Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-02-18
TENNEssEE'sD DUTY TO HER SISTER
sFATEs.


sFATEs.
The market for Tennessee bonds has
been depressed by the discouraging ad-
vices from Nashville, and there is a
general feeling that the failure of Ten
nessee to continue the payment Of her
interest would be the most damaging
blow to South I'm credit that has hap
pened fora long tlme.-Nel1 York Com
naercial and Financial Chronicle, Feb
THary Is.
Owing to her central position, Ten
nessee has often influenced and deter
mined matters of national Importance.
From the days when she gave the
country a jackson to strike down the
old national bank monopoly before it
grew too powerful, OF a Polk to man.
age the Mexican war, down to May,
1872, when her endorsement Of the
Cincinnati Convention determined a
doubling and anxious Democracy to
accept Grealey-her action has, on
numerous occasions resolved the fate
of others as well as her own. All con-
ficting interests and theories Of the
various sections seem to find focus
here. Tennessee is a battle ground of
ideas.
We have hitherto alluded only to the
depressing effects upon Tennessee her
self that violation of her new and re.
cent pledges to pay interest, would
work. We have spoken of our need of
capital to diversity our industries, es-
tablish manufactures, give home mar
kets to our farmers, and develop our
wealth Of mineral resources. We have
argued that neither men nor money
would migrate to a community which
declared itself before the world as
poverty-stricken. Suspension of inter
est during the war, and for some years
alter, was TO be expected. But, to re-
sumo, and, ten years after the war,
suspend again, puts different aspect
on the case. In finances, as IN medi-
cine, relapse is always worse than the
original disease. 1t would require
many years Of welI-doing to regain con-
fidence, which is lost so easily. 1t
would set US back ten years in the pro-
gress OF development.
The extract above from the Financial
Chronicle shows how Tennessee's de-
linqucncy would seriously affect the
entire South. We were never under
carpet bag rule Ike them; we were
never reconstructed; we were never
bayoneted; we were the first to set on
our legs again and have enjoyed home
rule for the past FIVE years. The man
Of enterprise or capital viii naturally
ask: If this is the best Tennessee can
do, what need we expect from States
less favored, some Of which only re-
covered self-government at the last
elections, like North Carolina, Alabama
and Arkansas, while others are still
under carpet-bag rule? What conf
dence can we place in them? VIII not
they also, after FIVE years of restored
peace, 60 back on whatever promises
they make, Ike Tennessee? VIII not
they be still slower to recuperate, be-
cause they have suffered longer and
more severely? Capital is cautious,
cowardly, craYen-but the whole South
needs it, none the less, and must have
1t. Let us not add to toe natural diff
culties in our way.
Thus affecting the South financially
and industrially, Tennessee's action
viii also have a political bearing in the
North. Many of the speeches in our
Legislature, If reduced to a statutory
form, would fasten the stigma Of repu- |
diatiOn on the Democratic party, and |
place our Northern friends at an i'm
mense disadvantage, enabling the Rad |
icals to revive the sbibboleth of loyalty, |
and give a color Of reason to their |
bowls that the Democracy would repu-
date the pension list, the Alabama !
claims, the national debt, and so on. |
Thus again wou'd our course react on
the South, jeopardizing the bright |
hopes Of the centennial year. View it |
as we may, North or South, East or
West, from sectional standpoint or
that of broad comprehensive national |
spirit, it is obvious that the interests Of 1
others as well as or own hang in the
balance.