Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-07-26
The STATE DEBT.
Colonel john H. Savage, Of McMiRn-
Vile, Attacks Colonel John c.
Burch's State Bank Scheme.

N"s DotuAueJ hlBnl SOlOutl Jonu u
Savage, of McMinnville, made a speech
in Nashville upon the question Of the
State debt. In his interesting speech
Colonel Savage made a vigorous attack
upon Colonel John C. Burch's theory
looking to the establishment Of a State
bank, and said:
To make short work of the bank pro-
ject | 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 |, 1855, shows that the bank
then had $735.5 S2 of bad debts, aud
1852, 62S bills and notes in suits, and re.
commended the winding up of the bank.
The message Of Governor Harris, March
2. 1858, shows that the bank had then
lost $76l, 074 90 Of her capital, and that
if the capital furnished the bank had
been loaned out at 6 per cent. it must
have made for the people $250,433 20
more proftthan the bank had made on it.
Governor Harris alse says: IF the
bank has failed 10 realize 6 per cent.
upon her capital heretofore, what assur.
ance have we that we will make it here.
sfter2' He also says: THE hank is
not necessary to the State" and " when
you come to wind up the bank and re-
store TO the State the capital invested, it
viii require the work Of years to accom-.
plish it, and of course her depositors,
note holders, etc, must be first paid,
taking the most available of the assets,
leaving the State to look to the most
doubtful OF her means with which to
repay the capital
Governor Harris apprehensions have
been more than realized. He shows
that the capital of the bank furnished by
the people was 81, 1884, 42 "a. This has
been a total loss, and in addition thereto
the people have been compelled by taxa.
ton to pay off more than a million and
a half Of what is called the old issue, and
may yet be taxed to pay that much OF
the Torbett issue, MAKING a total loss to
the people Of more than 1900, 900. The
note holders and depositors are now law.
ing over the little remnant, which viii
pay but little more thaR costs and law
yers' fees. and no person can tell when
final settlement will be made. While
the people were sustaining these losses
the advocates, friends and officers of the
bank were living fat upon salaries and
accommodations for speculative pur
poses. If Mr.. Burch wants the people
to know the truth be should publish in
the American, free of charge, the mes
sage OF Governor Harris.
II Mr.. Burch is right we ought to beat
and turn out in disgrace our whole dele.
cation in congress. They have been
there for years and have failed to dc
! what Mr.. Burch seems to think a mere
breath might accomplish. This tax has
already been decided to be constitutions
by the Supreme Court of the United
States, 18th Wallace, 533).
For mere than a year past my enc.
mics have been warning their friends to
do this aud that, or Savage would be tn c
next governor, which they assumed
would b o great calamity, but whether
a calamity to the people or the bond
, holder they have never explained. My
friends o say | ought TO be a candi,
: date, but | have never declared myself.
! will say this much tonight. and you
can make the most of it: If l am ever
. governor | will get an Office that in
, earlier life | never sought. 1t will come
unexpected, and | want it to be the
wish, will and act of the people that
; %confers it. l am not willing to occupy thi:
office as a gift from politicians who may
claim the right after the election to use
= me to put money in their pockets. If
could save you harmless from your pres
! ent misfortunes and restore you to your
ancient rights and liberties, | should re,
, gard this as q higher homer than to hold
= your highest office for q lifetime. It is
I an honor to be your governor, and as
: such to do some good work for which to
: be thanked and remembered, but to &c
in with your smiles and come out with
! your frowns it would be better for me tC
! live in obscurity and be buried in the
= shadows of some desolate mountaiO with
as stone to mark my last resting place
! What / want is that the people shal
: select their own governor, and if tina
J responsibility should be- mine | should
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