Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-11-28
The CrisIs-The Kennedy.

So much has been said upon the subject Of the
times and banks, that we, very RELUCTANTLY, under
take specuations and suggestions in the premises,
which can be read not the option of the read
er, without the least OH elton our part. We
| do not pr tend, at the outset, that we have any
thing new, or certain, suggest in the mitigation
| of the commercial and individual suffering, pro-
duced by 'the crisis Much speculation has been
| INDUCED to the effect, that there no sufficient
ciuse for the panic, outside of the operations of
the bank and yollcy after volley has been poured
! into the banks, to extent uDjustly, and the
majority look TO banks as having first caused
the vide spread desolation, and the only agents
! that give any relief in the premises. In the
first place, take the ground, that in dependent
| Of the banks people have been carried sstray,
by spirit of speculation and cVer trading, super
iuauced by the high prices of every product of the
farm, and they have found most willing instruments
in the banks, to encourage the same By afOrdng
unlimited accommodation to such, oft times to the
! injury of both parties. Men naturally seek to
throw off their mishaps upon somebody or come
thing, to account for any miscalculatiOn, and the
banks are about good stool pigeons for them
as they can find. Hence, they most unsparingly
abuse the banks, who have been secondary. mere
accOmpices in this DISSOLUTION that sweep like
a commercial srocco, over the whole country.
Our purpose is not so much to point out the
| cause of the cri is upon which every man must
sp, culate for himself bot to suggest some thoughts
! as to the of relief. II is folly to look to
the Legislature, in session, or to the banks or
TO the crops alone for the cure but Gu and
ly to ourSelves at last. The fostering cannot
be healed IN moment or perhaps year It's sur
face is too extended aud the virus TOO deep 10 the
circulation of the body polite for early cure.
Its Periodicity must be gone through before the
cure, aud We must administer such potions as will
alleviate, until its time for change transpres when
the patient will readily, with care, be restored.
First, what ought the Legislature do? The Demo-
cratic majority of the Legislature, a party,
committed to ''eold and silver" policy, which, if
enforced, by the liquidation of the Bank of Tennes-
see, or as suggested by the Andy johnson school,
would be like administering dose OF Ipecac to an
already initiated stomach, or L4udanum to consti-
| pated bowels
Well, what should they do with the Banks
Do nothing, but let the banks Judge of their abili
ty and time for resumption. If they fix any time
for resumption it should not be early for if So it
virtually the banks into lig1eidation Not, it is
}
application of the grand lever OF self otecton,
addressed it's officers and directory for banks are
no than a congregation of indiviluas, and
are Influenced and acted upon in the same way.
If you press them ap, they in turn will press you
dOt0't If they have to resume at certain day,
they will force their collections and settlements to
correspond, and instead OF relieft to any class OPP
preston is inevitable. No body doubts the assets
of the old banks, to meet circulation, being most
ample, but if they forced to pay specie, they
must redeem heir crcul tion and press collections
The Legislature then, if she does anything should
simply adopt resolution recommending the banks
t. enlarge their circulation by liberal discounts,
and authorize them to resume at discretion, in some
reasonable time. Nay, further, by such resolution
they should enforce all the moral weight of their
authority, to induce the banks to pursue such poll
| cy. We need but suggest the feet of such poll
cy, every one must feel the relief in the circu-
latiOn, and the increased chances of each and all
to get hold of money under such circumstances
Whilst we advocate such leniency towards the
banks, We are far from becoming the unqualified
defenders of the bank interest.
We think some of the banks have already pursued
and pursuing an illberal unjust and OPP
pressiVe policy, which should be corrected as early
| as possible, but which can never be done by mere
abuse and ibsratsty towards the banks on the part
OF individuals. The banks and the people are un-
der mutual obligations to each other, which can
y be discharged by foy6earaHes this crisis. Con-
tide"ee is necessary to the welfare of bank as
are lungs to the vitality of man. Our banks have
been tolerated, nay justified in suspension by public
sentiment and the community look upon their paper
| nit hafo th.
confdencs and torbearanee on our part demands
Of the banks "quid pro quo" 1t is not sufci mt
for naughty and supercious President or Cashier
is too frequently the case, when application re-
speetfk application, is made for accommodation to
square himself upon the dignity of his position,
and with cold kauter aud colder soul peremptorifv
! reject such applications. Common courtesy and
deceucy and public sentiment should require at
their hands decent denial and if such is not had
to ject them summarily from that place. The bank
has no moral right take upon herself airs because
of such confidence, to press collections and refuse
discounts. # she don't pay her oc, debts she ought
not be suffered to collect Of others. It is her duty
to meet the lberaty Of the people in a similar
| spirit. The paper that she discounts if prudenty
revised by the directory must ever be a Sufficient
| protection to her circulation. Further: II such
policy were pursued on the part of the Legislature
! the bank would be enabled TO extend NOR. liberal
time to her debtors in renewal, as to enable them
dispose Of their crops stock in trade and thus
/ pay up without too great a sacrifice As much as
has been said about the extent of the present crops
no RED citing mind can admit that Il is large enough
20 pay of the Indebtedness OF the country and r.
lieVe the crisis Our specuations aud hopes of ul-
| innate permanent relief must be directed 10 the
! crop Of '5S
II the banks. the public, and the Legislature,
| can accommodate themselves to the suggestions
above iut mated and Il economy aud industry rule
as nov among the people, good crop in 1855, will
once more place Us above the surges aud d,s,ruc-
ton OF the commercial elements, which are now
| dashed into fury aud 10 our humble opinion cou-
| tribute greatly 10 present relief
VOICE FROM TIE COUNTRY.
NIAERHED,