Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-01-30
G0ARUGHGA7L0R
gyBBaEp GHAE0R OF THE FREE BANKING
EAY9LTEE NEXT LEGISLATURES.

E&W-TEE NEXT LEGISLATURE.
z1s1s. 2zcyEz-Tss aosses sustained in consequence
q de recent failure of the Bank Of East Tennessee
yell Is he reat inequality Of banking system, call
fE FesJrIn.
E4s qaaatkn aEisss What can be dOns' What can the
HeEtyha DO to ssahlishE sound currency, sndGt the
ssus tina dsirbata the privileges Of Banking more
sEuA'lg sasonG ths.psoPk2
sJzoss a 8 remedy that the ne1i Legislature SO /
sEas ,be Free Bnkng Law, IS to remove all restriction
a % z amount a capital necessary for an individual or
sapsay % samGscOe banking hold the following Prn-
pey5ss y b CogTeet il Banking.
IT. Perfect sseuEity to tie bill holder. |
ID. PssSl equatsy among the people, as regards The
gighk Of Banking.
Ts security uasr ths Free Banking Law, being ample
70 yroci s bAOlder against loss it is quite immAssria
afs su Whistler Ss banker has capital or circulation
Il shecgn9 or whehe or he has capital and circulation
q 0gs 5uadssd ghousana dollars.
TIE Gsa thss great wealth Tie concentration Of large
saCaetog capital, WIS necessary to eDtitls party to
bank Esd ss origin bssve In England, and was ons of
TIE z pisa2 upon which the aristOerGeY, rested their
sn = sspeTi0yy. Tbs Idea was brought over to this
sztFy, d pFsTsglsd % great extent in the United
Rsa uatt Che overthrow Of the UAitsd States Bank, BY
esu JsskssD.
e7as1 Democrats pgfuopgs was tbon brought into
sssos and aa to &C. directly EPOn banking system.
EuR IssRsnee tbs rights and privileges of banking
hare b mere geaRray extended among tbs people; and
e u ds,}y bseo2BS EOrs manifest that banking if let
s,sas viii rssalsts ITSELF Il is clear that people
ozld - e9Ea hsld bank bill bank with capital OF
SO Qsq TIE 1yaeuto7 which was secured by the Stats
OF T1a 49, - to hoid bill o. bank, with capital Of
SlglgJg WIKI Ike asUuty. It Is well understood thSt
to bk q 100000 Wo1ld have he right to circulate ten
tgss o snsEut Of tie bank VITA capital Of $1,000
4 I. i. IL
Eas lie dsr6aos the public. tbs difference, fsDy,
T. ;ies y ~ bvgE Of the small bank. The large Ons
nl1 ;eggss fsm circulation 100000 while failure Of
Tie aEzg oEs would Only retire slO,OoO consequently
5slG b - feb EpOn he commerce and business Of the
I gsuztry.
Az1 characterization Of 500 900 in The hands Of one
rs,y s zors daugoroastO the rights Of the citizen than
IL divided in ihB han sof ten persons. The proposition
Is 60 esT 20 da0cTsto end 80 much In accordance with
be Et of the pnesens age As to render further argu.
mat s.n9eezsyy Les Us nov examine the advsnsgese Of
s psss1 ssng and 70 dose correctly, lei Us first no
1 tfcs soBsoI u ? svils Of our present system.
Or Stock Banks, chartered, uonl1ay, Wiih large
sspa ana comparatively With security to the public
They ggnaay loosts in large cities such Nashville,
Esu,phis, Knoxville Chattanooga and Columbia They
Jy4a siss thei5 Directors aad build large houses and
Es large 7as svsry thing "a made to look srstoorstio
as rsbe, and to impress the spectator and PaSssr BY
With n i9sa that tbs house fair representation Of the
wealth Of the Bank The Bank goes into operation, and
7Fh e IA sys.sm Of favorim. The Directors ard all
thsr LIN have grt to be accommodated Then the silk
g0aEi5y zsntry. Nsz! few poor merchants Whr may
bscpsa % have litils New York New Orleans
ehauga AID ID Gbs course Of hamhn events, if the D
rzors sl5 ibsr friends all the mensy and the Bank
L. % break sy 60 ou at the bsOk door, take sill Chs as
So loaJag he 6De pillars and gnanite front banking
- Ice ant rFiu -OIFa
TAs ys2.lo aa4 sIPs2aly ulsss at distance, get moth
iHg.
Ths Rtes banking Law, dsmOFaHe measure, and in
to tsJ Ia 20 provide ample security to the blhOldeT
aad % To distribute Ina rights Of banking equally amOag
The psggc hs brought forward substitute and improve
nzsat o~ias S0GE Ba,k system. Il would fulfill these
etj.eS z Il ssd ag play; bat eanBOt DO while It is
I s.a0g,a SGD CHECKED down b. The remnants Of English
.rosFsy: By he idsss tEst clustered around and kept
1s tie I'D J1iseI States Bank TIE idss that Bank
sas, 5p-5 as banking house. to cost $40, 600, vita
s 1zfz sd Rrssiss front, .Fgs vaults hns OsSher's
ras -srrslsI Ho5rs and seats covered with silk plush
isaz d-s TO lave prevailed with our last Legsa-
ars sssa t5ey Increased the amount necessary 10 bank
fem tT - zoe undr ed thousand dollars. What is the
ae usasf su0JG9 banks located in large places.
e. .3fssss and their kiE and W outsiders want all
t. 45l,g al = aPpHsd % nom distant Localities, she
ssss aE No L1ak reply "Ts have first 70 supply our
1sss sGstonars ard .hsy require all that We can do
luf asggaz sse aov ful-skould be very happy to
c,yl ~ gcs sed XII! 10 20 soOa We have any to
sss,e7
: sot 2, PlGp2so here, or slssvhsre, to array the
olF as.ust al, cry on the contrary, say that it is
- Sr as banks Of Nashville, Memphis, Knoxville,
@ a s73 CT; T5laud, toserv their nsig5bOrs first
So -zl var vgga system that Is partial in its inau-
49, .7.,1a lzsg Is calculated to build up hvOred
.-.s.s a57: q aTisocfaey in country which be-
-szs &, Es .r!nsczg 80 osIg form Of Government.
- .5s gslsls II the FIRES Banking Law be general
q 7.zaovsa us commerce and business jusityiag
,zr -'s.E zh esPsl S25 900, let her have 1T and
.. = .sgs15s 10 Manchester TcNiuuviIe, Spsrts Win.
iz1 -75 s5ssss'ils, 81 say other town in the State.
- aFT e2u2s- ave banking facilities according to
y saa q NC asuL unity. Then Stock Banks
vii have - kG5 cTcal-ton ct home, distant nsghbOr-
le35E azL s .07.rs viii be supplied with sound and
eato,l ss-sEo7 al secured b. the bonds Of the State
* EerEsss bod every COuaty will have banking facil-
] -: sa.zg:ess = transport its oEn produce
T,H .l.1ua ysE. g, W.
- =. n gdcoR 70 The s6oFe proposed change in the
80 asrEiaE Jaw, would suggest that our next Legsa
ss - AZ g She mos stringent character, psohib
try u. emission or circulation Of eny bank bill OF less
discrimination lhs1 ssa dollars. This would bring into
or Ess5 las enouRs Of gold and silver, which would
rs1s,r % gsa ezssnt in'hs hands Of the psOps-psr
g~usr'y ne ssa8s Of bsls5Oring Ossses-who End it
10y aesE rsat 10 ssRd IA thsiF small gums Of paper
IN 1sss o. Bark ALLURE. VI.