Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-08

their corporate privileges is that they shall keep
themselves at all times in condition to meet their
liabilities When q suspension of specie payments
takes place by banks their circulation Immediately
depreciaes il value, and the loss falls not the
banks. but the people, The labor of the country
bears the loss, whilst the banks during period Of
suspension, are often doing their most profitable
business II was hoped that the Bank of Tennessee,
of whose ability pay specie doubt is entertained
would continue to do She did pay for a day
after the Union and Planters Banks had suspended;
but / regret to say, finally yielded to the panic
around her and stopped not from inability to pay,
but a measure of prudence. Her course is much
TO be regretted and an early resumption is, in my
judgment, demanded by the interests of the State.
In his second Message he ssys:
During periods of suspensions banks owned by in
dvdual stockholders, tempted by desire to enlarge
their profits often unduly extend their business and
generally at the expense of the community in which
they exist There is sound principle of ethics or
of public policy which should exempt banks from
the moral and legal obligations which rest upon in
vduals to pay their debts They are generally COM
posed of wealthy capitalists who have thrown their
joint funds together and under Legislative charter
ofincorporaOn, engaged in the business of banking
with a view to make profit. They usually in
vested with exclusive rights and privileges which
are withheld from the balance of the community;
and in consideration of these they contract certain
duties and obligations 10 the public which they
should be required strictly to perform.
These quotations are sufficient TO show the posi-
ton of eur party at that tune, advocated by Mr..
Polk, and endorsed by the Democratic members of
the Legislature, very large majority If them.
If Senators will look into their Democratic papers
during the canvass of 1871, between Polk and
Jones' they will there find that of the strongest
points made by Mr.. Polk was, that Mr.. Jones, when
he was in the Legislature had voted to egaliZe the
suspension Of our banks, and interrogstories we're
propounded 10 James C. Jones this subject during
- -
he had or had not given such unjust vote.
Democratic Senators, shall we to-day contradict
this record {? Shall we, by solemn votes in this
chamber, proceed to legaze suspenson?-or as
would say, legaze fraud, if l were not afraid of
wouuding the feelings Of some. So far as l am
concerned, sir shall never knowingly violate these
principles. Yes, sir, there Senators now be-
fore men on this floor whom l know have been
brought up under the teachings of James K. Polk.
and an prepared to appeal to them against this
bill. and to ask them if they prepared here TO
stab the memory of one Of Tennessee's proudest
sons, by giving this bill an affirmative vote? 1
hope they not. l shall regret hear them vote
aye when the vote is taken this bill. | call on
my Democratic friends in the Senate not to desert
the proud banner of Democracy, under which they
have fought valiantly in by-gone days; but,
rather let US make a Jealous rally TO our standard
let stand square in the old lines and let re-
establish and defend all the old landmarks of our
ciples, Men" Let it still be so, and all will
work well If any man, or set of men, have
placed themselves in situation to suffer, is it net
better for them to suffer- than for the party to suf
fer? Then vote, regardless Of men, and regardless
of any personal sacrifoe-FOR PRIECIPLEs.
l have now done with the subject. In all that /
have attempted here to-day, it has been my princi
pal object to place myself right before the country
But STILL shall await, with painful f1rebOdings, the
result of the actiol of the Senate upon this bill.
Ba- 1t is estimated that % 900 tailors, cutters
and seamstrosses, are in New YOrkOutOf employ
barge.
More evideA, ,nat ofthe blessed influence of paper
money banks upon the prosperity of the country.
When will the people determine that this blighting,
whitening, destroying curse, shall be forever ami
Inflated? Must we have hundred more monetary
panics before the people will learn wisdom?
THE ALLEGATIONS ENEMY.-An alligator was re-
Gently killed the Balize (mouth of the Missis
siPpi,t which was nearly eaten up by shrimps. 1t
seems that when one of these monsters is wounded
ever slightly, the shrimps at begin to make
their home in his body, and the colony increases
until the little pests actually devOur the alligator
alive.