Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-07-01
HF'sh RHksEssEE FASGLgs
How d High Taxer Does Not
Explain.

Colonel John NJ. Flemming writes
to the COurier-J Journal from Nashville
as follows:
l have already suggested, and also
more fully explained in my dispatch
Of last night, the amazement that pre-
vailed when it began to be ascertaiued,
on either side, that the ultimate ag-
gregate amount guaranteed to the
bondholders by the platform settlement
would exceed that already secured by
the Legislative settlement. Figures,
which cannot lie, fully sustain this
declaration. Notwithstanding all the
misrepresentation of the low-tax
philosophers and arithmeticians--a
deception that has at last led them into
the present awkward dilemma--the
various species Of bonded indebted
ness enumerated in the platform and
known as the State debt proper"
and whose payment in full is solemnly
pledged, amounted. at the close Of the
war, to at least So, $50, 900, as shown by
the official records of the. financial
Offices Of the State. Now, with accu-
mulated interest, this item stands
swollen to $7,500,000. The entire debt
of the State at present is $50, 900, 900 N
round numbers. Let us reduce it
according to the platform plan. Sub
tracing the State debt proper, ,"
which remains forever at 1905, we
have $22, 100000 to be disposed Of on
the 1913 principle. Dividing, we have
$ll ,250, 900 to stand permanently at 3
per cent. Formulating the statement,
we have it thus:
State debt proper (6 per cent? ......s 1850, 900
Railroad debt (3psr cent. 1850, 100
Total permanent. debt......,.....Sls,7 sO, 900
The annual amount of revenue to be
raised by taxation will stand thus:
Six per cent onStats debt proper.Sl50, 200
Three per cent on railroad debt........,. SS7,5OO
Permanent debt tax of State............slS7,5 800
Now, under the legislative settle.
Notwithstanding principal of
the debt is reduced to $4,000, 600,
being $4,000 less than the platform
figures. By an easy calculation it can
be seen that not till after the fifth
year will the taxes under the legisla
tive plan exceed those Of the platform
plan, by which time the State could
have foated its debt at least four per
cent. The point of difference Of any
consequence is that the legislative
plan gives far higher taxes for several
years at the present. time when people
are so clamorous for relief. True,
there will never come time when this
will not be so, but still they do not
think so perhaps.
DID l not tell you some two yerrs
ago that the condition Of this people is
abnormal and inexplicable and that it
would require new philosopher to
elucidate the situation? Just think
ofitl Here we have men in every
county in the State bowling them
selves to hoarseness and still hewling
because the Legislature had dared to
impose upon the people an unbearable
burden Of debt by settling with the
creditors at 60-3-4-5-6. And when
these men, representing the same OPP
pressed people, come together in the
capital OF the State, With perfect una
nimity they adopt set of resolutions
which, if carried out, will for years
exact more Of their limited means a.
tribute money to the "bloated bond.
holder" than could the legislative set,
Element have done. And then see, OF
the other hand, the ablest and besl
men of the State, who have fearlessly
and nobly stood up, on all occasions
for the rights of the creditor as vel
as of the people, preparing TO teal
, down the pillars Of grand old party
on the ground that the convention hal
passed platform that might do ampl,
i, justice to the creditors in the aggre
gate if faithfully carried out. | Only
, mention this as a remarkable contra
i diction Of conduct, such as often illus
, trates the power Of an opinion.