when the
taxpayers were unable to help them
selves, and could not prevent the ae-
emulation Of the intOlerable burden
Of the bonded debt under which they
now grOan.
We are not able yet to meet the in
terest, and to attempt to do so would
be 10 psralyZe the best interests of the
State. The friends Of the blOated bond
holders (which latter mostly reside in
New York; are very anxious to have
their interest paid, and at any
cost to the people and OF the
State. The taxation for the
present year, 1871, is in the neighbor-
hood of $4,000, 900, and If the Legisla-
ture, soon to meet, agrees to pay the
accumulated interest, and that to fall
due next January and June, instead
of $4,000, 600, the now grooming and
weary taxpayers will be called upon to
pay $4,000, 600. I hope, when this
subject comes up for discussion in the
Legislature, there will not be found in
the State one single newspaper to
favor the further grinding of
the almost ruined taxpayers of the
State of Tennessee. lam for my people
against any other, come they from
the North or the South. The bond
holders must wait for their interest.
It shall and will be paid when the
State is in a condition to do so.
Yours, etc, OLD TENEEssEAN.
The point in the above is that "Old
Tennesseean" is in favor of postpon-
ing the payment Of the past
due interest on the debt Of
Tennessee until such time as the
State has fully recovered its tone and
in point of taxable wealth. We
could have wished that he had spok-
en- more plainly IS to the manner in
the present enormous bonded
debt was made, and had stated the fact
and explicitly that, inssmuch
the present holders of these
bonds have made from f~Orty-fve TO
ffty.fve cents on every dollar Of
Them, they can afford to wait upon our
opportunity and ability to pay the
interest. The last Legislature, though
.m~portuned and sOrely beset by the
ting who own most Of these
illegally issued bonds, refused
meet the interest because they
Knew the industries of the State
would not bear a higher rate of taxa
ion than the sustenance Of the ma
.hinery of the State Government rem
iered absolutely necessary. They
mad before their eyes the fact that the
wealth of the State had de-
SIS, OOO, 600 as compared with
1861, and that the rate Of taxation had
increased from fifteen cents per 500,
md thirty-fve cents on each poll in
1861, to sixty cents per 500 on prop
,rty and fifty cents on each poll in
81. More than this last, they knew
he people of the State could
lot stand, hence they wisely
orbore to sccede to the de
nand Of the bondholders who
are not whether the trade and COM
nerce of our cities is ruined and the
agricultural interests Of the State are
,ermauently impaired, so they get
he pound Of flesh for which they are
lamorous. They may say that they
re willing to take their pay in anoth-
r issue Of bonds. We are equally
opposed to that, because they would not
content with less than twotor one,
Isury that, besides its being against
he constitution and laws of the State,
eads, as in the cast Of scrip-issues ia
Femphis, to the verge Of bankruptcy.
dindtul of the interests Of our mer- !