Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-08-07
NATIONAL pEMOCRATIC TICKET.
SHALL WE REPUDIATR Oh COEFTs-
CATRJ

not reputation. Low taxes, in the pres
ent depressed condition of all our indus
tries, and the downward tendency of
values, is a necessity. Taxes should be
enough to pay the current expenses OF
the State government, economically ad-
ministered, to which should be added
only such additional sum as the people
can bear at present, to constitute the
beginning Of a sinking fund, with which
to retire and satisfy the just debt of the
State.
The above was adopted, though
not unanimously, by the Shelby
county delegates to the State Dem
ocratic convention, who met for
consultation last Friday, There
were some twenty-five or thirty del
egates present, most Of whom will
90 to Nashville. The others are
yet to hear from. Some will go,
doubtless Others will send proxies, as
each regular delegate is authorized
to appoint his own proxy, unless an
alternate was appointed by the
County convention. The object of
the meeting was not to limit future
action any further than to bring
out an expression and get through
with preliminary discussions that
would be tedious and irksome
at Nashville. The above was
adopted, after a discussion that
would have been creditable to most
deliberatiye bodies. 1t is the en-
bodiment of well considered and
conservative ideas, upon which no
Democrat may feel afraid to stand.
True, we would have written it a
little differently perhaps, but con-
ventions meet to make cOmpro-
misses, and this we regard as a hap
py medium between two extremes,
as we will now illustrate. The APP
peal of Saturday expresses its dis
satisfaction with this resolution,
regarding it as a move toward low
taxes and reputation in disguise.
The Avalanche, on the other hand,
sees in it the gloved hand of the
bondholder, and is cOrrespondingly
unhappy. Yesterdays issue says
"The third resolution, as adopted.
ought to be re%considered, unless the ma
jority is in favor Of high taxes
Like the immortal philosopher -.
n" both these irrecOncilable old
Bourbons are right from their re-
gpecive standpoints. Neither one
is fair and practical There is a
safe middle ground upon which all
thoughtful, wen posted people can
stand. The bondhOlder has his
rights and equities; the people
their necessities and their rights.
If We agree to pay the bondholder
what he gave for his bonds, without
interest, it may take more than an
average rate Of twenty per cent. fol
a series of ten or twenty years t.
retire the debt. On the other hand
the people cannot and will not stand
an increase Of taxation at present
There is a growing feeling that TIN
present rate of forty cents SHOULD
be reduced to thirty perhaps, 0
even to twenty-five cents tenn
porarily, until the people tax
a breathing spell, and the bond
holders have an opportunity I
fer an equitable settlement. Tn
present debt is, in round numbers
say $4,000, 900, only four millio
OF which was issued during tn
Brownlow administration. tn
rest was issued before the war.
fraction of this debt may be illegi
and unjust. That can and shout
be settled by a competent court {
commission, upon broad gener.
principles of law and justice. I'll
remainder, if we cannot meet
without c~onfscating the propert
of the people, should be scale
down and the interest reduced an
graduated a few years to a poi
where we can carry it. The pc
pie of Tennessee do not mean
repudiate any just debt that tn
are able to pay. There is dang,
however, in the excitement of
hour, of reputation. This, we 8
sorry to say, has been brought abo
and fostered by the exorbitant d
mands Of the funding ring Al