Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-07-18
Another Statement.

1t is almost daily asserted and charged b,
the Republicans and boilers that The settle
| ment proposed in the platform of the Demo
l cratic party greatly exceeds in amount the
I sixty-apd-six act passed by the last Legisa
| ture. Now, does the facts sustain the asser
ten? By reference to report made by q
committee appointed for the purpose of ex-
aiming the State debt, few years ago. il
| will be seen that the whole amount of the
bonds outstanding against the State was
S2l ,008, 4S0, with unpaid interest amounting
I to about S6,000.0 900. That committee fou nd
! the State debt proper, with accumulated
interest, amounted TO $21 ,051 900.
From the date OF that report to the present
time, the accumulated interest added, the
whole outstanding bonded Indebtedness of
the State is about S30,000,00O, of which
amount the State debt proper is less than
S3,O00,000. The Democratic party proposes
to pay the State debt proper because its
validity and justice have never been ques-
toned, while the boiters and Republicans
| repudiate forty per cent of it.
Alter deducting the State debt proper
from the whole Indebtedness there remains a
little more than $27, zoo, 900, constituting
what might be termed the railroad bonds
one-half of which being the amount pro-
posed to be settled by the Democratic party,
which added to the amount of the State
debt proper, makes the sum of about S16,-
while the Republicans and boilers propose
to pay S1s,O00,000, being sixty per cent. of
the S30,000,000 and 81 100000 more of the
principal than the Democratic proposed set
tlement. According 10 the Democratic plat
form the people would be taxed six per cent,
on the State debt proper and three per
cent on about S13, 100000 of railroad bonds,
making about the sum of 1856, 900 annually,
while the Republicans and boilers pro-
10
terest at the rate of three per cent. for two
years, four per cent. for two years, five per
cent. for two years and six per cent. for
twenty-four years, making an average per
cent. OF i've and three-quarters for thirty
years, which would make the sum of ST 020,-
900 annually. So it will be seen that the
people would be taxed twice as much under
the sixty and-six proposition they would
be under the proposed terms of the Democ-
racy.
Outsids of the great difference in the
amount OF taxation imposed by the two
propositions, there Is a great fundamental
principal involved-that of the right Of the
people 10 be heard and represented in all
matters involving their interest. The sixty
snd-six act was passed not by representatives
who reflected the will of their constituency,
but by such as disregarded the expressed
will of the people, thus subverting the
cherished doctrine of free and representative
government, and trampling under foot those
sacred rights which constitute the people
sovereigns.
We will further add that upon careful
calculation from the above data, il will be
seen that in the space of thirty years-the
time -lo--e4 fe+ s-@Al fAsr.AA...-c boncis
the sixty -and-six act will have wTung from
the toll and muscle of the people So, 240, 900
in interest. being $12, 100000 more than the
proposed Democratic settlement.