Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-03

4
pass any law, granting 70 any individual or ndivsG-
uas, rights, privileges imrauniiies OF exemptions,
other than such as may be by the same law exten-
ded to every member Of thee Immunity, who may be
able to bring himself within the provisions Of such
i law" Now, sir, if bank charters are for the public
good and the Legislature therefore, has the power
to grant such charters Of Incorporation the privi-
lege of accepting these charters should according
TO the secton) be extended TO any individual
who can may bring himself within the provisions
Of such charters. This is q plain construction.
What ask would be theresult if the power to grant
bauk charters is derived from this clause? There
is not county in the State but what would have its
half dozen OF dozen sWtRdlag shops or banks. Such
q thing could not have been designed by the wise
men who framed our Constitution. They never de-
signed TO entail such curse upon the energy of
| free and happy people. They never intended to
leave such blight spot on the records Of the proud
snd chvalrOus State Of Tennessee. 1t is clear Mr..
Speaker that the power TO grant charters of ncor-
poraon for the public good, only extends to itera-
ry, charitable aud religious institutions the accep
lance Of which, by every individual in the State,
would have wrought no injury to the people. This
clause OF the Constitution not intended to EN-
brace bank charters 1t viii certainly not be argu
ed that bank charters should be granted upon the
hypothesis that they for the public good. The
paper lin the Stale Of Tennessee alone) of broken
banks is not less than S5,000000 within the last
twenty years. This loss has fallen almost entirely
on that class least able TO bear it. The wary spec
ulator is always on the look out Il takes a smart
bank to catch him. But the, humble laborer, who
makes his living by the ''sEeat Of his brow" fall
victim. He knows his loss till he is told that
his hard earnings are as worthless much paper
smeared over with lamp-black.
Why, sir, the present suspension of the banks has
struck down the price of produce 100000 in this
| State alone. Upon whom does this loss fall? On
the banks? No. Upon the merchant? No. Il ali
ZONES out Of the pocket OF the producer. Nor sir,
is it he first the these financial Jurgurnauts
| have rolled over the industry of the country. We
| had the same thing in 1914, 1925, and 1887. They
return regularly the tides o. the ocean. Thou
sands who had but barely starred up the hill Of pros
perty have 0eeG thrown back, headlong into oOver-
| ty Hundreds who were in COED circumstances
yesterday beggars to-day. But Whatever heeces
the poor, makes the banker Urn and ;omfOri aole
that which turns the poor man out TO the chilly
blasts of winter, shelters the banker behind marble
III -, as long Wehaye banks to expand
and contract the currency To what other cause can
this crash be attributed For years past the pro-
duets of the soil have been abundant-industry has
been amply rewarded in every department OF labor
yet IN the midst of unparalleled prosperity are
| struck down. The banks have flooded the country
with paper, thus driving out the gold and silver,
md now they are dying for the want of it. Thy
have made n)rmous profits on their circulation, and
now refuse redeem il. 1t is hawked and pedded
for it, at discount of 30 to 40 per cent, and that
too while they boast that they able to pay every
dollar they think, sir, it is presuming upon
the honesty and integrity of this Legislature, to
come up here and ask to leg ,lize their swinding
What good can come from it, sir? If circulation
partially convertible has run the gold out of the
State, what would circulation do towards bring
ing it back which is totally uncomfortable 1t
would but augment the distress when the day of re-
sumption did come. The banks in the meantime
would get deeper hold upon the country. They
would grow more powerful, and in the end dictate
the policy of the State or crush the people. l hope
his honorable body will seOrn the request. They
should be treated they deserve, and be told to go
and do what they say they are able do-pay their
honest debts. Citizens in the humble walks of life,
made to pay their debts, their property goes
10 the block. Why should these banks be allowed
to defy the law, and ask to be excused. The means
much within their power now, as may be
expected to be. In New Orleans gold is drug in
the market. In New York 1t is selling at one halt
per cent. Why don't the banks supply themselves?
Sir they never will do it until necessity compels
them. As long as they are permitted to discount
notes and bills, TO declare dividends, and are not
responsible for the redemption of their paper they
will never resume The crops of he country are
now going to market They are the great source of
exchange. The banks getting the exchange
They are selling it at enormous prices They should
be forced to bring portion of this gold home, to
gay their debts andrestore % the currency the metal
which they have driven out But, sir, we are told if
force the banks to pay their debts that they will
force the Debtors and that will bring property to
the block In this way they seek to defy the law,
to defy this body, and defy the people. They hold
in IN terTorem heads; 1t is just cause for
alarm TO the true pair OF it is full of porentious
evil to the liberties of the people, to built up in
our midst power, VIII ch ike mighty MalestrOm
is sweeping in its terrific whirl the laws the labor
md he IF Z he hO he
banks are about as able to pay up now they will
be, unless property could be restored to the same
inflated prices, it was previous to the suspension.
Those who contracted debts when we had So 000 900
circulation based upon 81 100000 SPECIE will have
make the sacrifice Il is beyond the power of this
Legislature to prevent it. 1t is the price which fol-
ly and speculation demand. They have been lured
away by easy banking facilities, and must pay
the pound Of flesh which banks demand. A strange
lntGtuatiOn seems to overhsng the people They
take TO their bOsoms and warm into life the serpent
which is to sting them to death The time has come,
Mr. Speaker, when, if Americans would be more
happy and free, they should throw off these tumors
from the body polite, and learn lessons from the
teachings of Jefferson, Jackson Calhoun and Polk.
The commerce CT the country sh Ould no longer De
subject to these bank spasms. Industry should no
longer be distorted by bank expansions and con-
fractions But sir, told that the commerce of
the country cannot be carried on without banks of
circulation
This sounds strange in this enlightened day The
distance between the United States and Europe is
about three thousand miles. The commerce between
us amounts to near $3.50 600 O00 and not one sin
gle paper dollar is used TO carry it on specieis the
basis Of the whole transaction. The entire trade
between the Northern and Southern States is about
SlOOOOO,OO0, and not one single bank paper dollar
is used Checks and drafts being nothing more than
orders to pay. Gold and silver is the basis of the
whole trans action The produce of the State of
Tam lie out &c n, o,l
for inter-trade among Us, about So 600, 900. The
banks say they have 100000 locked up. Here
We have almost a supply equal to the demand, and
that too, while S6,00OO 900 OF paper is forcing it
from among Hunts Magazine states that
S4O0 0OO 600 of gold will answer ali the purposes of
commerce for the United States. Sir if we had been
without dollar of gold in l848 the products of the
mines Of California would more than have supplied
Us with this amount, within the last eight years.
The gold from that source alone amounts to $780,
900 600 since 1913. The products of Australia have
been nearly as much. What has become of it
Where has it gone Our paper credit system has
supplanted it. 1t may be found in the regions of
the Crimes, India and China. 1t may be found on
the tables of bank-ords in the form Of plate mas
sive pitchers and goblets 1t may be found in fine
watches and jewelry. Thousands of dollars
ment the carriages which roll along the streets of
this city, and the iron railing around the yards
of some residences are tipped off with silver. Thus
II has been debased and secuted from circulation.
Il has been driven from its natural Office cUrren-
cy, by paper substitutes. 1t has been appropriated
to the eradication of vicious taste. And a con
sequence, labor has become degrading, the morals
Of the country sunk, all of which is the legitimate
work Of false currency. Mr.. Speaker, the first
great condition of life is labor. This grows out of
the condition we sustain TO the earth. by the
sweat Of the brow We live" if we live right. The
who produces out of the earth and Thereby adds
20 its wealth. lives after the true design of his
ton. But banks create nothing. They add moth
ing TO capital Therefore their vast accumulatiOns
Of wealth comes by absorbing and taking advantage
Of the labor around them. The people of the United
States owed to banks the LIST of last January
100000, 600 of dollars. What enormous wealth
does our 400 banks draw from the people by inter
est. None Of this returns 10 be invested in the pro-
duction of more wealth, but finds its way TO large
cities in search of victims. In this way the South,
the chiyarous the agricultural South has been bank
ridden. She is TO DAY the slave of the North The
profits her capital finds its way through banks to
the great commercial emporium of the North. By
her exports she pays the tariff and her surplus goes
to beautify and strengthen the Northern States
We cannot move in any great enterprise without
consulting her, our merchandise is furnished