Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-01-28
SPIRIT or THE PRESS.

five may judge from the tone Of our exchanges,
the people are growing FESTIVE under the failure Of
the Legislature to adopt some wholesome reform in
the Banking Policy Of the State. From an article
in the Chattanooga AdUsrtss7, we make the follow
ing extract;
HEvE THE BANKS CoErRoL OF THE LEeIsIATURB.--
Il from the hardness Of action Of the Legisls
ture, that the peoples Representatives muzzled
By the influences Of worthless rage worse than usur-
Gus machines, and rotor corporations Why the
Legislature Is so slow to act is enquiry constantly
made, and only solves itself into mystery. The
course Of the Banks al present, is worse than
ruinOus; because it breeds illegal money lending
uncomfortable, sacrifices, opens up corruption and
swindline attended with the most dire consequent
oes and places the man Of small means entirely In
the hands Of the capitalists; or these who have
control OF paper thumb screws. That any people
protesting repUbhcanism viii longer submit TO the
enormity, We think would be sn anomaly too hide
Gus 10 conceive Of The banks now are In state Of
suspension. but viii not allow their creditors 10
partake Of the same privilege. II you owe the
Bsnks YOU have got TO fork over or you are popped
with q writ but if you happen 10 have little Of
their unlawful paper you cant get the specie for It,
So ID goes The Banks say 81 will gougus you, but
you shsn't gouge me-" How long, then, viii the
people submit 10 such onorOus usurpstions7 Al
ways mol We think The mutterings Of the SOW
ereiqns are distinctly audible and ere the cOcarice
issues forth again from its safe retreat the shell
nant heel Ofau outraged people.
The Memphis Agpsal, in an article somewhat sim
liar in tone, says:
The BANKS AND TIE PEoPLE.-We have had the
satisfaction Of beiug congratulated upon the course
pursued BY this paper and its correspondents, with
reference 70 the banks BY numbers Of best cti-
zens, and we have yet 70 meet with the first man,
outside Of the bankers themselves who does hear
tily approve Of the general remarks we have made
touching the ruinOus policy now pursued by our /
banks Those with whom we have cOnversed-teel |
no malice towards the gentlemen who conduct these
establishments, but they see that the tendency Of
the present banking policy is 10 break down public
and private credit and finally to engulph them /
selves in the general ruin Of credit
We mention this fact, not through spirit Of ego 4
tism, hut merely TO show the general sentiment Of
the community. Our business men should be true /
to themselves, and hold public meeting to protest
against the action Of the banks They owe it to
their own position aud interest Their credit abroad
must 20 By the board if the present policy should be
pursued few weeks longer. People abroad reason
that there must be q collision between business
men and banks, when such high rates Of exchange,
IS are now demanded are paid without an effort be.
ing made 10 prevent il.
A respectful and earnest protest, from the bust
ness men Of this community would do more to
remedy the evils that now exist, than any ether
thing, save prompt and efficient action by the Le-
gisature.
One Of two things are perfectly certain: either the
banks Of the State h0pelessly rotten, else
they are pursuing their present course Of suspen-
sion and usury, through that grasping spirit which
must sooner or later break down sl credit, One of
these conclusions cannot be evaded. When they
suspended, they boGsted that they did so because
the suspension Of the Eastern banks had created
artificial demand for coin, and they would be sub
jecled 10 hesy " loss by drain Of coin fr0m their
vaults They said they we're sound and strong, and
would be prepared to resume as the Eastern
and New Orleans banks resumed. All the Eastern
banks, except those Of Pennsylvania, have resumed
thirty days ago and the latter are preparing 70 do
90. The New Orleans banks were the first in the
Union to resume. And yet there is no talk whatever
among the conductors Of the Tennessee banks, Of
their resumption. Their friends in the Legislature
oppose their resumption on the LIST Of July What
do they meang What is the matterI We repeat, !
they are either uusound and cannot pay or else !
they cannot resist the temptation to make heavy and
illegal profits and draw the life blood from the
try and determined TO grind down as long as they
will be permitted 10 do 50.
The Legislature ought to take action Immediately
and compel the banks 10 resume payments
They ought, at least to force the Bank Of Ten !
nessee 70 resume. She is the institution Of the
State and il she were TO resume 1t would discredi
the notes Of all other banks in the State which re-
fuse to obey the mandate Of the Legislature.
The Memphis Bulletin, whose editor has always T
been an advocate of banks in opposition to the De-
mOoracy, in defining It's position in connection with
our present financial tsy-bles, frankly says:
owe are in favor Of a thorough reform in the err
rors and abuses of the present banking system IN p
Wit: that the banks shall redeem ,
their at the plgce from whence they are issued,
whether they be principal banks or branches, so p
that they may be conveniently convertible into gold
and silver, at the viii Of the holder. They should
be allowed to receips whatever they choose in pay
nent; but should not be allowed to pay ont any v
hing but their notes, which should not be Of
ess denomination than five dollars. L.