Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-05-31

a reasonable prospect of it, then this settle
| ment ought now to be made. At
present the agricultural people are the
greatest sufferers. Whether Tennessee re-
covers depends upon the question whether
| New England and New York city can rule
| the balance of the country. A leading poll
| teal paper in New York but the other day
! undertook to show that the west would be
able to keep the south in check, and, 10 prove
| it, it WIS shown that the voting population
of Iowa, Kansas, Michigan, Minnesota,
| Nebraska, Nevada, Ohio, Wisconsin and IL
hnois increased in four years-from 1872 to
| I876-from one million seven hundred and
ninety seven thousand to two million three
| hundred and ninety-three thousand. 1t Is,
| doubtless, true, if this great growing west
could be kept under the power of New Eng
/ land, the south would be politically sup
pressed. But can a mere political tie long
| separate the west from her real interests?
| The west and the south must and will stand
| together. The south Is producing country,
and is identified with the west. New Eng
| lands crop is a crop of money. The crop OF
! the west is wheat, corn, pork and beef. New
| Englands capital is money securities.
| The capital of the west is lands. The
interest of the great west is more money
and better prices. The interest of New EGG
| land is less money and lower prices. The
| west wants more money for her productions,
but New EDgland wants more productiveness
1
| high and land low, but the west wants land
| high aud money plenty. 1t is conflict OF
| interests, and soon the west must break with
| New England. The spirit as well as the in
| terest of the west was manifested Ia the pass
| age of the silver bill, Aore than fifty western
Republicans breaking with New England and
| throwing off party leaders and passing the
| bill over the Presidents veto. Party ties may
| hold together conhicting interests for time,
but no such diverse interests as now exist be-
| tween New England and the west can be
| made to cohere. The great organ Of the
money power. the Times, threatens the south
with the growing west; but indeed 1t Is the
| growing west, united in all her interests with
! the south, that must overthrow the money
| power of New England. The south is re-
gaining her strength. Five and quarter
million bales of cotton were made last
| year, the largest crop ever made, and to day
| the mill men are alarmed, and cotton has
steadily advanced from seven to thirteen
cents. The growing crop, though enough Is
| planted to make six million bales, can now
| be sold in advance at about twelve cents.
| This will bring three hundred and sixty mil
lions This will give the south a new I'M
| petug Tennessee, Alabama, Kentucky and
| Missouri in their recent developments of coal
and iron, will certainly cause the scepter to
| depart from Pennsylvania. So far as Ten
! nessee is concerned, it Is not matter of spec
ulation. The hot-blast furnaces at South
| Pittsburg, Chattanooga, lockwood and Ris-
ing Fawn; the latter IN Georgia, but run by
Tennessee men and Tennessee capital, will
make iron enough, if shipped to Plttsburg
and sold at its present low prices, to bring
back fifteen hundred thou and dollars annu-
ally-enough to pay three times the interest
Oh the compromised debt. Suppose, by roll
ing mills and nail factories, we work up this
iron, as we will soon be doing, then, by labor
| In the iron industry alone, we can pay slz times
the interest On the public debt Of course,
have reference to the gross receipts. The
building of the new cotton factory at Nash
vile has proved the success OF making cotton
goods in Tennessee. Though shrlnkage of
values greatly paralyged this enterprise for q
tine. it has bounded into lite and Is likely to
be the torerunner for large Investments in
this branch of manufacturing. Our railroads
will in future produce revenue of about one
hundred thousand dollars, and the peni-
tentlary, long a tax, now yields more than
seventy thousand dollars, after paying trans
portation Privilege taxes, including tax on
insurance companies and on lawsuits, will
yield ABOUT three hundred thousand dollars,
making within ten thousand dollars OF enough
to pay the interest.
though the country has felt little or no re-
lief, there certainly are some signs Of returning
prosperity in the cities. Mechanics all assure
me that the progress OF building this year Is
unusually large IN Nashville. What effect
tbs Rxirg of government credit at four per
cent. may have On money may not yet be
known. Certainly the secretary or the treas
ury had to we'll nigh reduce the country to
starvation to get to it. All business being
destroyed, capitalists we're compelled to put
their money IN four per cents. But now that
it is done, if the county shoE signs Of life,
will not capital be turned into other Cham
uel9 One thing may be safely stated
There are aoEe signs or returning prosper
ity than have been seen since 1873. The
| balance of trade In favor of the United
States this year will, In all probability, be
three hundred millions. From planting cot
ton at one price and selling at a much lower
price, as has been the case ever since the war,
we are certain this year to have great IN
crease oyer planting prices, and from cotton
this year the south VIII recelye over three
hundred million dollars. With government
securities down to four per cent. and the peo-
pie practicing the greatest economy raay not
land again come to be valuable; at least, may
not land, to some extent, 6e recognized BY
money as having an eXchangeable quality.
r Whenever this takes place the victory 1;
gained Land had to be destroyed to hayE
money pat In four per cent bonds; but when
r that Is song, end a four per cent. permanen.'
, | " fixed as the rale CT inEesest ca gO!ernHeli
securities, may it not upon little reflection
5 create diVersionf If trade thriEes, viii moi
3 some people want land at present low prices
2 rather than four per cent boldsY Will i
, not do us good to have the interest for tht
t | State fixed at four per cent? DO not misun
derstaud me on this northumberland IL
; four per cents "a proof of ruin among the in
| dustrial CLASSES; but viii il not, being done
: | help when the question comes to be discussed
3 between land and bonds Land failing for
D series IT years you'd, without other causes
| ! depress everything else, but when it is th
r | eject of contraction, there can be no escap
e as long as it Is continued But If low inter
: est should have the effect to put up the pric
( | of land labor will he better rewarded, credi
t | will be restored, and producers, as well a
capitalists, will have something to do in regu
a lating prices.
money and the struggle IN the south 10
e resurrection and life, the speaker said:
+, TO not settle now, is to do two things Civ
J. us the nnue of Eepudiating, and perpetual
: the strife with increaged bitterness, ! submit
e to the thoughtful men of Tennessee, If, whel
Q we can settle at what the low-tax men hay
n demanded and asked for, car We afford +
It Pile having the resources we have to foreg
= decentralization of all questions of materia
Y interest to fight the battle of hate and bitter
: ness over one-third or nothing? If tn
d struggle is protracted it is a question of one
?, third or nothing. Is this sort of struggl
8 calculated TO improve our social condition
u Will it lead to the profitable discussion c
= great questions? Will 1t improve the char
3 acter Of or Legislators? Will it not rathe
: for years and years disiurb our SOCIAL rela
e lationsP Will it not be the means of putting
It hot-headed men in places of public trust
e VIII it not stand IL the way of enlighten
2 ment and progressive legislation? On tn
Il other band, will not the settlement of tn
4 debt upon this basis encourage immigration
n built up our Industries, and put 6s to manu-
= featuring? The admitted liability of th
g State based upon affirmative legislation,
& the annual payment CT ore million four hun
4 dred and forty thousand dollars OF interest
Y If this is reduced to four hundred an
n eighty thousand dollars, and the disturb
i ing question removed, will it not encouraR
e strangers to come and buy our lands? VIVA
is we most want IS to have our pursuits diversl
o fed. Angry political questions stand in tn
= way of this. We want relief from strife ia
y social aud political sense. We want friend
% ship with eac. o.hec-not bitterness. w
IS want material progress eonSideled rathe
e than party supremacy. We must, as poo