Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-11-17

The question Of currency has received good deal
of attention from the press and the people Of this
stare duriugtbe last few months, ana the subject is
more thoroughly understood now, than al any pre-
vious time, since cur present system Of banking was
established The opinions OF the Wisest statesmen
in the country have been earefally examined, the
practical teachings Of the ablest 6nancers have been
consulted. Monetary and commercial statistics.
derived from the most authentic sources have been
diligently sought out and the operation Of banking
institutions in other States and countries thoroughly
Investigated.
These investigations coFroborate and sustain the
views expressed long ago by he fathers of our Dem
ocradc faith The lessons Of tie past are confirmed
BY the experience Of the present The wisdom Of
the policy Recommended by Jackson and Polk has
been demonstrated by subsequent events The evils
which they predicted, as the natural result of
paper currency, have been realized in our own and
other States The necessity of guarding the people
against the fatal consequences Of moniea mooopo-
hes which was foreseeu by them, is now almost uni
versaily acknowledge The frauds which have been
perpetraied upon the people under the shield Of bank
charters, the unsOundness Of the currency which
these institutions furnish, The commercial distress
and disaster which they have broughtup the ooun-
try, have convinced the people that General Jackson
was right whea be declared his unqualified opposi-
tiOa to all kinds Of paper money
81 am, and ever have been, said General JACK
SOY, oPposeito al kinds Of Government paper cur
reney let 1t be derived from exchequer or otherwise.
II the paper Is The reel rspreseatatire Of specie, '0hy not
pay ths debts IN specie end let the specie circulate ht
hands Of he5aboTng and producing classes? Then the
dealing between the merchant and laborer viii be in
speoie; and the merchant, by making a depOsite,
can get bin on any part Of the Union Where,
then, is The use Of paper currency? Neither mer-
chant nor laborer wants it. The merchant wants g
bil-nota bank or ezchequer bill-but upon banker
where he buys his goods-ss in Germany
H one Of the greatest AumJugs ever attempted to be
supposed upon people, that there Is not specie enough IN
the iD0rld TO aas5er oh the necessary 0ants of the COM
muzay Look at Cubs: there is no paper there.
Shut out from circulation ell paper, ard specie viii
fow in upon US as the tide; but viii never flow to
any country that has a paper currency, which will
always depreciate. \ national paper currency is a
great curse 70 any people, and particular curse TO
the aborer Of the country; for ils depreciation al
ways falls upon the laborer.
These truths are now very generally recognized by
the people, particularly those who have embraced
the doctrines which were taught and practiced by
the old Sage Of the Hermitage. The Importance
Of securing sound, reliable currency is felt and
acknowledged by all and the policy suggested by
General Jackson is generally received by the party
which regards him SIS the great e1pounder Of its
faith % the only means Of ace lrpIshing that desi-
rable end THIS Democratic party throughout the
State looks forward to the time when all banks may
be sWcTt cut Of existence as 81 a coDsummati0n de
vou;ly to be desired" Tie voice os the Democratic
Masses SO far as it has been heard on that subject
is entirely unauimous The expression from the
Democrats press is almost as much 30, and very
remarkable Urauim;y prevails among our contem-
porzres with regard to The line and method Of car
rying ont the views which they ad7ocate. We shah
shorty compile ,he views expressed by the Demo-
cratic Pspcrs Of the State. At present it viii be
sufficient to Indicate the general line Of policy which
they recommend
l. That al the existing banks shall 60 out Of ez-
no new baaks o. issue shall be chartered.
3 That all mems shall be taken consistent with the
incorporated u gas OF those institutions to render
the circulation of the banks more safe and more
easily convertible mo spesie
These seem 10 be the opinions Of the Democratic
journals throughout tbeS late and We heartily concur
in the proEGiesy Of both propositions This much
the public 10 crest demands ana the people viii not
be satisfied with less.