Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-11-14
LET Us CULTIVATE sELF-CoxFI-
nENCR

DENCE.
Southern State bonds continne
strong, and there is more disposition
on all sides since the elections to look
with favor on Investments IN that d.
rection.-Nep York Bulletin, Nor. IL.
In the last week of October, Tennes-
see bonds were down to 81; they are
now quoted at 75-an improvement Of
- per cent. The question of an in
flux of fresh capital into the South, and
permanent investments for the devel-
opment Of our natural wealth, is al
most inseparably connected with the
question of State credit. Men at a
distance cannot help Judging Of the
general honesy of a people BY the
manner in which they meet their OBJ
legations as an aggregate body. This
principle holds far more strictly with
us than in Europe, because in this
country the people are supposed to
rule, and the policy of the Government
reflects the win Of the majority.
The plea of poverty is poor one, to
attract either population or wealth. If
the native Anglo-Saxon goes on from
bad to worse, year after year, how can
the stranger expect to fare better?
How can we, indeed, expect him to
fare better, unless we confess ourselves
to be a set of drones or ignoramuses,
who have not utilized the opportunities
that we expect him to improve? We
are not FIJI Islanders. begging foreign
ers to come and fleece US. There has
been much exaggeration of our
depressed condition during the past
campaign, for mere political effect.
The fact that nearly half million
dollars in cotton is being held in
Nashville, awaiting better prices on the
resumption of New England mills and
the collapse of the shear" movement,
is a better illustration of our financial
condition.
Tennessee is likely to astonish her.
self by the amount of home capital
that viii creep out and peep about from
its hiding places, encouraged by the
changed aspect of all our national and
sectional prospects. The first and
healthiest fruit of returning self-conf-
dence, viii be the rousing of our own
energies, the employment Of our own
hitherto timid capital, the diversion of
funds from United States bonds into
new and profitable enterprises. Such a
policy pursued by our own people viii
enhance and increase the normal effect
of recent elections in attracting to this
State and section the attention of
Northern and European capitalists.
Our people are hampered with high
rates of interest. In no other way can
this burden be decreased SO surely as
in drawing on Europe where capital is
glad to earn three or four per cent. In
order to attract it, our first duty-now
that national politics no longer mill
tate against our section. but give equal
chances with the Iest--is to manifest
some confidence in ourselves and our
future.
We are here on the ground, the best
and most competent judges of the stu
alton. The outsider will closely watch
the effect upon us. If we halt or hes
itate, how can he have confidence?
Our faith in ourselves will be exhibited
in two ways: individually, by increased
activity in every branch of trade and
industry; collectively, by maintaining
our pablo credit in all Its forms, State,
county and municipal. All classes
agree, Radical and Democrat, as well
as the disappearing Independent, that
the one supreme need of Tennessee is
more capital and skilled labor. Without
the former we can never have the latter.
The policy that must be pursued in
order to attract men and money, does
not admit of debate. The path to the
glorious future is plain as the noon
day sun. Let our motto be onward