Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-07-20
BUTLER p. ANDERSON
Does not want to he Considered an In
dOrser or supporter OF Bureh's
Plan for the Establishment
or a state Bank.

EpIToRs APPEAL-A letter very similar
in tone and sentiment to the following was
sent by the Undersigned TO Colonel Burch
about the second or third of July. 1t has
been Lost or nislaid. So many persons have
told me they took it Tor granted that my
views were the same as those expressed by
Colonel Burch that fairness seems to require
the publication of the letter. 1t must now
be written altogether from memory. do
this, and would be glad If you will give it a
place In your columns. Yours truly.
B. P. ANDERSON.
LETTER TO BURCH.
DEAR CoLoNEL-No one will probably ex-
pect an answer To your very interesting letter,
of the twenty fifth ultimo, addressed to me-
| will, however, venture an answer by way OF
further inquiry and suggestion, and to let my
own position be plainly understood. In my
Judgment your scheme for the le-establlsh-
ment of the State bank a means of hquldat-
ing cur State debt is not wise nor polite at
this tune. The question OF the adjustment or
settlement of the State debt should go to the
people in the coming canvass unembarrassed
10y any side issue. The question should be
paramount to all others, since the debt in
creases so rapidly and the last two leglsla-
lures tinkered at the adjustment so inetfectu-
ally. Reputation or compromise should be
the issue pure and simple. The people of our
State have fixed opinions on this subject. Let
them express these convictions at the ballot
box and abide the result. Your scheme
would simply postpone the evil day. You
could scarcely hope to get your State bank
into practical operation before 1882. From
two to three millions would then be added to
the debt. The action you seek and confident
ly expect from congress may not De had.
Then, when you have succeeded IL altering
our constitution and securing a charter from
the legislature for the hank, the officers of
the United States will stand by with power
to throttle your institution in its infancy. Do
YOU doubt for moment that these officers,
with the present supreme court TO sustain
them, will hesitate q moment to collect the
ten-cent tax and this destroy your bankP Or
can you doubt the result of a contest between
the State and the United States on this issue?
Allow me to suggest that our State debt as 1t
is. is a burden grievous and heavy to be
borne. In this 1t is not at all unlike ali other
debts when the debtor is unable to pay. No
nation, State, corporation or individual, can
be in debt beyond ability to pay and not feel
oppressed. With State or corporation such
a debt is a cancer. It eats out the vital parts
paralyzes all industry and de-
stroys commerce and trade. A fundamental
principal of the Democratic party has always
been to oppose the creation of such debts.
But IN Tennessee we have the debt now upon
us. 1t does not matter who created 1t If If is
lust Is it the part of wisdom to grumble
and growl and whine and complain, as some
of us have been doing for the past few years !?
Will IT not be better to meet the issue like
men? Say TO our creditors: 1--WE owe the
debt, but we cannot and will not pay it ;" Or:
1--WE owe the debt and ~e will pay all we are
able and no more" After this main issue is
settled, it would be time to consider your
bank scheme. Yours very truly, ,,,ao,,
Colonel John C. Buch, Nashville