Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-07-12

OF IsXADle properly IN IDiB SLate
by the last sssessment, arises from prop.
, erty which has heretofore escaped taxa.
ton, and which was as proper a subject
OF taxation as any in the State, being In
, the hands of money dealers and men o.
, that description. The burden Of taxa
ton is taken from the land owner to 8
certain extent, and is borne by men
; some of whom are making the lOudes
} coraplaints.
EXEMPTIONS FROM TAXATION.
1t is true, a large portion Of the per
s0nal property Of the State is exempt
from taxation-one thousand dollars tC
each individual; but this is owing to the
constitution. If all the property in the
State were liable to taxation, the rate O
taxation would be greatly reduced
Those, however, who get the benefits o.
the, exemption should not complain. II
operates equally on all. So much fol
the assertion that assessments are toe
high, which assertion is not sustained
by facts. IL property were assessed al
its full valC@, and there were no exemp-
J tons, twenty-ceuts tax would raise
, neiIrly as much revenue as q forty. cents
tax now does. In many respects l think
the present assessment law sbOnld be
changed, and it should be made to pro-
duce fairness and uniformity Of ASSESS
ments, and not leave it to each man to
determine the value OF his own proper,
ty when giving it in for taxation.
EXAMPLES OF OHIO AND MISSOURI
AS our State grows in wealth the debts
of the State will be relatively decreased.
Ohio in 1S40 had SIP, 1926, 1856 Of taxable
property, and a debt of near SIG, 1900, 600
or one-fifth of her taxable property.
She did not repudiate but continued to
pay. In 1854 she had of taxable pro-
peity of 1885, 929, 9S2, and her State debt
was Sl4, 008, ,274. Her debt in 1870 was S.
$50, $40, and her taxable property 81, ,524, =
1923, lis, or near two hundred times as
much as her debt, whilst in IS4O it was
only little over five times as much.
Missouri has improved more rapidly
than Tennessee, because she has never
1 failed to meet her obligations. Mere
exemption from taxation does not cause
State TO prosper as the facts given
clearly prove.
REPUDIATIoN OF THE NATIONAL DEBT
AN IMPOSsIBILITY.
What can Colonel Hawkins mean by
advocating a non-payment or repudia-
ton of the national debt? He knows it
| cannot be done. 1t is made part Of the
constitution, and all parties in this coUn-
try have agreed to abide by it. am
glad no Democrat has advanced such a
doctrine. 1t would, in him, be called
Bourbon Democracy or rebellion. Is
this scheme to get Democrats in the
south to sanction repudiatiatiOn, State
or national, and thereby secure Grants
election, the third and fourth terms,
and perpetuate the Radical dynasty2 II
there is anything upon which the north
is united it is upon the payment Of the
national debt, and if southern Demo-
Gratis can be Induced to countenance the
doctrine Of reputation it destroys the
only party in the north to which we
| can look fer any relief. Let
this doctrine be introduced to di-
vide the Democratic party Of Ten
nessee, and then read your fate in the
history of South Carolina, Louisiana,
Mississippi and Arkansas. Be not de-
luded with the syren song Of repudia-
ton, it only lulls to destroy. Colonel
Hawkins knows it cannot be repudiat-
| ed, and all his remarks are out of place,
unless he wishes 20 lead you astray and
sink you in Hibernian bog.
! The national dzbt is a terrible incubus,
| but how can we get clear of it. Let us
pay what we can in currency, let Us
! change our banking laws, and let us re-
| duce the tariff which is drawing the
hearts blood of the country. These are
| our true remedies, but this cry Of repu-
diation, which every man of sense
knows to be impracticable, will defeat
our practicable remedies. No man is
more fully convinced than l am of the
evils of great national and State debt,
but am for adopting measures Of relief
which are consistent with honesty and
fair dealing, but reputation will only
aggravate the evils and increase the
burdens of the people. Why is this
doctrine n0tO preached that q legislative
body has no right to create a debt to
bind posterity? Why was this not done
when the debts were created. These
men were then in power when you and
1 were disfranchised; they could be
heard when we were not permitted to
speak, and did they protest against The
creation of the great State and national
debts when the bonds were being issued
by the millions to build the North
western, the Tennessee and Pacific, and
other roads, upon which our State
lost so much, and one of which
runs through his county? What was
lature of the State to bind the peOple2
Then, if ever, was the time TO raise that
question. Taking such position now
bodies no good to the country, and must
meet with disapprobation. If he or any
other man believed Legislature, repre-
se1ting the people, had no right to Gre
ate debts, they should have said so at
the time the debts were created. To
stand by and see the debts created, and
get the benefit OF them without any OBJ
lection being made, and then when the
time for payment comes to plead want
Of power to create the debts, it is with
out excuse. The present generation
created most of these debts, and even ac-
cording to the Jefferson doctrine, they
should pay them. But they should be
provided for in a manner least burden
some to the people. If we will establish
our credit on a firm basis by showing a
willingness to comply with our obliga-
tions, then if on account of pecuniary
distress growing out of short crops, want
OF currency, or any other calamity, we
should find it necessary to reduce the
taxes whilst the pressure was on hand,
we could do so by effeeting temporary
loans for a short period and not iDjure
our credit. It is sometimes said our
people are deprived of the comforts of
life by taxation. How preposterous aud
untrue. The sales in Memphis and in
Nashville during the past winter dis
prove this assertion. In Memphis, al
though there had been severe epidemics,
ard there was financial panic, yet
during many months the sales were
heavier than they had been for years at
the same season. 1t may be that our
little, and that extravaganza has much
to do with depression.
WHAT TENNESSEE HAS TO SHOW FOR
HER DEBT.
Although, in my opinion, the debt is
much larger than it should be, yet Ten
nessee has received a great deal flI her
debt. She has built her State capitol,
her benevolent institutions, and has es.
tsblished magnificent system of turn
pixies and railroads. In 1850 Ten
nessee had only S201 ,246 $50 of property
true value), and in 1870, after the raw
ages OF the war and the loss of her slave
property, she had S49S, ,237, ,724, a gain of
S296, ,99l ,03s. With these facts before us,
how can any one say we have nothing
TO show for our debt? Are we to get the
benefits and then repudiate the Obliga-
tions?
CONCLUSION.
FELLOW CITIZENS believein speak
ing frankly and csndidly to the people
and not in pandering to what many
think are the prejudices Of the people
The question of the preservation Of /
State credit and State honor, is above |
all other question, and I am gratified to /
believe that neither of the great parties |
in Tennessee, neither the Democratic nor |
the Republican will darken the character |
Of the State and infiict upon her q
wound from which she would never re-
cover. l am not nor do 1 expect ever to !
be- directly or indirectly interested in |
bonds, nor have / any sympathy for
bondholders. l am advocating what |
believe to be the interests of the people, /
their permanent and lasting interests.
MURDER.
United States Marshal james p. Everett,
Killed Near atIlsbOF0. Middle
Tennessee,