Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-09-20

with interest at five, five and quarter and
six per cent. from the LIST of July, 1875, to
January /, 1882 But only wish TO show
the absurdity of Mr.. FusselPs statement, /
will add interest to the above amount at the
rate Of six per cent for the six and half
years, which amounts TO $500, $50, making
the total of State debt proper as recognized
BY every comptroller from 1855 to 1875,
amount on the LIST of January, 1882, TO only
81 o24 800 / will add S64S000 in bonds
held BY educational and charitable institu-
tions, and those held by Mrs. Polk, notwith-
standing these Institutions hold some of the
bonds which i include in the above as State
debt proper, making only So, 572, $50, that can
by any possibility be covered by the Demo-
cratic platform State debt proper, unless
the comptroller's reports are false, and 81
AZ ,440 less than Mr.. RUSSELL states it. From
the boldness with which he speaks, it may
be inferred that he has knowledge of nearly
81, 500 600 of this class of State Indebtedness
which does does not appear in the financial
records of the State. Otherwise, "some one
has Numbered; his not TO make reply, his not
10 reason why, his bat to do, and die"
Mr.. Russell further says that to settle the
debt on The basis Of the Democratic platform
will require 3, sos, 900 more than to settle it
under the sixty and-six funding act. He
reaches this conclusion by assuming The
State debt proper to be S4,427, 440 more
lit
estimating the entire assumed debt at 81 ,7l3,-
1876 less than it is according to the reports,
thus making an error of SIS, lac, 1856 in favor
of the sixty, three-four 6ve-and six settle
men'. And in order to mislesd the people,
he assumes that at the expiration of five
years the rate of interest, unSer the present
law, will be reduced TO three per cent, and
upon this assumption attempts to show that
by rejecting the Democratic platform, defeat
ing General Bate and accepting the present
funding law with Hawkins at the helm of
STATED the people will save 81 sos, 900. He
says: "In the thirty years we would pay,
under the present settlement, ZIG, 100000 Of
principal and interest-So04 900 per annum
fer-two year,, $672 900 for The next two
years and $4,000 for the fifth year, and
1904 900 per annum for the remaining
twenty-five years, making grand total OF
$50, $4,000 General Bate would pay as
follows: Estimating the State debt proper at
$S,000,000 and the scaled debt at 5000, 900,
he would pay in principal SIS 000, 900; slow
ing for refunding the State debt proper at the |
end of five years at three per cent, he would |
pay ia interest three per cent. on $40 000, 900 |
for thirty years, equaliDg $4,000 900, and six
per cent. on $S, 100000 for FIVE years, ST. |
100000, and three per cent. on same sum for |
twenty-five yesrs, making $1,000 900, thus |
making grand total of S35, 100000, max. |
ing difference of S2,S08, 600 in favor of The |
present settlement" 1t will be observed |
that while Mr.. RUSSELL repeatedly uses the |
words "under the present settlement" and |
sin favor of the present settlement" (refer-
ring to the sixty, three-four fve-and-six act) |
all his estimates after the first five wears are
based upon the bare posi- bility of getting
up another funding scheme at the end Of |
that time, the merits of which he endeavors
to inject into the present canvass as the pro-
visions of what he cal Is the present settle
. nil al r. IL
overestimates the amount of the State debt |
proper "a, 427. 440, he UNDERGRADUATES out
standing railroad bonds 81, 7l3, 1896, and de-
ducts two per cent. Tor one year and three |
per cent. for twenty-four years from the re-
quirements of the present law, making about
Sl2,724 ,272 less interest than will be re-
quired TO meet the demands of Mr.. Fussell's
present settlement, thus making a grand
error OF only about $18,S64, 200 Ia
favor OF the sixty, fhree-four-iye- and-six
fraud. Now, by adding the g, sos 900 which
he says the Democratic platform exceeds his Z
present settlement, making SCI ,672, 200, and
deducting the S6,000,000 which he says will
be saved by funding the SS,0O0OO0 State
debt proper at three per cent. after five years,
we have a difference of $l5,672 200 in favor
of the Democratic proposition as against Mr.
FusselPs present settlement, If made according |
to the present law. 1t will also be seen that
their figures approximate the amount which
the Democracy claim will be saved by MAX
ing a settlement as proposed BY the June
platform. 1t will also be observed that
while Mr.. RUSSELL urges the people to accept
the sixty, three-four-fi We and-six funding law
as a 6nslity, he fails to discuss or defend its
provisions as such, and predicates his argu-
ment upon the hypothesis of getting up an
other funding job, and thus add new lsureIs
TO the Tennessee Legislature, which has al
ready become notorious throughout the
country for lis past Efforts through funding
jobs and deeds that are dark, to uujustly ex-
tort from the people about ST, 100000, and
give il TO railroad companies without con.
sideration. Bot suppose the debt to be
funded at the expiration of five years, as Mr..
Fuseell suggests, we would pay
Three per cent. on S17, 04S ,496 for the first
Two years