Year: 1876

art OF the Price of ReDudia-


tiOn.


Emergencies arise in the history |
of every State or nation when it be- |
comes vitally important to use their
credit. Certainly no argument is
necessary to establish this state
ment as a fact Let her once repu
diate obligations, solemnly con
traeted, and she is forever dishon-
ored, and her credit destroyed for
ali future time. Unlike an Individ-
ual who takes the chances of private
gain by an act OF dishonesty, passes
away and is forgotten. she eontin-
ues to live and must through sue
ceeding generations bear the foul
stigma. With her the act is done,
recorded in history, and can never
be obliterated or removed except by
retraefng the steps aud paying every
dollar she honestly owes. Repudi-
alton by the State will efFectnally
destroy the credit of every county
and city within its limits-thus
placing iC out Of their power ever to
aid or assist any enterprise for their
improvement or the developement
of their resources, however import
ant or desirable the enterprise may
be. The Insurance companies of
the State, which annually bring to
her in premiums hundreds of thous-
ands of dollars and retain in it
much more, would have their bust
ness confined to their own State,
because the destruction of the cred
it Of the State would impair that of
every corporation or institution ere
ated by it. The circulation, bills
and drafts of her banks would be
looked upon with suspicion by citi-
zens of other States and received, il
at all, at heavy discount to the
holder-thus impairing the useful
ness of these institutions. Repudi-
alton destroys public credit, and
this impairs individual credit.
Every Importation into the State
except for cash would be at an adj
ditional cost of impaired credit, for
the wholesale merchant will not sell
to a purchaser of doubtful standing
or honesty upon the same terms he
sells to his best customers. This
additional 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
exceed the interest upon the State
debt.


The resources of the State, min
erai, agricultural and manufaetur-
ing, are perhaps inferior to those of
no other State. We need for their
development capital and labor, es
peciaIly skilled labor. Neither will
seek employment in a State dishon-
ored and insolvent. Capital is sensi-
tive and skilful laborers are honest;
hence both will shun us-our lands
will have but little value, and our
minerals viii remain buried in the
bowels of the earth, and we viii 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 devel-
oped and her taxable property and
revenues be increased and the bur
dens Of government expense re
duced. But if dishonored by repu
diation she will necessarily be class
ed with Mississippi, Alabama and
other unfortunate repudiatingStates
even worse, for they are not able
to pay the immense debt forced up
on them by misrule and roguery,
but are willing and do pay a tax to
meet their debts twenty-five per
cent higher than will be necessary
for Tennessee to meet all her liabili-
ties promptly CIarksvize CAroniete