Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-05

R2- We furnish elsewhere abstract of the
Bill introduced by Mr.. Speaker Burch, Of the Sen
ate, "O provide for the liquidation Of the Bank q
Tennessee, and the Free Banks Of the State and oy
Other purpose"
Our readers need hardly be told that we approve
of the general purpose of this Bill indicated By
title 1t would be too much to say of almost any bill
that could be introduced in reference to subject Of
much delcacy, that it is perfect in all its details
We learn, in fact that the author himself may pro-
pose alt eratiOns, but not so as materially to
effect the general objects of the Bill.
1t is, for instance still question Of doubt among
the friends Of the Bill as to whether in lieu of that
section which provides that no new note or bill shall
be discounted but that old ones may be renewed
cry six months on payment of ten per cent. on the
original capital it might not be best simply to re-
quire that after certain time the discounts Of the
bank should be diminished at given rate.
We learn, in fact, that the author and friends of
the Bill are not welded to the plan or length of
time in which the Bill contemplates winding up the
bank, the object being rather to provide that the
thing shall be begun, that the public may have an ear
nest of the sincerity of their professions of hostility
to the whole system of banking.
That all the evils of the system are indissolubly
bound up in this bank, as well as our stock banks,
superadded the fact often stated in the reports
Of the officers themselves, that Il is impossible from
the Of its organization that it can ever be
well managed.
That it is great political engine, Of corrupting
tendency, and ought not to exist in State, where
freedom Of thought and actor from ell constraint
are indispensable to the purity Of our government
In reference to the prOprietys of taking up the
Free Bank paper, it is urged that it would only
be measure of relief to the note holder, but the
community at large, by the addition of that much
in relation to our depleted currency.
That it would at once rid the State Of a system
which is now admitted by all to be a failure.
That the notes of these banks being substantially
issued upon the faith of the State and being so re-
eeived BY the people, without reference to the names
Of those by whom they were issued the State is in
degree bound to see, that no loss shall be there
by sustained by the nOte-bOlder.
That the State can do this without loss by accept
ing therefor a return of her own bonds OF those
which she has endorsed.
That the purchase of these bonds at par by the
State while it would be a measure of relief to the
people, would enhance the value Of her bonds
That the loss, if any, must fall upon the people Of
the State, and tina; in consideration Of all the good
that can be accomplished thereby it is better that
the State should assume the responsibility; while
20 far 10 say that the State or its egisla
ture ought not, in good faith to thepubc to author
iEe anything to be substituted and used as curren-
cy, the redemption of which she is unwilling to
guarantee.
The provisions of the Bill, that all notes under
the denomination of twenty dollars shall be grad
uslly withdra from circulation; that each bank
and branch bank shall pay out nothing but its own
counter notes, and to prohibit the circulation Of
notes Of banks Of other States, will meet with but
little opposition from TIM friends of reform
We commend the Bill as a WHOLE to the careful !
consideration of readers 1t is perhaps the most
important that has been introduced upon the sub.
Jeet, and We the author will be pleased in
common with other friends of the measure, to hear
what the people and the press have to say in regard
TO it.