Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-11-03
THE GOVERNORS POLICY.

Whatever may be the market value of
the bonds of the State at any particular
time, the State has to pay at maturity the
Iull amount for which they call. Hence
the opponents of Gov. Browns policy argue
that it is immaterial whether the bonds be
worth twenty cents or a hundred cents in
the dollar. This argument is fallacious
and highly injurious to the growth and
prosperity of the State. Desirable
immigration win not seek, capital
viii avoid State which has no credit,
whose bonds are held to be worth but little
more than the paper on which they are
written. The proper management of the
finances of a State deserves and viii tax the
highest capacity of her Legislators. Upon
the present Democratic Legislature of Ten
nessee is devolved the responsibility of
placing the State in the high position which
she held previous to the war. Gov. Brown has
indicated in his message apolicy which will
place US on the high road to permanent pros
perity. He does not recommend an increase
of taxation but a decrease of it, from sixty
cents to fifty cents on the hundred dollars
worth Of property. He does not recon-
the interest On our bonds, but a postpone
ment of it until a future day. With an eye
to the necessities of the people he would re-
duce the present rate of taxation, but not
80 much as to increase the very burdens
under which the people are laboring. A
reduction Of the rate of taxation below fifty
cents, with the Unredeemed Bank of Ten
nessee notes and the outstanding warrants,
would render it impossible TO pay the cur
rent expenses Of the State except at such
sacrifice on State warrants as would be
ruinous to the officials who are compelled
to receive them at par and greatly burden
some to the State by the increased price
which she would have TO pay for every
thing purchased for her. Take the Insane
Asylum or the Penitentiary for example:
BY failure to levy the tax recommended
by the Governor, and thus provide for the
pdgiLCu5 VI CulItIJ "a pclioto dllu JUL
standing warrants, the expenses Of each Of
those institutions would be enormously
increased. This increase has to be paid by
the people of the State. # State warrants
are worth only fifty cents on the dollar, the
merchant who sells his bacon, -four and
other articles to the State will make the
State pay twice as much as the customer
who pays cash. When State warrants and
other securities are deprecated in value
brokers and spectators rejoice, The lower
the better for them, for there is a chance for
speculation. Wien State securities are at par
they pass current, and there is no specula-
ton in them. Brokers are financial wreck
ers. 1t is from the storm that they get
gain. .sa1 g. .a-
We feel, and the Democracy of the State
andthe Union feel an unusually deep intercsi
in the action Of the present Legislature, be-
cause of its effect upon the future of that
party in whose keeping are the vital prin-
ciples Of constitutional government. Let
not the specious appeals of interested indi-
viduals or corporations misead our legisla-
tors from the true interests of the people.
May they prove as wise as they are honest.