Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-02-18

taxed to their utmost, and the solitary
place shall be glad because of it. But
you say that we cannot make real estate
and bonds square on the market. Then
let US hear no more about immigration,
and let us go in the old groove, content
to be fieeced by the Illegal demands of the
banks, or handed over to the tender mercy
of him who stands round the door,
to comfort the rejected. What we have
said in regard to real estate in the city is
equally applicable to the country. But
we are met sgain by that threadbare sto-
ry--Give us another good crop and we
will be all right Well, you had good
crop last year; you have sold your wheat,
but no change noticeable in the fund;
you are selling cotton by the thousands
daily, but where is the money! 1t is like
the immigrant, it comes not st your call.
The money is in banks and boxes in the
shape of bonds, and the immigrant is
quietly discussing his pretzel and beer.
Col. Colyar says, ''We must have capital"
| say we have capital, and that in album
dance. There never was time IN the
history of Tennessee when there was so
large an amount of money on deposit in
the city as now; at least five millions of
dollars are now on deposit in the various
banks, and in special deposit, and in pri
vate boxes, as we are credibiy informed,
at least ten millions more, making in all
fifteen millions. But what of all that;
you may qusdruple the amount, either by
the sale of good crops, or have it sent
from abroad for investment, or brought
by immigrants, and it will soon be in the
same condition. And wby9 Because
money will only move when it is Safest
least expensive and most remunerative.
Hence it is easy to see why bonds are
bought in preference TO real estate.
Now, put real estate on the market
upon an equal footing with bonds so far as
taxes are concerned, make them interest
bearing at the option of the owner, by
the aid of q judicious mortgage law
make them convertible within ten days,
without expense to the mortgage, and my
word for it, there will be more purchasers
fer real estate than there ever was for
bonds. And why2 Because it would be
q much safer and no more expensive in
vestment Will Col. COlyar please inform
me why it is that untold millions of mo
ney rem ain in New York for the pitiful
sum of or 8 per cent, when it is a fact
that large amount could be used in
Nashville on the very best real estate Sc
curiiies, at 10 per cent Perhaps had
better tell him.. Simply because New
York has in operation a judiciary mort
gage law, and the New York capitalist
Yarafarc A cao11raA NV aol cfof
with his surroundings, to 10 per cent. in
Nashville secured by real estate with our
surroundings. The rule in New York,
am informed, is to mortgage the proper
ty in Nashville it is not. New York has
a superabuRdance of capital; Nashville
has none, except what is locked up. But
you say that New York is great money
center. SO is any city whose real estate
is convertible into money in short time,
and without expense. Suppose that the
property of Nashville could be mortgaged
for oLc-third its value, (and it could be
done in ten days, if we had q judiciOus
mortgage law we should suddenly find
ourselves in the midst of about six mill
ions of money, permeating every branch
of trade, every conceivable line of
manufacture, every Article of commerce,
you:could see it in buildings central and
costly, in buildings suburban and tasty;
in the city railway, and graveled drives
to gardens and groves, and parks, and
pleasure grounds of the country, and
Nashville will then begin to be city.
But you will say: When the mortgage
is out they will be forcibly closed, and all
of Nashville will be sold for one-third of
Its value. Well, let us see. Did you
ever hear of a five-twenty bond being
sold at public cutlery to make good an
amount for which it had been held as Sc
curity, or in business parlance as COllat-
erall Never. And whyl Because it
was so easily converted into money.
just go with your mortgage paying coed
interest promptly. And then the dirt
hidden farmers which Col. C0lyar saw
who could not pay the laborer if they
had him, could mortgage their farm and
pay the la5orer, avail himself of machin-
cry to cultivate the farm, fertilizers to
enrich it, and in the harvest be glad for
the bountiful crop. But what of all
thisl Ualess the legislation of the coUn-
try shall give it practical shape it will fall
like Col. Colyar's cry for the immigrant.
At least so thinks the OLD MAN.