Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-11-12
n ASHVIILE:
THURSDAY, NOVEMBER IL, 1857.
s'Banks and Banking ''-"The Labor
ing MnsEes.0

10 turn the present financial diStresses OF |
the country, to the advantage of their par
ty, by industriously striving to create the
Impression, that banks are necessarily in
imical to the interests of the common la
borer. They therefore oppose the banks
with zeal and vehemence that would in |
dictate honesty and sincerity. They thus |
seek to create bank and anti-bank issues |
before tie people, specie and anti-specie |
party in the State The issue has been
fairly rendered, and is only now waiting to
be taken up. Whether it will be, how, and
by whom remains to be seen. Our pres
ent purpose is to offer some reflections up
on the relations which the currency holds
to the general interests Of the country, and
to those of the laboring classes in partic-
uIar. And we may as we'll say at the out
set that we believe a system of credit,
that institutions of deposit and exchange
are absolutely necessary to the safe, RAPID
and economical administration OF our COM
mercial system. And we may say, more
over, that we have never, nor did the OLD
Wing party, with which we formerly act
ed, and whose principles we have never CIV
en- up. and will still advocate, when occa-
, sion reurires) advocated the "pet bank
system. - of companies and individuals, each
acting independently and without proper
! checks and balances, and capable of almost
1 unlimited expansion and contraction. This
system has a different paternity, and must
! look elsewhere for it's champions. But
whilst we say this much we are free to con-
TESS, that being deprived of such institu-
! tons, as we believed were the best, we were
forced to put up with such as were thrust
upon us. and the demands of trade and
| commerce have caused liberation of a de-
| fective system rather than to be deprived
! altogether, of proper facilities and conve-
! niences.
"The laboring masses" to whom such
doeful appeals are making, constitute
considerable proportion of the ultimate
consumers of that vast bulk of articles and
commodities which passes under the gener-
al name of merchandise. Whatever facil-
tates its Transmission from the maker or
manufacturer, through all intermediate
hands will lessen its final cost to the con-
SINNER. It never has been, and will not be
controverted successfully, that institutions
of deposit and exchange does facilitate tins
transmission. As between merchant and
merchant and manufacturer and merchant,
it is conceded, that banks are useful and
convenient. In so being used, they are of
advantage to all those into whose hands
the commodities may fall for consumption
Thus far, they are beneficial to the labor
ing classes. We deem it unnecessary to
elaborate point so clear that every one
may comprehend it.
But it is argued that if the system could
he confined to this business it would be
we'll enough; and the question is often
asked, with something of an air of triumph,
WHY not let banks confne their operations
in that sphere? and then, if they break or
fail. the loss will fall on those who are able
to bear it. Well, we reply to this, by ask
ing another question: Who let down the
barriers. and invited the banks out of that
sphere? And still it is insisted that there
, can be but one theory or system of bank
: ing. and that most monstrOus, dire, horrd
and oppressive to the tailoring masses
If these wise-acres or Ignorant as the case
may be, had looked into the horn-bOoks o
: political economy, or had been even indif
ferently ObserVant of the every day bust
q ness of life, they would have known tina
. the denomination of currency used between
, the manufacturer, wholesale merchant an(
= retail merchant, may be wholly dIteren
) to that used between the retail mer
= chant and the 'laboring Masses" tn
> immediate consumers of his wares. Tn
? bills between the former are usuall
!, large, while those between the latter ar
n usually small For instance, the retail dea
= er in dry goods will order hundred bolt
: of calico muslin, &c. He is forced to max
4 a correspondingly large remittance. II
q sells, however, by the dress pattern to tn
. laboring consumer and receives quite
IT small sum. And so he deals with his huT
i dreds of customers. The market-man, tn
Il wood-chopper, the artizan, the 'mass {
o laborers" receive their wages, their week.
9 or daily income, in small sums and expen'
g it in small sums We do not pretend t
It estimate the amount, but we presume tina
y the great majority of the laboring masses
: seldom receive at one time above the sur
:, of twenty or thirty, or fifty dollars, in pay
u ment of their daily, weekly, or monthly III
g come.
a Now, it is clear that if you Danish a
$ small bank notes from circulation, and pre-
# hibit their issue, the great laboring masse
o will never have bank notes in their posses
0 sion. If you say that no bank note of les
= denomination than twenty dollars shall b
issued or have currency in this State, 20
g at once confne all transactions in amount
" less than twenty dollars to specie. Oryo
Il may say thirty, or fifty dollars, and the r.
J. suit would likewise constrain all transa,
J. tons below these sums to specie. 1t is nc
q necessity of banks, that they should b
"shin-plasteF concerns5-oF nothing. Th