Arkansas true Democrat., 1858-02-16
BANKS AND BANKING.

f 1a,n eo,' and Le,ois delUered in the House 9
 Bepresentatiues of tue Tennessee Leglstature Der. 19, 1857, in reply to Mr. KING Q Sbelby. pending the consideration cf Mr 2 RATES motion to reconsider the Vote cf th,
 l8h of December, adopting Mr. DONLAPs propos;tion ia lieu cf the Senate 6'H No S2 dr. THOMPSON said:
 | Mir. Speaker: 1 am fresh from the bosom ol , copstituents and know something of their ~aws in regard to this important subject, and
 en therefore prepared to vote now, and want no delav. And, sir, the position assumed by the -sntieman from Shelby, (Mr. King,) only con- frms me as to the truth and justice of remark Ii vesterday made to constituent of mine.- z5Dne of my neighbors put to me the question: Nbat is the Legislature going to do with the Hanks? Sir. said to him, that is not the ques- Hon at the Capitol. The question there, is not hat will the Legislature do with the banks? hnt what are the banks going to do with the Legislature?
 Sir. there is no question about it, the banks have us under their thumb. 1 do verily believe, If. that bank influence in this State, is superior h every other influence save that of God Al. mgbtv By virtue of their vested rights and Chartered privileges, they are superior to the Legislature they are superior to the courts of Snr country, and they daily trample under foot fke constitution and laws, and while refusing to nv their honest debts to their note- holders. fhev, with perfect impunity carry on their sys- I'm of stealing money directly from the pock- ets of the people And yet sir, when we stand up here and attempt to defend the people and urotect them from this wholesale swindle, we re to be denounced as B1ncOmbizers. Sir, hsve no greater respect for man who would fhus denounce member of this House when in fhe honest and conscientious discharge of his 1nty, than have for man who is Buncom- 6zer. Sir it is very convenient when gentle men are unable to refute position by fair argu- ment, to cry out Buncombe, and thus evade it.. Let gentlemen refute my positions if they can, but ask of them if they value their own self fospect not to decline the contest, and endeavor to satisfy their constituents and people at large by the supercious cry of Buncombe?
 Sir. in the contest I am for the people, and a9ainst the banks; and it is with sorrow and ohame that am constrained here to-day to ac- Knowledge that while my party-the great de- mocratic party with which 1 am proud to act have majority in this General Assembly, the banks are still superior to the Legislature-su- perior both to the people and ther representa- lives
 A gain, sir, there have been many remarks made here about Young America in connec- ton with the disposition manifested upon this floor to return to a metallic currency. Sir, care not what they call me, shall pursue the even tenor of my way. and my record here shall show that am against the banking arlstorracy ofthis country, and that l am the friend and advocate of the just and equal rights of all men, and that without fear, favor, or affection. That, sir, is my position; and if I understand 1t, it is the position of the party with which have the honor to act.
 But let us review the argument of the honor able gentleman from the county of Shelby. (Mr. King.) He says the banks have not caused this pressure. He finds the cause of the mone- tary distress, in the speculations of our peo- ple-in their law iobbngs and in certain indefi- mite causes beyond the seas. He looks even to the overtrading in Europe for the cause. It is granted, sir that overtrading-wid and reckless speculation is the cause of the present crisis But I ask in all candor and in the name of truth and justice, what has prompted this over- trading-what has engendered this spirit of recklessness-ths haste to grow rich, which has characterzed us a people for the last few years? 1 affirm, sir that the banks have ever been ready to set them on foot, and urge them to avery stage of extravigance and recklessness. If our circulating medium had always been gold and silver, these numerous schemes would not K istod this thirst to grow rich in day The banks make money, or what for time is con- sidered as monev plenty, by increasing their is- gues--thev scatter their notes broadcast the land till every mans pockets are filled. The country being absolutely flooded with what is Temporarily considered as money the prices of produce, of property, and of labor become al- most fabulously extravagant. And then at their good pleasure they contract their circulation, and finally suspend specie payment, refuse to redeem in gold or silver even their contracted circuaton, thus knocking down the price of every product of labor, of every species of poFperty, and ofthe frugal farmer, and the prudent and thrifty merchant and trader must, labor itselI and the honest laborer lose all this depreciation in forced sales of their eff fects, to pay their debts--debts which contracted when prices were high, but which have matured and must be hquidated when prices low-which were contracted when mOnev or what passed as money, was plenty, but which have natured, and must be met, when money iss scarce and deprecated, dishonor- ed and suspended at that And thus sir, dis guise it may, are the slaves of few Incorporated gentry under the style of bankers, state stock and free. Disguise it as may, and as freeman 1 blush to own it, by the n- discretion and folly, not to say sir, of prede- cessors upon this floor in chartering banks, the honest industry of Tennessee is chained 10 the carof labor and toil, for the benefit of these pampered pets, and we must toll, and tug and sweat, that our masters these good bankers, may revel in luxury and ease. They are our masters-we are their slaves.
 Sir, since the time of these bank suspensions what has been the depreciation in the single article of cotton in Tennessee? and Tennessee is not a cotton-growin State either. I wish the reporter to put down the statements l am going to make, and the conclusion 1 draw therefrom am agaist banks under all circumstances, and for the people. Banks are "a prori, ab inito, ex necessitate rel" swinding thieveing insti-
 tutions, and to charter bank Is public swindle,
 because the very principle of banking is swindle upon the people. They, and these reckless speculators, have brought this distress upon our country and 1 indorse the sentiment of the gentleman from Haywood (Mr. Bradford) that we have been ruined by ga set of lazy, lousey
 loungng, swindling, God for saken reprobates, !" whose trade and business it is to steal money from the pockets of the people. 1 hope these words will be reported, as gentlemen seem anXi ous that my precise phraseology may be at tained
 But 1 am digressing. 1 was speaking of the depreciation in the single article of cotton in our State since this bank suspension. What es it foot up, sir? At the time of this sus- aension, cotton was selling in the city of Memphis, city represented by the gentleman from Shelby, at Is cents per pound: 10 cents is the very highest price it can command there to- day Six cent on every pound of cotton raised in Tennessee has thus been contributed to our good masters, the banks; making in the aggre- gate, dare say, more money than there is in every bank in the State to-day.
 MT. KING interrupting, and Mr. T., giving way. Mir. Speaker 1 only want to ask the gentleman one question. I want him to state what it is that gives value to cotton-running itup to 16 cents and down to 10 cents? and
 whether metallic circulating medium would certainly furnish the highest price?
 Mr THOMPSON. The banks by extending their circulation create fictitious valpas and in