Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-02-23

ready 80 generally discussed; but 10 view Of the
BIN now pending before the Legislators, proposing
% charter new banks sud materially increase tbs
already heavy indebtedness Of the State, We should
do injustice to ourselves, to the Democratic party
We represent and to the entire people Of the State
did We fail the use Of any means in our power tc
secure calm and cousidersts reflection upon this sub.
feet, and The ultimate defeat Of 90 great wrong
upon the known sentiment Of The sovereign people
o. the State Though cur course should forfeit VI
the esteem Of every party friend in the Legislature
highly as We value their good opinion, we would moi
fail to speak We will not be guilty Of that moral
ooWrrdiee which hssitatss upon the path Of duty
from fear Of risking the favor Of those with whom
IL has been our pleasure and pride to act.
There never met 3 Legislature more thoroughly
instructed BY their constituents upon any enc SUBJ
jsst than was the present GgaiHsf any further ~.
sa's Of he iadsbtsdaess Of the State Every one fell
that preceding Legislatures had increased our lis
bility to hazardous extent already, aud that the
only ground Of safety was in firm and positive de-
termination to issue nc more State bonds until ct
least present eEtravagsnt enterprises we're par.
italy developed and We could calculate with some
degree Of certainty on the future Men Of all par
ties agreed In the main upon this subject, bat par
ticulary did the Democratic party commit itself in
every conceivable msaDsr, to unequivooaL IN
qualified and incorporating opposition to any
further increase Of the Indebtedness Of the State
By the issuance Of bonds or otherwise. From Car
ter to Shelby, as far IS we could learn, every Demo
cratic candidate stood upon this platform. Public
sentiment was 20 well asosraiDed that no man dared
occupy q different position. We venture nothing iE
saving that there can be but few MEMBERS certainly
no Democratic member,) who did not come here
having reason to feel himself Instructed upon this
question. State credit was dsprsciated and every
railroad company was selling her bonds At a sacri-
e, and necessarily in violation Of the law. The
important question with men Of all parties was
what should be done restore our impsrsd credit
and f. was to this that the Legislature vas expected
70 devote large share Of its attention.
There Is nothing clearer thaC that she ovsr-issu-
suce Of bonds was the main cause Of their first de-
Prseistion, or else why have they been st heavy
discount whilst those Of our sister State Of Ken
taeky have commanded q handsome premiumi Il
is equally clear that the main cause Of their more
recent decline was the general arrangement Of the
banks from an over issue Of their paper. And Whist
IS the remedy proposed An issuance Of 8 million
snd quarter n ors bonds, to feed the already guttsd
market Of tee east; snd the establishment Of more
banks, IS a means Of swelling that deceptive sPs
eies Of circulation the recent expansion Of which
We have been attribuling 81 the evils that nov Rf
ai0t the o5untryI Can men, unbiased by the sup
posed loesl benefits to be derived seriously enter
tain an idea so palPably absurd 60 detrimental to
tbe public interest," if carrd out and that prove
90 overwhelming 70 those who may inosuHOusly be
drawn into its support! If So it argues there are
no bounds to credulity, or no positive virtue in
legislation.
The bill now before the Legislature is entitled "
bill for the relief Of the people" And, they might
well have added, such relief as vultures give to
lambs" It proposes to sell the million and quar-
ter Of turnpike stock owned By the State for what
ever it will bring, and issue in addition six per
cent. bonds Of the State to the amount Of million
and quarter, which shall also be sold, and the
proceeds applied TO the establishment Of a branch
VI she Bank OfTennsssee at Memphis, with a capital
Of $4,000, and ct Knoxville with capital OF
500 600; the balance 70 be divided between the
mother bank at Nashville and the old branches. We
San see no excuse Why gentlemen of any party
-hould support such proposition, but for 3 Demo
rrlt 10 do so We maintain is positively Inconsistent
with both the creed snd profession Of his party.
We know there are q number Of our Democratic
friends, whose general sentiments We respect, that
Ter With Gov johnson, Gov Harris, ourselves and
hers to the policy Of luidating the State bank
aud its branches; We have never understood, how
ever, that such would be their position II the
Enlistment Of the Bank Of Tennessee was an
giEal proposition Wals they cannot the safety
& The country from winding up that institution at
sas tine, We have no. met with more than two
members Of the Legislature, claiming to be Demo
--sts who fail TO repu late the doctrine alb
act proposition, Of ate taking upon itself the
Z IN Of corporation and engaging in the business
d. banking And, if We are not deceived, there are
r5ely any wao profess q willingness to see thst
n-.ituIion perPstualed beyond the time Of its
,a-rter, now some ten years.
has been principle in the Democratic creed
folly recognised from the days Of Mr.. Jefferson 70
TAO present that it is no part Of The business Of
go. .rumsDt, Federal or State, to become money
losser or money broker, but that such things
should be left to her citizens alone. Il 1t is
ness Z banking she may With the same pr0priety, |
own -lilrosis for the purpose OF doing the bust
1-ss II common carrier; snd il she can own rail-
road why may she not own steamboats,? and if |
slr uaa engage in the business OF furnishing bsuk
DE facilities for traissmsn, and become common |
carrier for The producer where is the power that 4
3 ut ,estrsin legislature from issuing bonds, and
ss.aJ shug the State in the business Of developing
Der gHl resources, as miner or mauufacturer thus
chang entirely the simple character eff our insli- /
luton. and converting it into grand corporation /
Tor pclaation, oppression, and fraud' It was the .
rec e. san OF the s0uujuess Of this principle, that
induced The hrs. National Democratic Convention |
over held 10 declare, aud each subsequent Convsn-
Ion ton affirm, that The separation Of the moneys
ii the government from banking institutions, is in
spenss5lc for the safety Of the funds and the rights
4 tie people" i vas the rec0cnitOno Of this prin
iple, witch prompted Gov. johnson to declare in
lis las. alUusl message, Lhst, tO carry on the bu-
jness banking Is not Of the objects for which
be s,a.e was created u0more than 1t vas TO 90 into
be pursuits u agriculture or mechanics" Il was
be recognition Of this same Democratic principle
bat induced Col johnson in his report to the Legs-
lfs Two cars hgOt 70 say W 4ue DIRECTORS nave !
one Co r-a conclusion With great unsuimity, and
IN ss 81 s0zDi-.i04 tkg, Ls B,J iEtsvss,s Of sRt
ls,s reg. 81, that the Bank Of Tennessee should
E put "a liquidation, and its concerns closed 81 IS
.ry ger5d as the convenience Of the citizens viii
low" aud agaiu IN their recent report: " The
resident and Directors 5,I entertain the opinion
TO the General Assembly in their
ruer report, and do not doubt that the true inter-
Us Of tle state hereafter will be bcs, promoted by
disF7 lraa % all connection with the banks or in
rnsl improvement companies, 81 as esrly period
tae finances Of the State will sdnit IT," It wss
o rEsogu. ian Of this same Democratic ijea, that
ducei Gov Harris in bis recent message, to re-
umord Goo winding up Of the Bank of Teunes-
AMI 10 say. "It is confidently believed inst the
sue frouIa H5t engage IN banking, or sny other
s.aess .r .eeslation, in competition With her eil-
8s, vf...a g..g TO money making, and that an in
lulau Fl tIi, character can never be so well or =
success managed by the government, as in
e haul. .r.rste enterprise" !