Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-11-06


The public mind now IN the aeonies of an ire
deema6le paper money currency, and with domestic
exchanges ranging from to 90 per cent. more,
upon some parts OF the Union, naturally enough re-
verts to a National Bank and a thousand projects
are put afioat Of all kinds and characters Thirty
one States, with thrty-one kinds of paper-money
making banks, are found TO be no adequate 'regu-
laors" OF the currency, even IN peaceful tim 6, but
in times ike the present, they food the country
with-one knows not what Indeed, 81 State bark
ing systems are very like 81 State governments
without Federal head-that is, in constant COM
petition, conflict, and strain.
But Government National Bank is impossible
and therefore no wise man wiz waste bis time in
working for an impOsSbility. Ii IS Impossible
because the Democratic party is thoroughly, and
heartily committed against 1.-THE party which now
rules the country-and because masses OF old
Wings, Americans, and Republicans have, in the
present generation, been also educated against it,
In the course of twenty years all those classes
may be uReduedted but too late for use IN these
our lives.
And vet National Bank is not an impossibiltyi
that is to say, it is not impossible to have rot
eutdry National Bank, a seifcreated National Bank
which, under the favor of government, might
answer all the purposes of great regulator OF the
currency, and an equalizer of the Domestic Ex-
changes Thus, the Suffolk Bank OF Boston Is self
created which regulates the New England currency;
and there are the Metropolitan and American
Exchange Banks of New York, sef-created, which
pdItlh!iy the New 0Fh, anu al llues pOI-
tons OF the New England currency. Ii is not I'M
possible for large and powerful banks like that OF
the Bank of the Republic, of New York, to exer.
else over the whole Union Influences alike favorable
| to those, which the Boston Bank, and the two
New York Banks exert over that part OF the Union
east of Pennsylvania and Ohio A great New Ork
Bank, land from New York alone can the thing be
| done,) in known alliance with one or two Bauk7,
in every State Of the Union, might organize sys'
tenn of credits, and checks, and transfers, which
would make Louisiana or Texas, or Missouri dol
lar bGHEdbe here as in the capitals OF their res
| pective States. The telegraph and the railroads
have so Joined the capitals of our States together,
| California excepted that they are practically
nearer to each other than was the Bank OF Passa-
mag daddy, (Me.,) to the Suffolk Bank, OF Boston,
/ % years ago,-when the Suffolk Bank was doing
| just what it is now, that is, checking and res
training all the Banks of New England, as to CON-
| pei them to be at par 10 Boston. If the Federal
| Government would receive, in payment OF Govern
ment dues, Bank notes secured by Government
stocks, those notes, of course, would be current
| everywhere; but such is the current OF trade to
| and from New YOrk,-and such ceDtrallZer and
! distributor is New York-a National Bank, such as
| We speak Of can be well organized even without
| Government aid.
A specie currency is a very beautiful theory
| and the nearer come to it the better,-and
IabOring people should seldom have paid to them
aught but gold and silveF,-but 1t Is the exclusive
| currency of dreameTs of barbarians and savages,
/ aud exists only in theorists noodles. Experience
demonstrates its utter mposslbiity, as 1t is in utter
conflict with civilization, trade, commerce, enter
prise, and the ingenuity of man to better his cond
! ton. Nevertheless, the time has come TO do away
! with small Bank notes, and to break down Banks
| with no means, no capital. Only National Bank
system bring all this about. There must be
provided for bread cotton, rice hay, &c, some bet
ter means of buying silks, cOttOns, wOolens, iron,
&C., than the present Bank system or the old sys
tenn will revive just ever, and break down just
ever. Indeed National Bank may break
down but what if it. does break dOwn,-as the
New York State Banks have broken dOwn-inas-
much as when broken down there is Just as much
confidence in New York securities and bills there
was before the break down took place. What we
want in all times, but esp cialiy in times like these
is Bank bill, which is at par in Galveston CTexas
| New Orleans, Jackson (Mss( Jefferson (do),
Springfield (IlD Tuscaloosa (Allbapa( &c. Such
Bank bill is better than gold, for it is portable,
| "securable," as we'll as like gold, ''universal.'
The remedy, we shall be told for all these disor-
ganized exchanges, and this irredeemabe curren-
| cy, Is hard money, gold and silver Now all this
is very pretty paper,-Uerg, -Uery,-but there Is
not tittieth part of enough of gold and silver to
| give you, and me, and Others what want OF
them, and what need, to have enough to eat, and
to clothe ourselves with, and to provide tenements
for our existence and comfort. If we were barbara
ans or savages, there would be plenty of gold and
silver for us a-but we eat more, Clothe ourselves
| better, and have better houses than savages, and
therefore, we need more gold and silver to bay all
these things with. Gold and silver to civilza~
ton what stone and mortar are to its structures-a
foundation and only foundation, to build upon.
If the fountain is too slight the superstructure tot
| tiers and falls What can do in this civilization
is not to build too big house upon too weak a
foundation. That we do do however, now, every
five ten years. and in about every twenty years
we tumble over. A national architect may check,
perhaps stop this tumbling Over,-but, if we do
then tumble over, he can help life US out of the
mud, and perhaps make feel secureF when in
| it, as now. One thing is certain, need Fed
| eral gOvernment,-and specie currency is not
| the currency of commerce, and never be-
| for when specie is the only currency, not only
commerce, but civilization cease to exist.-N. Y.
| Express.