Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-04-03
THE DEMOCRATIC PARTY.

cannot foreteI At present, appearances are gloomy
THE DEMOCRATIC PARTY.
The recent general suspension Of the banks, fail
ing thereby to perform the Office Of sound currency,
whilst demonstrating the necessity Of very great
reform therein, has given rise to an appearance of
conflict Of opinions with our friends If We rightly
appreciate this difference, and We think we do, it is
not one Of abstract principle so much as the mode
and manner in which to secure a currency, which
shall rest snd be required to rest upon 9 safe and
reliable basis. All our friends admit and deprecate
the evils Of the present banking system All ad-
nit that the labor and productive wealth of the
country demands better representative or oircuat
ing medium than exists at present in Tennessee.
All agree that it is pspable and spen-handed injus
tiee to the people to cothe the few with the power
TO make the circulating medium, and then, by issu
ing OF contracting at will control the fortunes and
destinies Of the many, without the right Of remedy
in the State for any abuses that may be committed
in the exercise Of this power. The general views
and opinions Of all our friends, then, harmonic
and We are sure, are such as meet the views and
sentiments Of the great body Of the people.
If, then, our friends viii not permit themselves
to be divided on questions that are questions of de-
tail aud expedienoy We can plant ourselves upon
reform in the currency Of the State, and hope for
the appreciation Of the people. If we mistake not
the real wants of trade and commerce, reform
wholesome and radicals demanded. "Credit
money" in paper rags, having no basis except
stock notes" and substitute likeness, for the real
will no longer do. We must make our circulating
medium certain, secure, and reliable. The paper
that passsJ from hand to hand-that Is to the EaBOrer
his lgags-tO the producer, his gsalth be not
only his convenience ~ these bit his security therefor
We are sure that in these views we express the
opinions Of the Democratic Party Of Tennessee.
To obtain so desirable an end, ought we not, nay,
shall we not, Unite2 We are soldiers in the faith,
and know the great cardinal tenes Of our party and
therefore answer unhestatngly that the Democratic
party its leaders and its men, will unite and agree,
that as heretofore, they will be found identified
with the rights Of the peoples that they will take
care that labor shall have an evenhanded showing
with capital. Our opponents need not fstter them
selves with the prospect Of division in our ranks.
There is no such hope for them.
We have carefully studied the peculiar position in
which our party friends found themselves, in rela
II
gisature Not responsible for the existence Of the
brood Of Banks with which the State is thrOnged,
they met at the opening of their session. suspen-
sion of specie payments upon the part Of these in
stitutions. painie fearful and disastrous seized
upon and paralyzed trade commerce, and business
Of all kinds, Like unto the peal of the fre-bel at
night, came the revulsion Of 1857. Sudden and
alarming we're the sounds thereof. But one cause
could be assigned and what more natural than that
the authors thereof should be held to q strict &C
countability? And yet, with distress and bank
ruptcy likely to fall upon an innocent and injured
people what sgan, natural than that, for relief
there should be found to exist differences Of opinion?
All might agree that Overissue and want Of proper
accountability and responsibility upon the part of the
Banks was lae cause Of our difficulties All might
agree that the proper basis and system Of banking
was wanting but the remedy suggested by one
might well be a matter Of doubt with another |
The time, IN the opinion Of some, was unpropitous
for change and reform. The agency by which it |
was to be accomplished was not the least perpexing
question TO be determined. And, above all, the Po
stion assumed that the charter Of the stock banks
protected them frSm Interference grave legal |
question, upon which the courts and lawyers Of the
country are divided-tended more than all others, |
to embarrass wholesome legislation, for the very
reason that 1t was a legal question Of great doubt,
either side Of which might well be honestly enter
tanned and ably advocated. But yet nOtWithstand- /
ing all this we are sure that we do not misnterpret
our friends, when we say that there was an almost |
universal concurrence of opinion in the necessity
of a reformation Of the currency of our State.
We have no doubt that one happy effect of the /
present revulsion will be of itself, to check the
abuses Of the present banking system. The legis-
lation of the various States Of the Union, and it
may be- the judicial determination of the questions
relating to and growing out Of the conduct of the
Banks, will again, in opinion tend to its better
regulation. In addition to all which, time will as
sist in the digestion and contamination Of well
regulated currency So that future legislatures in
our State can, with prudence and safety take those
steps that may be necessary to bring our currency
to representative, not substitute standard, as it
now is.
In the meanwhile, having shown that the alleged
Of opinion with our friends is more msg
inary than real we beg to say to them that there is
living, vital question before them in the solution of
which there is more involved than ell the Banks in
Tennessee orthe United States tisthe Kansas ques-
tiOn. Shall we by supineness or from other causes,
permit Mr. BELL to bind US to the car Of Black Re
publicanism? Have our friends-bsve the people Of
Tennessee-righty appreciated the magnitude Of
this question The immense consequences that may
follow the rejeotiOn Of Kansas from the sisterhOod
Of States because her institutions are like ours? The
Union Of these States, the preservation Of all that
we hold dear, may be lost to US, by misrepresents
ton Of our wishes. Ours be the task just now, to
defend the right Of our whole State, to maintain
her honor and such be your task, let US eDjOn up
on all who would maintain the Constitution and
the Union as It is"