Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-08-05
OUR ABILITY TO I.AY.

Colonel Nathan Brandon, Of Stewart
county, an able and experienced legis-
lator, has recently been nominated by
the Democrats Of Stewart and Mont
gomery counties as their joint represent
ative. He will be elected by s very
large majority. 1t is encouraging to
see men Of such ability and experience
put forward as candidates by the De.
mocrEcy. He made s speech when
nominated, an abstract Of which we find
in the GAINESVILLE Chronicle. 1t pre-
sents some very strong points, and IS, in
fsct, an unsnswerahle argument in IA
vOr OF paying the State debt.
He made an exhaustive argument in
favor Of State ere lit, showing the just
ness and legality Of the debt, and the
great and easy capacity Of Tennessee to
pay it. Referring 10 the jncre using prc3-
perity of the State, he demonstrated
that II Tennessee's resources should in
crease in the same ratio ia the future 81
in the past, by theyear 1900 the increase
alone upon the pre- -ent wealth Of the
State would pay her entire indebtedn, 3.
More 1veT, that five per cent. other prop
erty in the State, or fifteen per cent. Of
her products would more than pay the
debt. Suggesting that it WIS not the
county and Stato tax that bore down so
heavily upon the people, but the Fed
eTalS he asserted and proved that the
money Tennessee pays into the United
States treasury each year, would in three
years pay off her Indebtedness and cam
Gel every liability. He declsred himself in
favor Of taxing all property. Railroads,
etc, are property, and should be taxed.
No property should escape. But he In
formed his hearers that homesteads
are made exempt from taxation by the
constitution, the organic law OF the
land, which cannot be altered by legisIs-
lures. But should the legislature repu-
diste, what then? Can the bonds be
taken from their holders? The legisla-
ture can pass no such law which can
impair the obligation OF contracts, and
can only repudiate by refusing to lew
tax. This does not destroy the obligation
10 psyi nor does it get possession Of the
bonds, the visible sign Of the faith and
credit Of the State. The obligation will
remain, and forever until the money is
pad; and mere too, any legislature to
come hereafter, may levy tax and pRy
every just debt Of the State with
accumulated interest. In COnclu-
sion Colonel Brandon expressed it
as mis- belief, that with ali property
taxed, and an honest and economical
administration Of the State gov
eminent, four mills on the dollar will be
snrlclent To pay the current expenses Of
the State, and the interest on her bonds.
mus, lhst no increase of taxation would
oe necessary to msintsin the honor and
integrity Of the State untarnished.
Here Colonel Brandon shows that
mere refusal topay, or reputation, does
DOT get us clear Of the debt. 1t leaves
TO sccumulate until it will become
mountain high, and thereby place
enormous burdens upon coming genera
lions, and preventing the settlement
anu lm provemeht Of our State. The best
plan is to pay what we can and
make arrangements in regard to what
we cannot pay at this time. By all
means, prevent an accumulation of debt
which is the worst evil that could be-
Isil US. Temporary population means
increase OF future Indebtedness.