Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-06-20

dollars of the principal and ore million dol
lars OF interest each year. Our portion OF
| the national debt has to be paid by indirect
taxation, but nevertheless it is a debt, and
| although it may not be quite as large as l
stated 1t to be, though If it is not 1T is nearly
| SO, yet 1t Is grievous to be borne. Other
| States also have their portion of the national
debt, and as that does not excuse them from
/ paying or settling on fair terms their State
debts neither does it excuse US. Virginia s por
ton OF the national debt is as great as ours and
her annual productions are less, and yet she
has agreed to pay and secured State debt of
thlrty-tour million dollars. Alabama has a
much larger State debt, in proportion to her
wealth and production, than ours will be I'M
| der the debt settlement submitted to the peo-
pie. believe the longer we put off settle
ment the less able we will be to pay. As l
said In letter not long since published:
Il have been satisfied for some years that
the longer we put Oft settlement the worse
it will be for US. We are, because of our
| non-paying policy, getting weaker and
weaker every year, and money matters are,
on the same account, getting worse aud
worse with US. We could more easily have
paid sixty per cent. of our debt with six per
cent. interest two years ago than we can pay
fifty per cent. with four per cent. interest two
years hence, If a settlement is not made be-
fore that time. We are steadily going down
as the result OF our non-paying policy, and
If we do not settle this year we will be in
worse condition next year. | am for settling
on some terms. This will be better for us
and for our creditors"
l Thought the people of the State would
gladly accept the terms proposed. Ny fear
was that our creditors would refuse it, on ac-
count OF the extreme low terms offered.
have some apprehension of that kind vet,
but when they consider our condition, the
extreme difficulty we have In getting SO good
settlement as even that, and when they re-
member that it IS better to have settlement
even less favorable as to terms, upon which
our people are agreed and which can and
will be carried out with scrupulous good
faith, than one of higher rate which Is
mora difficult to be executed, | hope they
may all Yet conclude to accept the terms Of
fered. A failure to settle the debt does not
extinguish it. The proposition now offered
may be. rejected. but the debt exists in
all its force. | have no anticipation of
ultimate reputation. By rejecting lib
eral or fair terms we may incur all
the odium of reputation, but still In
the end have the debt to pay, perhaps in
whole, with its accumulated interest, or near
ly so. States In former times have defaulted
and yet finally paid their debts after years Of
refusal. We may put off the day of pay
ment, but it will come upon US or our chill
dren with terrible force. The storm which
has been gathering for years. and which
now lowers above US, will finally break and
will almost verwhelm us with its ferceness.
1t is to escape this that am now in favor OF
making a reasonable and fair settlement
which we can carry out without serious in
jury. 1t IS as friend of ''loI taxes, to use a
catchword, that favor such settlement as
will prevent high taxes" IN future and for
years to come. The pretense that we do not
owe the debt is unworthy of serious notice,
Inc idea that such men as James K. Polk.
Jao.es Q. Jones, VIM. Trousdale, Aaron Y.
and Neil 5. Brown, VIM. B. Campbell, An
drew Johnson and Isham g. Harris were
either ignorant or corrupt, or that they Is
sued bonds to the amount of millions of dol
lars, which are now outstanding, in violation
OF law, Is preposterous, and will not deceive
any one who is at ali acquainted with the
history OF Tennessee or with her financial
legislation. The public Judgment of the
world Is made up fully that we owe the debt
and II we fail to pay or settle on fair terms,
we will not be excused On that ground. As
early as 1874 was In favor of securing favor
able terms from our creditors. In a speech at
Clarksvllle, in September Of that year, after
speaking OF the strinRency in money matters
and the depreciation in property | said: sin
view OF these things, IS it not right and lust
| that our creditors should be liberal and gen
eroDs IN dealing with noble people STRIVING
to meet thsir obligations under the most ad-
verse circumstances ?" Such has been my Ian
g1age ever since. | am not now for present.
ing these terms as an ultimatIm, with the
threat that If our creditors do not accept them
they will get nothing. am for leaving
them free to act as their sense of Justice
feeling OF ilberslity and views of their own
best interests may prompt. We make this
otsr, hoping they may accept it freely and
voluntarily; If they reject 1t, we cannot say
what viii be the result, but We will do the
best We can. As | said in the opening of
this letter, | have no wish to engage in these
discussions. | do not think the fifty and -four
settlement Is what 1t should be, but under
the circumstances it is the best that can be
done for many years, and, IN my opinion, it
is the interest of the creditors OF the State,
and also OF the people, to agree upon these
terms. do not suppose that anything l may
say will have any effect or do any good, but
that l may not have my opinions miscon-
strued, have thought proper to make
tins publication. twenty FIVE years ago |
was aEainst creating this debt so hastily, des-
plte the popular clamor of that day In its
favor, and even refused TO vote for a resolu-
ton pledging the faith and credit Of the State
for the payment of these bonds. But after,
IL obedience to the popular demand, they
were issued, and the faith of the State
pledged, deemed it my duty to support the
public credit and to advocate the preserya-
ton of the faith which had been plighted.
Time has shown the wisdom of the course
pursued by me then, and | am now satisfied
that If settlement of this debt Is not now
made, the time will come when it will be re-
GREETED that the warnings of the State credit
men were not regarded, and that their coun-
seIs were net needed. VIM. J. SYKES.
A Complaint for he City Authorities to
Attend 20.
EDITORS APPEAL-Can there be no rem
edy applied that would Lessen the obnoxious
conduct OF some of the drivers of the sanitary
wagons. Stop wagon No. l was around at
the corner OF Winchester and Main streets
this evening, and instead OF calmly doing
their work, the two colored drivers billings
gated some girls and women in boisterous
obscene and daringly impertinent manner
Now, we don't want our wives and daugh-
tiers 10 be domineered over in such a rude
uncouth and uncalled-for way. If we do
anything wrong, the authorities have their
remedies. fet IN no manner of way will we
allow our daughters or wives to be insulted
by uncultured and rough workmen. If the
District or sanitary dignitaries cannot employ
quiet men, let them make them be quiet
while around at work. We, as citizens, have
rights we will not suffer to be trampled upon
by either authorities or subordinates; we will
suffer none of them to play, Nero it is not
needed. Let them justly act their part aud
leave C9sarism out of the bills, it will never
sprout IN this country until they commence to
hatch snakes in the land of st. Patrick, and
that according to the leading authorities will
be about the Greek calends. JUSTICE.
Troops to BreathItt County, Ky.