The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1876-05-11
Tennessee Finances.

we find in the Memphis Appeal
of late date long article from
the pen of the Hon. Geo. r. Phelan,
in which various original views and
theories are advanced and generally
well argued. Perhaps every part
of the composition is logical as we'll
as interesting except that which
forms the main issue, the gravamen
of the argument. The vast indebt-
edness of the State is referred to in
terms appropriately describing the
weight and permanency of the bur
den, the great difficulty of collecting
taxes sufficiently large to pay the
annual charges is forcibly present
ed, and the following remedy is
proposed: Let the State Treasury
be authorized to pay . per cent.
interest on all deposits in sums of
81 and over. 1t is argued that by
this SIMPLE application of an old
idea the treasury will soon COM
mand cash enough at a very low
rate of interest to pay all its debts
and have an ample surplus or re-
serve. The argument in brief is
this: In Tennessee there are three
hundred and sixty thousand
nine hundred and eighty-seven peo-
pie engaged in business occupa-
tions; if convenient and safe place
of deposit be provided, these peo-
pie would fall into the habit of lay
ing up their earnings; if they would
deposit 81 81 per week for one
year, the State will have received
enough money to redeem and trans
fer to its own citizens the whole
bonded debt Of $31 100000. This
would effect the stoppage of the
outflow of about $SOO,O0O per an
NUN in interest. In the meanwhile
the advantages to the small depos-
itors are illustrated by the simple
calculation that one dollar every
week will, at D per cent. compound
interest, be entitled at the end oi
forty years to $3,556. 1t is the
present custom of those who have
only such trivial sums to lay up tC
spend what they have. It is the
common thought that such trifles
are not worth saving, that they vii
amount to nothing, etc. COnse-
quently it is not an unusual remark
that those who are in the way oi
receiving good incomes are les.
careless in their little expenditures
than are poor mechanics. The lat
ter, by adopting a systematic plar
of saving such as that recommend
ed, would in many, if not in most
cases live better than they do in tn
practice of habits of reckless un
thrift, as it is the effect of sucl
habits to swallow up much mor'
than the spare dimes. The conse
quence is that actual comforts ar
sacrificed for the qualification o
questionable tastes and appetites
The result of sober, steady thrift il
this direction would undoubtedl.
be as beneficial as the social ant
, political morals of the communit
F as to the financial condition of it
members Courier Journal.
Mr.. Phelan's theory is very pre-
ty, and doubtless could be mad
practical if he could only give tn
! people confidence. Confidence
= what we need and what we mu:
i, have before we are ever prosperou
, again. Confidence in our nations
: government, confidence in our Stat
government, in our representative
in each other and in our promise
. to pay, both national State, and il
ri dividual. Politicians may wrii
= and speak, Legislatures pass bin
4 and philosophers theorize unit
: dooms day, and until confidenc
> such as we have alluded to, is r
d stored among the people, times "
be no better.