Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-04-01
PART OF THE PRICE OF RE-
PUDIATEON.

Emergencies arise in the history of
every State or nation when it becomes
vitality important to use their credit
Certainly no argument is necessaryto
establish this statement as fact Let
her once repudiate her obligations,
solemnly contracted, and she is forever
dishonored, and her credit is destroyed
for all future time. Unlike an in
divIdual WHO takes the chances of
private gain by an act of dishonesty,
passes away and is forgotten, she con-
tinues to live and must through sue
ceeding generations bear the foul
stigma. With her the act is done. re-
corded in history, and can never be
obliterated or removed except by re-
tracing the steps and paying every dol
lar she honestly owes. Reputation by
the State will effectually destroy the
credit of every county and city within
its limits-thus placing it out of their
power ever to aid or assist any enter
prise for their improvement or the
development of their resources, how
ever important or desirable the en-
terprise may be. The Insurance COM
panies of the State, which annually
bring to her in premiums hundreds of
thousands of dollars and retain in it
much more, would have their business
confined to their own State. because
the destruction of the credit of the
State would impair that of every cor
poration or Institution created by it.
The circulation, bills and drafts of her
banks would be looked upon with
suspicion by citizens Of other States
and received, If at all, at heavy dis
count to the holder-thus impairing
the usefulness of these institutions.
Reputation destroys public credit,
and this impairs individual credit.
Every importation into the State ex-
cept for cash would be at an addition
al cost of impaired credit, for the
wholesale merchant viii not sell to a
purchaser of doubtful standing or
honesty upon the same terms he sells
to his best customers. This addition
al per centage the home merchant must
add to his price, for he must have his
reasonable profit or quit business !;
hence this cost of impaired credit must
fall upon the consumer, the tax payer.
The amount thus paid annually by the
tax payers of the State would far ex-
coed the interest upon the State debt
The resources of the State, mineral,
agricultural and manufacturing, are
perhaps inferior to those of no other
State. We need for their development
capital and labor, especially skilled
labor. Neither will seek employment
in State dishonored and insolvent.
Capitals sensitive and skilful laborers
are honest; hence both will shun us
our lands Will have but little value,
and our minerals will remain buried in
the bowels of the earth, and we will be
left without the aid of additional tax
paying labor and capital, alone to bear
the cost of government.
If Tennessee shall maintain her
credit and character, she will rank with
Kentucky and Missouri and compete
with them for capital and labor-her
resources will be developed and her
taxable property and revenues be in
creased and the burdens of government
expense reduced. But if dishonored
by reputation she will necessarily be
classed with Mississippi, Alabama and
other unfortunate repudiating States
even worse, for they are not able to
pay the immense debt forced upon
them by misrule and roguery, but are
willing and do pay tax to meet their
debts twenty-five per cent higher than
will be necessary for Tennessee to
meet all her liabilities promptly.