Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-04-02
TENNESSEE CREDIT.

Tor this place sixteen hundred tons OF Hon 80 that
we may expect to be completed nearly to Gallstin
during the coming summer.
TENNESSEE CREDIT.
We copy below an article from the Memphis Ap-
peal, Tennessee bonds have already, as q eOuse-
quenee Of the prudent action Of our Legislature In
engaging the State in new enterprises, while de-
Greasing her liabilities so many millions, materi
ally advanced and we look for a still further ad-
vance when the policy pursued shall be well under
stood by capitalists:
STATE CREDIT.-The continuance Of State. as
well individual credit, depends upon the caution
prudence and sagacity with which il is used aud
upon placing proper limit to its exercise No fact
is more certain that that the paralysis Of public
credit is to follow either its reckless or IN
checked extension. Our able and sagacious Cover
nor seeing that the credit Of the State was msteri
ally suffering from undue issuance Of State bonds
assumed most decided grounds in the late State can
against their further issue or the extension Of
State credit, for any purpose or in any way what
ever. His opponent, Mr.. Hatton, was compelled
by the unmistakable indications of public sentiment
to place himself on the same prudent platform. It
was shown in that canvass that State bonds issued
on account Of railroads, had deprecated in such
manner as TO create heavy loss to the State in
consequence Of the almost indefinite provision for
the issue Of such bonds by the Legislature. Capt.
talists naturally became alarmed at a system of
credit which seemed to have no end OF limit although
the securities given TO the State were ample and
undOubted. They may not have feared the ultimate
liquidation Of the State Indebtedness but they did
not see how the punotual payment Of interest was
to be provided for, beyond failure, with an enor-
debt that seemed TO be progressive if not un-
limited The aunuities Of capitalists were th,is
prospectively affected, and the consequence was.
they would not invest their capital in our bones on
as favorable terms as heretofore, Was not, tbere-
FORE the policy declared by our Governor in tie can
vass, and ratified by the people a. the ball Ot-boI
most wise and prudent
We are assured that by the legislation tbe-lste
General Assembly, not only has the extension of
State credit been summarily stopped, bat a reduo-
ticn Of the prospective Indebtedness Of the State
made necessary under former legislation. has been
effected 70 the amount Of some So, 600 900 This is
an honorable redemption Of the pledges of the De-
mOcraGc party in the late canvass, and will nm
doUbtedy be placed to its credit by the peopIe Il
should be remembered too, that the Legislature re-
fused 10 extend the State credit 10 the amount of
81 100000, for the increase Of the capital of the
Bank Of Tennessee. The effect Of this movement
upon Tennessee stocks has already begun 10 be felt
at the great central stock market Of the Union-tbe
city Of New York. The Herald Of the 25tb inst
remarks in its its financial column:
The LegisatU e of Tennessee has peremDtorilv
refused 10 allow any increase Of the State debt for
banking This course will be cordially endorsed bv
the PEOPLE, and do much towards sustaining the
credit Of the State"
Thus it will be seen that II benefits resulting
from Democratic policy are no, merely speculstive-
they are seen endtelt on Cb ange and in sustaining
our public credit abroad ss well az at home.
WASHINGTON, March 29.-The DemOcsatic Caucus
committee met TINS evening at the capital, all the
members present except Mr.. Craig, of Missouri
Iheie was d loh and free comparison Of views and
interchange o opinions, and all WAS conducted with
Inc utmost armony.
Several mendmeuts to the Kansas bill were sug-
guesleu and explained, but the LecOmptOniss
ILougn that their substance was already embraced
In inc. measure. One point discussed was the pow
er 'f the people Of Kansas TO amend their Consttu
ton before 1864. On this there was diversity Of
opinion, but there was general agreement that it
would be subject to amendment prior to the time,
notwithstanding the wording Of the Constitution
The comittee adjourned without taking any vote
the propositions presented.
Il is contemplated that an effort will be made to-
morrow night in caucus TO reconcile the conflicting
views.
A caucus was also held tonight in one Of the
committee rooms of the capitol Its exact chsraC-
ter could not be ascerained but Of the anti Le
compton Democrats who had just attended the con-
ference committee Of twenty was present Il is
believed that the caucus was composed Of anti-Le-
compton Democrats generally.
New York March 30-The Times Washington
correspondent says every member Of the caucus
committee was present at the meeting yesterday.
Mr. English OF Indiana led of on the anti Lecomp-
ton side but would not make a formal proposition
Until certain concessions were granted. The Le-
comptouites would COncede nothing, and the COM
mittee adjourned after a conference Of over two
hours. without an agreement Messrs. BUrlingame
an Winter Davis will speak on Wednesday.
There was a caucus Of twenty-five Lecompton
Democrats to-day. They resolved TO stand firm by
Mr. Criuenden's amendments and all the Republi
cans have accepted Mr.. Crittenden's amendments.
The opposition still count l20 votes.
The Tribune c0rresp ondent says: 60 / learn from
a good source. but will not vouch for the report,
that Mr. Belmont has sent an agent to Mexico 10
negotiate loan Of s., 600 with the government
of Juarez, on the pledge Of Sonora. / am told Mr..
Buchanan and Mr. Cass both approve Of the ar
rangement
WtsUrygrov. March 3O-John Hogan was con-
frned bv the Senate as Postmaster az St. Louis.
A bill was reported in the Senate to-day, by Mr.
Johnson. of Arkansas which provides for a correc-
ton Of the present abuses under the printing sys
TEN. When a large document Is ordered TO be print
ed the printer of either branch OF Congress which
receives it first is reQuiredt print for both Houses
The composition in such cases is only TO be psd for
once No document report, or other mstter, is TO
be prutcd until all the manuscript IS completed.
The bill also reduces the prices at present paid.
The House was officially notified to-day, in re-
Spouse 10 resolution, that the Secretary Of War
has set aside the sale of the military reservation at
Fort Ripley the lands having been sold st from one
10 twenty cents per acre.
The Secretary Of War to-day issued an order
changing the army uniform. The capuOW worn will
be superCeded by a felt hat differing IN trimming
for the various grades The change also extends 10
the pantaloous aud coats. but is confined to the
trimmings Of the latter and stripe Of the former.
WAsHINGToN, March 30, ?. M-Ihe anti-LecOmp-
ton Democrats met last night late TO hear the re-
mort of the CaGucus Committee Of Ten, their part
who had lust been in consultation with the LecOmp
tonites They reported that nothing could be done
No propositionswere made Of any kind which could
he accented The anu-Lecompton men were gu. /
tborized TO present the Crttenden amendment modt-
fed little. as proposition, but it was not accept
ed. Other propositions shared a IKE ls.e. mere
GOOD feeling aud perfect unity among the anti
Lecomriouites. They think English has been
wronged by the imputatiOns Of the newspapers on
his good fh in rendering the olive branch to other
Dememocrsts. and will stand by the Crittendon
amendment
New YORK. March 3O.-The Tribune ccntradlcts /
the report that Tdaurri's agents negotiating loan
here or enlisting volunteers for revolutionary Pur-
poses in Mexico.