Loudon free press. (Loudon, Tenn.) 1852-1855, 1853-11-18
From the Cincinnati Price-Current.

The TENNESSEE BANKs.-CHAMBER OF CON-
MERCE.-We have heretofore referred to the fact
that the Chamber of Commerce, at Its monthly
meeting, appointed committee to make inqu-
ries and report with reference TO cur currency
and particularly, as to the eXpediency Of receiv-
ing the Notes of Tennessee at par. This move
ment was induced by the constant complaints
among the Merchants of the Inadequate supply
of currency. And as arrangements were in
progress to have the paper taken by the Banks
upon the same terms as the Notes of Kentucky,
Indiana, Missouri, Virginia,and Eastern Banks,
it was thought that an expression from the
Chamber on the subject would be desirable and
proper At special meeting Of the cha mber,
held on Thursday evening, the following report
was submitted by the committee, and after
lengthy discussion it was laid on the table, and
made the order for the next Monday evening.
Some of the Members seemed to think the
chamber should not move in this matter while
the majority present entertained the contrary
opinion. The debate was warm, and good
deal of information was elected.
The Committee appointed by the Chamber of
Commerce to consider the subject Of the recep-
ton and circulation of the Notes of the Banks
of Tennessee, to be used part of the cur
rency of this city, in the transaction of business
in the same way as the Notes Of other States
are used, report as follows
A very considerable portion Of the business
of this city is transacted with the towns and cit
liens of Tennessee. We purchase from them
large amounts of raw cotton, and iron, in the
great variety of articles manufactured IN our
workshops, particularly cabinet ware, chairs,
plows, machinery, etc. Our intercourse with
that State is not so large as our trade with our
nearer neighbors, Kentucky and Indiana, the
notes of whose banks have long furnished the
greater portion of the circulating medium of
our city, yet it is sufficiently extensive and Ia
crative to call the serious attention of oar bust
ness men to the question, why any difference
should be made in the reception of the paper of
the several States. If the bank notes of Ken
lucky and Indiana are received and used at par,
in all transactions and at the counters Of all the
banks, because the banks that issue them are
solvent, and because the people of those States
are our customers, whose good viii il is our du-
ty and interest to cultivate, the same reason
would seem to apply to the bank notes of Ten
nesSee, whose banking institutions are equally
responsible and with whose citizens Our bust
ness relations are also desirable.
Your Committee also remark, that we receive
and circulate at par, the bank issues of Virgi-
MIA, Pennsylvania, New y ork New England,
Michigan and Missouri, some of which are more
distant and inaccessible, and far less response
Bile than the banks of Tennessee, while with re-
gard to the larger portion Of such paper, no bu-
siness is brought TO our city by its reception,
and no interest promoted in common with our
own. Your committee see no reason why the
people of Tennessee, and their banks, shall re-
ceive less favor than those above alluded to,
from the business community Of Cincinnati.
1t is a fact, the causes Of which need not now
be adverted to, that the Bank of Ohio do not
H.
carry on the business Of our State, and that we !
are compelled, from this cause alone. to use We
ry largely the notes of foreign banks There
is no escape from this alternative; if we use |
bank notes at ALL we must look beyond the |
limits of our State for the larger portion OF
them, and the only option we can exercise is in
the choice of the notes of other States. Allow
ing the bank notes flowing in upon us from 9th.
er States to be equal of responsibility, we see no
card TO them. dtt}5ttfFelee to be observed in re-
being insufficient in amount to supply the wants :
of commerce, we should avail ourselves OF the !
resources of our nei ghbors, observing perhaps, |
no other distinction between, than that OF pre-
ferring the nearest and best.
There is one distinction, however, which |
OUGHT ALWAYS to be made, which is that which |
springs from the natural desire to favor those
who deal with us. Cincinnati is peculiarly sit
uated Her geographical position, IN an eX-
IRENE corner of Ohio, and her proximity to /
Kentucky and Indiana, renders our city as
much a mart for the latter States as for the tor
mer, and our intercourse is alike intimate with I
all. We cannot, if we would, so identify our
selves with Ohio, as to give an exclusive pref
erence to her monied institutions. Our custo-
mers, those who purchase the products of our
numerous workshops, and give employment to
our commerce, are the inhabitants of several
States all of whom, alike, expect us to receive /
from them in exchange for our fabrics and mer-
chandize such money is current among 1
themselves. We have, therefore, unavodably a
mixed currency. We are compelled to place |
Kentucky and Indiana notes on an equal foot |
ing with our own, or to offend, and perhaps
drive from us, those who contribute largely to
our prosperity.
But we are not content with so narrow a view
of our position. Besides being the greatest
provision market on the continent, our work
shops have the capacity to supply the whole
West with manufactured articles, and our COM
merce is inferior to that of no other western
city. We look beyond the States Immediately
adjacent to us, and extend our commercial In