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

Nun now, II ne Aau To-Day, Dank notes, ne Woult
effect the same purpose with banks But l choose
to reply, By saying that freight is very little more
than exchange, either in cost risk, and that ex
change can be had, and would be, without the agen
ey OF banks Of issue, upon much more safe aIC
secure basis than now obtain it. To change
credits, or effect exchange, between two points, il
an easy matter ii you nave the gold to start with
But admitting the argument Of convenience, let us
see what it is the people pay for it. have, Mr..
Chairman, calculation, TO which l ask the atten-
ton OF any friend Of these banks Of issue. Look
and see what it is the people Of the United States
pay annually for this convenience of paper money,
viz:
Average non-return and lost notes, 100000
Salaries, 5.GOO,OOO
Increase rate of interest, 10000 600
Forged paper, 1000 000 O
Depreciation and failures, 30,0OO,000
S55.OOO,0OO
This foots up the round sum of ffty-fve millions
year. which the people of the United States pay
for the convenience OF a paper currency, as much
is required Tor the support of the Federal Gov
ernment. Is it possible, MIR. Chairman, that the
people of the UniIed States be much longer held
tributary to such system?
Let US come, Mr.. Chairman, to the State of Ten
nessee. What have our own people lost by our
banking system? beg any friend of our banking
system make the figures to the end that peO-
pie may see the result. We have lost
BY the Bank Of East Tennessee, 100000
| d" Central Bank 100000
| Agricultural Bank, goo
Farmers Merchants Bank, SOC, 900
| Average on Free Bank circulation, 100000
| Average OcOee, LaWreneebnrg, and
SheIbyvllle Banks, 100000
Average on other Banks, 100000
Appro1imatlDg the large sum Of near two millions
of dollars.
Butwe do not stop here, there is an actual palpa-
BILE loss beyond this, which comes home to every
Senator and the constituents OF every Senator upon
this fOor that is upon the depreciation Of property
since the first Of October. Look to the actual loss
upon cotton, wheat, pork and all that we produce
for the markets Of world. Putting all this to-
gether, sir, you will find that the people Of Tennes-
see have suffered loss Of between thirty and fifty
millions Of dollars within the last FIVE years. Sir,
will youge home and tell the laboring men Of Ten
nessee, whom you and 1 represent, that you have
taken from he produce Of his hands, the results of
the use Of his muscles and taken from him this i'm
meuse sum Of values, and devoted it as a sacrifice
upon the altar Of mammOn, to aPpease the mon
sJrOus appetite for gain? Win you tell the laboring
man that you have dsne al this for convenience?
But there is yet another item. lis the loss on
the people Of the United States. 1t is said in the
last report Of the Secretary OF the Treasury of the
United States, that The circulating medium Of the
United States amounts to $500, 900. Taking
this basis for calculation, let US see how much
banking system since the first of October. Taking
the single article Of cotton we find that upon this
article alone the people Of the United States have
lost within the last sixty days $4,000 900; thus
within the last two months political economists say
we have los. over $780, OOO,OOO and all this is to
be set down against the argument for the c0nve-
rience Of the paper circulating medium. But upon
whom does this loss fail Does it fall upon the
banker or the broker? Do they lose 1t, Mr.. Chair
man! viii gentlemen say the loss falls upon them
No man will say il. No man can say it. 1t is the
people, the honest unsupectlng masses Of our coun-
trymen. Their losses on account of the banks come
in divers ways. From forced sales of property;
from increased rates Of Interest," from depreciation
III The price of produce from deprecated paper
and all this comes upon them periodically. 1t is
the man who delYes your mines and cutlvates your
soils, who works in your shOps-t is the uniformed
poor OF your fellow citizens, who need your proec-
ton from these revulsions. The rich are able to
take care Of themselves 1t is business here to
provide roof that may protect the honest, Unsus
pectlng man against the coming storm. But alas |
for the honest, non-readng man, where are his |
friends? Who will be his advocate? Is he to come |
here and ask in vain to be shielded from the evils of
our banking system? He asks you, sir-not that |
you should cut off the head TO make the body well, |
but that GU should preserve him from future loss
that you should protect his labor and secure to him
its just reward
1t is impossible Mr.. Chairman, for any to
cSIIiLdle me lOSS6b winch the people OF tennessee
and OF the United States, have sustained in oonse
4uence Of this present revulsion in the money mar
Aet. Figures cannot present that loss. Nor can
money ever fully npensate for it. We cannot
be made whole again. That is impossible. 1t has
produced defalcauons financial and moral, individ-
Iai State and national, that beyond all remedy.
But yet the future is before for action, and
We may take such measures will ultimately lead
IS TO currency Of uniform value, without doing
present injury. But l am met with the objection
hat we cannot go to hard money currency, for the
eason that there is not enough gold to su ply the
demands Of commerce Mr.. Chairman, this is a
alacy, a mistaken hOtion. 1t is estimated by po-
ltlcal economists that the gold and silver OF the
World Is So OOO UOO 000 Of which s. 800 O0O 600 is
sed as money. Again, that in the United States
here IS in The Banks, and in the hands of the peo
lie, over $500 900 000
Upon this estimate we are told that there is not
ard money enough! Make it your circulating me-
ium, compel the banks 10 disgOrge their Idle
old, Danish paper and let the people feel that their
urrency represents value thus bringing the hoard
gold into circulation, and you will md that you
ave an active circulation OF gold and silver, even
eyond your present circulating medium. :
MIR. Chairman, the Secretary Of the Treasury, in !
S56, reports the baak circulation at $685. 00O 900.
is now reduced to about two hundred millions
Ut take it that the de nauded by the trade and
ommerce OF our people is three hundred and fifty =
ght millions, this is ABOUT the amount sine. this 4
70 liberal estimate In l847, there was estimated .
be Of gold and silver IL the country about --
- dollars since the acquisition Of California d
e have produced Of gold as officially shown, over
We hundred millions dollars. assert, Mr.. Chair >
an as trulsm, that no man is going to sell that n
hieh his own wants demands. Ii produce five y
lndred bushels Of wheat and require two hundred /
r my own use, will not deprive myself of that I"
hich l need. Then, Mr.. Chairman, do you sup %
Use the people Of the United States would be SO y
olish part with the gold that their wants re- 81
Iirel Your bank paper mas compelled them, how 81
er, to do SO, and but for this you would have "
Id than your trade and commerce actually de "a
ands; and but for these paper issues instead Of re
t people being in debt the balance would have
en- in their favor submit, then, that you have pi
ID within the last ten years, more than enough pi
Id to have supplied the demands Of trade bd
l am asked, however, Mr.. Chairman in returning o'
gold and silver, If do not attack the credit sys- 50
n 1 answer emphaticaly, no propose to up oI
Id and sustain i'll propose that when a man Dor
VS. Of one of these institutions, that he shall Dor
", not credits, not mere promises to pay, but III
where he gives his note, or mortgages bv
property, that he shall receive value for his note t1
property. In other words, an ViLling that banks
deposit, exchange and discount shall ezist re-
Mr. Chairman, have the people ever reflected upon rel
powers OF these corporations? IT'S truly said fol
It wealth is power, and how is the wealth, and by
ON is the wealth Of Tennessee represented? To- his
not more than two hundred citizens Of our State, 10
eorpCrated into these institutions that are author r.
TO furnish the circulating medium of the State, of
the labor capital property of 6a
low ciuzens) hold by virtue Of their extraordinary 49,
nchises In absolute subsection, all their vital in
ests Your property, your trade, your industry fer
lr labor, every thing that you hope for, is mort
yed, 1t we're, to less than two hundred of your 49,
ow men! They have you by the throat They esq
tate terms to yOu, day after day. They fix the Of