Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-01-19

thousand dollars. This, think, err, ls low estl.
mate In thir estimate have said nothing Of the
I1sses by the ''sbuplasters" OF kincannou, Chafiu
& Kirk and others Of that day. / have confined
ulvself 10 recent dates Nor have / made an esti-
mate Of the Millions OF )ars that have beeu n /
vii vet be lost II consequence OF he depreciation
In price Of he properly and products OF the
country induced by the present monetary urgs 7rs.
Tbis-ail thisis but part Of the cost Of our Bank
ing systems to the people. And yetwe are told that
We cannot get along without baukS-that they are a
commercial Injury with which no civilized people
can dispense. Well, sir, f a luxury, ] should sag
they are rather au expensive one, Oh! sir, / wish
could prevail upon our Legislators 10 consider the
cost Of this luxury would my voice could sbe
heard by every within the limits Of our proud
Stately the people-the s0Vereig us Of the land
that could induce hem 10 stop and think, and con-
slider the cost of this system TO them, and that they
might be persuaded ncyec 10 send another man TO
Jhis Hal 10 make laws for them who is not pledged
aglinst banks and bunk influence. Is il not mira
e, AR Speaker, that with this gTieyOus burLhen,
this euprgus tax upon Us, SIC have ever attained
uat0 the degree Of prosperity we now enjoy Aud
ollsr, had we but been free fcoEI this b1rtLeI,
what p ople w5uliWs not have been?
But bIr Spe tker, the gentleman from Shelby OBJ
iecis i6thlt provision in Toe Stuae's h which pro-
1lbts banks iroa selling gold anu silver 40 any
price, aud iTOm selling exchange 40 greater Ure-
MUM than Two Ter cent. Why, slr, THESE banks
owe dvOts-lley refused 20 pay taem-htvs sus-
pended, and why! Because, as they aIlege, they
have not sufficient specie re Ictm their Giro, latoH
Aud when Jh.s Is sJ-wheu they tell they have
not now sull lent specie Joretean their circulation,
shall autl0rise them 10 sell or dispose Of what
specie they nave Oh band! Would that be- guarding,
a. az n uld the interests OF cur cousI cents VIM
Hold lbe.rnotes? no, sir, NO.
They have issued their no Is promising &c pay on
demand, and yet when the honest note-n0lder pie
sslts them aud demands payment and they refuse
have we not the power 10 compel them 10 do SO! or
al least see that they do not squaHder their eli
fects until by legal proceeding they forced into
liquidation. Il not, what is our boosted liberty
worth? Where is the ulnc3cy Of car nee instlru-
tious? and exchange sir, is bot the representative
el gold they ship their gold and checGou it, and
shall We allow them 10 reuse to pay their god 70
tie note holder who Is justly entitled 20 il, anu
ship il 10 New York or Philadelphia and check on il
40 from FIVE TO ten per Cent premium as they are
now doing. Why, SIR, IL times OF suspension, these
banks iagJen ami grow IIch and If we allow llemtJ
remain suspended and sell exchange az these eGOr-
bitaut prices they never vii resume, and will ruin
the merchants oil the country WhN need and must
have this exchange Il. they viii redeem their
notes and furnish 5he commercial interests gold,
they can peThFUs get alOEgleJ Us make them either
pay their honest debts or furnish exchange at the
very re8s0nabl premium OF two per cent They can
make It profitable TO sell IL at one per cent. and
vas IN favor Of limiting them TO one per cent The
Bank Of Tennessee has been furnishing exchange al
one per cent prem and, sir, so, as long she had
any TO furnish at any price. Why, sin, the notes Of
the most of these banks Is worth something oday,
buff We allow them 10 90 on selling gold and eE-
change at these exorbitaut prices, their notes will
worthless in the market, for They will have
disposed Of all their specie VhereWith TO redeem
their notes.
Sir, without this provision the bill would be ma
terially defective-let protect the rights Of the
rote holder, by prohibiting the banks from making
nav HaE-
indefinitely the period Of resumption.
Again, sir, this Senate bill provides that if any
bank shall refuse 90 accept of its provisions as /
amendments to its charter, The Attorney General I
shall proceed against tito forfeiture Of charter.
This is the only means we have Of compelling them /
TO obey our law after We shall asve made IL. Why, /
TIE law slready requires that they shall be paying
out specie, and yet they every day violating and
u.sTe EaT8ing IT, If they disregard laws made by I
previous Legislatures what more respect win they I
pay TO those we may enagC We must retain this
provision In order force obedience TO our enact
nents- Aud, indeed, SO well am / satisfied Of the
wisdom Of this provision, tina. If this Legislature
refuses to pass il, am then prepared to vote for
resolution directing the Attorney General 10 have
every one Of them wound uF.
But bauk advocates here says ST you Cypress
the banks, the banks viii opp7sss the people, or in
ller words, Dir Speaker. their position IS this: Let
The Legislature taas care OF Che banks, AID the
fDas FI.. take care of their c0usItsenrs. Indeed
sir when logically considered, rhe position Of bank
advocates every where Is: Let the Legislature take
are Of the rich, and the rich viii take care Of The
poor, or rle poor may AXE care OF themselves Is
ID the poor man, SIR that gets INSTRUMENTATION.
Are The great mass of The people acc9mmola by
hem. By DO means IL poor man gels note
-gauUtad at gIl luis through f.e influence Of some
.n friend, or perhaps G order l9 enable him 30 pay
debt he owes some rich man, and then he has Us q
natter Of course 10 be endorsed by men Of property.
. liza foot rrH| H ... .. .r. Oh. ..