Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-11-12
From the sbsJbvviIls oon.titutionalist.


heretofore believed and hoped that the de
rangement was slight and trivial, and that the
patient would soon resume usual vigor and an-
Jivity, are now less sanguine and hopeful; and
a more general distrust and dependency are
observable in their tore and countenance than
formerly. Il is now coming the prevalent
opinion that unless some relief remedy can
be administered, the disorder must be chron-
ic, and work paralysis. if not death to many
members of the heretofore robust body.
propose a few suggestions to this end-re-
lief. While our Doctors are DANGEROUSLY dis
| agreeing as to the causes of our malady or flu
| riously discussing the preventive of a similar
! attack, the patient-the peOple-are left to the
| legitimate sufferings of the disease; be the |
| cause what it may, without an effort by our |
| Physicians now in council to alleviate Pang |
! or sOothe pain.
I imagine that those who are so vociferous |
! 10 heraiding their love for the ''dear people" |
| would better establish their sincerity, by de-
sitting from party elimination and recrimina-
ton to the causes and responsibilities of our
present suferings, as well rs To the proven
tive of recurrence and devote themselves
| fraterRGLLy TO present relief of their "dear
constituents"
Il Is certain that whether we ever agree as
| to the canses of our sufferings, or whether we
shall ever be able to fiud preventive or not,
will not remove the stubborn truth that we
are afflicted now, neither is it absolutely ne
cessa'y hat we should, in order TO afford some
relief to our present wants. But in order to
do this, we should not REGARD any one class If
our community as having brought upon US
this disaster for class ACKNOWLEDGMENT, and iu-
timate that all that can be done is to punish
that class.
That we have been reposing too much con-
idence in paper promises Is true, but we
should divide the responsibility. With " hat
grace can the Legislature lay al, the blame
upon the Banks, when former Legislatures
created the Banks and granted them their
privileges2
How shall we say spectators put prices too
high, when every man that had any article TO
sell asked and would have taken still higher
prices Whoever thinks relief will come TO
tile masses in the punishment of classes is IN
fit o be heard IN This emergency.
Those who nre railing out at the Banks be-
cause they don't pay their bills in specie, know
/ that the Blnks cnnld do so if they could pay
their Notes ard Bills to the Banks. And So
of the western Merchants, they could pay them
and we could pay if we could sell pro-
ducts, and relief should be sought through
general liquidation to each other and Tot gen.
t eral abuse. Il is absurd to hope for material
Improvement, only through the progress Of
general liquidation, and that plan that will AT
I ford the most abundant facilities for iquida-
tiOn and time to Use those facilities is the plan
that should be adopted. And will now briefly
= that plan.
: lst. The Legislature should legalize the re-
ception OF all the paper of the Fee mss iii
the payment of public taxes, at least admit the
] f. payment of large per cent. of the same III
= said paper, say l2 of all amounts over five
= dollars and such persons owe five and IN
1 der be permitted to discharge the whole OF
( their taxes in said paper.
! This would make such paper generally cur
rent among ourselves and thereby increase "uI
, facilities for liquidation, and to the objection
0 that the State would lose by 'he depreciation
, on such paper, reply that the people woul,
be the gamers many times more than the State
would be the loser and ready and willing Il
o make good the deficit that might exist in con
81 quence, and in any manner the wisdom o
/ the Legislature might require.
n And that the Legislature should do thi
seems more obiigatoTy-when we reflect tina
a past one inaugurated this Free Banking sys
ten, and that the people incurred their pres
d ! ent Indebtedness, under the operation of thi
h | system, regarding the currency thus created
= and endorsed, if may so speak, by the Comp
Y troller Of the ate good, and Ger ainly nov
? the Legislature should aid them, if possible, L
- liquidation of this Indebtedness with the sam
- paper, dollar for dollar, when by so doing sh
- could only lose the discount on the State Bond
on file in the COmptroller's Office. But tim
and space forbids that should argue the mat
ter.
rs 2nd. That all the Banks in the State shout
n / redeem all their hills under the denominatiO
If five dollars in gold or silver when presente
Is at their counters (and The State and Stoc
. Banks and Branches their own aud each 9th
p er's) commencing to do so within four month
IF err the passage of the cot. And after Ger
tain date prohibit any one fro II passing bill
of such denominations issued by other State
Srd. That they resume by the 1st of OCtC
8 her 1858. on all bills Of the denomination I
Id five dollars.
he 4th. That they do the same on all bills
ten dollars, by the 1st of April, 1859.
be 18th. That by the LIST of October, 1859, the
resume specie pay ment for the denominaIio
l. of twenty dollars
9Th. And that by the 1st Of April, 1S6
= they resume on all bills, and at that Perio
greater restrictions come into force to preveI
u future undue expansion of Banks.
If time or circums ances shonld IN my an
O. or all to resume sooner it will be at their or
ton to do So But believe kindness and hel
TO The people Is moderation to the Banks. an
he | with such moderation as Indicated anove al
Ia of the opinion all the solvent ones could con
- ply with the conditions, and should any fall {
10 do so I would tie in favor of their being wOun
B; up without delay. And during this PERIOD
VS. monthly statement be published by all Bank
in of their condition, showing among other thire
r. the amount of outstanding notes of each -
on nomination, and that they be restricted froI
he exceeding a certain proportion on any one d.
US nOmina ion.
p- Such policy would supercede the necessit
AT Of post notes, and would justify only prudef
is discounting by the Banks, which would be
es. the mutual interest of both Banks and pee
re pie. Such policy would relieve the publ
iis mind Of a vagueness concerning what is {
to be done and TINS relieved creditors would
r. disposed to moderation towards their debtor
on seeing that Legislative wisdom has set the e.
ample Such q policy would give time, al
enable the Banks Ia afford the necessary Il
, oiliries for getting our surplus praduce to ma
ket. Such policy would set free many Ea
er les and half-Eagles now smothered in old stool
III ings, and held IN dHrdRee Uile by those WI
il never expect to see another = Yellow Boy
IN, who are holding them TO turn Loose when Il
prev bee ines most abundant. They wOu
H. see that in four months every man, woms
to and child, nov with his paper dollar, won
on then get a silver OF gold one, if he or she d
,la sired it.
' Such a policy would give time to reals
'ln gold from California and from Europe, for OF
i. present crop aud give Is heart 10 prepare Il
another, and another. Let the Legislature
he least do something or say something, that q
the vagueness that pervudes the public mind ms
eir be removed But whether they will or hC
let each and every one of us resolve, II y
~ have money, to pay out to the last iarthin
rs / If we have no money, sell what We can {
3 hlfsrfs KFa FNsassf {