Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-11-10
STATE CREDIT.


Fronlstlle GAINESVILLE Tobacco Leaf.
Those who are tampering with the f.
nanees of our State, and recklessly ignoring
her credit in all their jealous advocacy of
relief for the people in low taxes, forget that
there are other elements, which enter into
the question, besides that of the buTthens
of taxation. The loss of public credit af-
fects not only society as an aggregate, but
also each component member of society.
This has been the experience of Mississippi,
and it is reasonable that it should be so, for
that which we call the State is but repre-
sentative Of the individual members of so
ciety. 1t only acts for them, or rather they
act through it. A national want of re-
gard for public obligations, indicates
TO every business man of common
sense a want of just feeling in the
community, a depraved sense OF pub
lie Justice, which only wants opportunity to
be extended TO private business matters. If
the government violates her obligations the
people are ready to violate theirs, unless it
be the unauthorized act of those to whom
they have delegated no such authority. We
maintain that the credit of every man in
our State will be affected by the loss of our
credit, thst it is affected now by the low
state of cur credit as indicated by the price
of bonds. 1t is reasonable to suppose that
we are losing by reason of our low state of
credit, a sum yearly amounting to as much
as the taxes we pay. There is not acounty
bond or a railroad bond in the State that is
not depressed in price by the financial con-
dition of Tennessee. Capitalists look nat
urally at State bonds as the exponent of our
condition financially and of the progress We
are making in development. They apply,
and correctly from experience the same rule
10 States. counties and communities, that
they would apply to individuals.
Prosperity with each goes hand in hand
with sound credit. Hence we pay more
for what We get than Kentucky has TO pay,
more than any State which has good credit.
Our county and railroad bonds are saeri-
feed, and the people have it to lose. Our
DEVELOPMENT is retarded. National bank
ruptcy suggests at once, a generally bad
financial condition Of the people, for it is
the people who pay the State debts, and it
is they who feel the loss of her credit. 1t
don't rest on the government. 1t is bur-
den that distributes itself and falls upon the
shoulders of all, the farmer, the mechanic,
the capitalist and the laborer.
One NAV need no credit, and may use
none if he have it; but he will buy from
those that DO, and he will feel it in the
prices he PAYS Credit is essential TO a peO-
Die in all their transactions of any magni-
tude, and if want of public credit does
affect in any degree, private credit, then all
of society is a loser by loss of it.
We are to-day without immigration,
without a large commerce, without many
internal improvements, that We ought to
have and without the iInDrOVed agriculture
which is essential to future growth and
prosperity, because we lack public and
private credit, because the want of public
credit affects our private credit, affects our
railroads and our counties, and all our
people. We point to our resources, to our
progress. to our soil and climate, and those
whom we invite point to our bonds and the
credit of our State, as indicating anything
but improvement and progress, rather OF
bankruptcy, retrOgressiOn and ruin. 1t Is
useless to talk to the capitalist or the
immigrant of our wealth and our resources
when we keep the exponent of bankruptcy
always before them in the quotations OF
Tennessee bonds. As to delaying and not
caring when the bondholder is paid, it is
Just as rlIinoUs to State, as an individual
to be reckleSsly careless about when he pays
his debts, as not to pay them at all. This
is the experience of everybody. Only thost
who pay promptly have any credit. This j
not a question of sympathy with, nor o
Justice even to, the bondholder, but to our
selves, and the Legislature should paus,
long before it plunges us deeper in thi
Slough of Despond, from which our peopl
are making gallant efforts to free them
selves.