Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-07-12
Banks and Banking---Democra
E-zs- Policy.

The Union and American of saturday delivers
itself of column Of words in response to re-
marks of the PATRIOT on the subject of Banks
and the policy of the democratic party in re-
lation to them. Our contemporary, in the in
diligence of its garulity, ovcrlooks our object.
We have not sought to hear, nor do we wish
to hear. anything more about the evils of
banking, or of the losses which have accrued
therefrom TO the people of our State. Enough
has already been said about these things, for
the present at least. They are admitted-no
one disputes them-no one will dispute them
What the people want to hear about now Is
the remedy which the dominant party propose.
The American party is in a minority, and is
therefore, unable, although willing to remedy,
as far as possible, all the evils complained Of
1t rests with the dominant party to do what
we are unable to do, and if the remedy pro-
posed by it be such as the American party can
consistently support, we are sure the great
mass of them will not stand in the way Of re-
form. What the PATRIOT desires is to know
what measure OF reform the dominant party
in tend to try to accomplish. We look to the
party organs and we find them speaking dis
cordantly. The Memphis Avalanche asserts
that an exclusively metallic currency is the
sovereign panacca, and old DIR. TOWNSEND never
recommended his sarsaparilla with more zeal
than does our Memphis contemporary its King
Cureall. But, the Avalanche is young and ar
dent, and may not be trusted as the exponent
of the party. So we look to the Union and
american, which bears the stamp of age.
and assumes to declare what doctrines
are orthodox; what, heretical. Through
its elaborate collection of words we find but
the faintest glmmering of a remedy, and that
when it says-"All reform must be in Tie diTec-
ton of a specie basis, and must look to an in
crease of real money and decrease of sham
money" We don't know exactly what our
contemporary means by this. Reform might
travel forever ''m the direction of specie
basis" and yet not reach it; especially if re-
form be a sham democrat; for if we have not
read the history of the country wrong, sham
democratic reform has been travelling ''in
that direction" the past twenty years and is
now further off from its destination than when
by current of paper rags of every descrip-
ton from a Treasury note to the sOrriest
shin plaster emitted from its yolving
wheel of fortune If our contemporary
had said "all reform must look too the
Inauguration of the era of real money, and
10 the entire abatement of sham money"
there would be no doubt as to its RENE
it for granted our contemporary did not
mean it. IT, then, it merely wishes reform to
travel I'm The direction of a specie basis" it is
too far behind the AUdIallche to be much of a
reformer. and its remedy is no remedy. The
''specie basis" is what Americans, if they had
the power, would enforce as their remedy; but
they can't appreciate a remedy which simply
travels IN that direction. Bank notes are good
money. issued up .'specie basis" "reaP'
enough to answer all our uses, if convertible
into specie-and if our banks are so managed
that the people shall have no complaint to
make in this respect, there is no need of fur
ther reform. Our helping hand will be ex-
tended to any and all parties who would re-
form thus far. But we cannot help our friends
of the Union and American if they contemplate
no other reform thangoing "n The direction of a
specie basis" and right glad are we that they
tell us they will put the patient under their o'cn
treatment, and apply the remedy according
to their Judgment without counsel or ad-
vice from our camp. We feel relieved, for we
would not like to appear hard-hearted, and yet
we could not be induced to enter upon that
path in whose tortuous by-ways the demo-
cratic party in their windings Gin the direction
of a specie basis" have been bewildered and
lost, 10, these many years.
But, badnage aside. will not our neighbors
of the Union and american endeavor to prevail
upon the party to unite upon some policy in
regard to our currency, and TO proclaim 1t !
Will they not either support that policy which
would compel our banks to so transact their
business that they shall, at all times, pay spe-
Gle on demand for their notes; or that policy
which would close all our banks, and give us
specie instead of bank notes for our circulat-
ting medium? One or the other of these pol
icies must be resorted to. Which shall 1t be,
the former which would correct the abuses Of
our present system; or the latter, which might
also correct them, but would entail up
on us evils OF no less magnitude than those
already complained of?