Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-10-22

/ hAGIIDCN GNClS LAActGbt dtll LFIEcti III
wealth OF the county into The hands o
few; driven the laDd from two nail
| lion independent peasants AID placed
! in possession @; thirty thOusard ricl
/ persons. This j. consistent With tn
geniCs OF the law Of England, where III
| few must hold all the property, but 20
Of tlrs country. A large msj )rity OF ia,
! legislature opposed the funding
bill, the prime cause OF il
/ adoption being ia he interest O
| individuals who had bought bonds a2C
! expected TO realize prCfi's thereby. On
! Of this grew the sale Of the comptroller
office. The third section of the bill
| provides that the interest on the bones
shall be paid before the current expenses
Of the s ate are paid, principle Ia
consistent with the cardinal pTinCip 81
OF tdis government. The current eX
persas are prime necessities Of ''the peo
Pc" yet the payment os the interest or
bonds wss made a preferred deb, and
this was done by the msjOTity party in
p9Ter a8d under tbs sanction OF
Democracy. The la t Legislature repesIet
the funding act, only one cut offs hundred
Legislators voting sgslnst it; yet the
Democratic candida Governor Porter
raO years sgo refused TO explain this
act, but every act of his since has been
in favor OF the funding act. 1t was
Le.esssry to leave in the hands of the
executive only sufficient power to bor'
row money to maintain the charitable
institutions Of the State, and repealed
the third section of the bill. Toe bill
taking away the power Of the governor
TO borrow money was passed twenty or
thirty days before the act suspending
the collection of taxes. The governor,
however, gave this last act as an excuse
for vetoing the fOImer. The true secret
of this veto is found in the June follow
ing, when the governor and treasurer
were found trying to borrow money in
New York upon the hypOthecatiOn Of
bonds that had been derived from the
State's interest in railroads, etc which
the law required to be filed in the c)mp-
trollel's office. Governor Porter de-
manded denial, and he gave him his
author, who made the statement
then published. The governor denied
it, but the treasurer told him
(Thomas) that 1t YVES upon the
hypothecstion Of such bonds that they
intended to borrow the money. How
ever, at the request OF A. s. COlysr, he
withheld the publication Of toe card till
after the ele ctiODs, thereby givirg the
governor the benefit of the denial. An
investigation showed that the charge
wss true. The speaker then repeated
what hes been charged sg aiDst Governor
Porter relative to the accumulation of
money In the treasury, there being fur
hundred thousand dollars there before
the convention, and no proclamation
was made about it. August 10Th the
treasurer told him (ThOm ss) that there
were five hundred Thousand dollars in
the treasury, yet on the eighteenth, the
Nashville american said there were but
three hundred 9nd forty-seven thousand
dollars in the treasury. Yet, in six days
thereafter, August 9th, Governor P0r.
ter made proclamation that he would
pay the coupons. Why was this? The
coupons were q0oted, up to the time of
the announcement to pay, at sixty-one
ceOts, aud this he knew, and has no
doubt but what lsIg9 sums OF money
were made without any risk by persons
having the information 8s to the amount
Jf the accumulation and the obligation
Of the State. The attorney generals
advice having been asked by Gov
ernor Porter, he closed his reply by say
ing: "I see no reason why any un-
just ref 3ction should attach to you
if you hold up this payment uatil after
the meeting of the legislature" Tais
sum could have bCu 9ht Up one million
five hundred thousand dollars Of lnds,
bug the information was studiously
withheld. To present such speculations
as this he (ThOmss) would have "the
people" take hold Of matters and pre-
vent such things. If, however, "the peo.
pie" were able to pay their bonded debt
he would not try to correct the error,
but "the peOpleH are unable to pay the
debt, and this mode Of procedure is op-
pressive. There is no Law to compel the
payment Of this debt. 3 fore the war
there was no debt but what the State
was able to pay. The State had not
then disposed Of her interest in the Her
mitage, in turnpikss and railroads
(which, by the way, Mr.. Thomas. when
member of the Legislature, VOted to
sell, and take in exchange arg series OF
bonds). This he'd been swept away by
the war, and also the school fund of one
million five hundred thousand dollars
The loss by the State upon sil this
property, when sold to fOreclCse mort
gage, hes saddled debt Of twenty mil
lion dollars upon ''the people," which,
with the accrued interest and school fund
of two million five hundred thousand
dollars, amounts nov to thirty mil
lion dollars. Mr.. Thomas said the
basis for the settlement of this debt,
except the school debt was 1.-The peo-
ple's" prosperity, which had been swept
away by the war. Mr.. Thomas next
made fhe startling declaration that
Jefferson said no generation has the
right to tax a succeeding one, and to do
80 is inconsistent with the principles Of
republican fc.n93 ffcc.n9 Hf government"
While their sense Of honor and of Justice
might promp the payment of this debt,
still, in the absence Of any law compsH-
ing the payment OF the debt, the bond.
holder might accept any compromise,
"Lhe people" could defer the payment
until a return Of prosperity ard the in
creased svslue OF property. He did not
favor reputation, but they had until
eternity TO pay this debt. He voted for
Mr.. Halls resolution TO increase taxa.
tiOn under pTivate-under protess
on the floor of the legislature.
When reassembled to adapt the laws Of
the State to the amendments they
found no money in the treasury, aad he
voted for an iEcrease Of taxation. He
once voted for eighty cents, and also for
making seventy cents for the
two years. AS to voting for the PROPOSE
ton to exempt two hundred and fiity
dollars worth Of property and mechsn-
ics' tools, he voted to postpone merely
when amended. No vote was taken on
the bill. AS to the charge that he voted
against the law eXempting municipali-
ties from levying poll-tax of seventy
five cents on each citizen, it was true,
but he did not think he was wrong. He
admitted that he voted to exempt city
from execution and sale, bs.
cause petition after petition came from
Memphis and Nashville asking relief,
and in order to afford protection to the
peorle against fire, plague, etc 1t is s
principle OF common law that property
used for governmental purposes is eX-
enpt from attachment, execution and
sale, and they merely made this law
into an act. No man who works for &
city and fails to get paid one day will
go back to work Monday, for the
lAborers know who pay them.
No man could have made this charge
against him, unless anxious to perveTt
the record. In the char'e eTs OF Memphis
and Nashville are clauses exemptipg
city property from attachment, exeCu,
ton and sale, and these charters are
signed by Governor Porter. Now he
could only extu,e Governor Porter upon
or ignorance. IL was hardly
possible that Governor Porter could be
ignorant. Governor Porter had charged