Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-04-05


The Memphis -ApPedl, referring to a letter
off one of its correspondents, which we pub
lish this morning, says: NJ
From an occasional correspondent, in
whose competency snd ability in matters of
tnAlice we have great confidence, we are in
receipt of letter from the State capital
| which is published in another column, ard
viii attract great deal of attention. The
writer shows conclnsively that the position
of The snti-funders is weaker than water,
and that the Governor in bis efforts to sus-
tain the State credit is justified by facts,
and broad, comprehensive and thorough
knowledge of what was necessary to put
Tennessee right before the world. With a
taxable wealth in 1870 of nearly five
hundred million dollars, as shown by the
| United States census report, we should be
| able to make q four-fitth assessment, the
result Of which, with the tax on privileges,
should carry US through safely. But,
| perhaps, as another correspondent has It,
these antifunders are not SO anxious for
the credit or interest of the State as for
themselves and tho political preferment.
they seek. This correspondent says plainly
that Gan attempt will be made to build up
an anti-fnnding party which expects to start
with all West Tennessee for basis. They
mean to elect Legislature, members of
Congress and a Governor, some of them
having already commenced work for the
latter Office. Such party would be little
less than Republication party in disguise,
which would ruin the commercial, manu-
featuring and railroad interests of the
State" Whether or not the statements of
our correspondent be true, we have no
means Of knowing. Certain it is, he Is
| gentleman of experience and verseity, and
We have no reason to doubt him, and think
it well enough to give the public his state
ments, that our citizens may be on the qua
utue for the appearance of toe quasi repudi-
adon'sts when theJ become candidates for
Office.
The idea of the anti-funders running
stale and Federal ticket at the next cleo
Ion Is just little absurd. 1t is quite
probable that some of the innocent and I'M
suspecting members of the Legislature may
balieve that they have been serving the
State, but they will find that if the outside
antifundels can put money in their purses
by breaking down the credit of the State,
these outsiders will be the first to laugh at
the simplicity of the Legislative innocents,
and be quick to leave them to the indigna-
ton OF deceived but honest people. Tbe
only hope of political salvation which is left
for the aDti-funders, is that the efforts oil the
Governor and those who desire to maintain
State credit, will prevail in spite OF the Ell
forts to the contrary of the financial bears
of Memphis and Wall street. a Tenres-'
see bond for $1,000, without the matured
coupons is not 10 day worth six hundred
dollars, while an Ohio bond for the same
amount is worth one thou'and and sixty
dollars. In other words, the Tennessee
bond is more than forty cents on the dollar
below par, while the Ohio bond is six cents
above par. Why is this? Simply because
the State Of Ohio, having due apprecia-
ton of the importance to her industries
and her people of the promp. pay
ment of the interest On her debt,
promptly pays it at all hazards. Thus she
commends herself to the people of other
States and other countries as prosperous
location for these immigrants who are seek
ing homes and those capitalists who are
seeking investments for their money.
1t is probable that some of the people may
have been mislesd and may now be de-
ceived by the misrepresentation of anti
funding organs, but it is more han year
spd half to the next election. and there
fore there is ample time to undeceive those
who have been deceived, and to inform
those who have been misinformed about
the nature, character, provisions aud con-
sequences of the Funding law. Al
ready some Of the mists Of misrepre
sentation are disappearing. Some of the
anti-funding organs began by asserting that
the funding bill proposed to fund the State
war bonds and the new issue of the Bank |
of Tennessee. No such thing was ever in
the bill, and no such proposition was ever
made or suggested in either branch of the |
General Assembly. A little time has cor
rected these MISREPRESENTATION. There are |
others yet, which further time will likewise |
correct. The anti-funding members in their |
protest, so-called, which the House refused |
to receive by an overwhelming vote because
of its manifold errors and imperfections,
boldly and broadly stated:
"The funding bill as passed has two ar
bitrary provisions which demand special
mention, VIZ:
1. On about five millions of bonds that
have five and some five and one fourth per
cent. interest by contract, the interest is in
creased to six per cent. lCittOlt CONSIDERED
tion."
This information was probably given to
the signers of this protest by some one on
the outside, and it may, therefore; be news
to them to learn that it is not true. There
are not five millions of these bonds that the
law requires to be funded, and there is a
consideration for the six per cent. interest.
1t is that the bonds being due when they
propose to fund, if the holder, instead of re-
curing the State to pay what it owes, will
wait forty gears, the State will give him
bond for the amount that shall bear the
lowest legal rate of interest, to-wit, six per
cent. Thus we might proceed to show the
of the Anti-funders, but
there is ample time in the future without
haste now.
HON. ED. i. GOLLADAY.