Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-02-11
TBNNEsSEE's WAY OUT OF WALL
STREET.

United States bonds are to-day
quoted at from III to 119 In green
backs, according to the time they have
to run, and the aecomuIating interest
since last payday. To put it palmer
they are quoted below par in gold, a
they bear gold interest. Those that
expire o are actually below par, while
other series having a long time TO
are more sought after by permanent
investors, and hence range two or three
cents above.
A similar punctuality in the pay
msnt Of interest would place our bonds
at par in q SIX per cent. money market.
The action or non-action of the State
itself is the real cause of their depres-
ssion. When reputation is advocated
in every way except the plain, straight
forward one, who wants to invest in
our securitiesP VIII Tennesseeans do
SOP VIII the prOvident father turn
into such bonds the money he designs
for support Of wife and children If
he die9 VIII the benevolent man
who endows a church or college
90 invest the funds for their main
t~enaneee No!
But, if Tennesseeans will not invest,
how we expect intelligent strangers
to DO il? VIII DIR. Sears, who has
charge Of the Peabody Fund, do so?
VIII any cautious fnancier touch the
bonds OF q State whose own people
viii not buy themg Where, then, do
they find a marketP Who buys them
but gamblers, to make money of the
dupes who hutter in the glamour of
Wall street like so many moths round
a candleg It is no cause for wonder
ment that they are deprecated in
value, when thus driven from legiti-
mate markets. The specializing rings
make commissions and profits on their
every fuctuation, while innocent fools
pocket the losses.
It hardly becomes Tennesseeans to
make the depreciation thus induced an
argument for scaling" either bonds or
interest. The fault is ours, as a State
and as a people, that they are in this
condition. Alter FIVE years of self
rule we ought certainly to have a fixed
policy in regard to our State debt. In
stead Of thar, a score of different the
cries are hawked over the State in
every campaign, one Legislature en-
deayoring to undo the work of another,
and a crazy effort to extract from the
State relief that can never be obtained
until the Federal burdens of tariff,
protection, salt monopolies, national
banks and a whole host of similar de-
vices are Lifted from our shoulders in
the good time coming. Every speech,
resolution or bill squirting toward re-
pudiation puts money in the pockets
Of Wall street gamblers. Repudiate
tbs whole debt, and we would not
catch one Of these rascals. They would
leave innoeent-very innocent-pur-
cbasers to hold the bag.
How, then, are we to lift u bonds
and credit from this low level? Well,
the very least that a be said is that
our debt should be 90 managed as to
command the confidence of our own
people. Itshould be handled in such a
way that q home capitalists would be
willing to help carry it. They are mis-
taken who suppose we have no six per
cent money market in Tennessee. The
proof is at hand More than enough
wealth is invested in Tennessee to-day
in United States bonds bearing
that rate of interest, to
float our entire State liabilities.
The n thing wanting is similar GER
tainty Of interest payments; no one
thinks Of the principal Of the national
debt. It is thus demonstrated that we
have among ourselves enough men con-
tent With six per cent, il it be certain,
to keep all disbursements for interest
within our own borders. When we .
add to these the men of moderate
means, with no aptitude for note f..
or speculation, who would in
vest their savings in Tennessee bonds, ,
we make our calculations safe with a
large margin. The time has been
when the industrious father wanted no !
surer legacy for his children than a 4
bundle of State bonds. Is it not a :
humiliation for both State and people ;
that such is not the case to-day? :
We should have nothing to do with :
Wall street, for we can neither manage =,
nor punish it. The United States Gov :
srnment, pauOplied in all the powers Of :,
var, tried to do 30, when the bulls" Z
md bears gambled IN its credit, -,
producing any ether result !;
han a broad grin. Let us build up at :
nome; let US establish mutual conf. :
among ourselves; let us learn to =.
more on ourselves, as did our .
fathers and their immediate :
successors; let us so manage our finances :.
hat Tennesseeaus will have confidence .
q the States honor and credit, and in !.
est freely. Until this be done, two q
birds Of the taxes We pay, all the in =
We pay, must 60 out Of the >
state, a continual drain on our already g
cant currency, instead Of floating back :,
-mOng the people to buy and sell, pay \
Iebts and push forward every nascent :,
Enterprise. !
THE ARKANSAS INFAMY. 81
We give place elsewhere to the re. 7
,ort Of the House Committee which has D
zen investigating Arkansas affairs for b
ome two months past. The majority q,