Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-06-27


tax; | would then turn the whole subject of
: settlement of the State debt over to the
president and directors Of the bank, with the
assurance that they would net receive from
axes any more than WAS necessary 10 pay the
interest on the debt as If compromised at thlr-
~ three and one third cents on the dollar. be-
Ieve, however, that there are a few OF the
bonds-for the capitol, the hermitage and
possibly few others-which all agree should
lie paid in full. With this exception my ulti-
matum on the rate OF taxation and the settle
ment of the debt would be as stated. What
ever further than this they paid would have
TO come out of their profits. They might
make such an investment in our State securi-
ties, and such an arrangement OF our State
debt as they thought wisest, but with the as
surance that they were not to draw dollar
from the treasury except as above limited.
CoMPTRoLLER's WARRANTS.
It Is urged by some that without bank we
can issue State circulation of from seven to
ten million, and thus take up large proper
ton of our bonded indebtedness. / doubt
the wisdom and practicability of the plan.
In the general assembly of 1875, what is
known as the Ragland bill was introduced in
the senate. | was consulted about that bill.
| thought that if then enacted into a law it
would prove greatly beneficial to the people,
and reduce the amount of our Indebtedness.
That bill provided that comptroler's war
rants should be issued In denominations of
five, ten, twenty, fifty and one hundred dol
lars, which were to be receivable for all dues
to the State, and the comptroller or treasurer
was authorized to exchange them for State
bonds to the extent of two million five hun
bred thousand dollars at time. That is, so
there should not be more than that amount
OF the warrants outstanding at any one time.
AS rapidly as these warrants were taken In,
or the amount reduced below two million five
hundred thousand dollars, then others were
to be issued foe bonds, so as to ex-
change as rapidly as possible, under
this limitation, our interest bearing
bonded Indebtedness for a non-interest-
bearing Indebtedness 1t was estimated
that under the operations of this bill the
whole Indebtedness of the State could be
taken up in about eighteen years. / believe
that similar bill, with proper notifications
as to the rate of exchange between bonds
and comptrollers warrants, II enacted into
d law, would still be beneficial to the people
both In enlarging the volume OF our currency
and In the reduction of cur State debt. do
not believe that the limitation, as to the
amount of warrants to be outstanding at any
one time, could be extended to more than
three million dollars with practical benefit TO
the people either as a currency or In the pay
ment of the State debt. For the reason that
do not believe that larger amount could
rate as would induce holders of bonds TO ex
change for them or merchants to receive
them. The consequence would be that every
officer or other person who received pay from
The State, for services rendered or articles
furnished, would receive their pay IN State
warrants so greatly deprecated that our fu-
ture would be worse than our
of the treasury l recommended that
the comptroller's warrants should be
changed from their old form into the shape,
appearance and denomination of bank notes,
and thus form quasi currency. That recon-
mendation was formulated into a bill intro
duced by Senator Alden, and which, after
limiting the amount thus to be issued at any
one time to FIVE hundred thousand dollars,
became the law. There was no necessity for
that limitation, and it should be repealed.
But even with the limitation, every man in
The State who has ever received and used a
warrant recognizes the wisdom
IF the law. Upon this subject, when comp
roller, | said:
recommend that the comptroller be authorized
20 have engraved his warrants upon the treasury OF
he denomination of five dollars, ten dollars, twenty
collars fifty dollars, and one hundred dollars each
denomination TO be properly numbered from one up
ward These warrants, If made receivable for taxes
and all other dues TO the State, would to certain
we're likely the state could safely take them
Their being in the denomination, form and shape
received and regarded as currency.
WHAT CONGRESS SHOULD DO.
But in the consideration of issues which
will be discussed in the next State canvass,
we should not forget to turn our attention to
those which are to be determined by congress
and the administration, for there all the evil
les High State taxes have not brought
our woes upon US, and low taxes have
not and will not remove them. We
must look elsewhere for the cause of
our ills, and to some other remedy than
l ten-cent State tax for their removal. The
present congress, with its Democratic house
Of representatives and Democratic strength
n the senate, has made some progress in the
path of financial reform; but much yet re-
mains to be done, and the agitation should
De kept up at a red heat until much more
mas been accomplished. The present tariff
aud internal revenue laws should be changed |
FOR tariff for revenue, instead Of remaining,
As they are, prohbitory, or tariff for the |
protection of special interests without regard |
% the amount of revenue produced. The |
avs relating to the collection of internal rev.
enue should be so amended as to take from |
special agents or detectives that authority |
which they now have over the life, liberty and |
of the citizen without trial by jury. |
The resumption provision of the present law |
should be repealed even though greenbacks |
we're at par or at a premium over gold. The |
interests of the debtor and industrial classes |
If the country do not demand a further re- |
lrement of greenbacks. On the contrary, |
hey require the substitution of greenbacks |
or national bank notes and an early enlarge |
nent of the greenback circulation. This may |
De done in several ways. For instance, by |
slliny in bonds which are not payable on the /
ace In coin, and thus convert that portion of |
,ur Indebtedness from Understanding bonds /
o non-interest- bearing notes. But the |
quickest, promptest, most certain relief /
or the unemployed labor OF the country, is |
nents to a rapid completion, and pay for |
heir construction, not, as heretofore, out of |
he revenues Of the government, but with |
,reenbacks issued for that purpose. If our |
ountry was prosperous Just after the war In |
II her trade, in all of her manufactures and
mines, and in her agriculture, with volume
# currency three times as great as we now
ave, can we not afford In this hour of our
ardships to risk 4 return to the same volume
t currency? If the Mississippi river, and the
'ennessee, and the Cumberland need i'm
rovement; if the Muscle shoals obstruct our
avlgatlon, and require a canal around them;
a customhouse is In progress in Memphis or
Nashville, why not do the work and be done
nth 1t? Why not increase the force at all
hese works all over the country, and rush
hem through? Why should they drag their
low lengths along through series of years?
he reply made to us is that ''there is no
honey in the treasury to pay for these
FORKS" Ny reply to this Is: Issue more
the extent of three hun
red million or four hundred million
ollars; loan the credit of the govern
lent to the Texas Pacific railroad, and you
once, without dollar of expenditure by
ne government, give employment to thou
lnds of our population. Every vocation of
fe will find demand for its services. Not
uly the day-laborer and civil engineer, bat
lie miner, the manufacturer, the car con-
uctor the brakeman, the merchant, and
ven the lawyer, the doctor and the preacher
i'll find an extended field for his labors. Give
to the people who are hunger
Ig for bread. and you again put in operation
he FORCES and founderies all over the coun-
y. You again create an active demand for
i the products of our soil. You will hear
0 more of strikes, and of the communistic
of valuable property. Peace will
,me, and plenty will follow well-rewarded
Dor. And when peace and plenty come
gam, under these conditions, and with
enocratic congress and President, they viii