Private and Public Luxury [pp. 49-55]

PRIVATE AND) PUBLIC LTUXURY.
State, as soon as practicable, to become entirely disconnected with all corporations whatever, either as partner or stockholder. The six per cent. which
would be saved upon the bonds will amount to more than all the dividends
which will be paid upon the stock so long as it is owned by the State.
The following tabular statement will show the amount of stocks owned by
the State in banks, internal improvement companies, &c., its original cost and
its estimated value at the present time:
Stock owned by the State.
Estimate.
Original Cost. Present Value.
Bank of Tennessee............................ $1,000,000 $1,000,000
Union Bank.................................. 650,000 650,000
Last Tennessee and Georgia Railroad............ 1,650,000 1,300,000
Franklin and Columbia turnpike................ q5,950 56,025
Lebanon and Nashville................ 80,000 48,266
Nolensville "................ 47,000 14,750
Nashville and Charlotte "............... 30,000 20,000
Lebanon and Sparta "............... 85,000 21,170
Columbia Central "............... 139,000 21,170
Nashville and Kentucky ".................60,000 12,500
Clarksville & Russellsville................ 37,500 9,000
Columbia, Palaski, & Elk'n"................ 126,600 12,238
Nashville & Murfreesboro................ 66,666 30,530
Gallatin and Cumberland "................ 6,000 5,283
Gallatin "................ 130,000 26,000
Cumber'd & Stone's River................ 119,000 20,000
Total.................................... $3,292,716 $2,244,827
The foregoing companies pay six per cent. on the estimated value.
It will be perceived from the tabular statement that the annual indebtedness
and liabilities of the State for internal improvement companies and the agricultural bureau will make the State liable for the sum of twelve millions eight
hundred and sixty-six thousand eight hundred and fifty-six dollars and sixty-six
cents ($12,866,856 66) up to this time. And if all the internal improvement
companies apply for the aid of the State which have been authorized to do so
by the various acts of Assembly which have been passed to encourage works of
internal improvement, it will swell the State debt up to not less than twenty
million dollars ($20,000,000.)
PRIVATE AND PUBLIC LUXURY.
ThERE is no fallacy so common, as the doctrine that " the
luxury of the rich benefits the laboring poor," and none that
operates so injuriously on the well-being of mankind.
For many years past the civilized world has suffered from
the dearness and deficiency of the necessaries of life, whilst
all the time the markets have been glutted by an excessive
supply of superfiuities and luxuries. If half the labor employed in producing these luxuries and superfluities, had been
engaged in agriculture, in wood-cutting, coal mining, and
other necessary callings, the comforts and necessaries of life
would have been cheap and abundant, and famine and destitution unknown among the laboring poor.
There never were so many millionaires in the world before,
nor half so many paupers; for to make one millionaire it is
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