Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-09-05
ASHVILLE TENN, SATURDAY, SEPTEMBER 5. 1874.

pal and interest, and still have no Stat
tdses to pay. How is this to be done
The answer is easy, and the accomplish
ment certain, If we but gird up our lOins
and manfully apply ourselves. Our worthy
Comptroller, Col. Burch, comes with q
feasible plan 10 our relief, by showing US
how We can pay tWo-thirds OF our entire
| expenses, interest on the bonded debt in-
] cluded, by the establishment of a State
bank, this bank to be upon the general
principles Of the former bank, and its issues
receivable as they were for all dues Of the
State; for the capital $5,OO0,000in six per
cent. forty year bonds are TO be issued, and
to secure ready sale at higher rates of such
bonds, let not only the faith, honor
and credit Of the State be pledged, but also
the entire proceeds of the bank. Give the
same pledges also for a sinking fund and TO
meet semi-annual interest. These bonds,
thus secured, will realize so cents on the
dollar, and give a cash capital Of S4,jO0, 600.
BY the ordinary rule of circulation, three
for one, the circulating currency Of our
State WILDE increased by S13, 100000. Such
an institution would inevitably ''by the
end Of the first six months operations be
enabled out Of the profits in loans, dis
counts, etc, to have large surplus. and in
year would realize sufficient to pay one
half or two-thirds Of the taxes which would
otherwise be levied to meet the obligations
of the State.
With such an institution we would have
no need of eomptrollers or trustees. With
two-thirds of the estimated Indebtedness of
the State, as it now exists, provided for,
with a largely increased sound circulation,
u
perity can follow? / have shown how TO
rednee expenses four-fiflhs; Col. Bureh
shows how TO pay two-thirds Of the present
annual obligations. Then if our economy
is practical, and the plan for the bank
adopted, what need have we for tax gather
ers and taxes? Our indebtedness is proyi-
ded for; let us look to the most important
interest next to be subserved.
Most emphatically the manufacturing in
terest stands firstl When we have issued
bonds TO give capital to the bank, let there
be issued an additional amount of bonds,
say $@,OO0,OOO, Zone milliOnfOF each section
Of the State,) secured and protected
in the same manner the Bank bonds are.
Apply the bonds or the proceeds, to the es-
tabliShment of manufactures on all our
unimprOged water-pOwer, by directly lend
ing said bOudS or by making said manufac-
tories State institutions. TO enhance the
value of said bonds, let there be a mort
gage on the factories and their proceeds.
need not dilate upon the immense results
that flow from the establishment Of manu-
factories; OF the millions that could be saved
or retained in our midst, not 90 forth un-
returning. What a grand idea, The
State to be the patrOneSS, to furn-
iSh remuDerative employment 10 her
citizens, both directly and indirectly.
Thousands CfwOmen and children might
have profitable employment who are now
unemployed, and BY being so are really an
expense either 10 their neighbOrs or the |
STATE. hold that any individual, the res
ident of a State. must be 4 producer to |
some extent; that is, must by honest labor |
make a support, or, falling, becomes a |
charge on the country. We. have numbers |
who are not prOftably employed, and new
er will be unless furnished occupation by |
some such plan. The interests of the State |
are never antagOniStic 10 the interest of the |
people. There is AN Unending and ineYita-
BILE reciprocity which links them together, |
so that the veal Of the State is the veal Of
the citizen. and the woes Of the State, the
woes of her citizens.
And further hold that it is the duty Of
the State TO give employment TO its citizens
where it can be done without loss. In the
plan last presented there can be no loss, Pc
or otherwise. Then, if it be done,
labor will be Immediately in demand, and
its dignity will be appreciated fully and
Prosperity will be with us,
and in every way and manner our strength.
as a State and as citizens, will wax grpater
and our comfort and enjoyment be increased
in equal ratio.
could by statistical and detailed state
ment show, beyond doubt, that eight mil
lions of outlay properly applied, will not
only absolutely supercede the necessity of
State tax, bit will also pay every Obliga-
tiOn Of the State, and leave a surplus fund
from which to educate our children, and
make all needed improvements.
W. ). HIGGINS.