The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-11-19

ueh opinions OF the press u, on the recent
etter Of the President Of the Bank Of Ten
iessee, as might meet our eye. Accordingly
We continue our extracts this week. The ar
iicle below appears as communication in
the Nashville Daily Gassiie Of the 10th, FROM
which paper we copy il:
To the Hon. Gaze J0isfSoH ~ have no com
plant TO make as TO the mefey historical
parts of your letter in regard to the Banking
business ia the state, except in its want oil .
fullness and disregard OF some details, that I
assume an Importance to me; and ia order .
shat may he better understood ! quote {
from il: iWhen it was aserrtainei that the
United states Bank could not be re chartered,
it was apprsheuded that there would ice a
deficiency of paper circulation. and ths Union
Bank was chartered to supply its place, and
the State became partner, subscribing hall
a million Of dollars; complaints soon arose
that 1t was under the control uf few favor
ties, who managed il for their own advantage,
and the next session of the Legislature was
called upon for another 10 eouuteract It's Ell
fects, aud the Planters Bank WAS chartered,
and the state became its partner alec, sub
serhing or purchasing near quarter 81
million of dollars Of it's stock The add
tiuns | wish to make TO your history, are that
capital was needed TO represent the products
Of the country until they could hnd market;
that capital was needed to represent these
products while in state Of transitu, or TO
buy and sell the exchange furnished by their
sbipment; that w to that tine Individual dual
tent az to Cypress the planter seriously. The
Banks then were not in succession chartered
| to prevent deficiency of paper circulation"
| alone. but were created that the conflicting
| interests of private ana public capital might
enure to the general good, and that capital,
ever striving in opposition to labor, might he
made cheaper, and labor, Ms consequence,
better paid. | admit, sir, that your statement
may be imagined TO embrace all this in your
very general phrase of paper circulation
! but YOU will no doubt remember that there
came a time when Banks could not redeem
their paper" aud you will also remember
that in consequence of this the paper sunk
far below a specie standard and if you do
not remember the fact, | do. that the State
Bank notes sunk lower than the others,
though backed by the apparent credit OF the
State, aud that all Of them were treated ex-
aetly AS other representatives of values, bear
ing price in proportion as the prospect oil
their speedy realization increased or diminish
ed The lesson was taught thenwit has been
repeated since, thnt any circulating which is
not based on legitimate trade in fe.itlmnt :
articles of produce and consumption, is liable
to too serious fuctuatiopa-to benefit the
people as mass. The lesson was taught
then, that Bank with aauarter of a million
of State stock, couldSla as good in all respects
rs one whose entire capital was owned by the
commonwealth; and the lesson has been
taught since that State Bonds aud state
credit, though very good in their way, are
not money, and though they may be hypoth
ecated for sixty or even ninety cents on the
dollar, they are not cash, except in thes,
, proportions 4
Ihnve eliminated your history Of the Banis'
solely to 81 ow you your position, not as you
propose it to be- but as it il not that y0ul
notes have been returned on your HANDS 10y
the Brokers, but Is, the legitimate operation;
of commerce, aided, in great degree, 10y
, Your management The deductions to be
drawn from the actual history of the Banks
as exhibited in the fluctuations of their circu
ation, are not what you would have them &c
be The first is, shat the paper OF the Union
aud Planters Banks has been of a greater
value, averaging nearer specie standard
than the State Banks paper The second is
that their circulation has been larger, in rro
norton to their capital, than that OF the State
consequence, from the two first--.that tL(
Union and Planters Banks have been o
, greater service to the community generally
and to the commercial community, than III,
State Bank. when any one makes up hii
mind on iavorite hobby it is unpleasant tc
he disturbed in his recreation. whether h,
takes it daily, weekly, or quarterly, and
would not disturb it, but that yours is as
Stunning nm alarming aspect to all your fellow
citizens, who 20 afoot or have any interest ia
the money they earn or spend Many of youl
roll Ill, l.
country that they prefer the paper of the
two old Banks to yours because yours is sub.
ject to the storms and whirlwinds of party
This may account for the return of some OF
your crculation; and if my proposition be
true that no circulation can be regular or
profitable unless IT. ia issued il strict conform
| ity to the demands of trade, alike regarding
the production and consumption OF the cOun
| try; your circulation has returned to you in
equally strict conformity 20 these laws, aud
you should be ready to send it forth again MS
soon as the productions Of the country can
be sent TO market You regard the "compe.
tition in business" of the three old Banks a.,
producing "want of uniformity and REGULAR
ity" in the States paper circulation. You
could hardly have made greater error, as
competition is the lie of trade" has passed
into an adnge, and where there is room for
prices in any commodity. AS to the evils"
you depreeate, have much to learn in 20.
Iiiical economy il it be an evil that paper
circulation should be ke,t ms near a specie
standard as it is possible TO keep it, or il il
| he an evil that the State Bank should be
forced into resumption when the business
OF the country demands il, or If it he an evil
that the Banks paper should occasionally
circulate into as well "a from the Banks.
must, by your leave, he in favor of all such
! evils. Business MAN,
NEw OnLeASs.-The Picdyune of last
week, remarks
Our general market has presented more
animated appearance during the past week.
with liberal supplies OF Southern staples aud
Of Western produce, and fair demand for
most Of the leadinu articles M. La.lnos.
m uouon aud Flour has been genar"l. --,
reduced rates, while Sugar, Molasses, Grain
and Provisions have commu ded full prices,
the rates for Pork and Bacon showing ma
teTial advance.
,Ss- The News Of Chicago announces the
certain and complete success OF the friends
OF Douglas N the Legislature; and adds tina,
the Administration failed to elect any If
their candidates
IRELAND IN New YoRK.-The New York
correspondent of the Charleston Courier, in
n recent letter says;--
I'VE now have John Kelly, an lr,shman.
for Sheriff; John Clancy, nm lrshman, for
County Ciork: James Moncrirf, IN lrlshman,
for Judge OF the Superior Court; and two
lrshmen for Cnroners.
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