Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1874-03-25
PUBLIC LEDGER.
MR., LoAeuE's POLICY DEFENDED.

The views expresseu W 'no
in regard to the coupon policy of Mr..
League have elected much good natured
discussion. 1t is all, however, in cool,
disuassionate spirit, and therefore likely
to bring out facts, figures and compare
sons that will be of value and interest to
the nublic. AS one evidence of this, we
allude elsewhere to a statistical article
in the name of Equity" Our article
of Yesterday is the subject of conseeu-
tive reply in to-day's Appeal. We give
our cotemporary the benefit of this para
graph. which appeared in its issue OF the
Dist in reference to Mr.. Leagues policy
ofpurchasing coupons by bids
II is not the policy the Appeal could
wish Ia see pursued. We would like to
see the MAYOR pay cent for cent what we
owe hut aimee that cannot be done we
ARE satisfied with what Mayor League Is
doing as dictated BY sound financial sa-
gacity and appreciation OF "na' 10 O'0'
for the interests OF the city.
In the same connection the Appeal
to-day says:
Itwould have been impossible to deal
With the State debt after this manner,
and Il was better to do just what has
been done, and. fair. Ihere Is no anai'
ogy between the two cases.
We make no issue here on the fund
ing question, but refer to it as an Illus
tration. No reason is assigned why 1t
was impossible for the State to pursue
such policy as this, nor can we TANK
of'any, except that majority ofthe Leg
lature was opposed to it and declared
that funding the past-due bonds and
coupons was the only measure to
restore the credit and preserve the sa-
cred honor of the State. 1t is no part OF
our purpose to point out wherein men or
rresses have changed their views, but
WE believe that our worthy contemporary
wrote some powerful articles less than
fifteen months ago in which reference
was made to past-due bonds and cou-
pons, followed up by remarks about the
sacred honor of the Volunteer State
and stirring appeals to the pride of every
Tennesseean, and not without great
effect There is some analogy" fully
AZ much as between the city now and
merchants who failed in New York du-
ring the panic last October.
Some of these firms asked only for an
extension. but many of them paid what
thew could, and were released from the
balance.
That was by an agreement with the
creditors, and usually the assets were
surrendered. Here the " analogy RUS
ont. The city has not called in her
creditors and consulted them in this
matter, nor was this practicable, but the
creditors had right to expect that the
city would act in good faith.
What is legitimate for merchant
ahould be so for corporation. Mayor
League does not propose 70 divert the
interest tax from its legitimate channel.
He only proposes to make what he col
lects Of 1t 20 as far as he can with
view to reduce it as soon as possible. In
order to accomplish it the taxpayer
ought to pay currency and past-due
coupons: floating indebtedness should
not be taken in payment.
So we say, that past due coupons
should be received at least in payment
of the interest tax, as that fund cannot
properly be diverted to any other pur-
nose, and we presume will not be. Every
coupon so received would be that much
of tbs city debt retired, and the tax
- payer who could buy at eighty would be
individually that much better of.
We do not see why Memphis should
nav one hundred cents for that which
A" buys from B. at forty.six cents.
Heretofore the city has paid not only
according to the face value, but also with
double and even treble interest and that
Il principally why Memphis is just now
over head and ears in debt.
In law the city has no right to ask
what "A" paid for his bond. A IL
doubtless willing to wait year or two
for his interest, and patiently, if hi
knows it is sure to come. That was thu
only chance he knowingly took. Tive
wrongs can never, even rhetorically
make one right. And this applies t.
the closing paragraph in the Appeal a
well. All the arguments made 50 far il
behalf Of this policy, however prope
the motives, are based upOR expedienc,
and the excuse that the Government
buys up its bonds. Exactly, and this i
great reason why the finances Of tn
country have been unsettled, and tn
values Of labor and all our production
changed and uncertain. The Who'll
lsud became financially demoralize
vhen the Government took to dabblin
in It's own stock and bonds and to tan
pering with its credit. Such 20
jcy inevitably weakens public faith in a