Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-12-02
APPEAL.
NE HIS
- HuLLEEIK on cuRRKNoY.

We should be indeed an migrate, were we to
seriously object to our neighbor Of the BHRe-
tia's very mild and p~stsrnsl structures On our
articles. touching the currency, and banks,
since they have been accompanied by such lib
ersI extracts from our articles, as in a great
measure to indoctrinate the readers Of the
BuIafin with sound views.
But we must observe that our neighbor in
genioasly lodges the issue made By himself, 10
which We replied IN ateasO, that the q hard
times1 were the ofshoot, not Of a worthless
currency, but Of an insufficient currency, ard
now assumes that the " origins Of the recent
panic and pressure is to "be found il the IN
bridling Of the hundreds Of local banks to run
riot as they might list, without a suffciert
National regulator to keep them in cheek,r
thus directly shifting position. If, indeed, tie
cause Of the " hard tines" or its q origin.2
was The unbridiing Of the local banks, with 20
sufficient power to keep them in check. it
would seem they have used their unchecked
license rather injadicisusly. How /? we would
inquire. Sarely, not BY furnishing an ainsufk-
Client curTency," for then, there would be no
need Of a cheek. Their currency, then, must
be in some degree " worthless" as a general
circulating medium, else, it would not need
this great National regulator to which the
BalIefia refers.
We hardly supposed that our geighbor would
be SO easily routed as the advocate and defend
er Of the local banks, that be would, at the first
assault, retreat behind the idea Of q " Nationsi
regulator0-an abandon, in haste, his advO-
eacy Of the existing banks.
We SHALL look with some anxiety for the
BalietiE's promised expose, assured, now, that
this National /" monster" viii figure as the most
prominent object in the picture. We cannot
help, however, warning our neighbOr that this
idea does not well become one who proposes
p~racfleal measures for the relief Of our
financial difficulties, since there is about az
much probability of the people listening, with
patience, to such a scheme, as Of their adopting
a monarchical form Of Government. He is
surely & mere dreamer who expects any " aid
and comfort = at this late day, in such a quixOtic
enterprise, after the history Of the old United
States bank as a regulator and after the " e.
psrimeufal iinksring" Of one NICHOLAS BID
DIE, ESQ.
But after al the carping by the BsAetiH and
others al our position, orr proposition has
simply been d system Of measures, calculated
to make tie banks, sound, solvent and resPon-
s.5le, while they exist, and to force them, if
they are tolerated at all, to furnish a uniform
and convertible currency for the people, OF
cease to distribute a deprecated currency in
the community, which system, would, il the
end terminate il a metallic currency. II, how
ever, before the end be reached, it should be
found thar such banks as remain are strictly
observing their charters and that their cur
rency IS approved By the people ana meets the
wants OF n as well, CT better, than.
coin, II viii be easy in The progress Of its oPe-
ration, to adapt our legislation 10 the improved
condition Of affairs, and upon this safer system
OF banking, which shall be continually subject
to the supervision Of the people, to compromise
the policy and views Of the exclusive hard
money advocates aud the paper ysten-makiHg
az a. indispensable requisite, that such banks,
as are chartered, shall furnish a currency
alraus convertible at their counters.
This is something practicable and probable,
and We hope yet to bring our neighbor up to a
praelicability.