Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-02-17

credit.
We are told that the money power
keep men on the house-tors warning
the people against reputation. Moth
ing but innate modesty prevents our
accepting this as an insinuation against
ourselves, as one among the minions Of
money, because few have been loader
or more persistent in argument for sus-
tanning the good name Of our State.
But, why should the money power
bother itself about the natter In an
earlier paragraph of his communica-
ton, Col. Colyar has assured us that
mo power can prevent Tennessee bonds
from being anything but dice on the
boards Of stock gamblers" He has
also assured Us that the gamblers are
as complacent, serene and comfortable
over the great fight between high and
low taxes as Jews at Christian festi-
val; they stand ready, if bonds 60 up
or down, to trade If none but gam
blers handle our bonds, and it matters
nothing whether they go mp or down,
where does Col. Colyar find, outside Of
his own brilliant imagination, that ter
rible money power which is supposed
to man our house-tOps?
He asks an example OF a civilized
country that ever paid a big debt with
ont compromising it in some way. We
might point to France which recently
paid a war indemnity Of five milliards
Of francs, without rebate. Hemay say
France still owes it to her own people,
but the transaction with Germany is
complete. II Tennessee owed her debt
to her own people, the interest would
remain among US to help enliven every
industry. But Tennesseeans, ten years
after the war, have less confidence IN
their State, than the French on the
very heels of a most destructive war
followed by internecine strife.
The allusion made by Col. Colyar to
Radical fnanciering, in this connec-
ton, is rather unfortunate. It was ex-
actly the violation Of pledges which he
specifies that fostered speculation ard
gambling, that produced the most
long distressing panic the country has
ever experienced, and is to-day caus-
ing European bondhoIders to send our
securities back to us by the ship load,
draining the country of specie.
The Continental currency, with
which Mr. Colyar links the name Of
Washington, was never repudiated. It
died Of imitation, Ike Confederate scrip.
Tae loss was gradual and distributed
pretty much amo g the soldiers and
their families aud those who dealt with
them. It was a sort Of reputation by
which the people lost, not the bond
holders.
It is true the stain of reputation
does not attach where non. payment re-
suits from inability. In such case the
duty remains to pay as much as one
can. If you can pay nothing. renew
your note, or, in other words, fand the
debt. But we have shown above the
plan laid ont by the Democracy of
Tennessee IN convention assembled, for
meeting ali just dues and obligations
of the State. We may, with Col. Col
var, add the prospect for improved
crops" this year. The pas year. was a
severe one, but its taxes have nearly
al been collected, Iand We ere now
facing a future much brighter in every
aspect.
A compromise involves mutual con-
mt There Is reason IN the course
taken by North Carolina and Virginia,
because they invited a consultation of
their creditors. Bu5 no such thing
has been contemplated in any of the
multifarious schemes proposed In this
State; nor does the fact reflect much
credit on their originators.
The policy that has locked up over
two billions Of capital in non.taxable
b uds has been a Federal policy, which
the State cannot remedy, except by
n. MIL, +La nav,o.,.9arr g.,. ~,
tienaI regeneration. Itsdiscussion can
have no bearing on our State problem,
save that it shows how small q proper
ton Of the peoples burdens could be
lifted from their shoulders by any
State action whatever. So Of the
threatening antagonism between money
and muscle. We need more capital !
and more reliable labor. It is not our
interest to fight either till we be better
supplied with both.