Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-05-14
From dc BristoI C0urler, NY 8.
OPPOSITION TO FUEDIN G MEANS
REPUTATION.
From the Memphis Appeal


We are aware that the opponents of the
funding law, enacted at the last session Of
the Legislature. deny that they are in favor
of Reputation. This is matter, however,
not TO be settled by mere assertion, but by
facts. If they are not in favor Of repudia-
ton, why are they constantly arguing that
the State is unable to pay the interest upon
her debt and to meet her current expenses?
That the debt ought to be pad they cannot
DENY, The coupons have not been paid
for several years, and now TO refuse either
TO nav or to fund them, means reputation
of Them, and can mean nothing else. If
man will not pay Cebt when it Is due,
and will not give his note for it, this
means that he does not intend to pay at
all. If the opponents Of funding intend
to nav the coupons which have remained
unpaid FOR years, by levying a tax upon
the people for that purpose, they
will increase the taxes much more
! than will be done under the funding law.
If they neither intend 10 pay these coupons
nor to fund them, then that is outright re-
pudiation. In fact, all the arguments used
by the opponents of funding look toward
Reputation. They are tying to create the
impression that the STATE is unable to pay
even the interest upon her debt and her
current expenses. This is not true, but it
: shows that they are trying to prepare the
public mind to repudiate the debt. Let
them throw away their disguise, and open
" advocate the doctrine which they are in
in reality favoring, though under cover, aud
the public voice will condemn them most
uneouivocally. To show that We are in
earnest in our position, it may be stated
that soon all the debt of the State will be
funded under the provisions of the funding
act. and then the interest must be paid, or
Reputation is inevitable. Why is there
any use in now opposing the funding bill,
after IL has become a law, and the provis-
ions of it carried into effect? Is not the
object topreveUt the payment Of the interest
upon the new bo-ds? If the opposition
does not mean this it means nothing. Ehe
funding law cannot be made an issue in
future contests unless the opponents of the
bill intend to advocate reputation openly.
lis not this what they are trying to prepsre
the public sentiment OF the State TO sus-
tain? We do not believe they can do 1t,
in fact we know they cannot. All the solid,
substantial men in the State, whether mer-
chants. manufacturers, farmers or mech2n'
les, must oppose a policy which will be
ruinous to all the financial interests OF To
State. Reputation ever pays either an
diriduaLs or States. Away with all clap
, trap about funding. Either boldly adYo
cate reputation, or drop the sudecs. The
DISGUISE is too thin. Two years ago, We
thought the time had not come to resume
the payment of interest, but if we are no
now able, we never will be. IL I'VE permlII
our State credit to be destroyed, we vii
sink rather than rise in our pecuniary con
dition. We, therefore, favor the paymen
of the interest on our debt ia future, and
we believe the present rate OF taxation
with a proper assessment, will do.