Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-04-23
scripl ScrIpII scripiI,

=" Justltla,' through this paper
the other day, exposed a mons
trous feature Of the scrip
jugglery, which is leading to such
distress sales of city property as
will be seen to-day.
In forcibly written anonymous
pamphlet entitled our Ruin. It's
Cause and Cure" now lying before
us, is portrayed the system upon
which city scrip, high taxes, and
their concomitant evils are based.
1t says:
"What is this wonderful financiering2
Simply this. Given the affairs of a
small city or large town to direct, which
has but a moderate income, need have
but moderate daily expenses, and has
(for its ability very large debt upon
which to pay interest,-how to make
both ends meet is the sum. Common
people would conclude that no hocus-
pecus was needed for this In old times
it was readily done. Both ends did
meet at the close of the municipal
year 1865 But 10 hoeuspocus-
is introduced. War has enlarged
mems imaginations if net Their
hearts, and new financial era darkens
upon us, which ever since has been
growing deeper until now the abyss of
darkness yawns before U.S. Officers are
multiplied; work is created merely for
the pleasure of doing it, costly bridges
thrown across streams that they may
tumble down, in order to be put up again;
great mountains cut through, inflicting
blemishes upon the city that all coming
time cannot repair; streets opened where
not specially needed, or justly due as yet,
then torn up to put down waterpipe,-all
the way through, five dollars spent for
getting done what any private citizen
would have accomplished for single doll
lar. Anybody traversing our streets
would have supposed that instead of a
city impoverished and imperilled by war,
and burdened with debt, Nashville
revealed in untold wealth. And 80 it
did, in figure, for Aladdin's lamp had
been discovered, probably in Demon-
breun's cave Scrip Scrip Scrip II
was issued without troublesome refiec-
tionlor careful cYphering. When nothing
better can be done ten thousand dollars
of scrip can be manufactured in a few
hours. Next, after diligent search all
through our miniature Wall street, some
patriotic banker can be found who from
purest benevolence will give six thousand
dollars for said ten thousand dollars of
scrip. There is, however, little science
mixed with his patriotic benevolence.
He knows dodge or two The scrip
draws interest, six per cent He has ad,
vanced six dollars and gets interest on
ten. No so bad to begin on. But the
city intends to pay this scrip of course,
and as it is running ahead of the hounds
so fast, it must double teams to catch up
Look out now for the tiger! Three hun
dred thousand dollars Of Nashville bonds
in the market, duly authorised by the
General ASS mbly of the State of Ten
nessee in order that our honest city
fathers may meet their engagements,
bring up their balances and go head upon
the cash system hereafter. Now here's
the chance. Bonds 90 off slowly, very
naturally of course. Sales become
horribly dull, Corporation about to break.
Patriotic banker comes to the rescue
again and gives the city four hundred
dollars for thousand dollar tond bear
ing six per cent interest With this money
t . city pays the scrip above mem
toned, having by this astounding process
realized one hundred nts out of two
dollars. A corporation as speedily as an
individual will be bankrupted by such
fnanciering 1t is neither more than
less than swindle upon the whole com
munity, and all the more because vast
proportion Of that community are poor
and unable to protect themselves against
the evils of this swindle, and have been
guaranteed against such evils by the
solemn oath of official fidelity voluntarily
taken by every member of the city gov
eminent