Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-09-26
mr.. RsII and the Hanks.

There Is considerable curiosity just hOE 10 ~"
what viii be the position Of the opposition on the
subject Of banks in thenext Having always
been paper money party, panderlDg to the inter-
ests Of capital sud lsboring to overrun the country
with corporations delegating to the few the rights
Of the MANY there can be no doubt to the general
soope and design Of whatever policy they may agree
upon But Is it has been the practice Of Federalism
for years past to fight under visor, every and
then assuming some new disguise, our curiosity is
to know in what particular shape they viii come up
in the next discussion Of the old question Of cur
rency.
Mr.. BELL is stin the acknowledged leader Of his
party in Tennessee Others, who for q brief time
foated upon the popular surface, have gone down
without struggle whenever meeting the current Of
his dsplessure. It may be naturally inferred there
FORE that whatever cue he may give win be respOn-
ded to by the great body of his party throughout the
State. Whatever else may be said Of Mr.. BELL, We
are forced to accord to him consistency for the
greater part Of his life in his pursuit Of Federal ideas
and Federal interests. He has never hesitated to
svov his high admiration Of British Statesmanship
For mspv wears he has entertained sincere disgust
for everything democratic in it's character. 1t is
but natural, therefore, that Mr.. BELL should con-
have other evidences than that of mere deduction. He
took occasion the eve of the adjournment of the
last Congress to prepare for publication and general
distribution, q very lengthy, labOred and tedious
speech upon the financial condition Of the country,
oriticsing the message of the President in attribute
ing the disasters Of the late revulsOn to sour
trayagant and vicious system of paper currency and
bank credits; and giving his own theory, that it
WAS not the banks but the Free Trade policy Of the
Democratic party, as embodied in the present low
tariff. Mr. BELL takes occasion in this speech to
make q full exposition of his views concerning the
commercial and financial policy Of the country. We
regret exceedingly that it is much after the usual
STYLE Of Mr. BzTI-long, tedious and difusive-as
to render extremely difficult ynopsis of its
arguments and conclusions. 1t would be a favor to
the public if his party press in this city would take
upon themselves the time and labor of performing
that service for him; are sure that, even
among his admirers, but few viii venture on the
task Of digesting it in its present form Some dea
however, of its tone and temper, and the position
which it seeks to mark out for the opposition the
question of currency, may be gathered from the
following paragraphs, selected at random:
seThe policy Of the Administration is now in per-
feet conformity with the maxims and principles of
the Democratic administration Of 1888, when the
sub-Tressury was first proposed, do not charge
them with any inconsistency. They have either 10
adhere to their policy Of 1888, or to abandon their
theories of political economy, as utterly unsound,
at least inappEcable to the condition of this cOun
try The only ground upon which their patriotism
can be impesched is that after experience has
often demonstrated the fallacy of their commercial
and monetary theories, in manner so affective to
the country, they have not the frankness or moral
courage to openly avoW the necessity Of adopting
Z = IL
and acting upon some MODIFICATION Of their former
opinions and doctrines
I said that the Hon Senator from Virginia had
carefully avoided to touch upon the causes of the
late revulsion. The President, however, is more
adventurous; he has given US description of the
condition Of the country in his late annual message
so prapbic and st the same time true, that beg
leave to read it to the Senate;
eTbe earth has yielded her fruits abundanty, and
has bountifully re Warded the toll Of the husband
man Our great staples have commanded high
prices and up till within brief period, our man
ufacturing mineral and mechanical occupations
have largely partaken Of the general prosperity.
We have possessed all the elements Of material
wealth in rich abundance, and yet, Notwithstanding
all these advantages, our country, IN its monetary
interests is at the present moment in deplorable
condition. In the midst Of unsurpassed plenty in
all the productions of agriculture and in all the
elements Of national wealth, we find our nanufac-
lures suspended, our public works retarded, our
private enterprises Of different kinds abandoned,
and thousands of useful labOrers thrown out of en-
ployment and reduced to want
Following this faithful picture of the effects of
the late revulsion Of those sections of the country
which have suffered most these remarkable passages
may be found:
1T is our duty to inquire what has produced such
unfortunate results, and whether their recurrence
can be prevented. In all former revulsions, the
blame might have been fairly attributed TO variety
Of operating causes; but not upon the present
occasion 1t is apparent that existing rHi fortunes
haze proceeded solely from eztrdUdgat and UciOus
system Of paper currency and bank credits, exciting the
people to wild specuatiOns and gambling in stocks.
After this bold and confident announcement that
the disasters Of the late revusion have proceeded
sOelv from ''our extravagant and vicious system OF
PAPER currency and bank Credits" the President
proceeds to console us with the assurance that
'fhese revuls0ns mus continue to occur at success
sive intervals as long as he amount Of the paper cir
culation, bank facilities, and discounts are left
to the discretion of fourtee4 hundred irrespon-
sible banking institutions" All he further an.
nOunces that to this cause ma be assigned
the character ''Of our financial h~torv for the
last forty years." which he states hos baon
one Of 'extravagsnt expansions in the bus-oss Of
the country, followed by ruinous eontraetl,7s y
These views of the President, if well founded a.,
of the greatest Importance, and should be well IN
derstood by the country
"a fierce war upon the banks at this time nav be
accounted for in part, by the explosion of the deu
sion by which the people have for a long time been
snfsled, IS 10 the efficacy of the Sub Treasury in
vention 1t is now manifest, that it can neither
requisite the currency prevent over-trading but
what is most vexetiOUs to the inventors is that
while it to the Government a metallic cur.
rency for its own support, far as the receipts
from customers and other sources of revenue ex-
tend, the important discovery is made that when.
from the false policy of the Government in ats com
mercial regulations or from any other cause the
trade Of the country is Frustrated, money Of any
kind goes into the Sub Treasury, and the Govern
ment is driven TO the necessity Of resorting the
1~.r3ssd oHd denounced paper money for
its support"
'There are some important truths or doctrines
connected with the subject of trade and currency
OF which the President and those who sustain his
views would seem to be Ignorant or behind the age
From the time Of Adam Smith, it has been admitted
by writer's upon political economy, that bank notes.
or paper circulation founded upon such securities
as insure their converbiiy into gold and silver on
demand are OF equal value, in all respects 10 gold
and silver. A not less important fact which an
pears TO be ignored by the President is the superior
advantages and convenience, in some respects of n I
paper currency circulation convertible into cold
or silver. sound paper circulation has not on;v
the advantage Of ohespness and convenience as
medium Of exchanges but to the extent that II takas
the place Of the gold and silver that would other
wise be required to be kept in circulation in aDv
community OF country as a medium Of exchange il
sdds TO the floating or unfxed capital Of the coup
try The gold and silver dollar released expelled
from circulation by paper dollar, being longer
required IS a medium Of exchange, in which EN-.
Pioynent il could not increase bat on the contrary