Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-08-31


shown ought e be made, We would have applied
aDd in that way proceed TO Aq''da''
the Bank Of tennessee, Without inieting injury on
the country; ana without furnishing 20 The bank Or
gans pretext for getting up panic. We VIII IL
this way observe the warning Of Gen. JACKSON II /
bis Farewell Address, wherein ssys: The severe
lessons of experience Will, doubt net, be sufficient
to prevent Congress from again ehartering such
mouopolv. even If the constitution did not present
en- insuperable objection to 81 but you must remem
her nv fellow citizens that eternal vigilance by the
people is the price Of liberty and that you must pay
The price if you wish to secure the blessing Il be
hooyes you therefore, to be waiehfu in your States
As well as in the Federal Government. The power
which the monied interest can exercise, when con
centraied under single head and With our present
system Of currency, was sufficiently demonstrated
in the struggle made by the Bank Of the ohl'eu
States. Defeated in the General Government the
same class Of intriguers and politicians will now
resort 10 The States, and endeavor to obtain mere
the same organization which ihsy failed TO peTpelp-
ale in the Union; and with speoieus and deceiliul
plaus of public advantages and State interests ana
State PRIDE they will endsavOr 70 establish IN the
different States one Inonied institution with over
grown capital and exclusive privileges sufficient to
enable ii to control the operations Of he oiher
/ banks Such an institution viii be pregnant with
The same evils produced by the Bank OF the United
States. although its sphere Of action is more con-
fBe and in the Slate in which it is chartered, the
/ mopev power will be able TO embody its whole
strength, and to move together with undivided force
to accomplish any object itmay wish to attain.
] F. its TN
first Undergraduates, that have designated time
not far distant when we hope to see the country and
the people prepared for entire abolition Of paper
currency and the substitution of a strict constitu-
tonal currency in its stead; one of real value not
dependent upon bank parlors and the exigencies Of
the times, uniform in quality-gold and silver. OF
course when that time comes, we are in favor Of
restricting the payment of State and county taxes to
specie If the Legislature had not fixed on the Poo
pie BY the device Of acts Of incorporation, paper
currency either ineonverible convertible at great
inconvenience We should not hesitate TO advocate
An immediate resort to the sub treasury system in
the collection of cur State and county revenue.
J We now decline to advocate that policy only be-
cause 1t would not be just for the State to requir,
her citizens to submit to the Inconvenience ant
trouble and sacrlhce OF making payment IN specie
when the State itself has imposed on them system
of banking which has driven specie away AMI
brought about the very Inconvenience and trouble
to which the sub treasury system might subjec
them 30 soon as the necessary reform in our bank
ing system shall enlarge the volume of specie, an
render it practicable to procure specie without til
inconvenience and trouble now a necessary eonse
f puenoe Of our banking system, We would be read
to resort to that fiscal policy in the State which ha
operated so benefcally in the Federal Government
In responding to thenterrogatOries of the Pdtrio
we have sought to state positions with clearnes
and eonciseness without going into details or ad
dueing arguments in their support. We stand read
f to defend them against all assaults, and we sha
persevere in our warfare the vicious practices
well IS the vicious system Of banking in TENNESSEE
with the strongest confidence that when the UniOr
e Planters and State Banks shall severally an
9 successfully go down, the few remaining shin
1 plaster shops will rapidly follow in their wake
? and the people Of Tennessee be finally and for a
/ time relieved from the bighting curse of paper
currency.