The home journal. (Winchester, Tenn.) 1858-188?, 1875-03-18

The Memphis Appeal endorses a
petition presented in the lower branch
of the Tennessee Legislature, asking
exemption from taxation for ten years
of capital invested in manufactures,
and says:
"Thc only objection urged to the
passage of a law eXcmpting capital IN,
vested in manufactures is that it would
be unconstitutional because OF It's class
LEGISLATION. We cannot believe that
the constitution OF Tennessee is such II
bungling and destructive instrument ms
to ietter the enterprise and industry OF
the State, and thus prevent the devcl
opmcnt Of the great natural resources
which, with the advent OF capital ana
skilled labor, would become useful
elements. The constitution was framed
with a view to stimulate enterprise IN
stead of destroying it. There is Ger
tainly nothing in that instrument winch
prohibits o. restricts the Legislature
from making laws of universal aPpll-
cation in every county in the State
There can be no class legislation where
all interests are consulted, promoted
and protected by the operation OF a
general public law. We can see no
class legislation in a law which, while
fostering manufacturing establish
mcnts, diversilies labor, secures capt
tai, and promotes the great material
interests Of the people Of the State.
There is nothing in the constitution OF
Tennessee that binders anil impeies
the great interests it was Formed to
protect and promote. If the capita
invested IN factories only heuetlted Tho
few stockholders there might he some
force in the charge of class legislation
But the farmer. the mechanic, the mer
chant, the lawyer, aud indeed every
profession, class and interest, wou,'
;. be benefited by the introduction OF cap
ital TO be invested in manufacturing
establishments Of every couceivabl
description. England owes her pros
pcrity to the wise policy of fosterin
and encouraging her mechanical indus
tries, and barren New England, wit
, its inhospitable climate and steril
hills, is wealthy, populous. and pros
-, porous, by engaging in mann;acturin
!, and selling to the people Of Tennessee
and other Southern States, the yer
goods they should make themselves
We have no capital of our own. W
need and cannot get it unless we ofie
inducements to capitalists from abroat
Exempt capital invested in manulat
lures for ten years, and we will Undue
: foreign capital to seek investment !
y our midst. We cannot cxaggerate tn
u value Of manufactures in increasin
:, the wealth and population ola comm,
nifty. Every man of sense sees I'll
folly of raising cotton, shipping it t
the North, paying commissions an
= freight, and other expenses Incl lental
the expectation Of the raw mat
rial and the importation of Ii
manufactured goods. In discussin
the necessity of manufacturing esta'
/. lishments in the South it has bee
shown through the columns of the Al
peal and other papers that zone mi
lion dollars invested in manufacturin
!, will do more for the inciea OF popul'
- ton and the acquisition of wealth tia
/ ten millions in merchandise. The bus
ness of merchandise employs only
Il small number Of men in proportion I
" capital, while manufacturing requires
great number. In the matter of bu,
!, ing and selling, the gains in the tran.
: actions only are retained, and in case
of dealing with imported goods, us OF
merchants do almost exclusively, til
first goes abroad to enrich the dire,
importer and manufacturer, carryin
n away forever q certain amount OF cap
tai, and leaving behind only a sma
profit in the hands OF tue home me
i chant. In manufacturing, the Iever'
of this proposition is true. We &
!, back the principal, and pay ont, as
/ were, interest in the shape of commi
Y sions and gains to agents who sell an
|, merchants who buy our manufacture
: goods. The raw material being pre-
r duced at home, converted into fabric
= and shipped abroad, the money is x
tanned, or comes back TO the manufa