Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-02-17
OUR FINANCIAL PERILS.
Straightforward Honesty the Best
Policy.
Memphis Appeal, Feb. I0.

i AAAN- 49, - -
Memphis Appeal, Feb. 16.
The paths which the members Of the
| Tennessee Legislature are now treading
are not paths Of pleasantness and peace
The flowers are few and the thorns are
abundant. State Finance is the ques.
ton that most bOthers the members OF
the present Legislature. On one side
they hear the mutterings of the tax
ridden people, which they are anxious
to relieve, and on the other they see the
disgrace of reputation, which they are
determined to avert. Both sides are be-
set with dangers. 1t is difficult for a
politician to steer between two such
hazardous reefs. But they should re-
member that straigntforward honesty is
the best policy. The only way to en-
counter dangeris to meet it boldly. The
present Legislature is overwhelmingly
Democratic, and it should have no diff
tculty in understanding its duty. The
last Democratic State Convention
blaZed the way; its landmarks are
broad and distinct. 1t pledged the
Democratic party of Tennessee to the
maintenance of the State credit; but
opposition to any increase on the pres
ent rate of taxation. With a platform
so unequivocal, unanimously adopted
by nearly one thousand delegates, no
Democratic member of the Legislature
should hesitate as to his duty. He is
pledged to sustain the phghted faith
of the present rate of taxation. But
we see disposition by some members
of the Legislature to disregard their
pledges and instructions, by demagog-
zeal efforts to reduce the rate Of taxa
ton, without knowing or caring any
thing about the effect it would have
upon the credit of the State. All
sorts Of paltry subterfuges are resort
ed to, with a view of evading this
question. The old talk about the
fraudulent bonds has again been
revived, Notwithstanding the fact
that it has been shown that the fraud
ulent bonds have been iquidated years
ago. Even if there should be fraudu-
lent bonds still In existence, the ques-
ton is this: Let the State be honest
and provide for its honest debts, and
let the courts of justice decide as to
the legality of all bonds supposed to be
fraudulently or illegally issued. Re-
pudiation is a dangerous question to
engraft upon any party platform If
the Democratic party Of Tennessee dis
regards its pledges, made In State con-
vention, on the 18th of August last, and
by bubbles and contemplate clap
trap, favOrs reputation, it Will tie a
milestone around its neck and sink
it, with all the great realities of liberty
and redemption that cluster arc ind its
name, ID fatal defeat. If there be any
fraudulent State bonds, let the courts
Of the country decide them as illegal,
and the State should pay no more at
tentiOn to them than a private citi-
sen would to a note with his private
signature. But every honest bond,
with the great seal of the State placed !
to it by the representatives of the peO-
pie, must be paid. Tennessee has |
heretofore honored her obligations, and
her credit has been unimpeachable. |
The questioned providing for the main |
tenance of her credit not only concerns |
her honor, but her practical and eco
nomic interests. If no provision be
made by the present Legislature TO do |
what the Democratic party Of the State |
is pledged to do-provide for the in
Of the State-she is driven |
out Of the money markets |
Of the world, and in these days of dis |
ordered finances no State can afford to /
sacrifice its credit. It is too costly an
experiment to be ventured upon, for all /
the millions that the people of Tennes-
see might save by Reputation.