Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-09-15
me Patriot and Ourselves.

The Patriot and Ourselves .a+.
Our neighbors Of the Patriot have been, recently,
sOcitous for more definite statement Of our views
on the subject Of the currency and 70 that end pro-
pounded three several nterrogstOries which we en-
deavored to answer in terms SO explicit that even
the Patriot should not fail to understand Wethink
ne we're successful notwithstanding the Patriots
unwillineness to admit it. That paper concludes
review Of our article in the following words:
ssFrOm hasty examination Of the charter (of the
Bank Of Tennessee, can find no Limitation TO it,
in which, We correct, the UEIoS AMERICANS
answer amounts to Just nothing at all" 'Our in
ference now is hatthat the UNION AND American is in
favor Of good sound currency, which is gold and
silver alone, but will feel satisfied if il can be at
tanned ct the expiration of the State Bank charter
that is to say al indefinite period ranging from
ten to hfty years hence"
Thus it appears that the Patriots failure to under
stand our position results from its own inability to
properly construe and understand one Of the simplest
clauses in the charter of the Bank of Tennessee
Our neighbOrs have come to the remarkable conclu-
sion that the Bank Of Tennesseo was chartered by
the Legislature of 1888 for aU time and Without limit
Notwithstanding the 22d in the bill Of rights Of
our State Constitution expressly declares; "Ihat
perpetutes and monopoes are contrary to the genius
ofa free State and shall not be allowed" Weagree
with our nsigbbOrs that the Bank Of Tennessee is
unconstitutional but not in the way their argument
would indicate. We believe that it is viOlatve of
that provision of the Federal Constitution which
says ono State shall emit bills of credit, or make
anything but gold and silver coin tender in pay
ment Of debts"
But the Legislature of 1888 was not so simple as
to attempt to make the Bank Of Tennessee perpe-
tuiy, as win be by the following extract from
the 9th sec. of the original charter of that insti>
tuition:
'sThat Immediately after the location Of the prin
oipa Bank and branches, the Governor of the State
shall nominate and appoint twelve persons to act as
directors, more than one third of whom shall in 70
case be merchants; and which nomination and sp~
pOinment shall be subject to confirmation rejee-
tion by the General Assembly, and the twelve per-
sons nominated and confirmed shall constitute the
diTectors-one Of whom shall be President-1Uh0 are
hereby incorporated and made body polite and eorpo-
rate By the name and style Of The President and Di>
TeeOrs Of The Bank Of Tennessee and shall continue
sHta the Lei day Of January, 1863"
We are at q loss to know by what rule The Patriot
cOnstrues language if it does not regard this as
limit to the charter Of the Bank of Tennessee-a
time fixed ct which, in the absence Of a renewal of
its charter that institution will 20 out o. existence
The Patriot therefore, in its 'inference" that
the period of time within which we propose arriving
81 sound currency is can indefinite period rang
ing from ten to fifty years hence"
The Patriot further complains that during the sit
ting Of the last Legislature the editors Of this paper
were exceedingly busy with words, words words
but not q step was taken in that slow and gradual
process which was bring about that happy era Of
gold and silver currency so much desired" by US.
If tbeLegslature failed in this particular the Pato,
well knows it was no fault Of ours. But does not
the Patriot in this assertion show itself as ignorant
Of what was done by the Legislature was Of the
conditions Of the charter of the Bank of TENNESSEE
If that paper will but copy into its columns the acts
of the last Legislature the subject of Banks its
readers will perceive that several very healthy steps
we're taken in that 'sslow and gradual process" to
which it has referred. They viii find that among
other things the law authorizing the establishment
Of free banks was repealed-that provision was
made for the voluntary liquidation of the free banks
already in existence-that two or three rotten
stock bank charters were repealed-thst resump-
ton Of specie payments with all other banks was
enforced-hat provision was made for retiring first
all notes under FIVE dollars, and finally all under ten
that after the lst Of September, 1853, emo bank or
branch bank shall issue, emit or pay out any bank
note not on its face payable upon demand, at the
counter where issued, emitted or paid out"
Having given the Patriot the full benefit Of cur
views on the subject Of currency and the policy
would like to see pursued in the future, we trust
the editors Of that paper will object defining
their own position on the questions they have so
politely propounded to US. We "infer" that the
editors of the Patriot having been Wings under the
ancient regime, are thorough going bank men-the
advocates of a large credit and shin plaster
Incorporation men, the friends of capital and
exclusive privileges but for fear that may do
injustice to the Patriot we will suspend infer
ences for the present until the editors of that paper
can answer; -...
lst Are you in favor of rechartering the Union
and Planters Banksi
ID. Are you in favor Of winding up the Bank of
Tennessee; and if so, at what time and by what
process?
Sd. Are you in favor Of continuing sill the stock
and free banks now in existence, and are you in IA
vor of chartering any more banksi
4th Are you satisfied with our present federal
sub. treasury system; or do you agree with Mr..
BELL that it has proven failure and that United
States Bank should be chartered in its stead?
plain and explicit answer is desired. We would
be equally pleased to hear from the Banner on the
same subject This is a where both may
speak at once Those who are so free to interro-
gate others, certainly will not hesitate to answer
themselves. Let everybody look anxiOusy for their
answers.