Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-07-15

agent or by sealed proposals, buy the
bonds 1t the lowest price offered.
3. Another proposition is to issue
State treasury warrants, to be receivable
in taxes, and with them retire the
bonds and stop interest.
4. Another proposition is to appoint 6
commission to compromise with thC
bondhOlders, and by scaling reduce the
amount to point within our capacity
to pay, or to fund them at their present
market rate and pledge ourselves to the
| prompt payment Of interelt and princi-
pal AZ maturity.
5. And still another proposition is 10
refuse to pay any portion thereof.
To all OF the above propositions, ex-
| cept the first, the term "repudiation'
has been applied. Whatever may be
said in favor Of any sort of q compro-
mise, or in behalf of the equities Of the
| people, the odious term OF Reputation
| is applied. Reputation is q refusal to
pay an obligation when the ability to do
80 exists. When an individual has lost
his property, by any cause whatever, our
laws, upon his giving up his prosperity
| Except what Is exempt by execution by
| law, relieve him from all future liabil-
ity. His after lie and the earnings
thereof belong to him and his family.
Can people in governmental capaci'
ty, by the will of perhaps a small ma
jority, and that through presentatives,
be bound stronger, either legally or NOR
ally, than an individual by his own acts?
1 fail to know it can be; but, on the con-
trary, believe that the very genius of
cur government is opposed to the theory
that one generation has the right to tax
another. No debt should be enacted
without provision being made at the
time for Its payment. This WIS done,
so far az could be, for the railroad debt.
The war destroyed the property OF the
railroads. 1t was no fault of the people.
They had not contracted to pay this by,
taxation, and exceedingly doubt their
moral obligation to do SO.
We ask the most careful scrutiny Of
the above on the part Of our readers.
Mr.. Thomas gives US five proposed
measures of adjustment, but fails utter
ly to say which one of them he favors,
only intimating wholesale reputation
In the closing lines, when he says the
people chad not contracted to pay this
"ldebt] by taxation, and l exceedingly
doubt their moral obligation to do So"
II not by taxation, how. do communities
pay their obligations? and is not that a
moral and binding obligation to which
the promise to pay, or Enforcement Of the
State, hes been fixed by solemn enact
ment of the legislature, debated and
well considered for many days? But
Mr.. Thomas hints that perhaps that SOL
emn enactment was h I'D by small ma.
jority. Not 30. In every instance it is
on record that the financial measures of
relief instituted by the Democratic party
were carried by large msjorities. One
Of these measures, entitled IAN act to
fix the State tax on property" approved
by Governor Ssnter, July z, 1870, bears
the signature Of Mr.. Thomas, and Irms
as fair financial platform as aEy fair
minded Democrat could ask for, perhaps,
at present. Here it is In full:
SECTION 1. Be it enacted By the Gen.
srdl Assembly Of the State Of Tennessee,
That the State tax on every hundred
dollars worth Of property shall be forty
cents.
Sec. 2. Be it further enacted, That 30
much of section of an act passed Feb
rusry 25, 1870, entitled an act to sustain
the credit of the State and to amend
the revenue laws of the State and for
other purposes, as fixes the State tax at
twenty cents, be, and the same is here
by repealed.
Sec, 8. Be Il further enacted, That
section 4 Of the said act of the twenty
fifth day OF February, 1870, chapter
eighty-ene, directing the comptroller of
the treasury and the treasurer Of the
State the manner and order in which
they shall pay out the money in the
treasury, be so amended that after pay
ing the current expenses Of the eXecu-
tive, judicial and legislative departments
of the State, and money borrowed to
supply the pressing demands on the
treasury, and appropriations to the ssy-
ium for the insane, the school for the
blind, and the school for the deaf and
dumb, and the amounts due common
schools; that then the comptroller Of the
treasury, and the treasurer of the State,
shall next pay the interest on the bonds
of the State, at this time owned by re.
ligious, literary and charitable societies
and institutions in this State; and after
making the latter payment, they shall
pay out the balance of the money in
the tres sury in the order IS set forth and
expressed in said act. 4E
Sec. 4. Be it further enacted, That the
tax on all privileges be, and the same
is hereby increased fifty per cent. upon
the present basis; and that this act shall
take effect from and after the first day
of January, 1871.
Passed July 6, 1870. -
w. ON. PERKINS,
Speaker of the House OF Representatives.
ID. B. THOMAS,
Speaker of the Senate.
The proposition contained in this act
is, in our opinion, infinitely superior to
any of the above gave the first, and
since 1t has received the endorsement Of
Mr.. Thomas, we are prepared to believe
that it only needs to call his attention to
his position In 1870 for him to e-estab-
Iish himself upon it. Mr.. Thomas, let
US say, in leaving this chapter, is as I'M
fortunate in his definition Of repudia-
lion as he is in his generalization upon
subject he seems to have caught at
rather than studied. A State, by re-
using to pay more than sixty.six and
two-thirds cents on the hundred, for the |
payment Of which she is pledged, repu-
iiates the difference. Tennessee, by re-
using to provide for the payment Of the
interest on her bonded debt, practically |
,epudistes. She takes advantage Of her |
sovereignty to do what no private indi-
7idual or corporation under her laws can
10; as witness the mandamuses now en-
orced against Memphis. There is
10 course open to US other than
hat which we find In the law of 1870,
pdorsed By Mr.. Thomas. We must pay
What we can On foPty-oent tag at fair
valuation Of taxable property. But we
will let Mr.. Thomas close. He says, in
But, for the present, would levy only
UGH taxes az may be nees ssary to pay
he current expenses Of the State govern
nent, and make no provision for the
,onded debt till settled line of policy
an be agreed on and approved by the
'eople; and that, by so reaching the
Isbt as to bring 1t sssily within the tax
aging capacity of the people, without
zpatriating Sny portion of them. The
aiarjes of nIIr atate officials shnuId no |