Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-03-04
IN sEABCH OF FINANCIAL RELIEF


Bills and resolutions were introduced in
the Legislature yesterday to amend that
portion Of the Constitution prohibiting the
establishment Of 4 State bank. If the
profits Of a State bank, in ante-bellum
times, ranged from three hundred thousand
20 five hundred thousand dollars annually,
at six per cent, what might not the profit
be under the ten per cent. system Of post
bellum times? Ii we are to fall back upon
q State currency, with no hope Of financial
relief by the General Government from the
oppression it visits upon the people by
lending their own paid-Up taxes tOnatiOnal
banks which are to enjoy the monopoly Of
lending it to the people al ten per cent?
then confidence in that State currency
would have to be established. The State
c0Rd not well raise the requisite capital for
banking by the issuance Of bonds, sold at
half their face value. To 60 into the money
markets with its paper, TO borrow green
backs or coin, it would first have 10 make
good its credit by promptly IGNORING its pa
per already out. The obstacle to that de-
sired consumma.ion, just now, IS the de-
pressed financial condition Of the taX-pay-
eTS-the money famine consequent upon re-
cent disastrous crop failures. Yet hard as
times are, the taxpayer could, perhaps, bet
ter endure an increase Of taxation, If with
it should come that SUfiicienCy Of circulating
medium, which facilitates industrial enter
prise. We are not so sure but the people
generally would vote a special tax above
that requisite to meet current expenses Of
government, if by that means the country
would be afforded the financial relief so
much needed. The further inducement Of
contributing, at the same time, to the es-
adjustment Of new revenue producer,
which would accommodate rather than in
cOmmOde, would to a great degree mitigate
the evils that might otherwise arise from
an excessive tax.
Nbat the country needs, and needs bad
IL. is more money. An expansion Of cir
cliating medium, eXchangeable for green
backs and receivable for taxes, would
doubtless reinviCOrate n sinking and sing
gish commerce and stimulate the market
for lands, and accelerate industrial devel-
0pmCnt. Under the general prosperity to
possibly result, the taxation question would
not be such a perpetual nightmare, nor the
public debt such a hydul-headed monster
as Il now seems. The vOlumiuOuS petit
tons crowding into the Legislature, TO have
the hands Of the Lawmakers @untied" from
constitutions restrictions, are significant
of the financial distress which the business
Of The State, in field, workshop and store
house is now experiencing. The people
have despaired Of all hope of relief from the
general government. They feel that the
country viii not always go on as we have
been and are still doing, paying gold in
stead Of greenbacEs on government bonds
to enable national banks to enjoy mOnOp-
oily of the currency supply, but our wants
are now so pressing and immediate that
people are rapidly reaching the conclusion
thai they must look TO the local government
to supply what is deficient in the financial
system and policy Of the general govern
ment, in spite Of unconstitutional Con
gressional enaCtments.