Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-06-12
THE FINANCIAL CONTROVERSY IN
TENNESSEE.

A. >. Colyar lasC week, anu mHuo
an address last Friday night at the
Greenlaw Opera House on State
finances. We regret that the speech
was not published, for this is a
question of such paramount impor-
lance that the people cannot take
the risk of hearing only one side.
o One of Colonel Bailey's speeches,
however, has been published, and
it is presumable that the same line
of argument runs through them
all. He was listened to most re-
spectfully by a large audience of
our most intelligent and influential
citizens, a majority of whom we
believe dissented from his high tax
views. At this particular time it is
a difficult matter to create much
enthusiasm in behalf of State
creditors or high taxes. The
people feel that they have
been deceived and loaded with
burdens against their consent
and made parties to unfair and one
sided contracts without knowing
it until too late to have a voice in
the matter. The people at large
knew nothing of the provisions
and the effect of the funding bill
until long after it was a law. 1t is
true that the proposition had been
presented on the stump in a super
fetal, glowing style, but the bottom
was not reached, the real purpose
disclosed nor the main question
understood except by an interested
few. Even Governor Brown, who
advocated the scheme, had accepted
the figures of others and evidently
had been misled, and with all due
respect to Mr.. Bailey we do not
believe that he is well versed in re-
gard to the finances and resources
of the State. 1t is only recently,
we infer, that he began to study up
for the present occasion, when he
appears as an aspirant for the
United States Senate. The mere
reading of Killebrew's rose-tinted
Resources and a few back numbers
of the Comptroller's report does not
make a man thoroughly acquainted
with the financial situation in Ten
nessee, or a political economist
whose arguments are as "unanswer-
able" as the Appeal supposes. Col
Onel Bailey's proposition, if we UNI
derstood him, is about this: That
. if the State tax, exclusive of school
tax, could be forced up from forty
to sixty cents on the one hundred
dollars worth Of property, and it
can be closely collected, the current
expenses and future interest falling
due can be met. EVENT. this could
be done we fail to see what would
become of the past due interest, out
standing warrants, etc, which by
the first of January will amount to
over two and a half millions dol.
lars. We would be glad to see this
demonstrated as practicable, but
feel satisfied after giving the sub.
ject particular attention for seyera
years that it cannot be done. Thi
is a matter of business, of facts ant
Of figures. Fourth of July speeche
and patriotic editorials will neve
increase the ability, even if the in.
clination, of the people to pay. TIL
argument is seriously made by tn
Appeal that Colonel John M. Lea
of Nashville, and Colonel Bailey
both large property holders, are il
favor of maintaining State credit
even if it has to be done by in
creasing the burdens of taxation
We are aware that Colonel Lea pay
100000 taxes per annum on h.
princely estate. But he can affor
it easier than some of his hume
Gus tenants pay their poll tax
dog tax. Another lame and imp,
tent argument is that the rich on.
have to pay the taxes and that Il
laboring classes are d~isinterest,
spectators. This is patent dem
goguery, a fallacy that can decei
nobody. Colonel Lee is. a ri,
man and pays his taxes prompt
Others do the same when adj
They often fall behind becau
they own unproductive real esta
and cannot sell opt for cash at al