Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-10-17
Patterson, Porter aad Kelly at whine.

special correspondence OF the Appeal,
WTTHE, TENN, October I6.-Messrs Pat
terson, Porter and Kelly spoke here Satur-
| day evening. Col. J. NJ. Crews introduced
the speakers DIR. Porter said he did not in
| tend to make speech, would leave that
| business with Col. Patterson, the orator for
| the occasion, and would merely cite a few
facts in regard TO the State debt. According
to the settlement proposed by Hawkins it
| would in thirty years amount to SAT ,5S7, )
I'll 81. According 10 the Bate plan in the
| same period it would amount TO S32, 479, :
| 967 80. The latter settlement would save
the people annually $5O3, 574 81. He made
| a few remarks on the debt of the city of
Memphis. Mr.. Kelly said that if elected he
| would endeavor to prove himself a faithful
| servant.
Col Patterson said that he did seek the posi-
ton of legislator; that duties which he owed to
| himself and to his family would cause him 10
withdraw from the contest were it not that the
Connection with the adjustment Of the State debt
had induced his felow-citizens TO call on him TO
serve them in the Legislature, and which he felt
deplerable condition Of the city of Memphis after
the yellow-fever seourge of 1873. Five thousand
of her citizens had fallen victims TO that terrible
epidemic; the great financial ruin staring her in
the face; the huge piles of mandamuses against
States marshal. induced Col. CAN'T and himself,
when approached by DIR. Porter and others as to
what plan to pursue to save the city from impend-
ing ruin to advise Draining the old corporation as
one would mad-dog. The result was the aboli-
ton of the charter and the establishment of a
Taxing District. In this connection he spoke of
the eOmmendable services OF DR.. Porter in behalf
hlthiest, scourge-inv1ting city 10 be found any
where on the continent, by his wise and efficient
management as president OF the Taxing District,
had become one of the cleanest, heatniest and the
next discussed the State debt; the equities in
VOWED in the Just settlement of the same; the
suits of the war, in which $1,000 rennesseans had
lost their lives and 100000 slaves were enlran-
ehised; the stagnation of business, the immense
losses OF property. The courts had decreed the IN
justice OF collecting interest for the war period
that the war interest on the State debt amounted
to SO GOO CO. The increased value OF money; that
six per cent was longer the interest value OF
money in the commercial centers of the worId-lt
was now less than three per cent, about 9ol00
per cent. That justice was all the people wanted
they were willing to pay all just claims IN full,
namely, the capitol debt Cess war INTEREST," agri-
cultural and Hermitage bonds. The bondholders,
settlement at fftyandfour. till, by corruptlng the
legislature they had obtained control ofthe same
Now they would have dollar for dollar. Spoke OF
the action of railroads. which by means OF lobby
ing had secured the passage of the bill placing
the various bonds on the same footing; taking
advantage of which. they had secured for mere
10 600 900 u 00000 OF the sinking worth
IS bonds, which they used in payment OF their
Indebtedness. He spoke of the charge OF repudi-
alton made by such fellows as Roderick Random
Butler against paying any less than dollar for dol
lar. To show that Tennessee did not stand alone
in the matter OF scaling her debt ne referred to
different States and countries, some OF which had
scaled more heavily than Tennes see and did not
twenty-five cents on the dollar; France had scaled
her debt cons derably; Virginia. in the days
OF Washington, Jefferson, Madison Patrick Henry
and John Randolph paid twO-and-a-haf cents in