Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1875-07-23

FORTY GENTS IS ENOUGH"

Referring to State finances, we put
this pertinent question yesterday to the
organs of the funding ring: will forty
cents, regularly collected, pay the inter,
est and current expenses2" One Of
them says this morning:
We think and will on some future oc'
cssion show hat the figures given BY
DR.. Morrow prove that a tax Of forty
cents, if continued a few years, will
suffice to meet all the obligations Of the
State, including interest on the bonded
debt.
Then, in the name Of common sense,
what is all this racket about2 The Leg
islature stood by the State Democratic
platform and refused to raise or dimin-
ish the rate Of taxation. In that respect
they stood by their predecessors of 1873,
who found the tax forty cents and left it
there. The last Legislature, however,
did something toward diminishing pub
lie expenses and to increase the revenue
by creating new sources, such as the
railroad tax, for instance. The threat
to lay out these gentlemen in the shades
Of private life is comforting, if not anus
ing. They cannot be buried so deep
but what the funding party of 1873 will
be many fsthoms below. So far as
mere individuals are concerned, it
A. Of no consequence n way or the
other, but there are questions Of public
policy involved in this discussion which
cannot be retired nsr hid from the peo-
pie. The complaints Of the funding
ring are most unreasonable, because
never uttered until the fact leaked out
that the collaterals the State had to offer
we're bonds collected from railroads.
Wall street knew these bonds should be
cancelled as received, and refused to
take them. Then the cry was raised
that the State had repudiated its debt.
The fact was, the State only failed to
make a new debt when it attempted to
borrow $4,000 OO on Wall street. There
it is all in a nutshell. The Legislature
increased the of the State con-
~siderably, as was believed by everybody
at the time-leit the rate where it has
been since l87l-but in response to an
appeal from the distressed farmers,
which came up from all parts of the
State, suspended the heavy penalties on
delinquents for 1873 and 1874 until an.
other crop could be made. Meanwhile
the unpaid taxes bear six per cent. inte-
rest. The Borrowing power was left as
before, but this time it failed to work.
Therefore, those who in good faith sought
to give the working and produc-
ing classes a breathing spell of
about six months are one and all de.
nounced as repudiatOrs. We beg leave
mildly to notify these gentlemen who are
cutting such high antics that the mere
crack of the bOndholders' whip will not
drive the people into measures. The
course they are taking is doing more to
create resentment and start a Reputation
party in Tennessee than to strengthen
State credit. Intimidation will not win.
and the flinders are very poorly able to
attempt that game. The vast moneyed
funding ring, so potent in the Legisla-
ture of 1873 when it went before the
people, was able to ~re-elect Just n of
Its members back to the House, Mr..
Orr, Of Marshall, by the way a
worthy gentleman, who went in only by a
plurality vote ahead Of several other
candidates. Yet these funders have
the cheek to talk about setting the
seal of condemnation on those who re-
fuse to be used as c~at's.paws to pull their
chestnuts out Of the FIRE. AS to repu-
dlatiou, there is no such a party in the
State, and they know it. The fact is
simply, that the State has been unfortu-
nate; her debt is heavy and the people
are willing to do the best they can under
the circumstances without Gripping
themselves. 1t is well to remember the
fable of the goose that laid the golden
eggs and was killed to increase the wealth
of its owners. The result was they be.
came poverty -3tricken and not worth a