Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-01-08
EssENTIALs ~ NoN.EssENTIALs-

EssENTIALs. AND NoNEssENTIALs
We propose TO examine this morning the differ
eut provisions Of the bank bill as amended in the
House and now pending before the Senate, with q
view of Distinguishing hose which are eomplratus-
~ unimportlut, Of doubtful character, temporary
in their operation, or positively pernioiOus, from
those which are intended and are caIeuated to Sc
cure permnueut reform for all time to come in
cur backing system.
Sec ]. To resume specie payment st Of January,
1859. We had hoped for an earlier day. If our
suspension was as we we're told at the time the re.
sud Of the suspension by The banks Of New York
and New Orleans those banks having sometime
since resumed ought to be able to resume at least
by July mex. Democratic Legislature would be
takipg great deal Of unnecessary responsibility
upon taeir-h0ulders to authorize the banks of the
State to remain suspended until January. 1859.
when their officers have, time and again, publicly
declared that they only wanted thirty days from The
resumption of the New York and New Orleans banks
But few months sooner or later, however import
amt i- sll Of secondary moment, as the evil 10 the
public is Of a temporary character and may be cured
by time Undoubtedly IL is to The interest Of every
slls7t bank, and of the public. that resumption
should take place as early as practicable There
oau be no r0per rule Of settlements smoug the
banks, by which the reckless ones may be held Ia
check, nor viii there be any restoration Of cgud-
dence," until al shall have permanently resumed
specie payments. In this view Of the case there
are those who think that it were better to leave the
whole subject untouched, in which we should our
selves concur, rather than authorizes continued sus
pension until january, 80 if we could BE- assured
as we are not that all were as sound as hey profess
70 be- All things considered we put this provision
down among th &c tia. are regarded as compare
lively uHimportaut OF doubtful.
ID. T0ptg out 10 notes after january, 1855 Of
less denomination than nor after January, 81.
@. a less denomination than $40. The vroprie,y of
retiring the small notes from circulation, as means
OF satety TO ae L4b9Eug people and as The begin
mig OF wholesome reform, cannot be questioned:
l.. should these small notes be Withdrawn during
stac Of suspension: Would not such a course be
ra So disastrous to the people? Would it not cub
JET the pubic 70 great Inconvenience sud loss for
want of change which could be provided only by
bringing IN rre small notes Of banks of other
sn.e- 90 supply The place Of our own which are
Anus Withdrawn, OF force the people TO pay ruin
ous premium 10 the broker for gold and silver. |
And would ID not weaken our own banks, without /
adding any coin TO our circulation, and beneftiug |
none Jar foreign banks
"ae Bank of England has recently been enabled |
fn Hratc, to o great extent the financial pressure
j. Great Britain, by the authority granted her by /
Pri1mont TO issue small notes for this cypress our
n.; and ID is not to be doubted that If our banks
as-e rasrsrcl TO the issuance in times Of ordinary
r.r--.rrr .r r.tas rF mos loss than tho Irrr-rrfg4