Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-09-25
The money Question.

We republished yesterday the Bank propo-
sitions submitted and adopted at meeting
of leading democrats held in this city on
Wednesday, the 22nd inst; and now propose
very briefly tc review those propositions.
The first assumes that it would be unwise
policy to recharter any of the existing Banks.
This unquestionably commits the meeting
against continuing any banks now in exist
ence after their present charters expire. But
does it commit the meeting, the committee,
or ANYBODY else against Incorporating new
bankss 1t may have been so intended, but
we submit that it does not so express. In
this respect it is equivocal but characteristic
The second recommends snch reforms in
our currency during the existence of the
present banks as will insure a sound circulat-
ing medium. convertible at all times into gold
and silver But how is this desirable object
to be accomplished? Isl proposed to charter
new banks with additional restrictions and
guards, or to remodel the charters of our
present banks? There is no man in the State,
il is reasonable to suppose, who is not for a
''sound circulating medium''-and would who
not favor measures to ENSURE that admirable
state of things. But the wish is wholly idle
and futile unless there is way pointed out
for its accomplishment. and that way pursued
with success. The dubious outgivings of the
democratic meeting" which assembled at
the Capitop presents no measure, offers no
suggestion, by which we can ascertain how
the desire is to be gratified. To our mind, the
proposition is simply the expression of a
wish that is universal. We are utterly at a
loss to conceive how such practical statesmen
a. the meeting was composed of and espe-
cially such committee, comprising the two
United States Senators, actual and elect, a
Congressman, and two lawyers of distinguish
cd political information, should have passed
over a subject of such grave Importance.
without saying anything to the point. If the
Committee intended to assert a proposition to
which every sane mind instnctively assents,
they have succeeded; but if they meant to
present an issue to anybody, they made a
miserable failure.
The third proposition reiterates the first,
and adds that .'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" Not
withstanding all that has been said against
the Bank of Tennessee by Governors, ex-
Governors. Legislators and newspapers, this
seems to commit the meeting TO continue this
institution until its charter expires. We can
readily comprehend how refusal to rechar-
ter the Union and Planters Banks might
render q continuance of the State Bank quite
necessary. The sudden withdrawal of the
circulation of the Union and Planters Banks,
would doubtless have the effect of embarTass-
ing the financial operations of the people;
but if we also withdraw the circulation of the
State Bank, we should have "hard times" in
deed. Such course, doubtless, the commit
tee thought. would be precipitating the grad
ual process theory with too much rapidity.
We are inclined to think so ourselves. But
really does the proposition assume that the
State Bank shall continue till its charter ex-
pires. that is, till the LIST January, 1868? 1t
says such steps ought to be taken as will
eeeurc It's liquidation at tie expIr ton Of It's
charter; but it does not say in express terms
mat III ought not ID DE uOue DelOEc LndL lllile
Are the people to understand the meeting as
saying that it was opposed to the recharter of
the Union and Planters Banks, as we'll as all
others, and that it would sustain the State
Bank till 1868? Or, are they to understand
that having sustained the first proposition
they are at liberty to proceed at once TO place
the Bank of Tennessee in liquidation, without
regard to the duration of the charter? 1t is
important that the people should be fully in
formed on this point. If It is understood
that the State Bank is to be continued nine
years longer, a majority of the people might
be opposed TO rechartering the Union and
Planters Banks. But without this condition,
a majority might be in favor of the recharter.
viii our neighbors of the Union and -1H0rican
add another to the many obligations we are
already under to them, by clearing up the
doubts above suggested?