Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-09-29
soUyD FINANCIAL POLICY.

In his speech made at Lebanon, Gov
Brown said "Before we can ever invite cap
ital and labor into our State with success
we must devise and execute financial sys-
TEN by which our past due debt shall be
funded, and resume the payment OF inter-
est"
The above suggestion is wise and to the
point. A condition Of quasi reputation
and bankruptcy is not inviting to foreign
capital or honest industry. Oar State in
debtedness is not so large but what it is
better policy to pay it, however improperly
contracted, than suffer the discredit and all
Incidental injuries that must follow sue
cessful evasion. Gov. Brown estimates our
taxable property as worth some six hun
dred million dollars; aud our debt unprovid-
ed for as some twenty million, or less than
four per cent of the property to be taxed for
the payment of the same.
No other question Affects so directly and
deeply the value of our real estate, indus
trial and mercantile interests as this. In
The minds of many, it is a bugbear of huge
proportions; and if Tennessee had no pub
lie debt. that fact would add ten per cent.
10 the market value of our farms and other
landed proper (sixty million dollars, while
one third Of that sum viii cancel the whole
indebtedness of the State. All we really
need is financial skill and courage to lift us
at once out of the mire, and command per-
feet confidence at home and abroad. Re-
pudhtion is probably the poorest remedy
that can be suggested; and the next poor
est, as affecting the value and sale OF real
estate, is to continue the non-payment o.
interest. Our accrued interest is 80 great
that we must necessarily fund it, but to
continue this from year to year is excusable
only in q party that owes more than his
property is worth in cash, and can only re-
deem one promise ny larger one.
For the rich State of Tennessee to reduce
its credit down to seVenty-tWo cents on the
dollar suicidal management Of this sort,
is incomprehensible to men of cultivated
common sense. The best landed property in
the world, or the best paying business, may
be ruined by mingled stupidity and cupid
ity in directing its affairs. Our proneness to
beg for credit, State, county and city, is
not merely q bad habit, but lasting error,
which tends powerfully to lessen our self
respect and weaken the confidence of men
of mind and means in our future ability to
nav all that we promise. We cheaper our
credit by using it so freely; and finally We
pay in gold two or three prices for all the
benefit we ever receive. This great abuse
OF credit should cease st once by paying
further interest wiEhOut borrowing.
Men of property in other States will not
place thsir capital in the power Of a Legis :
lature or city which shows such lack OF
common sense, fiscal ability. The taxing
judgment is in the ballot box; and its fu-
ture character for common school eduea-
ton is shown by the statement made by
Gov. Brown that there are in Tennessee
within fraction of 100000 children be-
tween the ages of 10 and 81 who can
neither read nor write This want of fore
sight in our sovereign power is the grand
source of all our political and financial trou-
bles. Ignorance is easily misinformed by
corrupt men for selfish purposes, and then
as easily misled to the public injury. In
telligence greatly aggravates this evil by
dividing itself into two or more fighting
political armies to destroy each other for
their respective good.