Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-07-01
Rag Money and Ranking.


Under this caption the Memphis Aualanche
continues its onslaIghts upon the Banking
System of the State. From the midst of
long article in its issue of the 18th of June,
we cut the following extract:
The only remedy for these alternate infla-
lions and revuisions, this periodical growth
and destruction of paper credit, is IN the total
abolition Of all banks and rigid adherence 10 me
fdl'c money as the only currency. Wise were the
sages of the republic who gave to the federal
government the exclusive regulation of the
currency, Withholding from it the power to
create banks, and prohibiting the States from
exercising the same power by inhibiting "bills
OF credit" By our fancied astuteness and
cunning we think we have eluded these salu-
tary restraints; bat how bitterly has the coun-
try atoned for its past periods of financial
crisis. and how severely is she about to pay
for it again.
Now what is to be gathered from what we
have written? Why. that the banking system is
more or less rotten everywhere, and peculiarly rot
ten ua Tennessee. We r. gard every Bank as a
temple of the .Mammon of Unrighteousness"
AS the citadel OF dangerous and pernicious
power-a power which signs indicate TO be
The supreme posrer in the State; power which
laughs laws and restrictions TO scorn; power
which biases and controls legislative bodies,
and even pOisons the very fountains of justice
by its widespread and baleful Influences;
power which feels neither pity nor remorse,
but which grows fat and elevates itself over
the ruin and disaster that follows its opera
tions.
And yet the Legislature of Tennessee is
strengthening this power--has always strength
ened it-and charters almost every Bank that
is asked for; thus forever riveting the odious
Chains that binds the limbs of our prosperity,
by erecting monicd forts in almost every
town and county, to keep the people in sub
lection. Verify, the ulcer grows, and Bank
power increases
This is the beautiful system which is at
tempted to be fastened upon the people for
the benefit of favored few. Small-fry poll
ticians, cross roads demagogues aud democratic
editors were imported to Nashville, last win
ter, for the purpose of logrolling and lobby
ing this system through the Legislature. In
deed, the capital was besiegod and infested
with imported lobby-members, as Egypt was
plagued with frogs.
We believe it can be shown that the demo-
cratic party, in the majority of the States,
are responsible for the creation of banks, and
for the evils of which our Memphis cotem-
porary SO vociferously and vehemently COM
plains. 1t is but just, therefore, that the
democratic party should attempt to apply
remedy. II that remedy be 1.-The total aboli-
ton of all banks and rigid adherence to
metallic money as the only currency" we
trust the party will have the manliness, the
courage, to apply it. We want no shuffiing,
no division in the ranks on a matter so i'm
portant to the public interests; but united
effort to bring about the happy period when
every mans purse shall groan under the
weight of democratic yellow boys" The
democracy constitute the majority in Tennes-
see at this moment, and if our "banking sys-
t.m" is peculiarly rotten" they should
abolish it; like the skillful surgeon they should
apply the knife, and amputate the diseased
limb before the whole body polite is danger
ously affected. We call upon them to do this
work. If anti-bank is to be their policy,
they should not fail to be just to themselves
and execute il vigorously. 1t is impossible,
perhaps, for them to sweep away all our
banks at zone fell swoop," but they can in
augurate their policy by abating the Planters
and Union Banks, and in due time cut down
the remainder as their heads are offered. The
charters of the Planters and Union Banks
are soon to expire. If our democratic breth-
rem are not merely gassiDg, they will seize
the occasion thus offered to rid the State OF
these, in their estimation, diseased and rotten
excrescences. Will they dare show their
faith by their works, and proclaim it as their
policy to refuse to recharter these two Banks,
with their branches? We are tired of seeing
the democracy play fast and loose upon the
question of currency. We want to see them
adopt some uniform policy. that the people,
and all interested, can understand and either
oppose or approve, as may be deemed best
We don't want 'small try politicians. cross
roads demagogues, and democratic editors
such as were imported to Nashville as lobby
mongers, to corrupt virtuous democratic rep
resentatives, to give their impress to this
policy, we want the AUalanche and its crushing
coadjutors, the bone and sinew, the brain and
marrow Of the party. to stamp it, and then,
all of us, who belong to the minority, and be- |
lieye well-conducted banks most excellent and |
reliable aids of the people, will know what |
sort of work we must perform. Hang out |
our banners, gentlemen, and let us see what |
you really PROPOSE