Year: 1874

Leaving out OF view Federal politics,
about which there will be little divis-
ion, it is apparent that the great work
of the convention assembled IN this
city viii be the declaration Of sound
principles of Stale finance. The Sc
lection of a man for a standard bearer
is Of minor Importance when we COM
pare that duty with the obligation to
enunciate principles of sound, honest
and Qnmistakable financial policy.


We do not underrate the necessity
for selecting a leader of frmness, abili-
ty and integrity, one capable of grasp
ing, presenting, and dealing with the
great questions of the day; but it
must be obvious that the first and
greatest work of the convention is to
prepare a sound platform upon which
such leader can stand. 1t should be
the care of the Democracy to prepare
a platform of sound and honest princi-
Piles, on which they may have
firm standing and where an able
leader may be posted-to plant the
standard bearer of the party upon a
platform of principle-not to make the
principles of the party depend upon che
standard bearer.


The convention now assembled Is
large in numbers, large in the number
of counties represented, thoroughly
representative In character and COM
posed of solid, thinking men, impressed
with the Importance Of meeting the
great questions which, in their settle
ment, will determine the future
position Of Tennessee among the
States and abroad, as well as settle her
own internal prosperity, and the we'll
being of her industrial and producing
classes.


In laying down platform of princi-
pies, the question of honestly meeting
our obligations, and of meeting them
in such way as to preserve the honor
of our State and the reputation of her
people for prOmptness and ir-dealing,
looms up and overshadows all other
questions of State policy. In the set
tlement of that question is determined
whether we shall go forward in the
struggle with the vantage ground we
have gained, or whether We shall
retrograde, and hereafter with Grip
pied commerce, languishing trade,
and industrial pursuits paralyzed by a
loss of credit, be compelled to adopt
the measures we should adopt now.


If our condition is not one of perfect
prosperity now, it will surely not be
mended 10y bringing upon ourselves
dishonor and loss of credit. Such
policy would deprive us of one half our
means Of defense against ruin and
bankruptcy, leaving US TO renew the
battle hereafter crippled and defence.
less.


With credit preserved, We shall have
a certain growth and prosperity, a
sound and healthful state of public and
private affairs, with the struggle before
us which is necessary for the relief of
men and States, but struggle, of
which we can see the end. in a sound
and heaithful state of public aad pri-
Yate finances


With loss OF State credit will come
a loss of private credit, loss of public
and private morality, speculation in
State securities, loose collection of pub
lie dues, poorly paid and necessarily
corrupt officials, the payment of double
price by the State for ali the work 1t
has done, the inevitable borrowing Of
money, an increase Of interest, an enor-
nous increase instead Of diminu-
ton of public burdens, snd hence Of
private burdens.


Such policy can only mean ultimate
Reputation. Insidious and disguised
under the specious plea of temporary
relief. it can mean nothing else. We
impugn no motives. Many may hon.
estly believe they can tamper with the
,.radit of The State susDend II at will