Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-05-12
THE HIGH TAX PARTY IN THE FIELD
EARLY,


of Nashville have united in tn,
following language, addressed t.
Hon. James E. Bailey, of Clarks
vile:
SIR-We are earnestly impressed viii
the necessity Of resumiDg payment OF in
terest on the State debt as it acerues,
and the gradual extinction Of its prin.
cipal.
We are emphatic in declaring our.
selves the foes Of any policy looking to-
ward the p%ostponement Of this most
important step, and believing that the
best interests Of our people depend upon
a prompt adjustment of our financial
difficulties, we are heartily in favor of a
strict compliance by the State, in letter
and spirit, with her contracts. Reeog.
nizing in you an able exponent Of these
views, and believing that a public dis.
cussion Of them by you would tend to
strengthen the cause we have so much
at heart, we beg that you may at some
early day favor the citizens Of Nashville
and Davidson county with an address
upon the subject.
While this Will give Colonel Bal
ley an opportunity to repeat his adj
dress, delivered recently at Clarks-
vile, and the people of Nashville
an opportunity to read a speech
which was published in full in the
American, we were not aware be-
fore hat Nashville needed any in
formation upon the subject of State
finances. What they have not
heard, or do not already know,
must be of small Importance. The
callers take occasion to state that
they are in favor Of resuming pay
ment Of interest on the State debt
as it accrues, and the gradual
extinction Of the principal, and
that they are the foes of "any party
looking toward the postpOnement
of this most important STEP" If
Colonel Bailey can tell them how
this is to be done, it is well worth
while to send for him. The inter
est accrues and falls due every six
months, and by the first of January
We will be behind fully four INSTALL
ments Of half a million each, and
perhaps have a considerable float
ing debt besides. Unless it is pro-
posed to borrow again we do not
see how the State will resume the
payment of interest as it accrues at
once or very soon, even supposing
the next Legislature should double
the present rate Of taxation. Still,
the way to resume is to resume. As
to reducing the principal, the
funders took good pains to provide
that nothing of that sort should
be done for ten years. Along about
1882 we can begin to talk about
that. 1t is a very easy matter for
gifted men like Colonel John @.
Brown and the Hon. James E.
Bailey to take up Killibrew's re-
sources and show that we are the
most prosperous people on earth,
and that we will increase in a pro-
gressive arithmetical ratio and the
debt decrease at an inverse ratio
30 rapidly that we will be out of
debt before we know it. These
gentlemen look at the resources of
the State through a colored magni-
fying-glass, and at the burdens Of
the people from the big end of an
elongated spy-glasS. We have seen
their beautiful arrays of figures
before. Governor Brown used to
get them up and the high tax or
gans reproduce them, but they
never worked out. We would
like for Colonel Bailey, who
is the ablest advocate of
high State credit in the field, to say
less about our glorious sires whofell
at Kings Mountain, and all that.
They were good, clever old fellows.
who wore blue jeans and served the
Lord. But they are dead. We can
cherish their memory without join
ing the funding ring. When a politi-
clan comes around who fayors high
taxes, the first thing is to Aatter the
people by a reference to their splen-
did pedigree. We know we all come of
game stock, but what has that to do
this question any more than
the dog law? On the other hand,
we would like to see a definite plan,
based upon facts as they exist in
Of what they might be, and
the rate Of taxation which these pa
propose to enact when they
get the people worked up to a fever
heat of enthusiasm, divided equally
between their great-prandfathers