Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-09-22
Thc Democracy and the Banks.


American began course of the most violent
warfare upon the banks. which was partici-
pated in by number of the members OF the
Legislature, who were of it's way of thinking
or under its control. But this warfare
amounted practically to little or nothing
Since then, at intervals the Union and Amer
ican has returned to the attack, re~stated its
grounds in less equivocal terms and rehashed
its denunciations. With q view to get at
precisely what effective course it would pursue
to rid the State of banks, we put certain
questions, from it's answers to which and
its subsequent explanations, we are
s'explicitly'' informed: l, That it is opposed
to the re-chartering of any old banks, or
incorporating any new ones. 2, That it is
in favor of permitting all banks at pre-
sent in existence to continue till their
charters expire-and 3. By this slow and
gradual process to arrive at metallic cur
renew.
Now. let it be remembered that the charters
of the Union and Planters Banks expire on
the LIST of January, 1868; that of the State
Bank LIST of January, 1868 and those of the
other stock banks of the State at various pc
RODS extending to 1884. We cannot, there
FIRE, arrive at an exclusive specie currency be-
fore the year 1884 provided the bank or
banks whose charters extend to that period
shall choose to exercise their rights, and shall
d. nothing to forfeit them. This is the true
ground the Union and american occupies, not
withstanding its violent abuse of banks and
.,E,, 10 nt InAn
not see how it could well take different
ground, in view of the vested rights of the
banks, except in the case of the State Bank.
Two Governors and several of the Bank E
Presidents have recommended the speedy
winding up of that concern, and the Union
and AMERICAN itself has expended no inConsid-
cradle amount of its zeal to have the same
thing accomplished We submit whether it
is entirely consistent in now proposing to con-
tinue that institution till its charter expires
Considering the capital employed in that
bank and its branches, and the very large a
mount of its circulation. we should suppose
if the Union and american were sincere in its
desire for specie currency. it would favor
the immediate extinction of that bank in or
der that gold and silver might take the place
of it's paper issues. What may be the tinan-
cial condition of the country, the quantity OF
specie, and the necessities of trade and COM
merce at the expiration of the several bank
charters in this State, it is not easy to fore
tell, and it is therefore difficult to utter opin
ions, which shall govern state of things of
which we have no positive knowledge.
The exigencies of dominant party do not,
however, always admit of such delay and de-
liberation as prudence would require. 1t
sometimes becomes necessary for mere parti-
zans to avail themselves of popular dissatis-
faction, to decry principle or to denounce a
system, which may have been abused in its
practical working. This, we are inclined to
think was the case during the crisis through
which we have recently passed, and much of
the abuse that has been directed against banks
has been mere clap-trap.
But the Union and american propounds us
the following interrogatories:
list. Are you in favor of rechartering the
Union and Planters Banks?
I'd. Are you in favor of winding up the
Bank of Tennessee; and if so, at what time
and by what process?
Sd. Are You in favor of continuing all the
stock and free banks now in existence. and
are you in favor of chartering any more
banks?
4th. Are you satisfied with our present fed
eral sub-treasury system; or do you agree
with Mr.. BELL that it has proven a failure,
and that United States Bank should be char
tered in it's stead?"
In answering. we cannot say that we know
what may be the opinions of the American
party of Tennessee, and therefore cannot as
sumo to speak for it, We simply give ex-
preston to our individual opinions, which
may be modified on further consideration and
reflection. We do not profess to have con-
sidered the subject in all its aspects, and might
well decline categorical answer. But our
neighbors seem anxious to hear from us on
the subject, and for their especial accommoda-
tion we frankly reply to the first question
affirmatively. To the second, we say that we
are of opinion that the State should not en-
gage in banking, for the reason that it is of
doubtful legality and doubtful policy. But
since the State has engaged in it, she should
not so suddenly discontinue it as to subject
herself to loss or her citizens TO inconven-
fence. If the Union and Planters Banks
should be rechartered it is probable that the
State Bank could be put in condition of
gradual liquidation, so as to avoid loss TO
herself or Inconvenience to the citizens, in
which event we should be in favor of that
step. To the third question, we have to say
that we are opposed TO the violent Interior
ence with vested rights. and to the chartering
of any more banks, unless il should appear
for the best interests % the people, and not
for the mere accommodation of reckless money
adventures. The fourth question. we Mt
present decline TO discuss, for it does not
come within the scope OF State policy, and its
present discussion could result in no practical
benefit to the people, and would fail to in
terest our readers. If, nevertheless, the ques-
ton of National Bank shall be raised in
such a manner as that it shall become prac-
teal question before the people, then we will
not hesitate to take position.
To all which We respectfully add that the
Ji,ion and American cannot force us into the
position of defending all banks, and of rot
ten shin-plaster currency, such as its party
in other States inaugurated at the downfall
of the old national bank. In re-chartering
the Union and Planters Banks, we would
introduce additional limitations and restric-
tions, and not reenact, in kCrc uerbd, their pre-
sent charters. We are unalterably opposed to
worthless banks-but believe that sound
banks are possible, and necessary 10 the ends
Of q prosperous commerce, and AN advanced
civilization. We would Danish small notes
say under ten or twenty dollars, from the
State and make all nnfes convertible into