Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-18

A press Of Legislative matter, has excluded for
some days past any notice Of this important docu-
ment. It's clear and comprehensive statement of
the condition Of all national affairs, domestic and
foreign. In it's discussion of controverted ques-
tiOns, it is frank, straightforward, and manly.
In its recommendations, clear and explicit
Those who admire nothing that is not properly
adorned with the flowers of rhetoric, would hardly
be satisfied with il mere specimen of compost
ton. The style is that Of statesman, rather than
a rhetorician-of one accustomed TO the cOnsidera-
ton Of grave national TOPICS ratherthan the 'beau-
ties of literature" 1t is in Short that which be-
fits the subject-nOt without FAULTS perhaps yet of
such kind, thst like minute deformties in an extern
ded landscape, they are lost sight of in the over
Whelming majesty Of the whole.
We have no intention, at present Of entering up
on minute examination Of all the various sugges-
tious of the message. We can not, however, deny
ourselves the pleasure Of expressing the satisfaction
with which we have read that portion of it, which
relates to the subject Of currency Our own views,
had alrerdy been fully expressed, and the policy
which we had deemed best, for the purpose of cor
recting the evils which experience had pointed out,
had already been clearly intimated.
Banks are the creatures Of the State, AMI upon
the State rests the duty and responsibility of regu-
atng them, and of correcting whatever evils belong
to the system, Very many have pointed to the gen
eral government, not so much it is true the most
legitimate source Of authority as TO produce uni
formty in the remedy, and perhaps, because it was
feared that the influence Of banks upon local bodies
would be too powerful any opposition that might
be organized in favor of reform.
We have doubted the power Of the general gov
eminent, not less than the wisdom Of any suggas-
tons to this end that had heard, but were con-
tent to remain silent in reference to all these and
await the recommendations of the matured wisdom
of the distinguished statesmen upon whom the duty
was imperatively deyolved of speaking Oughtright,
and direct upon the subject None will rejoice more
sincerely than we, if any measure Of general and
uniform application shall yet be devised, which
shall be free from constitutional and other objec-
tons.
It will be seen, however, that the Presidents
message fully endorses the opinions which we have
expressed, and confirms the views and arguments
which we have SO zealOusly endeavorsd to enforce,
DOtn as 10 me evils OF OuT pISSSh' D'AA-o
and the remedy to be applied
We have not room to copy all that is said upon
this subject, but the following paragraph embodies
so much, that we are sure our readers will pardon
us for reproducing it.
But Bank of the United States would not, If 1t
could restrain the issues and loans Of the State
banks, because its duty, as regulator OF Ihe cur
rency must often be in direct conflict with the
Immediate interest with the stockholders. II we
expect one agent to restrain or control another
their interests must at least, in some degree, be
antagonistic But the directors Of Bank Of the
United States wOald feel the same interest and the
same inclination with the directors Of the state
banks to expand the currency TO accommodate their
fayorites and friends with loans, and to declare
large dividends. Such has been our experience IN
regard to the last bank.
After all we must mainly rely upon the patriot
ism and wisdom of the States, for the prevention
and redress Of the evil If they will afford us
real specie basis for paper circulation lnereas
ing the denomination CT bank notes, hrst TO twenty
and afterwards to fifty dollars if they viii require
that the banks shall at all times keep on hand at
least one dollar of gold aud silver for every three
dollars of their circulation and deposits; and II they
will provide, by self-executing enactment, winch
nothing can arrest, that the moment they suspend
they shall 60 into liquidatiOn l believe that such
provisions, with weekly publication by each bank,
of statement of its condition would 60 far TO secure
US against future suspensions Of specie payments
It will be seen that the President repudiates with
out any circumlocutiOn the idea of one great Bank
regulating the little ones. They are all governed
by the same incentives, and would therefore move
together in the same direction. "AH hare the same
inclination to expand the currency, TO accommodate their
faUortes and friends wi loans, and to declare large
aiUideHds"
We point with pride, to the confirmation OF our
views on Banks and Banking" by the present great
head of the National Democratic party. We have
been tainted and ridiculed because of the divisions
which exist among U.s. in reference to this subject
But let not our enemies crow too soon. We are not
". it discouraged. We hope yet for such concord
among the friends of reform, will efectualy put
to shame those who, for party triumph, would re
oice to see the country cursed with all the evils Of
our present rotten system of currency.
But if, for the present, we are doomed to disap-
pointment, let the enemies of reform beware The
question will then go before the great and incorruPt-
IDLE masses whose verdict will be emphatic as to
carry not only certainty and deniteness of purpose
but will carry dismay and terror into the ranks OF
those who now hang upon the skirts of those faith
Jess and corruptng institutions.
We must defer to another opportunity, any re-
marks upon other features Of the message.