Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-09-22

pr1ctlc1lly then we would have some millions
settled in full and the balance still rejected.
Stanley Matthews came here and argued
the State debt question. He then went
North and sounded the keynote OF the cam
paign. He told his people that he was Just
froEi the great State of Tennessee, and that
the Democratic party could not be trusted in
State or national affairs, for if was rotten 10
the core and refused to recognize inst obi
gatious.
Just IS lcus az we go on in this way Just
that long will we remain out OF power. The
day the Democratic party commits itself to
Readiusterism, just that day we handicap
the National Democracy.
The people of the North say: "If we can
not trust you as TO State obligations, how
can you expect us TO trust you to manage
national affairs?"
The agitation of the State debt question
was iDiuring the interests of every business
man in the State, who we're yearly paying
more than this aboplina5le debt amounted
to. The honor and honesty of the State
rested at last upon the individual honesty of
It's citizens. Many of the bonds had been i'm
proyidently issued-he did not deny this
but after their validity had been admitted
and the bonds acknowledged by the Demo-
cratic party, they were binding On the State
The courts had twice confirmed this fact
The loss on the eleven delinquent roads was
all that Tennessee had ever lost. Not a dol
lar was lost by any solvent road. These had
settled in full BY paying in the bonds. And
these roads had paid more than the figure at
which the State could now compromise her
debt. There is not a respectable merchant
in Memphis who would deal with creditor
as this jane platform teaches.
For ten years we higgled the bondholders
down until we got them at sixty, three-four-
five and six and before the ink is dry on the set
Element the Democratic party Of Tennessee
proposes to scale ii down another ten cents.
We would not do that as private individuals.
The man or party who ia attempting TO do
this is doing an incElculable wrong TO his
people and State.
What do we hear about "voting for the
candidate and scratching the PLATFORM"
The Law-tax men claim that they captured
the Convention and have got everything they
contended for in 1880. They mean by this
that they do not mean to carry out the provis-
ions of that platform. 1t means that they
are not acting in good faith.
Senator Jackson said other people might
act as they pleased, but as for himself he
did not intend to utter one word which would
tend TO inju re the honor of Tennessee. He
would not take from this people their right
when abroad to look an honest man in the
face.
If there is one thing more than another
tending toward Capitalization it is because
States cannot be trusted for their obligations.
Imported speakers are brought here to teach
Tennesseans to subordinate this debt question
to the questions of centrali1ation and the
tariff. There are but two roads open. One
is to Justice, honor and sound credit; the
other TO resdjusterism and reputation. He
loved this people too much TO lead them
downward. No public man has the right to
do that.
Tennessee has resources unsurpassed by
any State in the Union, and pays less taxa
ton than any State in the Union. One per
cent. of our annual productions will meet
the interest on the compromised debt and
provide sinking fund. Did anyone say we
productions?
Alabama levied a tax of 60 cents on the
500 of property; California, 624; Connecti-
cut, 81 so; Florids, 20; Georgia, 35; Illinois,
Sc; Kentucky, 40; Louisiana, so; Missis-
sippi, with no debt and no credit [applause],
35; Missouri, 40; Virginia, cursed with Ma
honeism, so; and Tennessee whining about
its SIC DOC, 900 of debt.
The speaker said that Jay Hubbell had
levied two per cent. on all the women, the
widows, the crippled soldiers and the poor
fellows who held Office. They knew that if
they did not pay their assessments they
would lose their places. The Democratic
party having no clerks to levy upon, was de.
termined to make an assessment on the cred
itors of the State. The people might call
him bolter, traitor to the Democratic
party, but he would never support the pro-
posed settlement, that had such a
tendency. He wanted TO
know who owed the money? The
Democratic party did not owe it. The
State OF Tennessee as a political community
had 20 pay II. He said that there was in
principle no difference between reputation
and confscation, except that the latter was
the more honorable of the two because it was
done openly. He would never support a man
who had not raised his voice for Democracy
in 1880. 1t was a question touching not
merely the honor of Tennessee, but subvert-
ing the fundamental principles of govern
lent. Whenever the people were taught
that they could tamper with the
rights of the widow, the orphan, the cripple,
the infrm, the stranger and the citizen, the
dagger was already at the heart Of the COM
and the sense OF honor and the
to disgrace were lest forever.
Ii the people thought he wanted to represent
q repudiating State in Congress, they were
Ca any question of political ex-
pediency or policy, he was ever ready 10
yield bis views to chose OF the party, but
when it came to surrendering a legal and
moral obligation, he would never yield. |
State credit was the soul of government, the
life principle without which it languished. |
He concluded by saying that the policy of
he Supreme Court was to compel the States |
-igidly 10 settle their debts. II the debt of |
Tennessee were not settled the State would |
De brought 10 the bar of that Court. He |
ioped he would never see that day, and he |
lad no desire to be an alarmist. One State |
lad already been hauled up as a delinquent |
lebtor. If the Court itself had no power to
nforce a debt, Congress certainly had. |
had repudiated part OF her debt,
md the result was she had to do her banking
business in Memphis and had paid forty |
lines over the amount repudiated.