Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-11-02

MONDAY. NOVEMBER 2, 1857.
The Legi.Ialure and dc IsanI.s e Ten-


The Legi.Iature ana the Ranks Of Ten-
nessee.
In the proportion which a circulating
medium bears to the interests of the trade
of the community are the anxieties of the
people in respect to their currency. The
day of barter has gone by, and the inven-
ton of man has erected a sign and mea-
sure of value which has taken its place.
That sign and measure is money, so called
That money is specie or paper-both of
which have been used, and both have their
friends, their advocates and champions
| The circumstances which now surround us,
4 it is argued, are such as to recommend or
force a change of some sort, in this repre-
I sentative of value, and the manner of its
production, issue and circulation. This is
a matter which lies mainly in the discretion
of our State Legislature, and hence the
attention of the community is inquiringly
, directed to our present General Assembly,
as to what will be its propable course upon
! this subject Our information does not
warrant us in predicting what this is like
| ly to be. AS is we'll known, the present
Legislature of Tennessee is largely demo-
cratic, and that party has it in its power
to dictate any sort of terms in respect to
thr currency, at least of the State. If we
were to judge by the usual professions of
that party, we should have no hesitation in
predicting that it would reduce the circula
ton, at the earliest practicable day, to
specie and nothing else but specie. But it
is not the custom of that party to shape
its practices by its professions, and hence,
we are entirely at a loss as to what will be
its probable action in the premises. The
Governors message faVors the total aboli-
ton of Banks in this State, and a resort to
gold and silver. We, however, do not be-
leve that the party headed by that func-
tionary, possesses the nerve to carry out
his suggestions Some discrepancy of opin-
ion on this subject, has already manifested
itself among his party friends of the Leg
islature-some going for an out and out
metallic currency-some going for an in
crease of the minimum denomination of
bank bills to twenty dOIlars-some going for
legalzing the present bank suspensions I'M
til the first of April next, and winding up
all banks that have not resumed specie
payments at that date-and some for an
immediate winding up of the Bank of the
State, without any particular reference to
other banks It will take some time to
| lick all these uncongenial projects or ideas
into shape to command unanimous party
action, and we repeat our inability to pre-
dict, with any degree of certainty, what
will be the final result.
Amy suggestions that we might make
either upon banking in the abstract, or
with reference to present emergencies
would not affect the action of the democ-
racy, and would be out of place under our
present caption. We can say, neverthe-
| less, that our opponents now have a fair
opportunity of displaying their statesman
ship on this great subject, and have the
power to inaugurate or pursue any line OF
policy, which may to them seem best for
the general interests of the people or for
their own interests. We expect them now
to so act as that they shall be willing to be
judged hereafter They have established
Subtreasury for the General Government,
and still panics and commissions have over
swept the country, contrary to their whilom
promises and expectations. Let them now
show their skill in adapting the currency to
State economy. 1t has been favorite idea
with some of them to wind up the State
Bank, as the first step towards sound
currency and healthy commerce, we now
say let them do that, if they are sincere
and morally courageous. If they desire it
let them wipe out the whole system of
banks, and reduce, if they can, the circu-
lating medium of the State to metal, at
once. They, unquestionably have the pow
er to engraft their policy upon the affairs
of the State, and their constituency look
to them to do it. They have the whole
session to mature their ideas and plans; if
they do it and do it badly, let them bear
the responsibility of the misdeed-if they
do it well, let them have the credit-and
if they fail to do it let them bear the brand
of moral cowardice.
Practical Remedy.
E-s-lg TT