Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-01-10
THE ABsORBING ouEsTIoN-


THE ABSORBING QUESTION.
For the interest Of the general reader We know we
have given up too much Of our paper to the subject
Of banks; but we have done so from high sense Of
public duty. AT time, perhaps, in the history OF
the country has so many grave and important ques-
lions pressed themselves upon the attention Of the
people 81 once; and by far the most important Of
these is the subject of Currency, regulated by rea-
son Of our present financial troubles. Il involves
every interest," and concerns every citizen, from the
highest TO the lowest. Il isnot question for a day
VI year, but as lasting the government itself
Unfortunately it is no less intricate than important
More unfortunately STILL it invoices the aoasy capital
Of The country, always powerful, and greatly 10 be
regretted, nearly always sntagonisio to the rights
snd interests Of Labor.
Therefore, even where we can see the evils Of our
present system IL is difficult to have the remedy ap
piled
For instance: it is apparent to every body. and
conceded by all, that one of the principal causes
with the banks in producing suspension and its
attendant evils was an ODerssss Of their paper: and
that in Tennessee, the means by which they were
enabled to do 80 was their policy of issuing and
circulating their notes ST one place and making them
payable At another, and generally the most remote
Aud inaccessible. The seventh section Of the Senate
Ll proposed a remedy for this, by simply requiring
al notes 10 bemade redeemable al the counter where
payed cut. No sooner had it passed that body than
The banks raised their iutermnable howl that SO it
would cripple The banks and force these good
charitable institutions to Cypress the people. II
remains for the Legislature to decide whether they
vii submit to the outragss Of bank oigarchy, or
defy the threats which they keep suspended over our
heads
We lay down as prOposili ons which no one viii
dare gainsay:
Ist. That no system Of banking is safe or sound
which does not afford circulation which is Prae-
really, as well as theoretically, convertible into coin
ST the pleasure Of the n5tehOlder.
ID That the amount of coin and exchange which
banks are required to furnish depends not upon the
conyertbnity Of the circulating medium at the plea
sure Of lhe,note-holler, but upon the fixed and i'm
mutsble laws Of trade, and chiefly our foreign trade
3D.. That the demand for coin and exchange is
actually increased just as the circulation is increas
cd, whatever obstacles may be thrown in the way of
supplying that demand.
4rh That rbe wildcat system increases ci~cula-
tiou beyond the natural laws Of legitimate trade
and thus aggravates the very evil tina. it is intended
roremedy by raising the price Of home commodities
beyond the standard Of gold and thus inducing cz-
csssiye trade in foreign articles Of consumption, and
c1rtaing the exports Of the surplus products Of the
country.
9th. That proper equilibrium between the OK
ports and imports Of country cannot be preserved
under inflated system Of credits, or what is the
same thing an inflated currency.
9th. That short credits and frequent settlements
do coin of debtor and creditor, are the only means
of securing a safe equilibrium between the imports
sud exports Of a country.
9Th. That the 7lh section Of the bank bin is the
OILY practicable method of securing short credits
and frequent settlements upon the circulation which
Is he basis Of trade.
ath. That IT, is neither to the permanent Interest
or either the banks OF their customers that they
should issue their credit to an amount which they
cannot conveniently redeem.
-th. That 1t is better we should have too little !
than too large circulation since one induces econ
omy, The other extravaganza and oycr-uadiug.
10Th. That if banks are required to furnish for
rbor circulation more coin than is needed to supply
the legitimate wants Of trade that il m 90 backro
tls banks by the irreversa5.e laws of supply aud /
deuand-iu payment Of debts, by deposit, and /
even if the bank be las it shouldJ shove suspicion
f. -4-,l. ,f ,-.,s ..,,--F-... -r F..
W
.rr 4... IL. 4, nj. mill, mo-. r. /
rye one single substantial advantage tromlha Wild |
&C.. 5gste- 0i Che pryTsg Of The 9Th section.
vie have moi studied for want of lime 10 ON. these
r-- POSITIONS ia rbe most concise or logical -Bagg
They are not each entirely distinct. the one SOME
lines running INTO the other, and sometimes, per
nsas. partially repealed. let We venture do firm
.,st h. ara seD.r.,sI, .-. .r--
-
s-'''-A'-a' a-i'-''o1r anu Al 'i'e 'l't -he FrA1ef
val have no difficulty an astuelug The same cole.u-
s.g that we nave arrived a. that the Eth section AS
. .-, f...r. .Fs S.-.fe 81. f .r--.-..,
..... ,4.. f...r.s.r. .r...... r..... ......
~. .s,-....,,.....
-yEIhLhN DEMOCRACY AND IhE KANSAS /
TROUBLES.
"a 4r- -rsfFHaf d. observe f6gf iTr .-r4r f... Of