Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-02-02
THE PROPOSED COMPROMISE 0
SOUTHERN DEBTS.

The meeting of business men III
the New York clearinghouse on the
25th of January, to consider the
question Of Southern Indebtedness,
was the initiative to a movement
which has long been discussed and
deemed necessary to the welfare OF
both sections by all we'll informed
persons. The fact is realized in the
highest business circles that the
country cannot prosper or move
forward on the read to prosperity
while one section is financially en-
bsrrassed, discouraged and cut of
from sympathy by the rest Our
difficulties have not been under
stood at the North, owing greatly
to the efforts and misrepresenta-
tons of interested parties among
us. The war prejudices fingers
long in the northern heart, and,
we regret to say, are not entirely
obliterated. No allowance has been
made for the immense losses OF the
war. The labor system was not
only upturned and destroyed but
four millions of slaves we're set free.
Whether slavery was right or
wrong need not be considered
in this connection. The institution
was inherited, and once existed
in nearly every State in the
Union. Over half of this species
Of property was owned by women
and children who were no more
responsible for it in a moral sense
than for events which occurred be-
fore they were born. They had
nothing to do with establishing
slavery or abolishing it. COnced-
ing, for arguments cake, that slave
nv should have been abolished
suddenly, as it was, the fact re-
mains all the same that it impoyer-
ished the people to the amount OF
more than d billion of dollars, to
say nothing of other property de-
stroyed by the armies on both
sides. The decay of industrial en-
terprise, the paralyzing of energy
and hope that followed the war,
cannot be pictured. But even cast
down as they we're, the people went
TO work with a will, and when per-
United to resume control Of their
State governments determined to
meet all their obligations. They
were poor, but not dishonortd;
cast down, but proud Of their
integrity. For a time cotton
brought an enormous price, and
there was an artificial and de-
ceptiye abundance of money,
which, from the habit formed
of spending Confederate money
lavishly, led to extravaganza and
disastrous speculation. The people
over-traded, oyer-cropped and were
Over-sanguine. Meantime the most
Of the States were controlled by
the adventurous class Of politicians
produced naturally in the great
civil confict-men who, springing
suddenly from nothing, were elated
at power, bent only on enrichins
themselves and we're reckless o
public interests. They ere LITERAL,
beggars on horseback, and in thu
end beggared this unfortunate sec
ton. These were years of bite
experience for the Southern people
They were continually abused ant
misrepresentod, and what friend
they had at the North were power
less to speak in their behalf. Fiy
years ago it became evident froI
the financial stringency which pr,
vailed all over the country that
was impossible to meet the intere'
and principal Of Southern bond
issued before, during and after tt
war. The currency is not in CT
culation and property is constant
depreciating. Here in Tennessee
for instance, the shrinkage of tax
BILE property from 1873 to 1876 WI
nearly forty millions, the total tax.
BILE property of the State being no
reported at $268, OO2, 485. In vie
of all these facts, which might
enlarged upon, the idea has grow
up in the minds of both tax.paye
ond hordholdars that q readius