Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-10-10

centrepital forces nnature hold the surl and stars
l. the one hand by the Democratic party sad the
other hand by tue Republican party. hold our
rum. such would be the case if the Republican
party, BY reason OF a long lease Of power and ab-
OF safety 70 our institutions The Tendencies OF
.AS ~ patty arc 70 uon, 70 M
nop9le9 ana an onerous system OF prot sctive
tar4H II mas degeneraed into the organized force
l. OF capital. The tendencies Of the Democratic
party are IN the direction OF free trade the rights
of the States and freedom for all. aad exclusive
the people. The tendency of the Republican party
is to disintegrate the middle classes by lifting
the many down to the huts of the poor. On the
1iheF , hsnd 1t Is the policy OF the Democratic party
restraining capital in its exaetions labor and
protecting labor in its struggle for Independence
and competency. The speaker said when the
republican party ascended 10 power IN 1851 the gov
eminent had been in existence eigbty-fve years.
and he asked the question If there was anyone in
the audience who could name man living in the
said he, Notwithstanding the Republican party
q has been in power only twenty-one years Wall
estimated to be worth over $500 600 oo0 or about
in Tennessee. Gould is probably worth as much.
and there are Others, almost without number, who
said he, at the destruction of life and property
during the war Look at the resumption of specie
| ues. In Short look at the enormous taxes and the
widespread desoIation, bankruptcy and poverty
a were made, and say how this state OF affairs can
| be accounted for? He insisted that 4 was an
. s,sss hepuofican party IN the admini1traf fioi
the protective tariff-by subsidies BY granting ex-
elusive privileges. by donating the public lands
by exorbitant railroad tariffs and by debauching
Legislatures and eorruptly influencing them TO
laws against the we'll being and interest of the
people. Jay Gould has now taken the great State
| of New York by the throat with one hand and the
public prints say he has reached out to throttle
Massachusetts with the other. The same methods
marked the decline OF the Roman empire and de-
| stroyed the social and moral fabric of another
as Henry Ward Beecher and George William Cur.
It's have like fire-bell at night sounded the
Gould and Conkling. In Pennsylvania there is a
revolt against the camerons, and even in Memphis
Democratic party has Joined issue with the Repub
the battle field of 1854 it will be determined
| whether uncontrolled and unbridled capital or
was not his purpose to discuss national politics
but wished to summarize only in order to show in
| the progress of his remarks that the Republican
party had imported into Tennessee the methods of
| Wall street. |
! THE STATE DEBT.
| He said the present canvass turns in a great /
| measure the State debt, and while it involves
| in money $500 900 annually for thirty years
cient. it also involves questions touching the /
rights and liberties of the people of transcend
principle underlying our government. State and
Federal, is that the people are sovereign and the
chart of our liberties, which the Republican, aud
| grantly violated. It cannot be denied that the
ore-hundred -and-three and sixty-apd .siy hills |
were each passed in open defiance of the will of |
the people There is no doubt of the fact that at
the time of the passage of these bills they were
| ents. Thefe is no doubt of the fact that the
bondholdeIs have no confidence in the peo- |
pie, and tue Legislature, knowing the people
would resist unless made powerless, attempted
deliberately to enslave them for ninety-nine |
He sid this act only equal IN iniqig to a1fs the
set which disfranchsed the Confederate soldiers.
Ine difference was that one act deprived the peo-
pie of the ballot, while the Other placed an |
important matter which the people have the right
10 conrol beyond the reach of the ballot. He iu-
sisted that 1t this disregard of the will OF the
@nGn as he OESISht e6f a6 o9 Ten & The blight
moral leProsy, would never have appeared at the |
capital OF Tennessee had not Wall Street believed
ule people could be successfully defed and en- |
saved He insisted that there was no similarity be-
The argument that you can hunt sovereign State |
down like a constable can hunt down a private |
State is TO her citizens and the State obeyng the
voice OF her people has the right to protect Them
are not taxed beyond their ability to paw The |
hPlders OF the bonds took them with a full knowI-
edge that their payment could not be coerced and
that the fult lment Of the contract depended on the
pubic nc conscience Tney well knew that any fail
bonds should not be paid in FULL could not be dis
posed OF by legal methods you could determine 1
the rights OF the parties to promisory note but
that they would have to appeal to the forum OF
tons. And they well know that they are now in
poor plight to appear before that bar besmirched
with the slime of the lobby after unsuccessful
effort 10 coerce the people into yielding lsc-
mandS they believe he unjust L
He commented on the decision of the Supreme
Court declaring the three act uncon-
stitutiona and dwelt on the June Convention,
sentative that ever assembled in the State. He
it maintained that the settlement theIein tendereS
to the creditors was much the creditors ought
In good conscience to demand, or the State to pay
ARGUMENT FOR THE PEOPLE.
First-He insisted that as an original PROPOSE
the State to railroads.
He cd hat 1 /,
the war was an fncalculable loss of wealth, as |
thousands OF men who produced wealth were cut |
Third-ae showed that the assessed value of
5O0 oO0 and that in 1860 It amounted to SIS
making an increase in ten years of s292 600 O0O |
s2o3 600 Ooo showing loss in six years OF $50 0oo
OOO In 1882 the assessed value of property Ten
nessee amounted to about s225, 100000 showing an
increase in sixteen years of about s22 900 OOO The
increase from 1900 to 1S6O-a period of ten years
amounted to about $50 per cent while the increase
from 1866 TO 1SS2-a period of sixteen years-was I
less than eleven per cent |
Fourth-He argued that the State had a strong |
equity growing out of the emancipation of slaves
Increment pend OF loss Of property The permanency
on the virtue and intelligence of those who exer-
else the right Of sgff age There were $4,000 slaves
ousiy with their eman cipation placed the ballot
in their hands. The highest moral OBJ gation that
ever resisted on any government rested upon the P
United states to provide for the education this
given an empire OF public lands 10 privileged cor
porst stions ane comparatively nothing for the edu-
uneere@onolsly thrust said coi Tefs Pstterson ans
sentiment of the Christian world il it would not =
be wiser, nobler and more honorable to turn a b
deaf ear TO the exorbtant demands of the public I
creditors, and to provide by iudcious legislation O
for the education OF all the children in Tennessee
This responsibility upon the State and il be-
longs TO that class OF obligations which are para II
mount to the claims of even my lord the bond | G
FffIh-He showed that Brownlow in his message r
put the State debt in 1860 at $40 600 and that
the interest this debt during the war amount n
ing to about IS, 100000 was, in 1866, funded into
terest upon this Interest now amounts to ne.rr
as much more, making total OF nearly $4,000 Ii
Il was cor trary to public and International law b.
declared BY the highest eoprts in the country
war. while under the dominion of the Republican T
trsry to law. to railroads that either never Il
built or became iusolvent- When the lien on | al
mained a loss to the STATE of S11 900 900. n
Seyenth-He then showed that in 1868 the in b
new bonds. ' n n
Eighth-In 1860 an act was passed permitting the Re
dollar for dollar in any series Of bonds iss1ed by
the state and that these railroads bought up the a
act and paid them into the tresury. He argued d
that this was an injustice to the Stale and shock
70 the pubic conscience, for which the railroads h
were responsible. n
Ninth-He showed that under the funding act of ST
1878 the bonds again refunded and the in | a!
Tenth-He argued that at the time a great part o.
OF the debt was created greenbacks were below 10
par, the purchasing power of s. inisold being te
the depreciation Of values and the appreciation Of
greenbacks attendant on resumption, presented a 70
strong equity in favor of the State. |
Eleyenth-He showed that at the time tbe:debt =;
was contracted interest III the money centers of
the world was six per cent, whereas now the in III
terest Is something le- s than three per cent. W
For the foregoing reasons Col Patterson con- -
had the right to demand the reduction the rail- sc
road debt proposed in the Bate platform and th
that the moral sense of the world, without "leav
ing upon her any stain OF IsPudiation," would NJ
were repudiatorS, for they propose to nav in fuII r.
what they believed the State justly owed and the
reduction they demanded WIS matter of right, |
whereas the Republicans and boiling Democrats or
seconfessed repudiators of forty cents In the
iollar on the state debt proper which everybody -
admitted to be just. "
CoMPARISoN WITH OTHER SETTLEMENTS. Z;
Col. Patterson then went on to compare the set -
.ement proposed in the Bate platform with settle
nentS made by ether States and countries and
sixty cents on the dollar; that North carnlina -
compromised her dept at forIy cents the dollar; '"
hat Georgia reduced her debt s. o 0OO South OF
Carolina her debt 81 600 600 and Alabaraa s20- Sr
100 00o that Virginia settled her revolutionary ::
iebt at 81 for S40 that the United States settled Is
her evolutionary debt at 81 for so, and
iebt at 81 for sI2; that Texas coupro-
missed her debt at forty cents on the dollar:
hat France at time forced her creditors to CC
ress of the and the dispenser OF the com " 10
nerce of the world, in the reign Of Charles II pr
owed debt of e 500 600 s14 CO., about half
ne deet Of tennessee and she forced her creditors
He said these the facts of history; and yet ne
the Republican party has been |
nsincere IN its dealings with public credit; not.
MOTIVE and that the division of the Democratie VI
oarty; Notwithstanding il is allied with repudia -