The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1859-12-23
Tbe Public Debt.

We beg leave to call the attention of
those miserable party huclsters who talk
so Hlippantly about dissolution of the
Union and Southern Confederacy-who
not only talk of it, but who are laboring
day and night, Intentionally or otherwise,
to precipitate the work--we beg leave TO
call their attention to the following SEN
sible suggestions by the Baltimore Pa
triot:
THE PuBLIc DrBT.--Of Virginia, Mis-
souri, and Tennessee, are subjects OF no
little interest Just now to capitalists, both
at home and abroad, in view of the threat
cning attitude taken by the dominant
party i'm those States in relation to the
Union. In the Union there is no safer
investment than the public debt these
States afford out of il, there could be
none more worthless.
When politicians, in order TO retain
power are throwing firebrands about on
every side they should remember there
may be danger of their falling upon
their own houses and burning them
down. We hope this hint will not be
thrown away upon the people of these
States, and that they will take steps to
arrest the mad career of the party, that
now rules them with a rod OF iron, and
threatens to destroy all their industrial
prosperity.
As things now stand, the liquidation of
the public debt of Missouri is amply pro-
vided for, merit that few other public
debts can boast OF, and the interest on it
is secured to be paid beyond a peradven-
ture. Nor is the provision for meeting
the prompt payment of the interest on
the Virginia public debt, less certain
II is adequate to all emergencies. The
Tennesscans have provided a sinking
! fund. so as TO make the public creditors
doubly sure, IN case Of possible failure
| in her public revenue.
| The ability of these States to meet a
debt of hundred millions each, may
be estimated from the following signif-
cant statement:
Estimated.
State Taxable propy, Debt. Population.
| Missouri. S355, go 900 Sl9.65S,O00 900, GEO
Virginia. 990,OOO,oOO 34,746,OOO 1GjO,00
Tennessee. 377,20S,O00 l5,Gi3,05O l,lsO,OOO
And yet, strange to say, in the face of
this highly favorable exhibit, the public
stock Of these States are below par in the
market. They are now: Missouri's, 81
to IS; Tennessee's, 80 to 81; Nirgnia's,
03 to 0j-when they ought to be at least
as high rs United States G's.
Why is this2 1t is because capitalists
have very weak faith in the honesty of
the dominant party in those States. If
it were for the interest of that party to
follow in the footsteps of Mississippi and
repudiate, it would not hesitate to do it.
1t is the enemy Of all industrial progress,
except so far as it contributes to its main
tenance in power. 1t talks as fippantly
about destroying the Union, and, by con.
sequence, the credit of these three States
forever, as though it were thing of no
value, when it is the source of all money
values whatever in the country.
If these sound and paying stocks, SO
far as the ability Of the people is con.
cerned, is below par now, what would
they be, in the event of the destruction
of our glorious Coniederacy? Mere waste
paper-that's all.
We hope the Opposition press of these
States and that portion Of the Locoioco
press which reflects at all, will take up
this subject and show the public the
danger that this cry of Disunion subjects
their public stock to. 1t is time that 20
litical gamblers should be silenced in
their cutlery against the best interests OF
society.