Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-10-21
Views OF a Leading Merchant Of Mem.
phis IndOrsing the Efforts Of Gov
ernOr Porter TO Maintain the
Credit OF Tennessee.
The Question Of Interest-Payment Care
fully ReyleWed-HOW an Impaired
state Credit IBjures Com.
merce aud Trade.
EDITORS APPEAL-Having been 8

one DuUQrEQ QOllAFh HnOulu De levied unO0 tn
proper ty Of the individuals o. the state, 10
the purpose nrst, Of paying the interest OIL
coupons OF the refunded or Outsta nding bonds
second, to pay the cure mt expenses of IN
tate government ewing TO the large mum
Der of the delinquent taxpayers, the legisla
ture OF 1874 repeaIeo that clause Of The lund
ing law, which provided that the interest OF
the State debt snould be first paid by provid
ing that the cur ent expenses of the Stat,
should be fir pa instead OF the second, a.
in the original enactment. and 1t Was simply
givi g the Item OF current expenses insteaC
OF bond interest the prefereL ce in the oTde
of payment No court, 10 fact, no party con
teIds that tee people of the state do not Just
ly owe aud a. fairly entitled TO pay the in
terest on the State debt; in fact, it has beer
asserted by all parties that we, tht
peoply, unfortunately owe the whole of II
Bot the legality OF the debt do not prOpos.
TO discuss, and being 40 lawyer know moth
IL about II, bat would say, IN this connec
tlOu, that II there is an outstanding bond Il
legally Issued, refuse TO pay it. and let the le g
islaturs Of the state decide whether II is le
gal or not; II legal, pay II. or at least make 8
manly enJrt TO doso. But to return to the
oTigiT al proposition. We find by reference
TO back 1les OF the city papers, that possibly
as far back as eight months ago or more, the
revenue OF the State was sufficient TO pay cur
rent expenses We md also, that here IN
Memphis, the STATE taxes were paid by prompt
taxpayers a few days before the first OF
June, but the great body of taxpayers did
not 60 so until Just before the frst of July
and The collections available for the purpose
of paying the liability OF The State could no,
have been ready before about the FIRST of Au
gust Then we find the proper authorities OF
The State government proposing 10 pay what
every one must consider Is a legally due debt
Now, my understanding about debt is lust
this: IL is bad enou h not 10 be able to pay
tt when due, but there is not, l consider
q business house in Memphis, or in fact
The management Cf the Avalanche. or
a single day for Withholding payment to .
Just debt, and II they could not get ali, would
Insist on as full payment as could be made
a. n ,v1T1 .1.aa
thOTities, for the people OF the State are moth
ing more than = business firm with large
number OF partners. Therefore 1 am clearly
OF the opinion, as business man, that had
the State authorities refused even for q week
to haVe paid debt, the legality of which up
TO this unfortunately for the people, see no.
have been simply dishonest; Tor it Is not hon
est for a man TO owe a debt md have the
means, or part OF the means, to discharge It,
aud fan 10 do IT. The fact about the Ststs
debt, and the failure to pay It's interest, Is
simply this: We have received value for the
debt, otherwise its legality would before this
that the interest hes not been promptly paid
at maturity iN becau-e fity-6ye per cent. Of
the lax payers have defaulted in tie perform
sDce OF a clearly defined duty that every man
owes to state, VIZ: to centri bute toward its
support his or their share of the burdens.
For this state of things the judiciary are
mostly responsible. 1he legislature declares
that every man shall bear his proportion,
agreeable to his wealth. TIE judiciary vir-
tually decides that no tax title is legal, aud
really offers premium to every de1Rulting
q irst IIen on the property, but if no tax lille
is legal, IL amounts TO q nullity, ss no one viii
purchase for no investor wants to buy law
suiJ while the courts have already decided
that no title can pass. If the legislature Will
instruct its judiciary that tax sale conveys
litle, a1d put the purchaser into undisputed
possession, we will then find that thee are
not near SO many "can't- pay" tx payers, and
such instructions would be only sheer justice
OF the tax payers. II appears to me, MesSrs.
a ditors, that our papers, supposed to be eX-
ponents OF public opinion, as well al many
individuals living IN the city OF Memphis,
have gotten altogether wrong on the subject
of the State debt. Memphis Is large COM
city. By IL e statements of the cotton
shown that commodities to the extent of up
ward Of sixty million dollars annual
ly are exchanged within It's i'm
its. !. Referring 10 bank, insurance,
to ten million dollars, Of thst fully
fifty million dollals OF the business is c me
upon credit. Now, IT sPpSsTs TO me that
depending SO largely uL0n Its
re epuJation tor the prompt payment OF its
debts-in other words, lis "credit"-ca1not af
lord TO entertain an idea that looks toward
ret Ud at on in any shape, or impair the OBJ
legation Of contracts, individual, municipal or
Sta e. Would IL not set ve:y bad example
to debtors to Us living in the State of Missis-
sippi, our very valuable custom Iers, whose in
to this day have not succeeded in
the ey es OF the world in wi ping away the stain
Of the reputation OF the U uion bank bonds2
Would Ii not set very bad example 10 the
people OF the great state OF Arkansas, the loss
Of whose trade, or the failure 10 pay the iudi-
vidusI aebts due the merchants of Memphis
would bring 6lmQst inevitable ruin, to
advocate a State policy IN Tenne see that
Iquints st repudiation Of STATE del,t that no
One says is illegal, or at least materially 80.
They would Justly say: "YOu have your splen
did system CT railroads, built with State b5nds
Dr. upon tie cred OF the State and IL you re-
pudIate your public DEBT simply for the rea-
ION that IL can be done, and your Judiciary
egally boa nd, then We shall not pay our debts
iue your merch&Qts, for you have set us the
nstly say il was positively dishonest to bo
lDle to pay either whole or in part and not
pay. Can we stand this? think not. Now,
Aessrs. Editors, Whs' does twenty cont tax
will; talk as much - you please about good
Intentions, and they tell us that shell is
1avei with good Intentions" A twenty cent
AK means repudiatiOn. We either owe the
interest on the Stale debt, or we don't owe,
rom the fact that its legality IS not QueS-
ioned-I Will say we owe II, and The 1RlIuTe
o pay Just debt on the part of State for
s ate can't be sue1-is repudiation. Now,
"a a tax payer Of the state of TehnesSe and
merchant OF the city of Memphis, l am u
Wiling TO be pat on record as being repudi-
Ltionist, for 1 confess &c some little State
pride, and the character hope to transmit to
ny children. Nv idea is that every Taxpayer
,rty TO some one who will pay; for the default.
ng taxpayer enjoys the uSs of the property,
as the equal enjoyment OF good laws GchO-
astic and social advantages, and is just as
much bound TO pay as l am. But should ii be
Ound that the burden of State debt and the
necessary State taxation was too grieyious for
he individuals Of the State to pay, call = con-
Tention Of the people al the State ca pital, and
OF our representatives. say what proportion OF
he public debt We c2l pay, and pay prompt
y. This Is the true plan, and I, tOr one, favor
I, for this reason: much, in fact, nearly al of
he debt was created prior - the war bet Veen
he states. We all know that the Slate of
tennessee was he great battle-ground west OF
u the Allegheny mountalrE. We not only
Ost OUr Save DrCperty-I believe about one
hundred ana afty n4illiOn dol ars in value
'ut sustained an inI:nenss Joss in personal
Our farms were neSolated; but, !
Torss than sl we lost g large portio1 Of our /
ost and bravest-th6t class of young men BY |
those untimeiy deaths these waste p aces |
"a 7e not yet been repaired. This gives us an /
quitab' e, though not strictly legal claim 10 4
hroW ourselves upon the meIcirul con |
ideTaten OF our creditors. This is the |
ray 10 settle our state debt, IL IL is too large /
DON'T let Us take the dishonest ground that |
lot being able TO pay sll, we won't pay any,
nd for Gods sake not blame the governor OF /
he etate LOT paying part OF our just debt /
ecause he unfortunately did not have the |
money 70 pay the whole OF IL. 1t = boldly and |
o. foently charged here 1 l Mem Pins tn { |
be executive OF the State was in collusion |
Titn ring who had fought up past due cou.
pms at heavy discount. that is a grave
7arge, and It's est tulishment is felony, but
be Onu, of proof lies Eith the party making
be charge, II Is no compliment to the intel
gent voters Of the state Cf Tennes see thEt
lected Porter governor TO ssy they voted tor
common thief, Neither OOes the private
harac-er Of the governor nor that OF the /
omp roller Gaines, justify he charge; and it
ppesrs to me thaa any Democrat from pIin-
iple AMI who prof Esas 10 be governed by
p rtAin We i def al principles In our politics,
as only 10 satisfy himself Ns to the hon
sly or honest intentions Of the governor, and
Ote his continuance in Office. For, |
epend upon ii, II Will b.
,uud muc1 safer then to advocate
Sta policy that squlL Is toward repudia-
o., or twenty cent Tax, which is the same
hing; in other words, "su CARGO ted pill"
lost OF us reGollect ICOr old Ehil Glenn-re-
lember the period when he vas q power on
he Democratic stump; when, in 1874 he ar
,igned that grand patriotic but defunct VIII q |
2EtF, calling II tde'sams old coon log cab.
, IN all the paraphernslia OF the WhiE par
; that SSDt the SOpDtry in 1870 like a tidal
ave: who then nr0mises4 50 much and per
rrned 90 litile-does IL not strike you tnat
le advocates OF Mr.. ToOmasS electios, whose
ones Y, by the way, no one acquainted with
le Thomas family, OF Haywood county, can
leEtion, have Iesurrected a Republican
Dou, :" and ask us to vote Tor party born on
sect OnRl iEsua, and 20 continuing TO this
~. To such a request, even though sugar
)ated with a twenty cent tax, the "unterri-
I'd" Dem Ccracy will answer IN Move nber,
SOt much too thin, 'e;c., and until Repub-
can EXt cuti se can demonstrate that IL can
ay the honest debts Of the State with q
Fe 1ty-cent Ak, which q Democratic execu-
9e declares II annot do with less than forty |
ntg or more, for one propose TO make no
range, for 1 conceive II to be safer 10 bear
10 ellis Of outrageous fortune than fly -
n l,aH n ri Law tn