Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-12-17
me cause Of she Evil and It's Henedy.


FTHIIDAT HoHSINe. DsoEnHEa 4. lsss:
rhe Oause Of she Evn and its Hennedy.
Mr.. BuoAAxAE in his last annual message, correct
" attributes the recent commercial reyuisiOn which
has afflicted this country to the baneful influence OF
Ranks. The President has signalized his public
,sraer nv his opposition to these powerful and per
,io;ous pouopolies. He stood By the side Of Gen
.,al JACKSON in his long struggle with the UDited
states Bank He was one Of that patriotic band Of
statesmen, who aided in divOrcing the government
from its dangerous alliance with power, which IN
the hands Of men less disinterested than GenL
Jackson and his advisers might have been made the
instrument for BubvertiDg the liberties Of the peo,
ple. He was one Of the earliest and abiest ads
Gates Of our present Sub Treasury system and
streneously and constantly resisted the dangerous
policy Of depOsiting the public revenues with the
State banks by which those institutions obtained
additional power to injure and cypress the people.
In crisis exactly similar TO that which has just
overwhelmed the honest traders and labOrers Of the
country With disaster, Mr.. BUCHANAN drsR pic
ture Of the existing evils and their causes which
would serve quite as well for the present condition
Of things i'm speech delivered in the Senate Of the
United States, on the 29th of September 1887, Mr.
BUoHAEAH said:
Il cannot be denied that the commercial and
manufacturing classes Of our people throughout
the Union, are now suffering severely under one Of
those periodical pressures which have so often af
hicted the country. Neither have the Agricultural
and other interests escaped without injury; although
they have not suffered to the same extent. The
exhaustion Of the human system does not succeed
q high degree Of unnatural excitement with more
unerring certainty than depression in the business
Of the country must follow excessive speculation.
The one is law Of nature, the other scarcelyle
uniform law of trade. The degree of this depres-
sion viii always bear an exact proportion to the
degree Of overaotiOn As many degrees the system
has been elevated above the point Of healthy action,
90 many degrees must it sink below after the effects
Of the stimulus have passed aWsy.
"Whence this eternal vicissitude in the bust
ness Of the country What is the secret spring
of all these calamitiesi answer, the spirit Of
tsrprise SC natural to American citizens, excited into
furious aetiOH By the stimulus Of excessive banking. II
operates as does the inhaling of oxygen gas upon
the human mind, urging it on to every extrava
ganes and to every folly"
Having dWelt upon the calamitous condition Of
the country, Mr.. BUCHANAN pOints out the remedy
and pictures the very consequences which have re-
sultsd from the failure to apply that remedy.
he says; ''Wbat hiss been the history of the ooun-
try in this respect? One Of constant vibration. I
can speak positively this subject, in regard to
the period Of time since 1 came into public life,
What has been trH be again. TIE same causes l0U
produce the sane effects. We CAN CHEHIsH no REAs-
oEABLE HOPE OF A UHASGE UNLEss THE STATE LEGIs-
LATURHs SHOULD TAKE FIRM AMI, DECIDED STAND.
'The banks by their refusal to pay specie have
now placed themselves in the power CT the State
governments. They HAVE FORFEITED THEIR CHAR
TERs and nOw remains for The different legislature
to decide upon s0hGt terms they shall be restored
Amidst the general misforbnes ofthe country, it is
one source Of consolation that he Banks hare placed
Themselves ia the pOOer Of the people Had they not
done this by their own conduct, we know that
numerous and powerful party exists in this country,
who consider a charter of incorporation sacred
that no State Legislature by any future law could
ever restrict their own banks from issuing notes
under ten dollars if their charter authorised them
TO issue notes of 3 less denomination. T"
Mr. BUcHANAN goes on to say that according 10 the
doctrines Of this party the banks chartered by
legislature are beyond the control Of the power that
created them and this being the case he urges the
various States to take advantage Of the suspension
Of the banks and their consequent forfeiture Of
charter to protect themselves against the despotie
and independent power of these moneyed moDopo
lies "But" he says, 81 confess dread the result.
We are q strange people. ThelessOns of experience
make but q feeble impression upon our minds. We
rise with so much buOyancy from our misfOrtunes
that when they have passed away they instantly
forgotten. Should the banks resume specie pay
ments before or shortly after the next meeting Of
our State Legislatures and the current begin to run
smoothly again, fear that such changes will be
msde in the existing bank charters, and that '0e must
a0ait he event Of another crisis ghieh 0oaid then be
iasUitaBls-" Exactly what Mr.. BUCHANAN predicted
in 1887 has come to pass. The legislatures Of the
different States refused to avail themselves of the
remedies which they had in their hands, they allow
ed the banks the sceptre they had welded
over the heads Of the legislature and the people, to
set up throne of independent power above the will
of those who made them, they permitted them to
food the country again with worthless, spurious cur
rency and the consequences which Mr.. BUCHANAN
anticipated have followed. The trade and commerce
of the country is again Frustrated the honest trader
and hardworking lsboring man, are reduced from
competence to penury, and the cOnfding people from
whose pockets the banks had drawn heavy profits
during their season of prosperity, are left with
masses Of worthless paper on their hands, which
the corporations that issued them, and specu
lated on them, refuse to redeem. And yet with
this experience before us, we are asked to re-
peat the folly which was committed in 1888, TO
build ND again that rotten and corrupt system Of
Banking. beneath the ruins Of which the country is
now grooming. Let US take warning from the histO-
~ of the past and from the voice Of our Oldest and
ablest Statesman, who sgan in his last message re-
erates his early opinions with regard to the ruiuOus
consequences of Banking and the necessity Of ez-
lcing from Banks the forfeiture of their charters,
which results from their failure redeem their cir
ulstion.
In his last message he says:
1.-THE periodical revulsions which have existed IN
ur past history must continue to return at intervals
0 long as our present unbOunded system OF bank
rediis shall prevail.
He advises the passage of q law by Congress
Thioh shall "make it the irreversible law Of each
,.Dl,s o,;stance IN Tsuspeusion ofspete payments