Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-02-07
rHE STATE PAYING An OLD SCORE.

THE STATE PAYING AN OLD SCORE.
Of a floating Indebtedness Of 500, 900,
borrowed some two or three years ago,
$500, 900 has been paid by the State au-
thorities during the past forty days.
The remaining $4,000 will be paid dur.
ing this month, and the entire amount
liquidated. AS this money was drawing
ten per cent. interest, it was highly im-
portant 90 get rid of the burden as soop
as possible. -NdshUiM american, FEB.
4th.
The Taxpayers win discover an int.
resting item in the above when It is con-
sidered in relation to other facts not yet
faded from the memory Of a few people.
The greater portion Of that money was
borrowed to pay the interest on the
bonded debt of the State under the in
famous funding act Of March, 1873. The
funders aud their organs in this State.
under the pretense Of sustaining State
credit, we're willing for the Governor TO
continue the ruinous policy of borrowing
money at ten per cent. per Annum to
pay off the interest on bonds bearing
six per cent. This was a dead loss Of
four per cent, which eventually must
come out Of the pockets of people who
never owned or saw a bond or had any
voice in the issuance or funding OF one.
As long as the board Of finance at
Nashville could bridge owe and keep up
appearances all was lovely with the
high credit folks. This was what they
called 6nanciering: In the frat place
to fund bonds bearing FIVE per cent.
interest, as a portion Of the debt
did at six per cent. make this
a preferred claim, as provided by
section three Of the funding act; and
lastly, to borrow money at ten e cent.
to pay the interest on the new bonds
issued and the old ones registered under
the act. This was done under John G.
Browns administration and attempted
under Governor Porter's. The flinders
aud their organs knew that this was
being done, yet uttered not a word of
protest. Bat when it became known
generally that the Governor could not
borrow any more money in the market, q
howl went up from the organs in
the three divisions Of the State
that the State had ~repudisted her
just Indebtedness. Little demagogues
with big aspirations, like the fellow up
in East Tennessee who expects to ride
into the next Legislature on a big yellow
dog, took up the cry and turned to abus,
ing the representatives Of the people for
not providing" money to meet the July
interest. Some wanted it provided by
the establishment Of q State bank which
could make money for all purposes, and
others thought taxes should have been
raised TO a dollar on the hundred, but
the most Of them. had no plan; they
merely asserted hat it should have been
done, and must be done by the nexI
Legislature. The insincerity of the
funding leaders is about as apparent as
the ignorance Of their claquers at the
cross.road where maudlin Radicals and
Democrats shook hands and enlisted
under the ~bondholders' banner. The
people begin to see, as We pointed out
more than a year ago, who the
real regulators are. They are the
men who would bleed the State to ex
hsustion and utter inability to pay any
thing for the present benefit of the few
As 500 as Governor Porter had time Il
ascertain the situation he took a step re
eeding from the high State credit ground
Of his predecessor. Since then the It'll,
organs in the country and three or fouI
Of the big ones in the cities have beer
dumb rs oysters. They have not ever
had heart to abuse those who opposed al
increase Of taxation and favored a tenn
perary suspension Of taxes until the PEG
pie could make a crop. We have no
seen a highfalutin editorial about tn
sacred debt for a month. 1t is a quet
tion which will not bear discussion from
the kid.glove side. The auonymcu
acribbler too, who does not know a cou
pom from a cowpen, has likewise gone hi
way. We hope now that reasoI
and common business sense vii
prevail, and that this matter will fal
into the hands Of practical men, VIII
will adapt the fine theories Of the bond
holders union somewhat to 3 basis q
equity, justice and practically. LIE
their motto be retrenchment and reform
let the revenues Of the State be IN
formly collected and Immediately 81
piled as far as they will go to the puI
poses designated by law. Tax.payel
can then bide their time.
ACCORDING TO the Sweetwater Ente
prise the Republican programme in Ii
Second CONGREGATIONAL distrint ia 10 m