Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-05-15
..THE STUBBORN FACT - SOCIAL
ED. OF THE ANTT.FUNDEkS.

FrOm Inb hulnDOlut
The Memphis Arolanche, some time ago,
wrote up long list of figures to show fund
ing to be q fiaancal blunder. The Wing
and Tribune of last week Iepublished the
article, and gave it tbs benefit Of its en-
dorsement.
The Avalanche and Tribune have both
mad e bitter war upon the funding policy,
supposed by them to have been adopted Dy
the Legislature; but we hope now, the
funding act having been published, that
they will examine its pr visions, get prop
er understanding OF them, acknowledge
their mistake, Withdraw what they have
said, and give the mea, ure Essential as it
is to the preservation Of the credit OF the
Staie) the aid of their powerful pens.
Come, gentlemen, Investigate the law
study the law, aud cease to guess 1t into
fOOliShness.
But to the figures of The AUalGnche. Its
editor saws: "The amount of the deb of
Tennessee to be funded under the funding
scheme. is S29,l26,94S." These figures
look laree-the sum is a huge one, but we
advise the readers of the Audldnche and
Tribune not to become frightened over
them, no such sum els to be funded under
the funding scheme" nothing like it. "Tke
funding scheme" o ly proposes to fund the
bombs and coupons past due. The whole
Safe debt proper does not amount to that
sum. The argument based on these figures
would, of course, be fallacious.
H. saws further, that "the lie sding adVo-
Gates of the finding scheme, Messrs. HOuk
and Mcfarland, are irrevocably committed
to acc on the hundred dollars to meet the
requirements of be scheme" That 'forty
cents on S30O,000,000 of property yields
Sl,2O0 600, to this add 81, 700 600, "$47 $780,
SO l,ss than enough to pay the interest
alone. Tothis deficit be adds, "School
tax for 1S73," 100000, aud also several
other items. We refer to this one school
tax item to show how reckless cur anti
funding friends are in selecting arguments
TO overthrow the solid logic of the friends
of payment. The 100000 of school tax
has nothing, and can have nothing to DO
with othe funding scheme"-it is an indie
pendent tax, levied by the common school
law. of ten cents on the hundred dollars
FIR school purposes. Why then charge it
to 'qhe funding scheme"
But the AUdlGnche says further, and the
Tribune, Colonel Kerr and others say amen
10 il, that thence we have a total OF
S3,90l ,946 to be provided if the credit and
hon of the State are to be faithfully and
honestly protected" How would the anti
funders 6. faithfully and honestly protect !"
Z" the credit and honor of the State? 1t
must be done; so ne say and so say they.
They oppose FINDING, they denounce repu-
diation; they become offended if it is inti-
mated that their arguments, as made and
urged, go TO convince the public that pay
ment is impossible and reputation a ne
cessity. What, then, win they do-how
pay up-how save the State from the black
disgrace of failure TO comply with her prom
Use 10 pay? They propose to levy a tax
sufficient to pay. To pay S3,90l, $40 in
1873 would require levy OF over S1.30 on
the hundred dollars, and this levy would
have TO be kept up year after year, al IN
fnituEa. to meet the interest On the public
debt and pay current expenses, and yet
there would be Left unpaid over $5,00O,000
nolo due End unpaid, and also the balance
OF the public debt proper. We rest this ar
Cument upon their own figures, ard we
ask, 10 all seriousness, do the tax payers OF
co. he State desire the adoption OF such a
The truth is, reader, there were
Win hu1--o ways to dispose of this public debt
can planterspDe was 10y funding aud the othel
the habits and ion. The Legislature chose the
= "a, to.,,,, ..use they believed that 'honesty
-'o > est policy" in the State as well as
anu ID matters, aud They are right about Il
it is peFo viii say an Overwhelming majority
civiIiz,'r people.