Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-03-16
HlEMPNTS APPEAL
THURSDAY, IS: MARCH Is, 1875.
REPUDIATIOx By ALABAMA.

REPUDIATIOS By ALABAMA
The New York Times has an edito-
rial in its Issue Of Monday last, headed
''Repudistion in Alabama" purporting |
10 be q review OF the financial affairs
and legislation of that State since the
war. OF course from q Radical stand
point, In the course Of which it has this
10 ssy Of q measure that we believe met
the appreciation Of the bondholders, not
one OF whom hoped t. in the future or
had ia the past received any interest for
yesrs:
Having secured all they need, the PEG.
PIE OF this State have now the assurance
40 turn upon those who furnished the
money for their roads and call them to
their faces a set Of fools. "Bagacious
cnpitalists,n TO use the language OF the
report, "must have foIeseen that state
in which the value OF the capital Of the
people had been reduced from seven
hundred and twenty-five million dollars
20 barely one hundred and sixty million
dollars, and which had to borrow money
aunually to pay interest on its then ex-
is.ing deb, would not be able to protect
Its Endorsement for railroad companies.
Tdey could not, it seems to pe, have ex-
Tected that the taxpayers OF Alabsms,
after having lSst the bulk Of their prop
eriy by the events OF the war, and with
an existing debt much greater than
when the war commenced, would be
able to contribute from !heir diminished
resources q sufficient amount Of revenue
10 pay the obligations Of railroad com
Uanies.n The whole literature OF repu-
distiOn-snd the southern States
are supplying it in no small vol
Ume-hss no mach for the above
IN cool impotence and untruthfulness.
Tho Officers OF the State, while money
WIS being obtained for It's roads, were
continually psrading northern cities,
and were incesssut in their assertions OF
the wealth and uDtarnished honor Of
their people. Could they, in view OF the
results that have taken pace, be made
PERSONAL yresp )nsihle for the statements
made in their Official capacity, every
one OF them would, perhaps for the tiTst
lime in their lives, be doing some use
ful work in northern penitentiaries.
Now the Times knows very well that
The Alabama officers who thus psTade1
The northern cites were Of its own
stripe, representative carpetbaggers like
Spencer, who held tight grip on A's-
bama lhrou ga the corTup: war secretary,
Balknsp, and log the use Of seoundrels
ouch as he whom Postmaster
jewels paid out of the secret
service fund Of his department to go
down into Alabama and stir up a war
Of races. The Times knows that the
Democ- ats Of Alabama are not rsspon-
sible for the mountain Of debt which
they have been compelled to reduce, and
nave reduced, by the aid and sanction OF
the bondholders. That paper knows
very well, too, that, q the Alabama leg
islsture stated, 1t was essential to the
future OF the State that the tax burden
Of its people should be lightened by the
reduction ofils debt, AID that it wac
equally ia the interest of the bondholder
tha. such an arrangement should b.
made in order that he should receive
any interest at all-that 1t was better he
should b. secured in three per cent. than
claim elk without any hops of ever re-
ceiving it. Bl. 1t is not ia the interest OF
the bOndholders the Tines is wsiling.
1t treats OF this matter solely in behalf
Of its thIeving partisans, with view to
bolstering party that 1t knows Is respol /.
sible for the corrUptiOns that everywhere
abound, and that are the almost indel-
ib'e diegracss OF the country. 1t ar
CUES:
II people, the moment they have
occurred the means Of improving their
condition, can so readily repudiate their
obligations by which they were secured,
what may we not expect from them
when they have tire power to deal with
the Indebtedness Of the United States
an Indebtedness created for their SUBJ
lugsiiOn, and by which, as they claim,
S555 coo 900 Of their property was de-
stroyed, and which overthrow q cause
stl.i sacred and holy in their eyes.
This is unworthy even Of the Times.
1t knows that Alabama, through The
Democratic legislature which hss just
adjourned, solemnly and specially
pledged itself to all the results Of the
w5r-the constitutional amendments,
the public debt, the payment OF pensions
and bcu at.es, and the utter repudia-
ton OF ali claims Of whatever
character growing cut Of the late war
on the sou hsTn side. But it especially
knCws that the southern Democracy,
however much inclined land we have
never yet heard that they were) to repu-
da'e deb. which represents the whole
sale the!ts OF the shoddy selling raseals
o. 1925, are prohibited therefrom
rot only by laws which they cannot dis
regard, tu. 10y their party pledges and
practices made and ayowei by al our
STATE conventions, as well as those OF
the party At large held at New York in
Is6S ard a. Baltimore IN 1872. The
Times knows tbis, but true 10 its mis-
sion Of supporting Radicalism right or
wrong, it will persist 10 position to the
last degree untens6le-sO position that
is inherently weak, because construct.
lively false, resting, as it does, upon
Al inversion OF tie truth, az that IL
known 10 every even moderately in.
4tucted man il the Union. The south
stands by al the results Of the war as
declared by the amendments to the con-
fIitu.ion and the laws made in pursu-
snce thereof, and VII stand by them,
The Times and the thieving Radical
party to the e1ntrsIy Notwithstanding.
SILVER As CURREHCY
AS The United S atfs treasHrH will