Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-11-03

| in favor OF our Ordinary king corporatlons
| he dwelIs upon the fact that, without them,
it would be s'impossibler to open to "the
most free competition practicable, the pro-
| fitable business of banking, and allow its
| advantages to he shared by all classes-by
'individuals of moderate means" as well as
by wealthy capitalists. ~ III Il q
| Were these sound, sensible and truly Demo
cratic views late off-shoots from Mr.. Taney's
old Fsderalisms
That these matnred and deliberately ex-
pressed opinions. as above cited. of Mr.. Bu-
cbanan and Mr. fancy in opposition to the
abolition of banks and TO the adoption Of a
| purely metallic currency. are concurred in by
the enlightened stotesmen and the great body
Of the Democratic party. and bv the great
body of the people of the United States. IRE
/ spective of partv.is very clearly indicated
1 nv the action of the Legislatures of the diff
ferent States since, and in direct reference to,
the general suspension of the banks in Octo-
Der of last year. BY not one Of these repre-
sentative bodies, Democratic or opposition. so
! far as / have observed coming as the men,
,
! of the suspension and of its attending incon-
vsnirnces and irritation, and rejecting, MS
they must he supposed to have done. the feel
| ings and wishes of their respective constitu-
encios. was the adoption of purely metallic
currency recommended-hy not one of them
was the forfeiture of bank charters. by reason
(! of their suspension, enforced--by all of them
were the suspended banks as in this State
| allowed a reasonable time within which to
prepare for resumption, before they were re-
| quired to do so.
If there be single exception to these gen.
eral statements, it has escaped my notice.
do not think there is solitary exception
| Notwithstanding, however, this recent and
most unequivocal indication of public senti-
ment throughout the United States, afforded
by the action of the State Legislatures (in-
| Guiding the Legislature of Tennessee) against
| the abolition of the banking system and the
| substitution therefor of a purely metallic
currency, the question of the adoption of
| those mischevous and ruinous measures has
been suddenly, but formally and deliberately,
| brought up for present discussion and the
| future decision (at the elections in August
next) of the people of this State.
"A respectable number of intelligent Dem
ocrats,'' it appears, from various portions of
the State" assembled at the Capitol in this
place, on the 22d of September last. ''for the
purpose of consulting and comparing views
on the subject of the currency"
THE meeting was primary in its character,
and only intended as consultation of friends
With view to the general harmony of the
party"
This meeting, then, was self-constitutcd,
and the members of it selfappOinted. They
were not, in any sense, delegates. chosen by
the Democrats of their respective localities,
who. in fact, in common with the entire Dem
ocratc party of the State. appear to have
known nothing whatever of the meeting, I'M
til they saw a published account of its pro-
ceedings.
The avowed object of the meeting was
to promote or secure the "harmony of the
party"
"After full and fair comparison of views,
the following report was adopted as embody-
ing the sense of majority of the meeting"
The Committee have agreed to the follow
ing propositions for the adoption of the
meeting:
l. That it would he unwise policy to re-
charter any of the existing Banks.
2 That such reforms should be made in our
currency during the existence of the present
Banks as will insure a sound circulating me-
dunn, convertible at all times into gold and
silver.
g. That the several Banks rs their respec-
tive charters shall expire, should go out of
existence, and such steps should be taken
consistently with the public interest. as will
secure the liquidation of the Bank of Tennes-
see at the expiration of its charter.
S. A. SMITH,
...s. ANDREW JOHNSON,
40. p. NICHOLSON,
...-,a EDWIN A. KEEBLE,
d. .....s.-....t JOHN 4. HOWARD,
.. ~ Committee.
The result, then, of this consultation" of
'intelli gent democrats" with q view to the
general harmony of the party" has been
proposition to that party to unite in an at
tempt to do away with all banks, and TO i'm
pose upon the people OF Tennessee a purely
metallic currency-measures that, in the re-
corded opinion of Mr.. Buchanan, with whom
the distinguished statesmen of his own and all
other parties in the country concur) would
be "ruinous as well as absurd"-would have
most blighting effect upon commerce and
manufacturers diminish the nominal
value of all property more than so per cent.
would. lin effect, double the amount of
every mans debts"-wouid .'enrich creditors
at the expense OF their debtors"-wOuld
make the rich richer and the poor poorer
would "paralyze industry and enterprise"
Are the democratic farmers and planters,
the democratic mechanics and manufacturers,
the democratic merchants, and the democratic
lahoring classes generally of Tennessee, pre-
pared to shut their eyes to all the teachings
of experience,-to hold as unworthy of at
tention the opinions of the Buchanans, the
Taneys, and all the really great lights of their
party now existing,-and blindly lend them
selves-to their own great detriment, or per-
haps, ruin-to this most reckless movement,
in originating which they had no agency, and
about which they were not even consulted
beforehand Are they going to permit this
grave and incidentally important question:
which Is wholly domestic in its character,
and which has never heretofore been made
party question among us. to be forced upon
them now as a party issue, by the proceedings
of few individuals of their party, acting
without authority from them, and even with
out their previnus knowledge Before they
permit this, it will be well for them 10 ponder
well the consequences. OBSERVER.
MNsEsOTA ELECrIoN.-Tbe ST. Paul Times
of the 2lst foots up as follows;
Republicans. Democrats.
senate .-..--..--lt ...-..s....-2o
HousS ............... @S.... ......... .....3T
The term Of Gen. Shields in the IT, S. Senate
expires next March. II is doubtful, however,