Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-12-03
THE CURRENCY QUESTION.
OPinIpns 81 The Press
From the Memphis AVPssl.
e.ssa Cold Rank.

! From the Memphis ApPssi'
ssSid Gold Rapk.
The Nav Orleans Courier speaks Of DO new sPe
Gle Bspb. about TO be established IN New i-oE-, n
-i95 q capitaI Of ere n TEo7 dollars Is spoken 81
IN New York fuaneiaI circies s. preolo'.l.y
ob;s.ts ~ tbs nsE bank wiz ID e receive specie
deposits only an to discount sgalsy upon rs "a
cash capital sight charge RlH' oe esos - - ~
pOsiiors, but it is pl assumed that the - 49,
custody will afford anpis compens. Wen loE '1's
small Der centage The Bullion Bank s'lH Issue ~
notes. bat transact its business eG-ciusiVs ~ ~
meuts and receipts Of gold and silyN 2 OAneL y -
in New York Of high standing, With Ten ne
capital Of the proposed bullion Bank
sits free Of charge but It is presumed thes
correspondents in the South, TIE vest
Mexico South America. &C., viii prefer to -
! their business through exclusively ppen -
/ ment agency, regardless Of the slight charh
l receiving handling and insuring cash deposits.
The ordinary banks Of issue and lean who spec,
late upon their debts. who loan and charge dis
! count their own Pr0mises-to pay, and VhJse &C
tive capital Is three TO four times she amOant Of paid
! up stocks viii be formidable competitors for sDy
/ banking company who lend only the amount to ia
vest. But Il it is profitable for private capitalist
10 loan money at current legal rates on good secu-
rity il must be still more 90 for association Of
] capitalists forming banking company. Ia such
/ an association few competent men are able to do
! the work and manage the investment OF the assO-
]
/ fitted by the experience Of each Time and labor
are saved BY the association the profits are increased
/ and the losses diminished
Competition With hanks Of issue viii Of necessity
leave but a small comparative dividend to the stock
4 holders Of the proposed Buion Bank On the great
sea of finance The iron over balasied ship will
/ in 6 calm time lay behind lite elipper-but compel
itors with fragile timbers ard paper sails; but Jet
the storms Of revulsicn like those Of 81 burst upon
them and the banks Of Issue win founder, While the
Bullion Bank viii survive the tempest and gather
/ wealth from the disaster.
| A hard money bank with capital Of not one
million, but ten millions would always act an sf-
ecual cheek upon the expansion Of credit aod over
issues. Just soon as the public bad the slightest
reason to fear for the stability Of ordinary banks Of
ISSUE depositors would At once remove their fund.-
converted into specie, 10 the vaults Of the Bullion
/ Bank. Their certificates of deposit, known to re
present, under any circumstances The solid metals
! actually in vault would soon have unlimited circu-
lstion wherever the convenience Of commerce hight
| require them. In sseasOn OF commercial distress
| produced by bank insrigues and speculative gamb1
/ ling, the directors Of Bullion Bsnk could 60
Quietly extending their usual discounts TO ther
ssrvafivs and solid customers, feeling all the mere
stable under blasts which shake their rivals who
| trade upon their own Indebtedness.
! A far as the predominant evils Of varisble pa
/ per money extend the in erests Of Bullion Bank
would be dismetFieslly opposed to those Of the pa
per banks Those whose Eeath hes IN bullion, asd
whose operations are wholly conhnfd 10 hard money
transactions would be directly sfectsd BY al aonor-
! NAL expansions Of the circulating medium, through
the machinery Of the banks Of issue. whatever Al
fees the steadiness Of prices and he uniformity Of
the ratio Of money to property, would eontraysne
the interests Of specie handling bank, no more
1 than those Of the met camille public, perhaps Dut
the effect would be sooner felt Il would, therefore,
become an index 10 the health defse Of the cur
I renew a bsIsnce-Wheel of finance, and prompt
monstary weather suage.' As the Eercuial tube in
disates TO the sailor the approaching squslL' 50
k would hard money banking institutions show mer-
chants when 10 limit their purchases, contract their
I sales and preysre for pinch.
| whether he proposed bank viii be miniature
Of the BullioR BEnk that ought 20 be- is more than
We shall assume TO p-ediet. Many child with
u pretty face has turned ont scamp when grown up
and many coin that wears the hue Of gold and the
livery Of the mint, is but the legidnats product Of
rogSsTy.
Prom the (Purdy) West Tsnnessse Whg.
The Currency
In all probability, the currency question viii De
the only one Of State policy that viii likely present
itself during the next caapRign II would be wise
for the democracy to unite upon some plan, or, az
least to speak out their views as 10 this question
Il is the settled principle Of the democratic party
that & specie currency is the only safe aud reliable
one. There may be those who VIII dlier VITA Us on
this point but to those BhohsEe mixed aGd mingled
with the masses, and have tbs opinion Of the bone
and siuew Of the land, know that this is not N cot
ed question.
The ultimate return to specie currency, we take
it for granted is the settled principle Of the Demo
cratic psriy; hut the plan BY which this is 10 be e.
fected is what is giving the trouble.
This subject Is occupying the minds Of the people
perhaps 70 greater extent than ever heretofore,
and il appears that every one has particular Plan
each Offering from the other
! All the possible plans brought forth should be
fully snd eey discussed and that too, inthe pros er
| =, a att
ing the cOmnOn good Of the whole.
As for ourselves We Of the blue stocking order,
and have no eomPromiss To make with banks, and
We shall hereafter urge that means most which SHAH
have in view the QUICKEST return to that currency
Gold and silver appears to rs 10 be the natural
currency il having fixed standard value that II il
easy for every to comprehend, and which all are
willing 10 sgres without an opposing thought shall
be the end Of the law in msters Of trade and com
meros This being the case, whatever else persons
nav argue for, however much they may reason
AGAINST gold aud silver a currency when they
have done building their air castles, when, in thu
fsss see they stop and take 9 sober look, second
thought they are compelled to acknowledge that
= 'TO this complexion must come atlast."
.But the means By which metallic currency should
) be arrived at is the question.
We are net in favor OF q speedy return TO IT. toE
thereby We might injOre some Of our citizens. MOI
are We Wilingto put of too long for fear OF oeins
afflicted with more Of the evils they originates We
are willing 70 take medium grouho' - Lns saul
time desiring the speediest return TO specie nat cal
. be had NJ detrimental to cur citizens
= Al q democratic meeting held in Nashville som
a time ego, resolutions we're passed which We thin
we're in the proper spirit and some remarks there
upon which We find in that sterling democratic paper
the Columbia Herald, give our views better than "
could oursslf.
rive have published the article referred to, frOr
the Herald
TAG Devils TEA>KETTLE.-A California pape
Gays there is probably, portion Of the eOhtinel
which affords wider field for geographical research
than the Great Basin OF Deseret or Utah. In thl
% solitary unexplOred region, are many curious sa