Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-01-11
ESTABLISHEI
THE GovrRNoR,s mEssAaE,


which we Received by telegraph and
published yesterday, must be gratifying
10 every lover of Tennessee and salts
flying in the fullest extent TO the most
exacting woyalist' of the North. The
exordium Of this patriotic document
does his EXcelleney infinite credit. II
breathes patriotism broad, true, deep,
pure, full, and free. There Is
no word Of it that every honest Ten
nessean might not speak as from his
own heart, no matter what his present
or past political position. An Inde-
pendent, Radical, Liberal Republi-
can, a Democrat or Conservative-any
Of them might use these words as his
own, so exalted and patriotic are they
in tone. he asks the members Of the
Legislature to sink partisanship in the
work before them, and points
out, in plain and explicit terms,
what that work should be. BE
tells them they should cultivate
the spirit of concession, which
has been 30 effective for peace, good
will and reconciliation, and then comes
10 the particular, special feature-the
one particular subject for which his mes
sage viii be sought abroad, and which
more than any other viii commend il
to the citizens who look to him in the
confident hope that he will triumph in
the eud, in his labors 10 restore the cred
it OF the State. To do this he proposes,
to our mind, the only feasible plan. He
expects TO reduce the debt, which Il now
$50, ,6S2, 30, TO S2l, ,36o, 654, by the enforce
ment Of the States lien upon solvent and
the sale Of delinquent railroads. This
done, he would fund ali the floating
debt OF the state of every well ascer-
tanned character, including, we suppose, !
old Bank of Tennessee issues, and new
when the courts declare their legality
scrip and coupons, and interest to fall 1
due up to July, 1874, and refund the old I
bonded debt in the same issue. having /
forty wears 70 run, the interest to be pay
able in January and July of each year, /
the expense Of such funding to lie
borne by the holders of our securi- 4
ties. This il sweeping PROPOSE
ton, but is the only wise one that
can be made. BY following it explicitly
as il is laid down, the Legislature will
meet the wishes of the people, and act
according to their ability TO meet the
obligations il provides for. Prospering
as we now are. we should certainly be
able to resume interest payment in June,
1874, by which time the work of fund.-
ing in the new issue viii have been con-
cluded, including the now vexing new
issue Of the Bank Of Tennessee, the
liability for which, on the part
Of the State of Tennessee, viii, no
doubt, be decided before that time !
by the Supreme Court. We say no
doubt, because We already have decis-
ions 10 that effect from two distin-
guished ChsnceIlOrs, and many leading
lawyers, in every part OF the State, and
the great body Of the people of the State
ooncede their responsibility for its re- I
demptiOn. We heartily and unreserv- I
edly iudOrse these suggestions OF Gov ,
ernor Brown, as through them we !
can satisfy the holders Of our secu-
rites without expressing our tax
payers. We have reason to believe
that all holders of our securities .
abroad viii be satisfied with law en-
bOdying them. They know and appre- \
the q
We have labored, growing out of wild, q
reckless and corrupt Radical legislation, q
and will hail any arrangement as fair as
this proposed by the Governor, by which !
their interests are to be protected in 2
future without OverburdeniRg the citi-
zen with taxation or the disturbance Of 5
any Of the economies of the State. There
are other measures recommended by Y
the Governor, 10 which we win spe- a
officially revert as occasion offers, chief d
among them those involving the public
school question, immigration and our !,
mining and manufacturing interests. "
This one Of the State credit is para "
mount, therefore We take an early OPP
Dortunity Of recalling the attention of
he Legislature 10 it, and Of urging ii
Ipon that body the speedy passage of an sc
lct embOdying the plan Of Governor
Brown, the result Of an experience of p,
.wo years and a judgment matured after
he fullest investigation of the subject u
md council with the best financievs Of "
he State. IS