Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-09-13

city in The United State that preiends or
aspires 70 be city where this same fact exists
excepting OF course cities under negro ruleg
Memphis claims TO be a city,and her press ana
her people frequently mention Louisville,
Cincinnati and St.LOuis a. "Our competitors
VIII HCoibert claim that in other one Of these
the price Of real-estste has fallen back 10
the same figure IL was held at fifteen years
ago? he certainly cannot, for the streets mat
were in the subui hs fifteen years ego are now
almost I'm the heart Of the CITY AT
each of the above places named, ,and especlaily
80 of st. Louis aud Cincinnati. There must pe
some cause for the difference in our fortunes
and that OF these cities. ana again. the
writer humbly suggests that this cause ~
found in the fact that our taxes are TOO hlgiis
burdened as we are with swarm OF county
officials, whose salaries must be paid that We
have no manufactures, aud that proper
protection is not given 10 capitalists
TO invest their wealth among rs.
The legal rate OF interest in New YORK Is
seven per cent, and in tennessee Ten per
cent, when agreed on by the contracting par
ties. Capital always clusters where it can
make the largest per cent, aud be Desl Sc
cured by the laws Of the land. New, ns our
rate of interest is larger, ana as "COlDelb
claims we throw around capital as much pro-
lection as anywhere else, would ask MN
why New York Is OVeTfioWing win supefa-
bundance OF capital and Mem phis Is SUFFERING 3
from its scarcity. But he says, Anew York Is,
by common consent, the money center OF the
Union" II capital had no more protection IN
New York than in Memphis, how long would
she remain money center? What made ner
a money center but the protection she thre "
around capital2 Capitalists prefer seven per
cent. in New York on good collaterals, win a
certainty of getting their money when
due, TO ten per cent. interest here,
with all the uncertainties attend
ing the loan Of money in Memphis.
But "Colbert" says in New York City money
lender engages in a Legitimate business.
Here the banks also do legitimate business
on gilt-edged commercial paper, out on se,
curity anything else; certainly not on rear
estate. The curbstone brokers do not, how
ever, do legitimate business lof they loal ..s.l
per cent. month upward, according 70 their
business and the necessities OF the DOrfoWess
Eow, il real estate securities were as Wen Pio-
tected here as in New Norki Why oon me
banks loan on them and not force iheln on
the street? simply because the cspstal IS not
here. colbert" SAYS himself: "Mempnih mas
more business offered TO her tnan she has
capital TO handle" and furi ne rinore, that
ethe whole country suffers Tor the want o.
modified capital" St. Louis, our coinpe l.
tor has lust finisned a bridge which cost ten
miilions Of dollars, and spent money iaylstly
on railroads that tap the trade OF MeInph m
Arkansas and Texas. THIS dom iO9k lik sl,e
is suffering for want of capital. -. Lcuis
builds a ten-milli iOn- dollar bridge, and
Memphis can't build cotton laetoIy,
whose cost is the one-hundredth part OF thaJ
sum. II the rate OF interest Is higher here
than in st. Louis, and II the same prOvectlph
to capital exists in b0th places, i1eh WY
don't these bridge and ra1lfoad-hulloeFs,W win
their immense capital, come 10 Memphis ana
help US out of the slough OF poverty and a. lue
same time benefit themselves? II the same
IN Memphis than elsewhere according 10 p p
ulation? Our county with eighty thousand
people, IS the proud poSsessor OF eight courts;
and Philadelphia, with over a millloni mas
only five courts. And Furthermore, our courts
are so crowded with business that sometimes
several terms elapse before mans su I Is de-
cided. Now, the writer suggests Ihat Inls
thing is injurious to the Interests OF Memphis,
that several of the courts ought to be abol-
ished, and that such laws should be passed as
wouiu secure investments with IS nttie llll-
CATION as possible. But, says colbert the
fault is not in the law itself. Then
IL must be in the execution OF II, or
in the litigants themselves. Cases OF lnul.
viduals who delighted in lawsuit are OF
record, but that contentious spirit never at
taclIs a whole community without just cause.
Neither can IL be claimed that our judges are
at fault. In any case, whatever the cause is,
IL should be remedied, and at once, II we eX-
able to expect that the critic who hn0s fault
with given plan should produce better
Que. tits one thing to tear down and quite a
different thing TO build up. Now, let 'COl-
BERT advance his ideas as to what measures
would rebound most to our credit and to our
prosperity. As he starts out with the idea
that we are doing as well as our competitors
let us ask him what shall we do to oYertake
and pass them? No ambitious mind IS sat
iefied with quality, for superiority Is the
guerdon it claims at the hands OF an admir-
ing world. since we thrive as well as our
neighbors, can he suggest any plan by which
we can pass them in the race and come IN
at the Judges stand even a neck ahead?
Colbert" thinks some OF my statements are
often repeated by Ignorant persons A
charge of ignorance is ide until II Is proved.
Arguments as well as proof, and not eplthets
commend themselves to q thinking people
Because man chooses TO differ about theories
and plans for government is no reason of his
ignorance. The only prominent point Of dlt-
ference between colbert" and myself is he
centends Memphis is doing as well financial
ly as her neighbors, and do not chose 70
think that way WHITWDRTH.