Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-17

contracts with the government for the supply Of
stores aud provisions; but more particularly By
government loans in some Of which, the profits were
30 great, thnt the gains might be, almost lit
orally, said to be capable Of aording the means for
the next Que" "Ali who dealt in money, capitalists,
bankers, stockholders, and speculalor5 Of every
kind, and all merchants, manufacturers and traders
we're put IN position in which profit and wealth
flowed in upon them" s.While every thing else adj
vanced nominally in price, in order to keep pace
with the falling value Of the ineonvertible paper
money, which was now being poured forth all over
the kingdom, the wages Of labor Jagged behind and
the temptation to rob the poor was increasing {"
aFor as the paper money swelled in amount the
prices an rates ofevery thing grew aud apace
while the receivers Of wages, the aborers both az
ricutural and cOmmereia we're gradually depressed,
the rates Of wages generally, Lot keeping pace with
the advance in prices" money was drawn up into
great masses in the possession Of saving persons,
while the lzborers we're turned the protection
of the poor-laws." sIt is certain, that up to the
time Of the accession Of George Ill, in 1760, many
of the rural population owned their cottages and
gardens. After that time, the increasing difficulty
of living caused them rapidly TO disappear. The
cottage Of the grandfather was sometimes sold TO
provide maintenance for the paUper grand children
And at the end OF the war in 1910, little Of this
property Of the industrious poor was left" During
the time that enormous fortunes being realized
by the trading classes 'those who do the labor Of
the country were gradually and silently being strip
ped Of all hold upon soil, which, it not for
them, would be worthless"
1t is during these periods of suspensions, that
those who have capital take advantage of the neces
sites of the poor. In this connection might appeal
to the experience Of men, who Witnesses OF the
suspensions of 1879, and ask if what have read
does not accord with their recollection Of the con-
ditisn Of things! Sir, shall we 60 on, permitting
these suspensions to an indefinite extent, and per
NIT banks to declare dividends and exact interests
from their creditors, whilst they refuse to pay l
propose early day of resumption and in so doing
that we shall impose restrictions so as to protect
the people in the future. Not TO fix an early day Of
resumption, would be to permit aud authorize an
increase of bank issues without limit-a proceeding
that would result in irretrevable bankruptcy 1t IS
the part Of sheer folly, well in bank as in an
individual to attempt to escape from peeuniary in
Movements by increasing the debts Of the party.
Sir, have seen labOred newspaper articles emana-
ting from the town Of my friend trom Shelby urging
the postponement Of resumption beyond the next
crop. The future, sir, with its crop, has its
responsibilities, and l would ask my friend if he
represents that idea, what would you do, if you
should chance to fail to make your next crop
Would you ask the creditors of the banks to wait
little longer. No, sir, we must from our present
resources make eur settlements, and the balance
found against US alone, afford to pay interest
for the future. The whole debt, drawing interest
whilst our resources locked up are being wasted,
involves in hopeless loss. Since the same causes
which produced suspensions, must exist upon re-
sumption of specie paymenis-hat is TO say, if you
are in debt to the banks and your Indebtedness to
them, coupled with your inability to pay, has /
brought about their suspension, then unless you |
pay, the bank cannot resume. and if the back ex-
pands, It's only by your exchange of credits, and /
submit, that you are attempting escape indebted
ness, by increasing it, and that you in a worse
position than when you started Upon this propo- /
sition l confidently appeal to the history Of bank
suspensions throughout the civilized world; it is
especially confirmed by the events Of 1897, and
1923.
MIR Chairman, you are an older man than 1; and
you can remember, that in 1889, when the Bank OF
Tennessee suspended, the Legislature failed to DO
anything. and you went on Increasing your dis
counts, and extending what you called accommoda-
ions; and now l ask you, whether, in 1872 and 1
1913, when the people came to pay their debts TO
he banks, they were not worse off than any other
State in the Union! Need l tell gentlemen that
n those times hundred dollar wagon sold for fl
zen, and what would pass now for three hundred i
iOllar horse, sold tnen for forty dollars ask gen.
lemen If they are going to-day 10 inaugurate
course Of bank policy which shall induce a repet-
ion Of the experiences OF 1928! Sir, We aust
ook to our resources. We must employ the means
We have and work out our own salvation We must
rave resumption al the earliest possible day. 1t
sinly should not be deferred beyond September Of
lext year.
But we are told that we must not be too rash
hat if we urge resumption too soon, shall sacri-
ice the interest of the people, and especially
we attempt to impose wholesome restrictions upon
hem. Well, sir, ask attention to the condition Of
banking in another country. The Bank OF England
the greatest money power in the weird, until since
IS recent suspension, not authorized to issue
Jingle pound note, which was not represented by
public securities, or by gold sovereign IN her VAULTS
md here, We free, enlightened people, as We call
ourselves, authorize our banks issue their ten,
fifteen, twenty, and sometimes thousand to one
Ne authorize and 1t brings the labor aud muscle
the bone and sinew of the country under the yoke
the banks it is this day it reduces the great
mass of felloFctizens the condition Of abject
eryiity and slavery to the two hundred bankers OF
ur State How is it possible for Senators to so far
orget themselves and their position 10 the great
interests of the State to legisate for the benefit
f the banks opposed to the interests Of the
eople.
Mr. Chairman, propose this bill in lieu Of the
'ank Committees bill, By which l intend to throw
uitabe guards around the Bank Of Tennessee, and
educe all our bank note circulation to a reliable
peeie basis.
TO BE CONTINUED.