Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-02-04
The Tennessee Democracy and the
Currency.

The Tennessee Democracy and the
Currency.
1t was once current remark of the Wing
party, that the Democracy were against al
most everything and for almost nothing. Its
truth is amply illustrated since that party
has come into undisputed overwhelming pow
er. The present Legislature of Tennessee,
contains large democratic majorities in both
branches. Its first act was to receive the mes
sage Of its leader and dictator, which was in
great part illumination against the banks,
recommending that they should all be swept
out of existence, and especially the Bank OF
Tennessee. 1t was suggested soon after, when
nearly all the banks in the State had suspend
ed specie payment, that by this act they had
forfeited their charters, and that a precious OPP
portunity was offered to execute, what the re-
firing Governor had urged; and what the peo-
pie had every right to suppose was an estab-
lished article in the democratic confession OF
faith. The darling idea Of the olden time, an
exclusive specie currency, was revived and
the central organ began series of diurnal as
saults upon banks, banking and bankers,
which for pertnacity, barrenness of sound ar
gument, and fruitlessness Of result, was never
equaled by any newspaper in Tennessee
These assaults were reiterated by many of the
precinct organs, vastly weakened and diluted,
in various portions of the State; and several
of the more youthful and less cunning of the
sham democratic members of the Legislature,
took up the hue and cry, echoing the denun-
Citations in language and with fervor, much
more creditable to their zeal and frankness
than to their decency and self-respect.
From the fuss and fury which characterized
the opening of this opposition to banks, we
had supposed they would inevitably perish as
the stubble before the raging fire. Not so
older heads were addressed to the matter, and
more polite councils brought to bear. To
heal the irreconcilable differences which were
discovered to exist, in the ranks of the party
which had SO long boosted its unity in all mat
tiers of principle, a caucus was resolved upon,
under the softer and less arbitrary name of a
conference" The conference elaborated a
bank bill, which, while it continues the exis-
tence of these institutions, processes to throw
some additional guards and restrictions around
them. This BILL in all its main features, was
finally passed. Thus all the rant and cant
about an exclusive specie currency, turns out
to be rank fustian. Judging from the passage
of this bill, we must conclude that the democ-
racy, as party, are for banks. The lessons
which ANDREW JOHNSON. has been endeavo or
ing to instill into their hearts and engraft up
on their platform, are thrown overheard with
out ceremony; and the declaration is boldly
and fearlessly made by the most astute tacti-
clan, and devoted democrat in the whole body,
Zone who delights to say, when he desires to
be extremely impressive, that he has grown
gray in the service of the democratic party, }
that the capital of the Bank of Tennessee
ought to be increased, and would be in favor
of an addition of twenty millions to its capt.
tai, if it were found necessary. The democ-
racy have now had most favorable opportu-
nifty of establishing their currency policy up
on the State, and this is the result
But to do exact justice we are bound to say
further, that throughout the discussion of the
bank bill, at least in the House, we did not
hear a single member admit that the bill, as it
finally passed, commanded his entire appro-
baton. In fact it seemed to displease every
body-not one could be found to embrace it
as his own. This however, is but stronger
evidence of an utter lack of welldefined prin-
ciple and unity Of action on question of such
grave Importance. 1t is q degrading admis-
sion, that with an overwhelming majority, the
democracy are incapable of legislating upon
A. 70
oppressive in its operation, there will not be
single democrat who aided in its passage that
will not be fully prepared to dsavow it, with
the lame and impotent conclusion " it was
the very best that could be done " hut if il
should turn out otherwise there is not one of
honor. Thus they occupy the pitiable posi-
ton before the country of political jugglers
and thimble-riggers They will be in condi-
ton town, whatever may turn up. Was there
ever party better entitled to the scorn of a
frank and manly people? Was there ever one
which showed so much imbecility, absolute
weakness and moral cowardice, when in the
height of power and success? The opposition
has urged them to mark and define a line of
policy, upon which they could risk their judg-
ment and stake their fortunes, and this is the
reply we have received. The people, from one
end Of the State to the other, have called upon
them to do something definite to relieve the
currency of the country, and the response is
q bank bill, which no one is shameless enough
TO father, and which all cordially unite in pro-
nouncing unsatisfactory. Whatever NAV be
the fate of the currency under the operation
Of the law, it is clear that il was made at a
nereventure, at hap-hazard. And to this fact
we call the attention of sincere and patriotic
constituency. Will they tolerate such law
makers! will they longer confde in men who
thus trife with their rights, and leopard their
interestsf