Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1857-10-15

viii be scarcely felt by the commune
ty.
The past season has been more
favorable TO the great interests ofthe
State than for many years, and the
surplus products will enable the deb
tors Of the bank to meet the demands
against them without serious embar-
rassment, if Reasonable time be al
lowed fer that purpose.
by closing tho concerns Of the
bank. an end will be made of the
competition for making money be-
tween the State and its own citizens,
and especially with those corporations
in wbiehit has SO large an interest:
such contests always result 10 the loss
OF money, as well as credit to the
State; and the exciting contests for
the control Of its capital which is
witnessed almost every general elec-
ton. will be avoided
This report of the President and
Directors, Of itself, seems almost
conclusive upon the subject, well
nigh supersedirg the propriety Of
offering any thing more in addition
to what they have said. The neces-
ity aud expediency Of longer con-
timing the Bank as a fiscal agent
for the Treasury, or as a convenience
for the people in their monetary at
fairs would seem, after reading the
able report made by the President
and Directors of the Bank, an utter
iabsurity; and il should be dispensed
with, and thereby all connection be-
tween the State and Banks be dis.
solved. 20 carry on the business Of
Banking is not one ofthe objects for
which the State was created, no
more then it was to go into the pur-
suits Of Agriculture or Mechanics
1t was not designed by those WHO
framed the. Constitution Of the State
or Of the United States, that the States
should become either Bankers, OF
Brokers, or Money Changers in any
sense Of the term, or to make
any thing tender IN payment
of debts except gold and sill
Yer. This is The currency intended
by the trainers ofthe Constitution Of
the United States and of the States,
for the people. 1t may be assumed
that this great principle has never
been violated, so rs to come in con-
flict witt the letter Of the organic
law Of the land, but it bias been viola
ted in spirit and practice since the
creation ofthe first Bank in the State,
and the people have been made the
sufferers in the end. by every such {, To-
lation of this fundamental principle
Of currency.
Within the last four years. not to
90 further back in the history of
Banking in Tennessee, ten or twelve
Of the Banks of the State have sus-
pended specie payment. The fail
ure of these Banks will result in the
loss Of millions to the people, who
had exchanged their produce for The
worthless circulation. TIE time has
arrived when the legislation of the
country should be brought to bear
upon all thse spurious schemes and
plans of or iginatipg what is COM
monty called money, mere paper
circulation, which passes for curren'
Icy one day and on the next be-
comes salueless, in the hands ofsome
( innocent holder, who has exchanged
the product of his field, or shop, or
days labor, for tie worthless trash.
To the extent that legislation can be
made to bear upon currency it should
be in making the circulating meGi-
um uniform in quantity and value,
and thereby give all the business
Transactions Of the country uniform
iity and stability, and should studi-
ously avoid all legislation which will
expand or contract the circulating
medium, or diminish it. in value.
As between the Banks which have
been incorporated in this State, the
Bank of Tennessee is believed to be
in as sound and healthy condition
as any other Bank in the State, if
not more so, and upon an exhibit Of
the business transa ctions ofthe Bank
since it has been under the control of
the present able, efficient and hon.
est Directory and President, it will
be shown hat the Bank has realized
greater profits, mace fewer bad debts,
and have given more general salts
faction to the public than in any
other period Of four years since its
incorporation. 1t is believed. how