Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-10-30
For the Nashville Patrio
The Banks and the Currency.

For the Nashville Patriot.
The Banks and the Currency.
The value of every description of property
of the produce of our lands, mines an6
manufactures, and the amount of the wages
of labor are directly and materially affected
by the circulating medium. If the ordinary
circulation of the country be at any time
from whatever cause, reduced to point con-
siderably below that which is absolutely
necessary for its exigencies. all classes, the
agricultural, the commercial, the manufacture
ing, and particularly the day-laboring class,
Immediately feel the injurious effects.
Rash tampering, therefore. with the cur
rency is one of the most serious, widespread
| ing and indefensible injuries that can be in
| ficted upon society.
Hence, when a question of radical change
in the currency arises for public decision, it
surely ought to receive the most searching
aud dispassionate consideration and be de-
cided upon its own intrinsic merits. without
regard to party ascendency and party preju-
dices.
1t is with regret, therefore, that l have OBJ
served the party aspect which has been given
to the currency question in this State, and
the appeals that are being made to party
prejudices, with view to affect the decision
of it by the people. In an able and very in
fuential democratic organ, there recently APP
pcared an editorial article, the first paragraph
Of which runs as follows:
''There is considerable curiosity Just now
to know what will be the position of the OPP
position on the subject of banks i'm the next
canvass. Having ALWAYS been "A paper money
party, paudering to the interests of capitalists
and laboring to Oyerrun the country with
corporations, delegating to the few the rights
of the many, there can be no doubt as to the
general scope or design of whatever policy
they may agree upon. But as il has been the
practice of Federalism for years past to fight
under visor. every now and then assuming
some new disguise, our curiosity is to know
in what particular shape they will come up
in the next discussion OF the old currency
question"
In the same article there occur the follow
ing remarks:
~"Whatever may be said of Mr.. Bell, we are
forced to accord to him consistency, for the
greater part of his life, in his pursuit of Fed
eral ideas and Federal interests.
1t is but natural. therefore, that he should
continue q Federalist on the subject of
banks"
Now, it viii be very easy to show concur
sively aud beyond all cavil, that, between
Federalism" so called, and Democracy"
so called, there has never been any difference
in principle as 90 the propriety and sound
policy of paper circulation. and that if the
opposition has always been paper money
party" so also, and to an equal extent, has
the Democratic party
1t is constantly matter of exultation and
boasting with the Democratic press, that.
with the exception of two or three short and
inconsiderabe intervals, the Democratic party
has been in the ascendency for more than half
a century. And the remark is not only true
in regard to the National Government, but it
will apply for the most part to the State
Governments. If that party. therefore, so
long and almost continuously in the ascen-
dency, has always been opposed to banking
corporations and paper money, how. in the
name of all that is marvellous and incompre-
hensible. has it happened that, alike when il
was In power, as well as when IL has been out
of power, the number of banks aud the
amount of paper money have constantly in
creased How has it happened that Demo
cratic State Legislatures have been as swift |
to charter banks as opposition" Legislatures
that in States where the opposition" party |
has nerer been In the ascendency, the banking |
and paper money policy has been as sedu- |
Iously encouraged as in any States of the |
Union. Look Mt Virginia with her sixty-sir |
banks, and fifteen millions of banking CAPT
al--at Illinois with her Iorty,fre banks, aud
six millions of banking capital--at South
Carolina with her twenty banks and upwards Of
IA 900 900 of banking eapital-look ut the
banks la Alabama, Wisconsin,. Michigan, Mis-
'ouri, and Indiana, DC, some of these States
nave always been democratic, while others
nave only ceased 10 be 80 At a very receat
,eriod. From the party history OF all these
states it may safely be assumed that every
,ank now existing In them was chartered by
! Democratic Legislature.
Il may as safely be assumed, anil the
records, were they accessible would demon
'trate.- that vast majority of all the banks
low existing. and OF all that ever been char
erred. In the United States. have owed their
,rcation to Democratic legislation.
T he act incorporating the late Bank Of the
United States was an out and Out Democratic
recommended by Dem
'craiic Secretary OF the Treasury. with the
anction and approval Of Democratic Pres-
dent Mr.. Madisoa3 aud passed by Dem
'cratio Congress 10 which the relative strength
" parties was: Seaate. 22 Democrats TO Il
sederalists Hoase 81 Representative. M /
Democrats to IS Pederaiists. While the bill
vas ea It's passage, motioas were made and
10 the House by DAaii weezirt.
Iohn Sergeant aud other Fedcrall-is To reduce
he capita to twenty millions aud to strike
'ut-the government subscription aud she
government direction; but these motions were
Toted down by the Demoeratle majority. The
Ill As Il came from the hands Of the Demo
ratio Secretary OF the Treasury was supper
cd by Mr. Calhoun who Introduced !. and
,ilolrd Il through the House. Except In a /
ew particulars ii wss'modriled after the plaza
u the nrst UnisSd States Bank. The author Of
xh:eh. was that aaruhH Federalist. Alexander
Hamilton
From the fertile womb Of Democracy have
been dropped, from sis,e 70 time. and all over