Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-09-02
The PAYMENT OF INTEREST.


Nashville American, 3lstl .-.
We ind IN the Knoxville papers OF the
tWs-IIy-hinth an Rrlcle nom the Memphis
APPEAL Of the twenty seventh, which we nave
LOT seen. conpiaining, OF the silence OF the the
khoxvil4e and sshvii papers about the
payment OF the interest due July, 1875 In
the Ledger OF the twenty ninth I've nave not
Yet reserved ihe Memphis morning papers of
that da.e) we find the same complaint, The
nrst Information we had OF the proposed pay-
ment OF Interest ives = paragraph aUhounclng
| the fact in the Knoxville 1T1bsne of the eight
| eeHths whicn We published In our next issue
after it, reception. The diff Guilty with
our Memphis confrereS is that w save not
gotten up case OF Mysteries, aroused to tie
hIgnest piten Toe Indignation of our citizens,
denounced the governor, and cried aloud
rings, fraud and corruption We have done
| nothing OF the sort, and do not propose 10 do
| anything OF the sort. 1t is probable that il we
had been informed of the at1otnt of money
in the treasury and consulted by the ex-
ecutIve oriaials about the payment of the
| past-due Interest, We should have advised the
payment OF sush coupons of July, 1874, and
January, lS75, as are stu outstanding ana IN
Sonds SoS1 Pl1 ana ali o. tn. Sclders M Of our our
bonds Gps9 e*s5dy the same saos, fOoung
retained IN the treasury whatever balance
might then be on hand Tor two reasons;
FIRST. became We might be able TO MAKO q
fat pSi 9nce on, hand to carry out any arrange
nent We might enter 1nto; second, because
"
ment oi int rekt In the heat OF the campaign
would be the fruitful o ;caslon Tor oharg Of
corru ption, fraud and faYortttgm. But be-
cause GoTeCnor Porter mas not taken the same
view OF bis du;y that we prooaby woula have
dOBe- We RFau -noA Snor tten0aEu1 6zaEzD
binn, He thinks that the law inpsrafiveiy
commands him 10 pursue the course he and
hIs executive as oclates have adopted, and he
rs conscientious in the cPnyiedon tnst IL is
Tor the greatest good of TIE state and the peo.
pie. There are those in this city who regret
that he has determined to pay the coupons OF
July, IS 8, but we have heard OF no ore who
has inttmated tnst there is any fraud or cor
Iuption In the matter, or that he is governed
or controlled by any ring or clidue. On The
contrary, IL IS Tcll Known here That those sc-
cused By The Ledger with being pecuniarlly
Interested in having this payment made
have been and are most bitterly opposed to
it. That the banks in Memphis and else
wnere throughout the State, who have the
their creditors should be opposed to the pay
meht oi this interest, is natural; -or IL de-
interest which they are making by lending
out the money of the State deposited with
them. That the individual borrowers from
these banks shoHld oppose this payment OF
interest is also very natural, because it may
prevent them from renewal or extension OF
their notes. The charge that the course
law is absurd, as is also that other allegation
or irtimation that somebody has made
money mo & 6y buying up the coupons OF !Sly,
were to be paid IN september. We are grave
ty told that there are none OF these coupons
now TO be purct ased N New York, and this
ID evidence that they have been sought up
by ripg in anticipation of the September
pay mert. It Is dohDtleos true that there are
none of these coupons on the market
for sale, and it is equally true That
there never have been, and for the very 81 m
pie reason that TO have detached one of them
from bond would have invalidated the en-
tire bond either aS a collateral or as market.
able security. Any Banker In Memphis knows
enough OF the rules of the stock exch sngs to
know that where full default has bee Rau6de
of an installment of interest, as OF Ju VI 1916
January or July, 1873 not one of those cou-
pens can be detached from the bond and sold
without invalidaung the whole bond for
either of the purposes which we have men,
uoned. 1t is therefore ma ter of i'm posi- BIZ
ity that there could have been any buying up
OF these coupons by speculators In ant ci pa
ton of payment OF Interest in September
When our Democratic contemporaries in
Memphis come to look calmly into the law
and the facts in this case, we believe that they
will find and acknowledge that they have up
intentionally done Governor Porter and the
state officials great Injustice In their adlega
tionS and suSpIcIonS.