Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1874-03-30
porH s1DRs HEARD.

Mr.. Leagues coupon pohcy anu ooJeS'i
ing to the law which requires the. inter
est tax to be paid in currency, gives
both sides fair showing fact which
the public seems to appreciate. The IN
timation last Friday that the coupon DIS
cussion might be brought to q close
was in good faith, but the Appeal was
two days ahead of us, and a review
of some of its figures and positions ap'
reared Saturday. Two-thirds of the
! article referred to the policy Of the
county and State, which may account
for Equity's" long article to-day and
the polite use of the words, "even TOR
the convenience of editors or pretend
ing financiers." The analogy between
editors and pretending fnanciers Is
doubtless clear to Equity when the
former have the temerity to form an
opinion which does not suit his views.
he asks what became OF the
excess of $29s, O55 90 Of revenue col
lected over and above expenses last year.
We could not say. without looking over
documents that pertain to former adj
ministration.. The present one is re-
sponsible only for its own deeds.
Equity" says to-day: : have not
assumed that the tax would be contin-
ned at present figures Perhaps he
said something which was misinter-
preted, but he certainly set out in his
first article Of the 25th instant to use : a
few figures" to reason" and to discuss
the q abstract question Of justice In
the course of that article he said: The
interest tax levied is one cent, or gross
sum of about $SOO,oOO;" and then fig
ured up grand total for Mr.. League to
provide for by the LIST of January, 1874,
of 5000, 600. In the second paragraph
he commenced with these words; Now,
to meet this. Mr.. League has the taxes
of the current year on interest account,
amounting to about 100000 as as
sessed," etc. If this was not assuming,
al we said for argument sake. that the
Z rate would be the same this year as
last, then Equity" must admit that he
made no argument at all, for that was
embraced in his first and main state
ment.
While our able and welcome contribu-
tor to the current stock of financial
knowledge claims to confne himself to
"the question at issue, we are glad
that he has favored the public with his
views ON our "infdmous system of tax
alton" We agree with him subsian-
tally there, and will give our hearty CO.
oueration, if It is worth anything, to
bring about all practical reform. But
Equity, to make sure Of covering
the whole ground, answers to-
day at great length our. article
of Saturday, which was written
almost directly in reply to arguments
that had been used by the Appeal. To
this we have no objection, and presume
that the Appeal has none. BE says the
county repudiated her scrip. Well, how
Not by the dictum of the Financial
Agent of the county, but after the case
had gone to the Supreme Court Now
If Equity" knows Of any illegally issued
city bonds, let them be rejected and the
holders thrown into court. 1t is well
known to most people and perhaps to
nFouity that the Barbour Lewis jury
warrants and others issued for work done
we're subsequently redeemed by the
county. IAfo
In giving a history Of city bonds,
EQUITY" says Memphis never repudi-
ated one dollar, but took up the former
debt in Mr.. Leftwich's time. Now, the
time has come, he thinks, when dis
tinction should be made against those
who bought the bonds at fifty or sixty
cents, as il a corporation could become
abroker,
We have not as Equity seems to
think. attacked Mr.. League as a ira
Queer Of public credit. We have criti'
cised his policy in respectful manner
+. and attempted to prove that it affords a
bad precedent, and one which may open
the way for Reputation in; some future
financial emergency. The Mayor is
surrounded by many difficulties, and, as
We said in the outset, is doubtless dOine
What be thinks best; some others hap
pen to think otherwise, 1t IS mates
Of opinion and Judgment only. he il
sustained actively by two powerful
morning papers, the Appeal and Ava
lapche. and his present policy ha
received the sanction Of the neg
lister. Then he is noted for seeking
the best legal advice, and has noreoye
tss moral support Of an exhaustive