Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-05-26
TEN PER CENT INTEREST VERSUS
THREE

The Avalanche is opposed to a rate of
interest higher than three per cent ON
the new bonds of Tennessee, and viii
favor IN the revenue bill the assessment
or levy of an interest tax of three per
cent interest and no more.
We have been disposed to pass these
questions Of finance over to the State
canvass proper, but the UNION AND
AMERICAN is persistently insisting on
discussing them noB.-Memphis
Avalanche.
As to the closing charge against this
paper, we need but recite the fact that
the Memphis Avalanche was the first
paper to publish En-. Etheridge's re-
pudiation speech at the Bartlett meet
ing. No other Memphis journal did
so. The ApaLanche did so without one
word of comment or censure. Being
so published, and being used in New
York City and elsewhere by specula.
tors In the States misfortunes to de-
press its credit, we deem it but justice
to the people of Tennessee to denounce
an ignoble policy which we are well
satisfied they viii never countenance.
All readers of the AUalanche know that,
before and since that date, the funding
law has been its sole staple of editorial
disquisition. And now the UNION
AND AMERICAN is accused of persist
emily insisting" on these topics.
Having gone so far as to oppose a
rate of interest higher than three per
cent on the new bonds of Tennessee"
we must presume the Aralanche knows
what 1t is talking about. The amount
of "new bonds" is not likely to reach
six million dollars. The great bulk of
these viii be issued under the law and
authority of Tennessee before the next
Legislature meets. Already, between
four and five millions have been issued,
and the law does not permit the Off
Gals to stop the process. These bonds
are contract for six per cent interest,
entered into with all the sanctions that
any past or future Legislature could
give. The AUaIaache seems to favor a
revenue bill that will pay only one-half
the interest on these bonds. What
does it propose to do with the other
half-repudiate it, or leave it to accu-
mulate for posterity to pay?
Having disposed of the new bonds"
one way or the other, does it propose
to pay the full six per cent on the "old
bonds" which are being registered and
constitute about three-fourths Of The
debt?
IL so, what is its ground of difference
in eauitybetween She new bonds and the
olds The majority of the latter are of
ante-bellum date. By what principle
would it reject the contracts made by
the people of to-day, while respecting
those made by former generations
If the State cannot pay more than
three per cent interest, what does the
Acalancho think of the farmers, mer-
chants, mechanics, etc, who constitute
the State, paying ten per cent? What
does it think Of a State declaring that
three per cent is pay enough for capt.
talists, while allowing these. same fell
lows to fleece" all It's enterprising
citizens at the rate Of ten? Is the
AuaIaRehe in favor of compelling plan
ter, merchant and mechanic to pay ten
per cent for money in their efforts to
develop our soil, commerce and manu-
facturess Did not the AvaJdRshe favor
this conventional interest law? Does
it now advocate its repeal? Let Col
vars organ speak out, for it is the only
paper, daily or weekly throughout the
State, that has DIT at Colyar's threeper
cent bait.