Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-01-31
Sc created. rsnsved. or extended, VIII banking Or

be created, renewed. or extended, With Banking Or
! discounting privileges"
! Mississippi with her millions Of exports, has no
1 banks, having long since, By the "C MON BANK
sRindle," determined that banks we're Of no practi-
cal benefit; that no special sEinahDg enactment
/ shoald ever again be granted.
Arkansas, also has adopted amendment, pro
/ hibiting banks and banking that state. he
amendment reads follows: That no bank OF
banking institution, shalt hereafter be incorporated
in this State
! might, sir. continue his enumeration, but think
it entirely unnecs ssary, and, would only state that
this policy has operated we'll wherever 1t has been
| tried. and while we have suffered severely under
| these revulsions, by losses Of money, they have
scarcely felt the evil effects Of these contractions
/ Now. sir. bre our people ready to make this
changer Yes they are ready to-day for this reform.
! The great evils resulting from bank contraetions
| and expansions, have thoroughly satisfied them
that can place no confidence in paper currency;
nothing short Of gold and silver will satisfy them.
They are ready and willing to administer hemlock"
to the whole fraternity; and sir If old fogyism is
unwilling 70 stand by the people, aud war for the
rights and interests Of labor 'these beardess boys"
Young America ready and willing to act the part
TO these corrupt institutions which Charlotte Cordsy
did the bloody Frenehman of the revolutions and,
sir, if "O.d men, who have grown gray in the ser
vice Of the country" are unwilling 10 ''tUrn over
these money changers tables" there are those on
this floor who are not in the service Of any man,
nor do not propose By their action 10 elevate any
man or set OF men 70 power and place. but conscious
Of the resttude Of principle and honor and having
Just appreciation Of TIE wants Of their country;
men WHO are willing, ard will have the aid and as
sisance Of the people 70 tear open these whitened
sepulohers' in order that the rottenness, corrup-
! ton putrefaciio1, and dead mems bones, may be
/ seen, and beng seen, hated diShonored, and de-
/ sriza1--ruir moon by Injured public
will say 10 old fOgyism for young America, that
! We intend warning tor pure currency; Intend
standing by The people, against the Oanks-tor the
! great masses OF cur cOuntrymen, against monopO-
lies-that will not stop, until we have the dead
body Of f0Ey banks fastened TO the great car Of pub
| lie opinion, and as Achilles drew the dead body Of
| Hector around the walls of Troy, so do we intend
dragging the dead body Of fogy banks out Of this
I Heaven favored country. We viii triumph-we Will
| have victory, The great heart Of the nation Is
with US! The ruling governing, controlling arm Of
the country demand this action-for ''there always
are more that worship the rising than the setting
sun" Ere long you will behold marching, chained
to this triumphant Of the people, emperor bank,
king bank arisoeratical bank fsrO bank State bank,
| monte bank, government bank, corporation bank,
savings bank and ALL all other banks Of issue; be-
hind which will follow in sad array, carrying the
rsgpaper currency that has infested and ruined the
country presidents Of banks cashiers teers, clerks,
directors and stock holders with fattened fayOrites
The whole host making up party, that pandemonia
might well be proud Of.
/ The next proposition embraced in these resolu-
TONS proposes sure remedy for our loose system Of
State credit. Il proposes TO bring State, to
that only system that States should adopt "payIng
down" and l. sir for one, hold that credit among
| individuals is radically Wrong-sn evil that has
/ whitening, bHghting influence society. In gov
\ eminent, only under extraordinary circumstances,
| should it be 8llOWed-sueh enumerated IN
| these resolutions We have no right to create a
burthensome tax in interest, for those to pay who
come after u.s. No State should create debt, that
by taxation renders her subjects slaVes-that forces
/ the working, labOring, producing portion Of the
people to set aside One-haf Of the products Of the
soil to pay the interest on government debt; and
that too sir without voice in creating that debt.
In Europe this is Of the great causes of dis
| tress The people are Over-WOrked Oyer-taXed, and
halffed. The whole cause is to De traced to public
credit and to public credit alone AL her govern
ments are based credit; F'they live, move, and
have their being" by this system.
! Are we not tending in the same direction, and
have we no for alarm on this subject Let US
! stop, examine, and see how to-day stands our in
debtedness as q State, and people, our credit is
] far below par We have bonds in every market.
| They are being hawked, peddled, and pledged to
every Jew in the land. They have been issued FOR
every conceivable object that human ingenuity could
/ invent.
/
! terest Of s 49, OOO and to this may be added the
! amount already loaned issued and used BY the
various Railroad COmpauies-ss reported by the
commissioner to this Legislature; adding SO OOOOOO
and an ACQUIRING interest Of S54O, 900. The same
officer informs Us the amount that will yet be issued,
will be $40 600 OO0 requiring to be paid annually,
an interest Of S6OOOO0 Amount that will yet be
called for under the internal improvement laws, at
$4,000 900 more, requiring additional amount Of
interest to be paid annually, Of S6OOO 900. In ad-
dtiOn TO this, the estimate made by Gov johnson,
/ in his message to the General Assembly Of 1866,
! in regard to the amount owed by corporations and
! counties, was $4,000, 600, making an additional
interest Of $500, 900; showing that our people in
| Tennessee are pa yiDg annually, the public debt
of the State, Counties corporations, &c, the sum OF
81 $50 900: which amount, labor must pay to capt.
! tai every year The productions of the soil must
contribute daily and hourly its share Of this annual
debt requiring, every year, every man, woman, and
child in the State TO contribute two dollars to pay
! interest alone This is the Indebtedness Of Ten
| nessee-What of the whole nation Let US examine,
briefly. According to the most authentic infOrma-
| ton, we owe to Europe $500, 700 600; which re-
| quires US annually to pay an interest aside from
! exchange commissions, &C, Of O,OOOU co., In
addition to this we have home debt Of SIPS, 0OO,
OOO according to the report of the Secretary Of the
! Treasury, on the finances of 1885; on which we
! are paying an annual interest Of S43, $4,000
/ making the sum paid by a people, per GnnUm,
in interest S78 $50 900; which is the amount labor
pays to capital annually, and you and are taxed,
directly and indirectly to meet thissum; and these,
sir are some Of the results Of credit-of going in
debt to-day to pay tO-mOrrOw.
Now sir in this connection, let Us refer to the
taxpayer; to what they will have to do in the next
| year, and every year to follow. Let them under
/ stand that the means must be provided by direct
/ taxation, to meet the State bonds issued for river
Improvement, turnpikes, &C, and now falling due.
Letus now give the practical workings Of the issu-
/ ance Of bonds TO be met st a future day; let the
farmer, mechanic and every taxpayer, know that
his State taxes must be doubled for the next twenty
years, to pay State debt-tO pay for the issuance
Of bonds by the Tennessee Legislature. The follow