Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-10-07
THE BANKING SYSTEM

There will probably not be more suitable time
than the present. for years to to call the aten-
ton of the people the defects as well as the abuses
of our present system of banking. We may spend
much time and labor as we please in hunting
about for the real cause.-the cause that lies the
bottom of all others-for the financial troubles that
have recently overtaken the country but which it
is to be hoped will pass of, and after all, we
shall find that at the very bottom of all other causes
stands the banking system it prevails or, rat her.
it is tolerated in this country 1t is not with the
men engaged in carrying these institutions that
have our cause of grievance, but with the syItem
itself Independent and apart from the men, who may
be as good as others.
As recently observed by correspondent of the
Cincinnati Enquirer, who appears to underst and
himself and his theme, system rotten at the ORE
can never be made sound the surface for fic ton
ndfailure are inseparable as the Samese tw ms
Banks Of issue are still chartered by the Sta tes.
authorizing swindlers to make currency for the
people, and to drive ali real money out of Giro ula-
ton; if there were ten thousand millions of gol in
our country it would never reach the people bile
there is paper money to supply its place.
1t would be easy to meet the common and ia lIa-
ciOus arguments against specie currency, b. 1t a
useless waste of ink and paper, when the innu ne
rabe failures and panics practiced upon the pc, pe
by the paper money have not been sufci ent
to open their eyes. The great uncertainty of bar ks
the flood Of counterfets, and the constant shaw Eg
East and West all 60 to prove that gold is better to
travel with than pictured trash. For busir .ess
transactions the products of eur country furn ssh
bills Of exchange to vast amount, and the baa zee
can be transmitted in gold, at very small risk or
expense is now done by banks and brokers ev cry
day.
But the objections TO our banking system not
confined to a spurious currency the abuse of ba AK
ing privileges and their frequent failures
rageous evils andthought to be exposed anddeno au
ced ndcondemned All bank charters egranted by
the representatives of the people, under the P lea
of public advantage and convenience; yet the
gers of bank are no sooner in power than tb ey
forget the source of their privileges and the obi oct
of their creation They control the value of our 20
perty and price of food and the whole business of
our country.
When money is plenty, they run in debt; when
money is scarce they turn the screws upon US, and
when the times are tight they make them tighter,
never furnishing aid when most wanted. Mills re
erected for grinding grain, bat banks used or
grinding the people. Small favors are sometim es
granted useful and industrious citizens but over
whelming facilities to gambling spectators While
the honest and industrious have hard work 10
live mOnopOlss assisted in raising the pric Is
of provisions, fuel and rents When crash occurs
they the system, but return TO their delI
sion, and the foundation for another crash.
We always have a set of sharks ready to seize
upon the credulity of the people, and wheedle Them
or their representatives into system of banking.
or our fathers who framed our National Constitu-
ton were wise enough to know that paper curren-
cy could never be made sound substitute for
money, and therefore instituted a clause forbiddng
the States TO issue bills of credit Every paper
dollar issued by State authority, is unconstitu-
tiOnal dollar and every legislator who votes for
paper money violates his oath to support the Con-
ssitution Of the United States.