Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-07-30
The voice Of che People.

was thriving and their credit unmpaired the Banks
Aouted buoyantly on the tide Of public confidence
and no man paused to inquire into the soundness Of
q system which seemed to produce such general
prosperity. Their spurious currency flowed through
all the channels Of trade, and their bills were re-
oeived everywhere without doubt or hesitation
Commerce was active, prices we're high aad money
(such as it isl was abundant. Men wire encouraged
20 embark in the widest and most foolish enterpi
ses, by the facility Of obtaining the means Of meet
ing their liabilities. spirit Of prodgality and
travagance was engendered and the honest pursuits
Of industry we're abandoned for The inviting field Of
speculation Property was held at enormous prices
and paid for in worthless paper, which the artful
bankers who issued it, scattered through the land
with literally which can now be understood, when
we find that they never expected to redeem it. They
Of course encouraged the idea that the country
growing rich, that the commercial prosperity which
seemed to surround US, was real, and that banks
were the authors Of all these blessings. They
sought to sustain this unhealthy condition Of trade
by extending an unlimited credit They impaired
an unnatural energy to commerce and stimulated
the fever of speculation into frenzy So long as no
one doubted their solyenoy, they could afford to
swell their circulation to an unlimited amount, for
they could always buy up with their currency paper
better than their own and make from eight to TWEEN
ty per cent by the exchange This condition Of
things could not last forever. The bubble was
obliged to burst and the delusion which deceived the
Imagination Of the people has at length passed
away. The demands of foreign commerce required
something more than paper promises to pay. Men
began to find that ''rag currency would not supply
all the necessities Of trade, and they went to the
banks asking that they should redeem their issue,
for which they had, perhaps, sold their own notes
at sheavy discount by paying an equivalent amount
in gold and silver They we're coolly informed that
the banks had suspended They learned that these
favored institutions were not bound by the same
obligations individuals, and that whenever it
suited their convenience they could close their
vaults, refuse to meet their liabilities and pocket
the profits which they had realized from the foolish
confidence Of their customers. They found that
the rules Of honesty which governed men in their
intercourse with each other did not apply to oorpo-
ratiOns. They discovered that the banks were the
only gamers from the reckless system of trading
and speculation, which their policy had produced,
and that hsy (the people, were the deluded, de-
frauded victims. They had generously given these
had enabled them to amass immense profits while
the country was in prosperity, and now when the
revulsion bad come, they shielded themselves from
he general calamity, behind their chartered privi>
leges. Capitalists who hal realized large fortunes
from their banking operations during the last few
years; who had reaped all the advantages which
could be derived from the system while it prospered
retired in digni6ed opulenee when the crisis came
leaving no assets in their banks to redeem their
circulation, and supplying no means to relieve their
defrauded creditors
1t is not wonderful then that popular indignation
should be excited against the false and fraudulent
system which has impoverished them. Il is not
wonderful that the popular voice should demand that
these monster monopolies be Immediately crushed
1t is not astonishing hGs the people should require
that the legislation which allows an incorporated
body Of men to enjoy peculiar privileges by which
they may enrich themselves and defraud the cons
munity, shall be repealed It is not strange that
they should hold conventions and announce their
determination that these intolerable abuses shall
cease.
We see everywhere unmistakable evidences of a
reform in public opinion the subject of banking
The resolution deeply and firmly fzedint thu minds
of the people that the system shall be abolished and
we hope that the following resolutions adopted by
convention in Hardemau county, will be carried out
in the Legislature Of 1889.
ID ResolDed That we are uu0lierably opposed to
the principles and policy Of State Banking; that it
is wrong both in theory and practice, aud volative
of the several clauses Of the Constitution Of the
United States, which declare that State shall have
the power ito coin money, emit bills of credit, or
pass laws mpairiDg the force and obligations Of con-
tracts" and Of that clause ofthe Constitution Of the
State of Tennessee, which says that no monopolies
shall be granted, and hence has only been allowed
by the unwse and dangerous neglect On the part of
our Federal and State authorities and that the his
tory Of Banking iE State for the past few years.
clearly demonstrates the nsuficiency and uure-
ability Of he paper system currency; therefore,
we here pledge ourselves TO unite cur best energies
and exercise our best efforts to abolish by gradual
process a system alike discreiiabIe to our egisla-
ton and destructive Of every private and public in
terest Of our people.
Sd RssolUsd That while we may not be able to pre-
serve in perfect simplicity and intact the wise plan
Of currency devised by the illuslrlous trainers Of
our State and Federal Constitutions which all good
and true men ought TO regard a sacred duty to
cherish, yet will never be content with less than
placing a Constitutional disability upon our Legisla-
ture charter Banks without first having obtained
a majority Of legal votes in the State in favor of
such charter
1872 is founded upon incorrect policy or princi
pie; that Il has proven a fai ure, disastrous the
country, and merits the unqualified and unmitigsted
disspprObation and condemnation Of every good and
true citizen; ana that all Banks chartered under |
that system who have not complied strictly with the 1
letter and Spirit Of the law should be at once placed
under process Of liquidation and their affairs be
wound up soon as is compatible with the pubicin-
terest and public safety.
9th Res0lUed That in the opinion of this meeting /
Banks were not instituted for the benefit Of the |
great agricultural, mechanical and industrial inter
ests Of our country, but on the contrary have ever
been used by SPECTATORS and sharpers, Of false
credit and fictitious capital, to the UuvaryiDg deT-
ment OF those great and substantial interests upon
which the pillars Of successful and prosperous gov.
eminent must rest for It's support, and consequently
II Tor no other reason ought TO be abolished
9th. RssoiDea That The policy Of giving State aid
in extending State credit the benefit of railroads.
turnPlkess and other works Of internal improve
ments, has been carried quite as far as the public
safety and proper regard for our State credit at
home, and abroad will admit and ought TO be check
ed Immediately by placing constitutional restric-
ton upon the action Of our future Legislation
Heading Matter on Every PAGE