Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-08-20

ses." Here we see that according TO
Radical testimony, this reported outrage
had not tho slightest foundation, yet il
was made the pretext for q demand that
militia be sent there to protect black and
white Union men, Itis5by such reports
that Observation-Disclosures hope to get the
militia ordered out and quartered upon
the people. ADaEOA
EHi aGl ~---s-.--s--e=--.r-= sLFE
THE CREDTr or THE sOUTHEHN
sTATEs-HOw THAT OF TENNEs-
SEE ~ REGEIyED. 's.5 aL
The Columbia correspondent of the
Charleston Courier says it has leaked out
that Gov. Scotthas been holding protrac-
ted private interviews with the Finance
Committee of both Houses, and has told
the Legislature that unless more mOder-
ate and judicious Legislation as adopted
the credit Of the State cannot be kept mp
The Governor is unable toproeure the
loan authorized by the Legislature, and
can only borrow $4,000 on sixty days
time, and then the loan is to ante
date, Sc as to mature before the Presiden-
tiaf election The finances Of thefState
bare looking very blue, and the Radicals
are already frightened about the pros
pect of being paid in bills receivable,
which viii undoubtedly depreeiate, South
Carolina is not alone in the predicameht
of finding her credit seriously impaired
by the imprudent conduct of her State
officers aud Legislators Tennessee fur
nishes striking example of the injury
which harsh and oppressive legislation
will inlict upon. the credit of STATE.
The history of the legislation an this State
Observation-Disclosures Of aggFsssions
upon the rights.Of the people and oppres,
sion of the taxa payers, without ehere-
deeming feature of leniency or one effort
to conciliate and make US one people.
The result of this legislation is seen in
the depreciation Of our bonds and ithe
distrust with which our credit is re-
garded, The July interest on the State
debt has not been paid, and the ezpediN
ents to which resort was had to raise the
money for that purpose failed, mainly
because the want of confidence in eapi-
talists in the ability of the State under
the reign of Brownlow to meet its engage
ments. The Legislature met here on the
9th of July, and yet nothing has been
done to repair the injury done the credit
of the State by the failure to meet its
interest engagements. A million of
dollars Of our bonds fell due in May, and
no other provision was made Tor their
redemption beyond the proposal TO issue
to the holder new bonds. This was pe~
eepted by PARTIES holding only about one,
fourth of these overdue bonds, leaving
three,quaFters of a million to DO met in
some other way, the holders in the moan
time to await the pleasure of the Browns
low dynasty. With the knowledge
that this milliop5 of our State bonds
would fall due in May, and that
provision for their redemption could
not be made by the imposition
of an additional tax for that purpose on
an already oppressively taxed people, the
militia was called out to aid the Radicals
ihcarrying tho election last year, and
this cost the State moro than three hun
dred thousand dollars. The money thus
squandered npon favcritesF to carry apo
litical election, should have been hus-
banded to meet the July interest on our
State debt Not content'with the injury
already inflicted upon the credit Of the
State, it is proposed TO again call oat the
militia, which cannot be done aE an exs
pense short Of half a million of dollars,
when there is no more need for militia
than there is for a third wheel toa cart
If the civil authorities viii discharge
their duty and faithfully execute the
laws, the peace of the State can be as
easily preserved as it could before the
war. The Consequence OF this harsh
AMI iniudicious legislation and this utter
neglect of the highest interests of the
State has been decline Of about fifteen
cents in the price of our bonds within
two months There never has been
a time in the history of Tenues-
see when so persistent an effort
seemed to be made to bankrupt and
rain the credit of the. State as has been
made under the Brownlow reign. Here
is three>quarters ofa million of our bonds
due and unpaid, and the July interest on
oar State debt unpaid, with an empty
treasury, and the people taxed five-fold |
greater than they were in the prosperous
year Of 1850, and yet the proposition to !
call out aud quarter upon the people who
pay these taxes a large military force, is
seriously debated by the members Of the
Legislature, when they know, or ought to
know, that this cannot be done at cost
hort of half million dollars This
reckless course win explain Why the
'redit Of the State is SO shaky that the
financial agent could not, AFTER having
peut several weeks in New York negOti-
ting with the capitalists Of thai city.
aise the money necessary to pay the
uly interest Its easy to see, an the
ight Of these events, the inisny that Will
e inflicted upon the State credit nv the
arsh and iIiheFal policy pursued by the
'rownlow dynasty.
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TENNESSEE AFFAIRS.
The Washington correspondent Of the
Journal telegraphs under date
{ the 10th inst, as Follows So. .sls
"In a recent conversation ihe President
r,y-..ss<.i ~ ael and warn, ~