Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1873-02-21
Encxyille, the Pittsburg Of the South

| EDITORS CHRONICLE: Allow me-
through the medium of your paper, to call
the attention of the people of Knoxville
and especially the monied men of the
city, together with the owners of real es-
tate, to the importance of making our city
what it ought to be-the Pittsburg of the
South. Since coming to Knoxville, [
have been constant reader of your valua-
BILE paper, and am pleased with the inter-
est you manifest in the development of
the country generally, and especially the
mines of ore which are to be found in the
mountains Of East Tennessee. Knoxville
is highly favored by its accessibility to the
rich deposits of coal and iron, and if it's
people do not take advantage of what
nature has done for them they will deserve
to linger on in the old way of no progress.
Why are our people so slow to erect roll
ing mills, W9 }rtS PpR, j. is
prospered most, where manufactures have
fiourished to the greatest extent. | hear
it charged that the monied men will do
nothing for the general prosperity for fear
they may loose the one OF two per cent.
per month, which their money brings in
the way of interest.
Thinking TO increase their stock of mon
ely, they have built store houses and dwell
ing houses until they have overshot the
mark and the ominous words ito let' may
be seen upon many doors. 1t is true that
there are men needing money who con-
sent to be shaved but every such excessive
charge for the use of money,sis an injury
to the general public and will react upon
the lender as all wrong is sure to do.
This is not the way to make Knoxville
the Pittsburg of the South, nor is the build
ing of store houses and dwelling houses the
way We want, and must have, the rum
ming of machinery and the manufacturing
of various kinds of goods. if Knoxville is
to grow, having the natural advantages
with which she has been blessed.
About two years ago [ saw heap of
rail on the side of the East Tennessee,
Virginia and Georgia Railroad and recog-
nized stamp on same. The firm that made
those rails employ S to 900 wOrkmen.
They have to sink shafts from to 400
yards deep, and use powerful machinery
in raising the coal and iron. In this coun.
try the ores are found near the surface and
not more than half the capital is required
TO do the same amount of work. Now II
one blast furnace and a rolling mill shoulds,
be erected here that would give employ
ment TO 900 men. an amount. of money
would be circulated weekly which would
materially help every class of the commu-
nitv. But would such an institution pay
O good interest upon the investment? Ask
the capitalists of Pittsburgh and other
manufacturing cities.
1t would, 1 doubt not, pay largely, and
continue to pay our children's children
long after store and dwelling houses have
ceased to add 10 per cent. in the way of in
terest. and when notes bearing one to two
Der cent. per month have ''gone where the
woodbine twineth," or in other words,
have passed into the hands of some as
signee in bankruptcy.
It is we'll to ask the questions, are we as a
city, in prosperous condition? Are the
monied men prospering? Are the owners
of real estate prospecting? Are the mer-
chants and mechanics prospecting? II not,
why not? It may be said that the banks
are prospecting, being able to keep con-
stantly loaned out large amount of mon
ey, at rates of interest ruinous to the bor-
rover. But is the prosperous house which
they are daily raising, founded upon
rock?
Can they always have such good GUS
toners and will they never lose by any?
The bank or the individual charging usu-
rious interest, is like man risking his life
in search of diamonds in the neighborhood
of some volcano, which may burst upon
MIN at ally GlOIuSuls -rALOAhNA''SAS S~.
might secure q few diamonds at the risk OF
having to escape for his life. What Is the
remedy for the dizziness now prevailing ID
| every line of business? 1t is not to put into
operation;new banks or fill up the empty
houses with goods, but to take at least one
half the money invested in both those
branches of business and erect machinery.
to be used in the mandatory of iron,
! wooden and cotton fabrics. Particularly
/ should the iron interest be looked after.
Cotton aUas, but iron is king. He sits en-
throned upon the mountains of East Ten
nessee and Is almost heard to laugh at the
folly of those who do not have sense
enough to recognize his nobility. Pro
PEELED by fire, his engines are heraldin,e
his greatness in every land. Where only
the war whoop of the Indian was lately
heard, the track Of the iron king may nov
. be seen and his voice heard, flghtenihs