Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-06-09
STATE CREDIT

we are glau TO see tnaC tnere is
one high State credit paper in the
State capable of discussing the
question without calling all its
opponents repudiationists, moral
~bankrupts, blatherskites and other
hard and, we think, unjust names.
There is no occasion for all this
display Of temper and personal
feeling. This is a plain business
question, in regard to which there
are as many shades of opinion as
shades of color. The LEDGER en-
tertains very pronounced views in
regard to State taxes and kindred
subjects, but we do not claim a
monopoly of all the honesty and
good judgment and patriotism in
the State. Those who differ from
us are doubtless sincere and hon
est in their convictions. We agree
with Mr.. COlyar in the main. Yet
at the same time bespeak for Colo
mel Bailey a full house and an i'm
partial hearing tonight. But we
began to speak of the Nashville
American, the central Democratic
organ Of the State, and certainly an
ably edited and influential paper.
We find, in its issue of the 9Th
inst, a very temperate and sensible
article, which we commend to all
thinking men who are interested
in the subject under consideration.
Here is an extract, which the hot
headed high tax people of the press
and out of it would do well to read
carefully
We have at ell times and on all ocea-
sions favored the maintenance Of the
credit Of the State. We have opposed
the reputation Of Q dime of the prin.
eipal or interest Of our obligations. In
and in with that view we opposed any
attempt to increase the rate Of taxation
by the last Legislature. We believed
then as we believe now, that such en-
effort would do more to promote and in
crease the spirit of repsdistion than all
the speeches the regulators can make
aHd all the documents which they can
circulate. We do not believe that there
is a twentieth part Of our population that
would favor reputation, but they are
very poor; want pinches in hundreds Of
households whose distresses are not sus-
peeted; the burden of taxation is heavy
and bears gr%ievously upon them. Il is
true that the State portion Of it is com
paratively light, but there is county, and
school, and railroad, and municipal, and
heaviest Of all, though indirect, Federal
taxation. They make a crushing load
with the present scarcity Of money and
scarcity Of labor, and supersbundauce
OF Indebtedness. Our creditors will
simply have to wait Non-payment il
not reputation. 1t may be that at the
end Of another two years the ~pecuniary
condition Of our people will enable them
to bear an increase of the rate Of taxa.
ton. II they be not pressed to submit
to an increase at the next session Of the
Legislature, they will struggle on man
fully under the present load with the
hope that by searching and severe re
t%renchment, by a reduction Of expenses
in every department, they will, with a
return Of prosperous times, be enabled
to gradually meet their delayed obliga
tons.
Some months ago we suggested the
propriety of an attempt Of compromis,
between the State and its creditors. VIZ
believe no steps have ever been taker
looking to the accomplishment Of sucl
a result. We are nevertheless yet of tht
opinion that such an effort would be tn,
best for both debtor and creditor. W,
believe that by conference, consultation
and a full understanding between tn,
parties, an adjustment can be mad
which will be advantageous to bott
debtor and creditor, and which will b
cordially sanctioned by the people.