Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-03-19
BANKS AND BANNING.

remedy tie evil Wien, therefore, the worthy
Cashisrs Of the Stale and other Banks say that We
know n'tdiDe about btnkiug, We rep'y TIA. 1t thy
are bsnk ng corftc. y, y CO rot know any thicg
ABOUT il. And ia ,smucb as there is q very general
complaint, we lo2e discussion Of the se' jest
may be useful to all.
Before we we're aware that bsrbs, outside Ct
our State. had combined with banks and BANKERS
in the State, to drsw coin from ore OF our
principal banks we took the ground that no bank
should be permitted to pay ont any note bat its
OWE. We thought then, ard think still, that this
would relieve US Of The wildcat currency of ether
States; and when the Union Bank refused to let
the agent Of a South Carolina cr Mississippi bank
take up the notes Of tier banks in order hat they
might sgsin be put in circulation, We did not see
proper to change cur opinion because sDotl er
bank or banks sgreed to the proposition Of the
agent
We understand that not many years since one
of the Free Banks cf this State sent broker to
one of the city banks to take up the notes the
latter bank had upon the Free Ban Ks, But the
city bank said No we will send Il 9 notes hom'.
Tne agent Of the Free Bank ofsrs no.es Of our
city banks the offer is refused; be offers gold
here-ths cfer is rejected; the notes read dollars
at TazsWsH, and ace mast have the "P)und Of
flesh" Asws understand it, the ground taken BY
our city bank was that they were "poaeli-g on
our manor" But now South Carolina Or Ri sis
sippi may "p3sch upon our manor With impu-
nifty. We thea censured our bsI Ks for permitting
South Carolins, Georgia and Miss issippi banks to
2 placed on q footing with the banks Of our on n
Stste-we did lot know that combination had
been made By banks and trJkers il Tennessee
with other banks outside Of the State, to take the
coin of the Union Bank. We are glad that they
have done so: First, bscsuse in selecting thu Un.
ion Bank, they have made choice Of ons sble to
take up in coin ell it issues-fully able to fgt t
them; Second, becsuse this will bring the people
to zee the necessity of changing our banking sys-
TEN and lastly, i. will, we think, cause oIr leg-
lature TO pass an act prohibiting banks from paying
/ out any but their own notss and brokers from
paying cut any thing but notes of Tennessee banks
or gold and silver.
We have no Partially for any bank. We want
3 system adopted that will give Us q SQUAD and
uniform currency. If the Bank Of Tennessee is
! banking different from that intended by those who
created it, We considr it our duty-certainly our
/ privilege-to express our opinion, no mattsr if y
SO dci5g the cashier saouId think We are ignorant
on tie subject; nor does it matter to US if it is
| managed By members of the democratic party
We believe our banks are all shaving shops that
| the Bank Of Tennessee Is at the head of the list
During the sitting Of tie last Legislature it be-
/ came incumbent on US to look into TIE banking
! business Of the State. We consulted officers OF
tie Benz of Tennessee snd others on the subject,
| and came to the conclusion that the Bank # Ten
| nessee was doing more to accumulate the peO-
| pie than any other bank, and thought the lsgis
| l5ture should aid it. Whec the legislature I'd
! journed, tie statutes showed that the Bank o
| Tennessee had been given the exclusive privilege
| Of issacg notes under the denomination Ct So
that the other banks were restricted from having
ciIoulstioD exceeding heir discounts at any bauk
! ing psca, more Lhsn g.. 000
! 1t was expected that the Bank Of Tennessee
would not discount mole bills than no.es--thiz
was in the original charter. If the bank could
make six per oe4 On its capital, after paying eZ-
pensss, certainly the people wanted nothing more.
! They did Do5 calculate on the Bank takirg usuri
Gus iuter5s; by discouudng bills for negro traders
OF cotton spectators, in preference to taxing notes
Of our own citizens living il the territory IS
! signed to each bEacch.
| In llcldng the branches the leg Stature did 10;
| select principal commercial points in the df5Te1;
/ divisions Of the State The object was not to
| deal in bills in order to ct interest more than
| 6 per cert Bat when the B3Lk shows il has
made 10 o, y per cent on capital Of So 900, 600
| and only uses a circulation Of 81 100000 there
must he some heavy shsvirg. If tier reports
/ sre true as to their CIRCULATION agd profits, AID
they have kept within tie bounds Of their charter
| the cashier was right in tie opinion that we know
DothiDg about banking. If an individual draws a
! bill atslzty or ri1ety days on New York, with toe
| expectation OF taking them up by RENTING mon,
=, this they call king he Orsws his kite,
acceptance ,yaiUsd is shipping IoEbng 70 meet
/ it. Lus expects to collect some OF his debt Enl
| remit il time to take Up the Kite Now Tor the
/ other side OF tee question: the three banks here
ceyle every day. The STA Bank beats the Psn-
| ters' OF Union $4,000. Toe Union or P.areis'
/ Bank las 20 State Bank notes to pay the State
/ Bank. Cashier lEoaT05 waits his pay and is
| compelled to take bill o; cheek or draft ca New
York at sixty dsys We wolld call this q kae,
even q. the risk OF bankers saying We know moth
/ ing about banking. We are 10: too Cd to learn
! and hope to gain some iaiormstion before the as
! sembLrg of our Legislature