Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-05-26
"What Shall we Do to be saved?v

W euo Olu CITY ueDJ is leartlly ap-
proved by many of the best and most
thoughtful citizens of Memphis. 1t
is conceded on all hands that there
can be no permanent and general pros
perity until this debt question is set
tied. A few industries may flourish,
and few men get rich, but the money
so made will not be diffused
among the masses or invested in
enterprises which afford employ
ment to the many. The fact
that Memphis is an overgrown trading
post and stationary, is not a pleasant
thing to face or to admit. But it is
well enough to look at the situation
just as it is. There is lamentable
absence Of diversified industries, and
will be until the old debt is disposed
Of No capitalist will come here to
invest his money while the present
uncertainty exists, and our home people
are almost as:loth to turn their atten-
ton to anything outside of cotton and
futures and dealing in goods. Where
we have one manufacturing establish
ment of any kind, there ought to be
and might be twenty or fifty. This is
the best distributing point in the
Southwest, aud the facilities for
transportation will soon be greatly in
creased. La easy reach Of coal and
iron fields, stone quarries and vast
forests, and in the midst Of the finest
cetton growing region in the world,
this should be a busy and a pros
porous manufacturing center, giving
employment and good wages to thou
sands of contented, industrious peo.
pie, where hundreds are not found
now. This is what makes a city-not
few big cotton and grocery houses,
that do business for the surrounding
plantations. Manufacturing pays bet
ter than anything else in the South,
and every place of any note, save
Memphis, is going into it. Why
Because it pays. And why not in
Memphis? Because the fifty or one
hundred men who have the means are
cohtented to plod along in the old
way, and strangers will not come here
to build upithe place for us as long as
heavy old debt hangs like Damocles
sword over our heads. No one can
tell when it will fall, but it will fall,
as certain as fate, whether the hair
that holds it is cut by the Courts or
by the Legislature. Now, as honest
men, having respect for the senti-
ments of the world, and as business
men familiarized with commercial
laws and methods, would it not be the
part OF. prudence and common sense
to quit talking about the possibility Of
evading the debt, aud adopt a plan
looking to compromise and resump,
tion2 The debt is increasing rapidly,
and Judge Hammond has decided,
| substantially, that the new Govern
ment can be held for the debts of the
old, and the Supreme Court Of the State
has plainly indicated that it is of the
same mind. Taxation may seem
heavy at first, but with the growth Of
the city and increase of values and
the enforcement Of tax laws with
some uniformity, it is likely that we
would get through without any serious
embarrassment. The time within
which the debt may be compromised
under the late act expires on the 9th
Of June. If anything is done it must
be done quickly. IF the bondholders
will compromise at 80 cents, and allow
gradel rate of interest for a few
years, we are heartily in favor of COM
ing to an understanding. Prompt
action is required. The time has come
to shake off the moss, quit grumbling
and go to work. There is plenty of
grit in Memphis, and we want to see it
developed and marshaled in solid col
umn for the rehabilitation of the
place. We have been whiting on
goods boxes and waiting for something
to turn up long enough. With an
earnest, we'll defined, purpose and
hearty cooperation, Memphis can pull
out Of her troubles and be made to
ook like new city in less than five
years.