Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-07-16

IN q letter published in the Col imbla
Herald and Mail some days sg :, Msjol
William J. Sykes, in defense of Mem.
phis and West Tennessee, said: "Mem-
phis is loaded with an enormous debt,
for which she had but little to show,
This may have been the result of fraud
or mismansgement, but the stern fact
meets the people that the debt exists,
Shelby CO unity has to pay seventy cents
county taxes in addition to the munich
pal and State taxes, If the people had
no county nor municipal nor Individual
debts, and were in prosperous condI-
ton, a tax of even eighty cents would
not be very grievous and would not
seriously affect them; but with their
other debts, public and private, they
thank any increase Of taxation would be
burdensome, and they are not prepared
to favor it." Mr.. Sykes advocates q
conference between the State and its
creditors, with view TO an amicable
settlement. He says:
What that arrangement should be, it
conference between legally appointed
representatives of the State and repre-
sentatives OF the bOndholders than on
the hustings or through the press at this
time. After the arran cement shall have
been agreed upon it ought to be SUBJ
mitted 70 the represents tives of the peo-
ple,or TO the people themselves, for what
ever settlement is made should be per.
manent and should be in all things COM
piled with. 1t is not with us question
OF the preservation, but the restoration |
OF the State credit. We are already in |
default, ard our bonds are quoted at but |
little over forty cents in the dollar. If q |
patient has been long suffering with dis
ease, the skillful physician will by the
most prudent means restore him to as |
high q degree of health as possible, even /
if he is not able to secure to him an IN
impaired constitution, equal to that
which he had before he was seized with
the disease.
In regard TO Memphis he says:
So far as Memphis is concerned, she
has too much at stake to trifle with the
credit Of the State, or to sanction repu-
citation. Her future is too bright; her
prospects for becoming the great COM
merclsl city on the lower Mississippi are
too hsttering; her hopes for obtaining
the Texas Pacific road are too strong to
permit her to imperil them by the advo.
cscy Of doctrine which would blast
these hopes and destroy these prospects.
We know that the opinion hss gone
abroad that our city is the hOt-be of re-
pudiation, and this report has injured US
very much abroad. We think time will
show that Msjor Sykes has only done
Memphis simple justice in the above !
We cannot believe that the {
solid business men of Memphis, or the /
honest, hard.working mechanics and
lsborers, will ever be willing to do any :
thing to destroy or to iBjuIe individual, /
,ity or State credit. They are laboripg d
under peculiar difficulties and embsr- .
astments, but they will do sll they can T
70 maintain the good name and restore F
he credit ef the State. They can do no b
more. In his speech at Humboldt, next .
Major Sykes will, we suppose, =
give the reasons why he fsvors the pres d
mt rate Of taxation in preference to t
'ither sixty or twenty cents tax. Our L
'wn views upon this subject we will o
i've between this time and the meeting d
( the August convention. In the mean n
While we give the opinions of other e
Democrats upon this important and in y
sresting question. pl