Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-30

REMARKS CT Mr.. TRAVIS.
In the Senate Of Tennessss, December H. 1857, the
question being upon the adoption Of mr. Dauis resO-
IutiOn eondsmniug he late ssspsnsion By the Bank
of Tennessee.
Mr. TRAVIS said:
Mr.. Speaker, hope the Senate viii pass the res
olution now uader consideration, and, although /
had not intended to have entered into this discus
sion, when it commenced, am induced te do so, af
ter listening to the extraordinary remarks Of the
Senator from Giles, (Mr. Brown and other Sena-
tors who have addressed the Senate in justification
of the suspension of specie payments by the banks
Of this State. And what the reasons set forth
| by these gentlemen, in justification Of the banks,
for refusing to pay to the people Of Tennessee, the
just and honest debts contracted with them by these
| banks? Sir, they tell US. that the New York and
| and the New Orleans banks have suspended specie
| payment, and therefore, our banks must suspend
and refuse pay their debts else all the gold and
silver in their vaults, will be drawn out and there
FORE they say that banks were right to suspend
and refuse to pay their debts. Now sir, suppose
| we examine this position for q few moments and
| see if 1t will stand the test of reason. The New
| York banks have suspended. Well, sir, admit it.
What have the New York banks to do with the banks
| Of this State7 Are we to be made subservient to
the whims and eaprices of bankers and brokers of
| Wall street, New York; Are our banks to disre-
gard their charters and the Legislature of Tennes-
| see, and bow submissvely TO the commands of the
mOnied arstoeracy and power of New York! Sir,
if this is TO be the case it is time the people of Ten
nessee should know into whose hands they have
been placed by their Legislature. 1t is time sir,
that they should know that the banks of this State,
! acknowledge the right Of the banks Of New York
to dictate TO them, whether or not, they will pay
their honest debts contracted with the people. Sir,
these arguments all founded in error; they are
based upon the conclusion. that because the banks
| of Ne Wpr ed % he nj ia
STATE aud refused 10 pay, therefore, the banks of
this State must fuse pay their notes 10 the hands
of the people This viii not do sir, either in law
or moral What is the nature Of the obligations ex-
listing between debtor and creditor? Does not eve
ry Senator this floor acknowledge the fact, that
| waOeVer promises TO pay money demand, not on
! IL becomes legally bound, but is also bound in
morals and hon or do so and such persons Q
released from such an obligation, simply because
some other person has refused TO perform similar
obligation? l think not
| MIR Speaker, the people have the honor to rep
resent, are not only highly intelligent, but an
honest people; and, sir, when OF them is in
debted TO his neighbor, aHd misfortune Overtakes
him, he goes to his neighbor, and pays him all the
money he has, and tells him of his misfortunes and
asks to be INDUCED. His neighbOr indulges him,
and never looses confidence in him honest
man But, sir, suppose instead of doing this, he
were to go to his neghbor, and tell him that he had
half the money he owed him in his pocket in gold,
but that he would not pay him cent; because he
could take this money and speculate, and shave with
it, and make than he could by paying his debt.
What would be the opinion entertained Of such a
man? Sir, he would be denounced dishonest
swindler, and the denunciation would be right.
But the gentlemen say: What has this to do with
cur banks? Sir, it has this TO do with them, thaC
they are justly indebted TO the people who hold
their notes, and these notes they have promised to
pay on demand, in specie; and when the demand
is made they have shut their doors in the face OF
their creditors; refused to pay them dollar, while
they make long reports to the Legislature, showing
that they have, in their vaults, hundreds Of thou
sands and millions of dollars in gold and silver and
contend that they solvent, and able to pay all
their debts and yet they refuse to do And gen
tlemen stand On this AOOr and justify this proceed
ing and refuse to say that the banks have done
wrong. Now, sir wish it to be distinctly under
STOOD, that give my sanction to any such
| D oceeding, and fe i it to be my duty, represent
ing an honest Intelligent and patriotic constituency,
to denounce the suspension of specie payments by
our banks as a fraud and dishonest sWindng the
people out of the hard earning of their labor. 1t
IS fraudulent tax, levied upon the produce, the la
Dor, and the industry of the people.
Mr. Speaker. Why do I make this declaration ?
Go with me- sir and view the condition OF the coun-
Try few days before this suspension took place.
We find abundant crop rewarding the farmer and
planter for his toll we find all branches of labor
Literally rewarded In fact sir the country was
| ".
this pros pery the banks have been drawing in their
circulation silently and unperceived by the people.
until money becomes scarce, and all they close
their Doors and refuse to let the gold and silver,
which they had accumulated in their vaults flow out
and circulate among the peOple to whom it justly
belonged. And what was the effect? Sir, the first
effect TO depreciae the value of their bank pa
per- fifteen twenty per cent. This sir, clear,
loss to the eholder, to the extent of fifteen or
twenty dollars on the hundred, and of course, a
gain to the bank TO the same amount as it enabled
them to buy up by agents, SC, their paper at fifteen
twenty dollars IN The hundred less than it called
for its face In the second place. it increased the
market price gold and silver the same rate,
md thus enabled them to sell their specie at ten or
fifteen dollars premium, OF ship it to New York, and
draw bills of Exchange, and sell them for the same
premium Thirdly, it reduced the price of produce
at least fifty per cent, and thereby levied heavy
burthen of taxation the labor and industry of the
country. Thus it is, that the lsboring is made
to pay treble 10 enrich few bankers who fatten and
thrive the labor and ruin Of the poor These are
the effects that follow in the train If bank suspen
sions; and bank suspensions will surely happen
periodically in all countries that attempt to supply
the place of Id and silver a standard of value,
with paper money circulating medium. These
revulsoBs carrying along with them bankruptcy,
ruin, and distress among the people, have been a
part OF our history since we adopted The bank
ing system, and will continue periodically to occur
ndicting ruin and distress upon people, for all
time to come, unless the Legislature take steps
to rid the country of their blghtiDg influence.
| Mr.. Speaker, l am for a specie currency. l am
| decidedly q hard money man. l want the Govern
| ment TO perform her duty to the people, by giving
them a currency that is uniform in value, and not
subject to fucluate and change its value when ad-
| versIty overtakes | want to place in the hands
of The industrious and hardW orkiug people of our
country, currency that they rely upon. l
| wish to take them out of the hands of cruel and
| hauk nrS d0iva ham gold andS ilv
| the reward of their labor. | want them no longer
subject to the speculative, avGrce and fraudulent
| exactiOns of those prncey bankers, who daily roll
in luxury and pleasure, and who have feelings In
common with the masses of the people. l want to
cut off this bank aristocTaey from their exclusive
privileges and vested rights that they boast much
about, and place them on equal footing with the
| rest of the people.
But sir, it has been said by some of the news
papers Of our day, that the advocacy Of q specie
| currency is only suited to barbarous or savage
life. Now, sir, assert that the above declaration
| is falaey founded in error, and only showing a
narrow and contracted mind. To prove this, it is
only necessary to examine the haunts of man in
savage and civilized condition. What the wants
| of a savage, and what does his condition requireg
| they may all be summed up under the head of Buff
falow meat for food and the hide of the animal
| for clothing. Now, sir, what sort of currency is
| suited to his condition.. l would say, that
a paper currency, something like it, that would
not circulate beyond the tribe which issued it, for
the reason that they have no trade traffic TO
carry that would make it ,essary TO circulate
| il beyond their own tribe. But let examine
man in high state of civilization. His wants
| innumersbe. His clothing are pur chased from the
| looms of England, his wine and brand from France,
his coffee and cigars from Cuba, his spices and tea
from China or India In fact his wants demand
| free intercourse with all the world. Now, sir,
what sort of currency does his condition require?
| say, specie currency. Why? Because this is
the only currency known to that is universal in
its circulation, and equally acknowledged in all the
nations upon the globe; and therefore, it is the only
currency suited to high state of civilization
and enlightenment.
! Now, sir, how stands the question? 1t is thus,
| that the who advocates paper currency is
much nearer the condition of a savage than be who