Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-07-15

"work both ways, and now, when ev-
erything is reduced, their salaries
should also be reduced" 1t Is true,
work at q time Of initiation is
more abundant; but this very
abundance of work stocks the mar
kets with an over-supply, plethora Of
goods, and stimulates 8 stagnation
such as has been 80 sorely felt the psst
two years. But Mr.. Thomas, not con-
tent with this "Temedy,n which just
amounts to no remedy at all, but an in
crease Of the evils he con- plains OF, goes
further, and seeks to put the bondhOlder
in position Of antagonism to the work
ingman. He says Of him 1.-THE bondold-
err: "He stands complscently by and
"sses your home and land sold,n es il
the manufacturers, the widows, the Or
phans, and industrious men who have
invested in bonds were leagued against
the poor and the failing, and made it
speciality to go about the Union and
hunt up the unfortunate, to mock and
laugh at their misery. This Is mere
demagoguery and clap-trap. 1t is the
first step to strengthen condi-
ton Of things that, as a manufac-
turer, Mr.. THONGS should seek
to avert and avoid rather than encour-
age. The gap that separates capital
from labor is alresdy wide and deep
enough. 1t should be the work Of good
men to fill it up, rather than to deepen
and widen 1t. We quote the words Of
Mr.. Thomas in contradiction Of himself:
mo country can thus prosper with the
Interests Of capital and labor es.
"tranged." Mr.. Thomss's plan, IL
adopted, will not unite labor and capt.
tai. 1t would increase the capital be-
yond the possibility of its employment
by labor, and inundate US with the curse
of Legitimate speculation and imitation;
and 1t would make the rich richer and the
poor poorer, postpOning the day for which
all pray, when we shall have r, stored the
old-time equilibrium between American
labor and American capital. 1t would
not increase the tsK-paying capacity of
the people, because it would lessen con-
fidence in values, and create additional
distrust; and while it would stop the in
terest on one-half the public debt, it
would wiring from the poor man more
than twice the sum per annum in ficti-
tious values, for which q one-third in
crease In his wages would not be half way
compensation. Mr.. Thomas's ''remedy"
is no remedy at ell. 1t would prove sn
exaggeration OF the evils he complains
OF, and sink us deeper than even he con-
templates in the mire of a real bank
ruptcy. The true remedy for our de-
plorable public position is "reform, re-
trenchment and economy" To obtain
this remedy the Democratic party must
be united ss one man-there must be no
disaffsction, and al opposition must be
squelched. The Republican party has
proven itself opposed to "retrenchment,
economy and REFORM" and the people
look to the Democracy with confidence
for the relief they require. We come
now to State finances. Mr.. Thomas
says: .
The next shall consider Is our State
debt. This is under our control, and its
payment rests upon our moral sense
OF right, and not on any power to COM
pei. 1t rests upon the integrity Of the
State. Then we should well consider
what our course should be; not to do
wrong either TO the bondholder or to
Tho Ioht Ia NJ fvyn Iindc
The rate upon bonds issued for various |
purposes, without anything being set |
apart as q special fund, or property with
which to pay it; such as to establish the |
Bank OF Tennessee, as stock in turn |
pike roads, for building capitol, etc,
amounting to near five million dollars. |
The second part of the debt consists of |
bonds issued In aid of railroads, under |
the provisions of the act of 1852, with |
interest, funded at different times,
amounting to near thirty million dol |
lars, and for which, at the time, speci.
fie property WIS set apart for their pay |
ment, amounting, in the ag-
gregate, to more than double |
the amount of the value Of |
the bonds. 10 to the war there was no |
thought that the Taxpayers would ever |
have any portion of the debt to pay. To |
meet Inc ulI6CI u6Dt Oh the SLaJ6, We /
held our stock in the turnpike roads, |
which had become of much value; we |
held our entire, stock in the bank OF |
Tennessee, and it was supposed to be
amply sufficient to pay all we owed |
without taxation. This was ali swept |
away by the war; and, in addition to
thSt loss, we have, by taxation had to
pay off one and half millions of the
old issue Of the bank Of Tennessee since
1862 This, without our agency or
fault, has been swept from the means to
pay.
Mr.. Thomas, it will be noticed, here
substitutes mere assertions, 81 he does
all through his speech, for facts. We
will supply his deficiency in this, as in
the other case1. In May, 1855, shortly
after BrOwnlow became governor, the
total State debt was IS follows:
State bonds loaned to railrad compa-
SIS, 100000
Railroad companies bonds and City
of Memphis bonds Endorsed by the
State-all for railroad purposes. 300, 900 |
State bonds loaned to turnpike and
plank road companies. .......... $1,000
State bonds loaned TO the Agricultu.
raj bureau........... ...... $1,000
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