Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-07-14

eIDlNth " VIZ |
,eople. and the only one that has ally t
Intention that way II Mr.. Thomss o
,nows of another no should name and q
ocate it 20 definitely that the people I
IAN nut their hands upon 1t and I
,ouelch it. It Win rot 10 ID TEL OF OIL
ysrchies and money rings. Mr.. Thomas !
mu,t he definite az hereafter he must lie
accurate in his statements. and s"ppoi'
them by faess. Pct lei us see what he
says about the public dett;
Seeing. then, that our productions
ars equal, or greater, and the prices pet
ter than in the days OF our prosperity,
we must ascribe the distress 10 some
thing else than our indolerce or e4travs'
gance. Then; to the Indebtedness OF tue
people, through the govefnments|mu-
nicipai, Esate and natlonal-snould We
look for the cause OF our repression;
national debt Of near two anu nan 1lls
i,ons ~ dnIi srs. q state debt claimed OF
rear twentv.five millions, and munlci.
nal debts In every city and town in the
whole land nearly equal in amount 70
the yalpe o. tire whole property win
their constantly recurring instaumeh'S
of interest collected off Of you In the
shane of taxes, either direct or indirect,
tells the story. In other words, ii is the
interest upo1 our debts, or mlsfortunes,
that Ia estlps away our vitals and en-
slsvipe Gis. The statistical reports snow
the average gain ia property IN the
limited States, including the transferred
wealth by emigration from Europe to |
rich and fertile west, for long period OF |
time. 10 reach about three per cent. per |
anpum. This includes yOar I'M
provements, your all Of everything.
Orr bonded Indebtedness bears an
average interest CT over six per cent
The difference In your ga!nings ana ln-
ter6st on bonds lie about three ana per-
haps four per cent. per annum. SOME
statisticians estimate that Win the pal.
aDce Ct interest thus against u.s. In ABOUT
thirty.five years the amount IN tne
hands OF the bondholders viii equal IN
value the entire property of the whole
country. That the bonds will be ABOUT
seyenty.five billions, and TIE whole
property, vith IS increase in the same
ratio as the pest, will be seventy-t1ve
billions, thus fixing mortgage on tne
entire property of the country to It's Iuli
| value, These figures may be somewhat
| exaggerated, but Approximate the re-
| suits This is sufficient to show to you
| that a permanent Understanding deDt
| is inconsistent with the maintenance OF
free government It might do for
| government intended fot the benefit OF
| few. at the expense Of the many, and
such, / believe, is the design OF the
money rings of the world. They would
have you es their serfs, rs are the toiIing
millions of Europe to-day.
| Admitting the figures Of Mr.. Thomas
representing the debt to be true, let US
ask him who is respopsibIs for 1t all?
He will answer, the people and their
repre- sentatives. Theymade the national
debt to save the republic from destruc-
ton, and the State debts under sup
posed sense of duty in the interest,"
of great public works that remain to US
a positive gain and an every day benefi
to the people. Cur municipal debts
were made much of them in the same
/ way. Ours Of Memphis by absurd 1nan
. cial management, the result Of the mos
UNREASONABLE ignorance. Aud yet, not
! | vitbstanding this misma engagement, ou
r progress hrs not been 80 much retarded
as witness,the; following hgures: In lS5
! our population was 6427, and our ta1
: valuation WIS $4,6C0,GJO; in 1860 GU
8 incubation was 22,643, and our tax valu
. alton was sci 500, 600; in 1870 our populs
: tionwas &C, 81 and our tax valuation wa
: ( S24, 7S3, 100; in 1875 our population wa
: 65, 900, and our tax valuation was $29
: sOl ,592; in addition to this exhibit le
. it be remembered that from no capits
r at all in 1865, we have here In Memphi
II continued to accrete, until now, accord
q ing to the Mercantile agencies, we hav
- S2S, 100000 capital employed in mel
# camille sffairs, and over $i,OOO,CC
r in banking and insurance. AS to tt
J. figures Mr.. Thomes adduces certifyiu
~ to most deplorsble decline in nations
> wealth, we will Offset them by othe
" more reliable, that wilt sweep them an
:. the theoly he builds upon them utterl
at out of sight. In the census repo
70 for 1870 we find, fol, instance, that the
{. were in the United States In that yes
IL 7,O42, 1893 house7, 90 compared with 4
at 969, 692 in 1850; that there were OBJ
~ 1852 convictions of crime in the ye'
@ ending June, 1870, in the whole Unite
70 States, as compsred with 9S, S96 in 1856
8 and that in 1870, with a population
# 1855, 81, there were in the who
j Union oply 116, 1O2 paupers receivil
\. relief, against ,665 in 1850, with
y population Of 81 ,443,32l. This does n
,o look as il the interest on our bonds VI
m eating us out OF house and home al
n. making paupels Of US all. But bett
"a than these figures, we find in the repc
:. of the bureau of statistics that the tot
n. increase of population by immigratiC
n in the five ears-1S7I-2-3-4-5-w
NJ !, 45O, 800, which, valuing each at $5C
40 was an increase to the value of t
in Union of fully $3.50, 900, 600; and Il
q. valuation is rather under than on
h. the true standard. Again, we find th
q in 1875 there was an increase in the to-
r.. tonnage of the United Stairs, 81 col
h. pered with 1874, of 129, 1852 tol
90 and an increase of vessels amour
9. ing to 653. This does L
h. look as If the bug-aboo bondholdt
q, were eating up the country; it Tath
h. strengthens our conviction that t
~ Union is prosperous. But again:
~ the matter of.imports fol. 1875 there il
d. gain, as compared with 1874, Of SAL, 95
of O95, andl in exports Of $5l 1856, 200, t
q. figures for 1875, as we find them, bein
Total domestic exports, S643, o94, 767;
Reduced to gold SS, l4l
We Total foreign exports, gold value...-. 2,4S3
10 Total exports, gold value...........See5 "a
- Total ooo,SCoi
We Balance in favor of United States..S 81 ,66S,
OF This does not look as il we only earn
OF three per cent. per anDum, and had
IL pay out six per cent, process II
u would take from Us in few years
rs. ability to pay anything. But, in adj