The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-06-18

I
! Of the United States this year will
in all probability, be 800 millions
J From planting cotton at one price
and selling at aamuch lower price, ~
!. has been the case ever since the war,
we are certain this year to have a
great increase over planting prices,
and from cotton this year the South
will receive over 800 millions. With
Government securities down at 4
per cent. and the people practicing
the greatest economy, may not land
again come to be valuable at least.
may not land, to some extent, be
recognized by money as having 40
exchangeable quality, Whenever
this takes place the victory is gained.
Land had to be destroyed to have
money in A per cent. bonds; but
when that is done, and per cent.
permanently fixed as the rate of in
terest on Government securities,
may it not upon little reflection,
create diversion? Iftrade thrives,
will not some people want land at
the present low prices rather than
per cent. bonds? Will it not do US
good to have the rate of interest for
the State fixed at 4 per cent? Do
not misunderstood me on this ques.
tion-investment in 4 per cents. is
proof ruin among the industrial clas-
ses but will it not, being done, help |
when the question comes to be dis
cussed between land and bonds.
Land falling for series of years
would, without other causes. depress
everything else, but when it is the
effect of contraction, there can be no
escape as long as it is continued.
But if low interests should have the
effect to put up the price of land,
labor will be better rewarded. credit
will be restored, and producers, as
well as capitalists, will have some
thing to do in regulating prices.
What will be the effect of this set
do not propose to con-
siGer the effect alone of restoring
los credit, but the effect upon our
Industries-upon land and labor.
The resurrection OF the body is now
) great question; but I ask the per-
,inent question: Shall property be
'esurrected from the dead7 Shall
t have q new life? Land now is
lead money has the power of life.
New England fights for money. The
great Mississippi valley and the
Western slope are fighting for life
or resurrection. The great giant
he Mississippi valley - must
riumph. Land and cotton, and 1
vhest, and corn, and pork, and beef, I
'acked by labor, must triumph over
Jew England money. Every year
rings a renewal in some shape Of |
his contest, The struggle is now |
yer the silver question. Land and c
abor fighting for the life of the sill c
er dollar; the money power Of New G
England fighting to suppress it. The 4
liver dollar must live. The masses, 9
18th right on their side, must pre- a
all. Four per cent. interest ia sill t
er will still help land. If land is i
, be restored; if the industries of f
ne country are to be upheld !; if labor t
to berewarded; then surely in the &
reat contest for supremacy this b
rife ought to end. To decide that n
e will not pay one.third interest is 8
} decide that We will pay nothing. p
his must hurt us. Unless the peo. b
le at each succeeding election send tt
Iembers who are in favor ofrepudia-
on, the debt in some shape will be b
'vived. Voting it down does not fl
revent the Legislature from reviy>
g it. To not settle now is to do a
70 things-give US the name Of re- alr
and perpetuate the strife h
ith increased bitterness. / submit T
the thoughtful men OF Tennessee, ir
when we can settle at what the n
W tax men have demanded and ir
Iked for, can we afford to protract ia
le struggle! Is it wise for q peo. in
q having the resources we have to 3,
rego the consideration of all ques. p
Ons of material interest to fight the II
Gttle of hate and bitterness over m
le-third or nothing. If the strug- b,
g is protracted it Is question of II
le third or nothing. Is this sort Of
ruggle calculated to improve eur al
cial condition ? Will it lead to the to
discussion of great quea- "
ons? VIII it improve the character D,
our legislators2 WIN it not rath- In
for years and years disturb our bs
cial relations? Will 1t not be the ar
cans OF putting hot headed men in s,
aces Of public trust2 Wilt it not ii
and In the way or enlightenment n
d progressive legislation? a.t su
On the other hand, will not the q,
ttlement Of Ghs debt upon this M
sis encourage immipration. .bnild =