Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-02-02


with the proceedings upon the BILL concluding with
the declaration that be could hardly 20 for these
amendments
Dir BATE moved to postpone till Goaday. He
said there we're several members absent, and this
was matter that did not require haste, at all. Il
was nearly eight months before any provisions Of
the bin would 20 into operation Why thisnecessi.
ty for hastel This is a matter that goes down to
the hearih-stones Of our people I am obliged to
consider these restrictions upon our banks as re-
striotion upon people Sir this bill Is no meas
ure Of relief; hereis not particle of relief ia it.
We open the vaults Of the banks TO those who are
knocking a. hem to get out their specie Their
specie is the basis Of their credit Take away from
them their twenty-five dollars in specie to their one
hundred az circulation, aud you force them to col
lect from the people to supply its place They must
have it o make their notes good; and thus you will
bring about disasters that cannot be estimated
Those who are knocking at their vaults for specie,
their foreign creditors. Will you then say to
these foreign creditors-cOme in and take their
specie. Sir, when you do this-Whsn you let their
specie 60, the home circulation Of our banks will
not be worth silver.
Mr. BAYLESS interrupting. Does not the gentle
man expect to call upon the banks to pay specie at
all
Mr. BATE. I certainly do But here, you have
foreign debt, and that makes the difficulty. Your
people are not demanding specie Of the banks; and
your circulation depends upon the exchange Of your
products. You have added 10 your circulation in
this manner, just substantially Spain or Cali
fornia ever added their circulation You must find
relief by increase Of your produce and you must
hsd on to your little specie also, to sustain your
home circulation for waiting till the products
Of the country can pay of our foreign debt and
ssy by all means, sustain your circulation till that
time
Mr. Speaker I am no hankmaH, an opposed to
banks; they Increase the price Of produce and
thereby bring in produce from abroad at q cheaper
rae aud so cripple ana destroy the energies Of labor
a. home. But we have got the banks amongst US;
they upon us with all their bad influences, and
the question Is. How we to meet the distresses
they have induced say, sir, viii not give the
foreign creditor the advantage Of taking the specie
from us now. will not do that; l will sustain the
home circulation, Il is the only present power We
have; you cannot give value 10 your currency by
Legislative enactment But you have local elrcu-
laJion that you may sustain, and that IS the bank
note circulation; aud that you are bound to do, as
think, By all the obligations you bear 70 the wants
Of your constituents az this time. The foreign
creditor is the only man that is asking you for
specie. l VIII not vote to pay it out at this
time. I cannot call that q relief measure. It has
another name. You seem to he calling upon the
banks as though their paper convertible. 1t is
not 90. 1t is based upon the faith of mesns-the
faith Of the responsibility Of those men who Dor
row and use it; and when you force the banks, you
force upon them the collection Of the notes and
obligations Of these borrowers; you driving the
banks to 60 and collect from these men-and you
know the remorselessness Of creditors. Sir, you
may 60 on with your relief measure: cannot sup
port it. 1 part with you painfully, for 1 love to
vote with those with whom am politically associa-
ted But my course is dictated by sense of duty;
it is duty which owe to the people Of Tennessee,
to my cOnsttuents-snd 1 win discharge it.
Mr.. BRADFORD. Mr. Speaker: What startling
developments do we see here to-day. What |
rh he's ha Dirit of hn
dreams Of the gentleman from Upton (Air Bate. |
This gentleman, who, on the meeting Of this body,
WAS one Of the strongest anti bank men with whom
had had the pleasure to converse stands here the
advocate Of the banks to day. He the last man 4
1 would have supposed, would strike his cOl0rs" |
His has been tOCer Of strength to the Dem
ocratc party. But strange things come to pass
nova days. Alas !! how has the mighty fallen! |
Sir, ! take issue with the gentleman from Upton,
when he says, that if you Cypress the banks you (
Cypress the people. This has been the |
whining CRY of the bank advocates, during this
whole discussion. I agree with him that the dis
ress upon the country arises from the fact that
The State Of Tennessee owes large foreign debt "
But, sir it is debt which has been stimulated and
-ostered by substituting bank rags for gold. The
yentlemans mode Of relief is to do nothing. Yes,
sir. He says let the people and the banks fight it
1ut. After standing with u.s. and carrying arms
against these enemies Of the laboriug masses Of the
country, for two months of heated warfare, he now
says stack arms and sign ignOble truce. He
says, do nothing" l say if this bill be passed,
will prove measure Of relief to the country
How a measure of relief Do you not know that /
he banks are charging per cent. on thirty day &C
,eptanoes, five per cent a month on the produce of
he country, which is the only means Of paying of
he foreign debt Of the State. Five per cent per
Der month, is go per cent. per annum. Thus,
he produce or labor Of the country, which is the
Dnly means Of paying the foreign debt, pays a
fbrrfa 4gs-~t 30 49, L,F,-
Jingle dollar be applied to the liquidation of
hat debt, In this way the banks are getting the
bigger half # the loaf
MR., ROWLES, interposing. I wish the gentle
nan would exclude from his remarks the bank Of
tennessee. She has never sold exchange higher
han one per cent.
Mr.. BRADFORD, resuming. do not know how
hat is. She has, perhaps, sold small amount at
hat price; but we see it stated in the papers and
ear 1t from business men, that the banks have sold
as high as 10 per cent g month. It is
old, which pays your foreign debt. Gold can only
e had with the produce Of the country. The
anks pay the producer il paper: They get gold OF
xchange for the produce aud sell that exchange to
ur merchants; putting, in the mean time sixty per !
emit Of 1t, into their bank vaults and letting the
omaining 40 per cent 60 to pay the foreign debt.
no pays this sky per cent? Why, sir, the la
oring man pays 1t by a reduction Of the price of
prOduce, and the increased price he pays for his
1gar and coffee, and all the necessaries of life | /
ow sir, this bill forces the banks to sell exchange
2per cent In this way it will give relief. More.
YER II will be relief measure in another respect
imply because 1t would let the country know that
lr action has been final and therefore, the banks
ould 60 TO dIscOunting We told that
o one can get money on the best Of paper. Why?
ecause the banks say we don't know what the
legislature is going TO do. They may force US to I
ssume specie payment in a few days. After the
assage Of this bill there can be no such excuse I
hey may discount and throw out = million Of dol
RS IN paper tomorrow, on ninety day paper, and
the end Of the time it Will all come back. This
peration can be performed three times before the
ay of resumption, and the banks not have any I
Ore paper out at the end of the time than they i
ave to day. 1t is true these bank notes will not
ly our foreign debt but they will help US to fix {
p among ourselves. They will pay of the individ- {
al Indebtedness in the State and in this way re-
eve the people. /
MR.. BATE, interrupting. If you place restric-
ons upon the banks do you not force them TO t
le upon their notes! and in the second place. is it
OF true that the distress which follows upon a T
reed resumption, is greater than that which is
reduced by suspension? Does not your bill take c
way their specie and if you force them they 5
fer accommodations?
Mr.. BRADFORD. I will answer the gentle r
an. In the first place, he assumes that the only
cans the banks have for paying, the individual
ltes IN their vaults. / deny the assumption. In
lie next place he assumes, that these individuals
lnnot pay what they owe the banks by the Ist of
oV. deny this assumption. For, every man who
YES the banks has not only the benefit of the pres
It crop, but as dernier resort, may be able on
e lst Of Nov next to draw on another crop The c
,ntleman in the next question assumes that the
sumption will re forced resumption. This de- il
?; for the banks say themselves that they can re-
me before the time we have fixed in the bill Then
asks if this bill does not take away their specie
answer just the contrary. 1t enables them to lock
up, for the next ten months, and keep it; and q
silly he asks, if We force them can they offer &C.
Here we have the same old bank
y, 'torcs,' "Jorcs," "toree," while the banks
ow fat, AID the people are ground to death.
Mr.. DAVIDSON. / understand the gentleman
ON Haywood to say, there is not gold enough in
e country to pay the foreign debit Ifnot, where
en-, would you get enough for circulation?
MR.. BRADFORD. I not proposing to come
specie circulation, " all in instant" G.
MR. DAVIDSON. Where will you get it when Ia
u do o.
Mr. BRADFORD. From the mines of California, g
lstralia, and other gold producing regions. 10
MR. DAVIDSON. Can we ever get it in apy "
her way than by the produce of the country?
Mr.. BRADFORD. The products of labor alone
II buV gold. As IL now il the Uroduoor