Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-07-27
COL. JOHN I'll. SAVAGE,
The LOw-Tax Candidate for Governor,
Reviews the state Bank Project OF
Colonel John G. Burch-And
he Thinks it Won't DO,
and it Won't.

Nashville Banner, of Monday: Colonel
John II. Savage, low-tax candidate for gov
ernor, addressed large and attentive crowd
at the corner of Cherry and Union streets
Nashville, Saturday night, for about three
hours. We publish the following extract from
his speech, having reference to Colonel John
G. Burch's bank project:
ITO make short wotk of the bank project,
[ have brought the journals of the legislature,
and will show a few facts that Mr.. Burch has
not disclosed. The report of Cave johnson,
president of the bank, October /, 1856, shows
that the bank then had $735, $50 of bad debts
and 1862, 628 bills and notes in suits, and rec
commended the winding up of the bank. The
message of Governor Harris, on the second of
March, 1853, shows that the bank had then
lost $761 ,074 go of her capital, and that if
the capital furnished the bank had been
loaned out at six per cent. it must have made
for the people $3.50, 433 % more profit than
the bank had made on it,
Governor Farris also says: eff the bank
has failed to realize six per cent. upon her
capital heretofore, what assurance have we
that we will make it hereafter?" He also
says: "The bank is not necessary to the
State, ;" and 'when you come to wind up the
bank and restore to the State the capital in
vested, it will require the work of years to
accomplish it, and of course her depositors,
note holders, etc., must be first paid, taking
CL1C LuOot dFdlidOAC eaooCOc, AOotiLS Tic OldU0
to look to the most doubtful of her means
with which to repay the capital.
Governor Harris s apprehensions have been
more than realized. He shows that the capt.
tai of the bank furnished by the people was
81, lbs, S42 "a. This has been a total loss.
and in addition thereto the people have been
compelled by taxation to pay off more than
a million and half of what is called the
old issue, and may yet be taxed to paw
that much of the Torbett issue, making a
total loss to the people of more than seven
million dollars. The note-holders and depos-
itOrs are now having over the little remnant
which will pay but little more than costs and
lawyers fees, and no person can tell when a
final settlement will be made. While the
people were sustaining these losses the advo-
Gates, friends and officers of the bank were
living fat upon salaries and accommodations
for speculative purposes. If Mr. Burch wants
the people to know the truth, he should pub
lish In the american, free ofcharge, the mes
sage of Governor Ha MS
If Mr.. Burch is right, we ought to beat and
turn out IN disgrace our whole delegation In
congress. They have been there for years,
and have failed to do what Mr.. Burch seems
to think mere breath might accomplished.
This tax has already been decided to be con-
sttutional by tie supreme court of the United
States. 18th Wallace, 533
Dor more than year past my enemies have
been warning their friends to do this and that,
or Savage would be the next governor, which
they assumed wou'd - 4 great calamity, but