Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-11-07
For the Patriot.
Hard Times.

mEssRs' EDITORS They are not yet, what we
have and felt is only the preface to the work
that is to follow. Our currency is principally ma
per currency, of which there has been an abnp-
dance, and which has mainly contributed tn the
speculative prices of property, and the high prices
we have been paying for every thing. Since all
the banks have suspended there is now but little
difference in the paper of sny of them as a conse-
uehce, the price of property is pretty much as it
was before the suspension, though a wholesome
cheek has been given to speculation. But the ''tug
OF war" is yet to come. Whenever there is a re-
sumption of specie payments, the paper of those
banks which cannot resume and hold out, will fall
fiat, and cease TO circulate. Every thing will be
brought down to a specie standard. The banks
cannot extend, but for self protection must reduce
their discounts. There won't be specie enough for
our merchants to pay their Eastern liabilities and
answer the ordinary purposes of traffic of course
those who are in debt, all have to struggle and
many will struggle in vain, for the meaus of dis
charging their inde btedness. There will be a felt
scarcity, which will place the borrower at the mer-
cy of the lender land who ever heard of an usarer
having conscience or mercy?) and ruin to thou
sands will be the result Let your land, your ne
grOes, your stO k and your produce, be reduced in
price to specie standard, and what a trembling
There will be comparative stagnation of business
The scenes of 1878 will be acted once again.
Appeals from all quarters will be made for Legisla-
tive interference-fOrs stop laws and repevine laws
which are disgrace to any country-and thou.
sands of persons who now in good circumstan-
ces, will be reduced to poverty-and a blight will
| come over our whole countryI
| Now, for me, humble farmer, to suggest a
remedy, may be thought presumptuous, but will
venture to make suggestion or two
! To guard against oppression and undue advau-
tage, think that usury laws ought to be strin-
| gent, and violation of them attended with for
fixture Of principal and interest. But an interest
of ten per cent, when it is stipulated ought to be
| permitted; otherwise. the present rate.
I would suggest that day should be fixed by
the Legislature, neither too seon nor too remote.
when all the banks shall be required simultane-
ously, to resume specie payment; and the omission
or discontinuance of it, shall make forfeiture of
their charter and that it be the duty of the At
torney General to take immediate steps to place
the delinquent banks in liquidation.
That with regard to the free banks it shall be re-
| qured of them to deposit with the Comptroller, say
| 40 per cent of State Bonds, in addition to those
already deposited, and upon such deposit, he
shall stamp upon the paper thus presented and Sc
cured, "amply secured" and sign his name to it.
| This will give them credit and circulation. Those
not thus secured will of course cease to circulate
at par. We shall then have a currency at home
that will answer all of purposes aud as to 9TH
er purposes, trade must be left to regulate itself
That that the public mind NAV be enlightened up
on this subject, think it would be well to ascer-
tain, which is easily done, the amount of rotes Of
each and all the free banks now 10 circulation
With regard to the Stock Banks, the Legislature
say that the present suspension shall not make
a forfeiture Of their charters, provided they com
mence specie payments, on the day named, and
continue it,
Otherwise, their charters shall be declared to be
forfeited and so With regard to State bank and shall
be required to pay specie the Stock Banks, and
in default thereof shs be placed in liquidation but
for the Legislature further to interfere, it seems to
me, with due reverence, it would be indiscreet and
wise
When the hard times come upon US in reality, az
theylare sure to, it will be consolation that we
have endeavored to fOrtfy against their ruinous eff
fects. A FARMER