Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-09-01
ANSWERED..


last Sunday, commenting npon the
silence Of the Nashville and Knoxville
Democratic papers upon the question OF
interest payment:
We are free TO say that the APPEAL Just |
here, rather staggerE us. We had bseh ressro,
ing Ii IS the stRunch friend OF bne cLsott VI
ne state and ccpspicuousIy deDonsTaLiNe
and ahle IN It's opposition 10 "repud1atloni IN
whatever guise presented. But wnst SUI
prises us quite as much as az tae Ii5d ear
compJain OF the governor Is It's In Pneu eSI
sure OF the Democratic papers OF NasnNue
and Knoxville for permitting payment ~ De
made. II seems TO Trims tnaS Lng Spr The sots
q Now, speaking for ourselves, we have SIM
niv IN ssy that we were not only not con
fp,,lted nor aid we xpect to be consulted, In
regard TO the matter, but we mad no hhoHl--
edge OF the determinanon 70 pay mai
ia a IN the afternoon OF the seventh INSTANT
and that within one hour after the state tress,,
urer, who was then in hnoxvne IecelNSu
'1aay,ite informalIon OF the fact through OH
eial advices from Nashville. IN the ITtoEHe
of the next morning eighteenth lnSIanp We
No ade the following announcement, upon Ihe
authority of the TIE asurer' >, I'D
IsFor the information of all concerned-ano
especially OF those nervous hePuolacsnS s5
we will state that on the nfteenth OF SePuen-
her next the State treasurer OF Tennessee
viii begin the payment of so much oil the IN
te-est on the State debt which accrued Ju,y'
1874 and January, 1879, as remains up
and also the interest whlcn acc ue s,,e ene
fed ISeptember l5th) the treasurer expects 70
have Oh hand q sufficient amount OF funas
to pay ali Outstanding coupons Of older date
than January /, 1876"
This snnoancement was editorially copied
by the Nashville American OF the tWenIeIn
Instant and by the Memphis AUdtdncne Only
a riay or Two later. SO that not only was lnS
subject of "interest payment nog isnorsa
by the Knoxville and 4 ashN paPeIst NY NY
Of
novment would commence was authoTlua-
lively made by the Tribune nearly q noDth
in advance o, sa1d date. 1nere wa M or
pretended excitement, over 'rumors OF re-
ports at Memphis Not only as the TACT OF
the expected payment pnDl1cly announCefH,
but the precise date on which payment Woulo
begin was ated. aE -, M
3. We will take occasion to say that the TIT
b1fne mas had nothing to do with the execu-
tive arrangement to apply the surplus IN Ln ne
treasury as indicated. At the same tlmei We
confess we have failed to discover the grS "a,
| "wrong" that the governor is about 70 40
There may be some legal n1nurance souS-
where, but as yet we have been unaDIe W
come to any sucn conclusions from any Iacss
| or arguments the Memphis papers or lawyers
| have furnished uS-especlally when no sug-
gestion is made OF any other use 70 Wntc agree
| with the APPEAL, either, that the recently
adopted State Democratic PLATFORM When IL
declares "our intention to meet and pledge
ourselves to the payment of sIl debts and OBJ
| legations justly due by the Stale OF Tennss-
sac y and that 1--WE are utterly opposed 10 The
| the creditors OF the State means that "our
| creditors will have 10 wat, while tnere Is
an idle and daily increasing surplus OF halI q
| million dollars or more in our treasury:
| T. As to setting the APPEAL right, OF
| keeping il 10 that commend bic onoltlon'We
beg leave to Pleasantly sSggest 10 Nv
| co not recollect 10 have undertaken; anu
| having enough engagements, nearer home,on
| our hands just now to give US reasonable en-
| DIovment for the rest of this campaign, we
| can only give our western friends the penent
| of our pray ers that they may os taught 10
| know the right and to Walk therein.
The purpose of the APPEAL, in its edi-
torial of Sunday last, let US say at the
outset, was to break the singular silence
of the press of Knoxville and Nashville
Having accomplished that object ia the
case of the Tribune, we are not without
hope of eventually compelling the
American and the Banner to tell what
they think OF coupon.psyment in the
interest OF ring. Meantime we will
answer the tribune.
First-Our cotemporary is correct.
The APPEAL is staunch friend Of State
credit, and does not think the Demo
cratic papers OF Nashville and Knox
Vile responsible for interest ayment,
save as they permit it without the sane
ton Of law. 1t is their duty as public
journals to see that the laws are obeyedi
and it is their duty, as organs OF the
Democratic party, not to permit, without
protest, anyinfrsction of these laws like
ly to iDjure the party prospects or In
crease it's burdene, especially IN great
and momentous canvass like the pres
ent. Our cotemporsry has clearly mis-
apprehended US on this point.
2. The notification Of payment thu
made by the State treasurer we rs G ardeC
as of as much force as the previous an
nouncemept of the governor in Dec m
ber-just as much and no more. Sucl
an announcement was not authorita
tive, although 1t came from the treasu
rer. 1t could only be regarded, at best
J as the bssis of G hope by those holding
coupons that payment would be made
1t is the comptroller's duty to make an
nOuncement of~time and place of pay
: ment, and be it was who finally di'
make eff cial announcement, on tn
twenty-ffth ultimo, enc day after tn
APPEAL had directed the attention
Governor Porter to the prevalence OF
} rumor here in Memphis that he was Il
J the hands Of ring, which, acting upol
J secret information, had weeks befor
bought up all the coupons of IA and Y
, within reach, with view to make
} handsome profit. The fact Of interes
, payment was not made officially publ
until the twenty, fifth ultimo, and tn
fact that it was to be determined upon
and that trade and traffic in coupons he
: taken piece upon, as is alleged, chicis
assurances, surreptiously obtained, wa
ignored by the Knoxville Tribune unit
: the twenty.ninth, and ia still ignored b.
: the Nashville american, notwithstand
ing the Memphis press have had some
! thing to say about it every day since tn
: twenty-fourth uItimo.
: 8. We know the IFibaGne's relation
ship to the executive, and appreciate II
and we think our contemporary, had
! read the APPEAL of the twenty fit
and twenty-sixth, in which We gave a
t the laws bearing on interest payment
3 would have been able to see where tn
"wroDg" lies in the proposal-just no'
referred to the attorney-generat-to pa
9 the coupons of 1874 and 1875. AS to tn
8 platform of our party, it says:
/ s. For the present, however, because of do
| preston in b lsineSs, shrinkage in values, u
] | prostration of al industries and tmpoYerlsf
a I ment of our people, we are unable 10 eoour
and are, therefore, opposed TO any increase {
taxation-and in view of this condltlon {
f. | the State, 1t behooves us as people to begi
l / at once a thorough system of the most rigi
l | economy, IetrencEmeut and ref rm IN all u
: departments of the State government.
This does not say that interest is not
be paid, and therein is far from being
: emphatic as the APPEAL desired, az
: still desires. But it also does not So
|. that interest is to be paid. the purpos
of the convention being, as we undel
: stand, to remit the whole matter to tn
people, to be decided at the ballot'b box b
the election Of Legislators to whom slon
fha denisi, m of what TO do with the SUI