Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-12-15

tinuanos Of Che pEsssns ba8king system e Tennear
see. Their power is felt, is acknowledged. Their
strength has appalled, the timid The reckless, The
Specializing, sehsming and ron-labising pay viii
ing obsisanee, and swell their ranks, and give
promise that Bank reform VIII be no holiday work.
History and experience teaches me, however, that
in contest Of tie kind, the people win triumph
Conscience in their honesty and incorruptibiity as
sures ne that success viii ultimately crown the ef
forts Of the Democracy in restoring power into their
bands. .EAaH tie people gopsrn the Banks, or the
Banks govern the peOpIe!" repeat, is the question
of the next canvass, and win be presented practi
caly in the re>charter Of The Union and Planters
Banks-since in no other possible way, can the
question Of the currency become vital one The
free banking Law has been repealed, so that no new
banks will come into existence, and the law has
been so amended as efeetualy to crush their power
of disturbing the currency in the way Of issue,
unless by fraud, which, undoubtedly, viii be provided
against No new bank charter viii likely be ap-
piled for, aud it is morally certain that small banks
with small capital, under existing legislation and
public opinion without the aid of the old banks,
conld not exist day unless upon solid bssis-be-
sdes it is possible that careful of their existence,
and assured Of their weakness. hey win be Obedient
to the law making power That law making power
would assuredly protect the people, and could,
against their mischievous Influences their pre-
sent supporting power. the large stock banks rex
! moved Hence l assume that am correct in saying
that the vital question will be the re>charter of the
/ Union and Planters Bank. The question Of the
liquidation Of the Bank of Tennessee is a different
matter altogether, because, if that iustituton we're
this day cut Of existencehe present vicious system
Of banking would still exist ard our currency none
the better off thereby Then, Mr.. Editor, with your
permission IprOoeed to state the reasons why l, as
one of the people, opposed to the re-charter Of
the Union and Planters Banks:
lsl Because they were organized in violation Of
the spirit if not the letter Of the law creating them;
and in their management have defeated the intent
aud purpose Of their charters.
ID Instead of providing the people, with con-
vertible currency equal to specie, they have made
an inoonvertibe currency, and assisted in driving
specie from the State.
Sd. Instead of aiding and assisting the people,
from whom they had obtained grant of exclusive
privileges, Of great prOft-they have oppressed
them.
4th. Their repeated suspensions.
9th. Their support and encouragement Of weak
and worthless banks, giving to them life and power
to injuFe the people.
9Th. Their defiance aud contempt of the viii Of
the people as expressed in their legislatures-sub-
hitting to no wholesome restrictions, intended to
protect the people, and not depriving them of any
honest rights
7th. Under the plea Of vested rights, they claim
to be beyond the reach Of the people.
Sth. Their continuance is vesting the control Of
the material interests of the State in those, who
are not identified with us, by residence community
of feeling or interest of any kind, without any
curity to the people, right Of supervision on their
part.
Och. Their charter OF re-ehsrter is vesting too
much power in the hands of the few at the expense
of the many.
! shall attempt in succeeding numbers of your
paper to sustain these objections
TENNESSEE.