Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-08-31
a cola ana silver Currency.


Monday, we infer that organ is in fayor Of an ex-
oiusiveiy metallic currency, While it is discussing
the subject Of currency-a business which ~ seems
10 relishWe should ike 70 see It define i's views
explicitly in relation 70 the currency policy u aesres
to see pursued in Tennessee, And Win tna1 view
we respectfully ask: 7.r,t.. 80. a-.. ,,,s. 4
Isit in favor Of rechsrtering The eRion sne 'sH
ters' Banksf n. j. 4 "a. ,;,,,;.
Isit in favor Of placing the State Bank IN lqats
daton at the earliest moment that mat siep ca gs
taken -e..3 10 u. n u, 70 ef,. L
Is il in favor Of restricting The payment Of state
and county taxes to specie OF Of any oot her lO9e
Of a. once banishing paper money rem me Ptass
Patriot ~ s-sU-- -ra15 tas--5 t,-rs
Wsmieht very we'll decline to answer the iorego-
ing inserrosatOries for the reason that nOtenN
tirely respectful in The Patriot to PROFOUND qaes-
tons to us which every attentive reader Of the
UEIoE AND ANERI0AE must know have 9eeh SUD
stautislly and repeatedly answered in various aria
Giles in its columns during the last twelve months
It is probable however that the editor Of the Pai'
rot has been less attentive reader Of opT articles
on the subject Of banks than We had hoped, and On
that suppUsitiOn, and because We "relish the
business Of exposing the evils Of paper currency
we waive al exceptions ana proceed 10 repeat our
views in relation 70 the financial policy VIC desire
to see adopted in Tennessee. Our attentive reaaers
will find little new in what we propose now TO say
but as they win find still sound on the bank
question they will not object to Che repetition
The Patriot is led to infer froma recent article
in our paper that We are in favor Ofan exclusively
metallic currency" The Patriot is slow in making
its discoveries Our language in The article refer
red to was so explicit that it could have required no
effort to draw the correct inference to our posi-
ton. After enumeraiing some Of the evils Of a
paper currency and some Of the advantages Of a
specie currency, we closed our remarks in the FOL
lowing language:
These are some Of the most obvious advantages Of
q gold and silver currency. We can ENJOY lhese
advantages if we desire to do SO, by doing away
with the system of banking, winch, among the in
calculabe evils It has inflicted upon the country,
has produced no greater evil than in depriving us
Of this sound, safe and reliable circulating medium
We are in favor, therefore, Of restoring sound,
safe and reliable circulating medium, and such
medium we regard gold and silver and this alone.
In devspg the best plan for the expulsion Of paper
money and for the restoration Of the true oOnstiu
tional currency, we are bound to look to surround
ing circumstances, and to avoid that rashness Of
action that might defeat the great object We havein
view and sggravate and perpeluate existing evils.
The Patriot aud an The other organs af the Banks
in the State would, no doubt, rejoice to see the
friends Of reform rush to the extreme Of favoring
an immediate destruction Of atheir pet paper mon
ey manufactures and the instantaneous abolition Of
all paper cmrsnoy--srguing thstthis would be such
rashness on our part, in view of surrounding cir
cumstanoes, as might defeat object and enable
them 70 infict On the people perpituily Of the
present bank ''rule and rum y Bet the advocates
Of reform and Of sound constitutional currency sill
not crafty the bank organs in this respect. They
will not insist on the immediate destruction Of all
banks, as srdeutly IS they desire the final accom-
plshment Of that end. They well know that the
canceruus ulcer which has become incorporated into
the entire system Of body polite, can only be
removed with safety to the patient By " slow and
gradual process" to adopt the language Of Gov.
HARRIS in his message to the last General Assem-
bly,.
We avoW our object to be, first, Apr zach to,
and finally an entire restoration Of metallic eurren-
cy and at day the earliest consistent with the in
terests of the people, as now complicated and in
volved in consequence of the existing banks. The
time when we think this object can be accomplished,
and without intermediate injury to the country We
will endeavor to indicate directly in the answers to
the Parrots inerrogatories, which We now proceed
to make.
/. The Union and Planters Banks have enjoyed
extraordinary banking privileges for about quar-
ter Of a century, and they have exercised Them in
an extraordinary manner. These privileges are
secured to them by their eharterPrOvided hey have
not been fOrfeited) for some Eve or six years more
Assuming that the courts win decide that their ex
traOrdinary privileges are "vested rights" until
their charters expire il evident that restoration
of specie currency for The next six years is i'm
practicable But the Patriot asks whether We would
have these banks re-chartered? We answer, NO
and for more reasons than we now have time OF
space TO enumerate. Whilst these banks do exist
We would impose on them every restriction consist
ent with their vested rights" When they snail
have enjoyed the high sovereign prerogatve Of max
ing and regulating the currency and Of running the
people viii for thirty years, the length Of their
charters we would let them die the death ofa soul
less bodies
2. The Bank OF Tennessee has been in operation
about twenty years. and by its charter has eight OIL
ten years yet to run. The Patriot asks if we would
put that bank Gin liquidation at the earliest mo
ment that that step can be taken?" II We mistake
not, the Patriot Trofessed to have been wearie'
with the frequency of our articles this very sub
ject during the last session Of the Legislature. w
believed then with every gentleman who had bcel
President of this institution, from Mr.. NICHO
down. that it had failed Of the purposes for whicl
it was created We ooncurred with Col JOHNSON il
his report to the Legislature of 500, that "frOm tn
operations Of the bank heretofore, there is strOD
reason to apprehend that losses Of a similar charac
ter may hereafter, and that the profits by tn
time the charter expires may be required 10 renstst
the capital as now required by the act Of 1854
and 'that the best interests Of the State require
that the Bank Of Tennessee should be put in liquid
alton, and its concerns closed at as early PeriO
as the convenience of the citizens will allow" W
coucurred with Governors JOnNsoN and HARRIS inre
commencing that some gradual process should b
adopted for its eventual liquidation. Subsequent evnt
instead Of weakening our convictions have condrme
them. As TO the particular time at which this institu
ton should cease to exist, the particular mode b.
whichits fairs should be gradually iquidated-The
Their it should contemplate the length of time grant
ed by its charter or a shorter period iorits final ez
tinoton, are matters comparatively immaterial. Tn
most we desire for the present is that the languag
of Col JOHNSON in his report to the last session
the Legislature, shall be agreed upon as the genera
sentiment and settled policy Of the people, "thstth
true interests Of the State hereafter will be best pro