Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-12-07

From the Bolivar Democrat.
! TIE CURRENCY QUEsrIos. Il is apparent from The
position taken By the e ding politicians and journals
of the State that the currency question will be zoe
leading feature Of our next Legislature and in order
to insure harmony OF action it is time the Democracy
were dseiding upon the course to be pursued. The
Democratic party have ever been in favor Of specie
currency, but the odiOus system Of banking has
been forced upon as, the question now is nov shall
we rid ourselves Of il? Many difereurmodes have
been proposed, but We favor the fOll3wing:
]. That il would be unwise policy 10 re- charter
any existing banks
?. That sueh reforms be made in our currency
during the existence Of the present banks IS viii
insure sound circulating medium, eoavertiols 81
al times into gold aud silver.
3. That the several banks as their respective
charters shall expire should 60 cut of existence and
such should be taken consistently with the public
interest ss viii secure the liquidation Of the Bank
Of Tennessee at the expirationsof its charter.
From he Liueola JOurnsl.
TIE CUEREEcF.-The monetary crisis through
which the country bas just passed; the suspension
Of al the banks in the State and the total fare OF
some while large AMOUNT Of their issues was in
the hands Of The people unfedeemsd; the discussion
Of the subject in the last Legislaiure have forced
the inquiry before the country whether banks have
been productive Of more good than evil and whether
the best interests Of the country would not be sub
served By arspeal Of al bank charters and
~
discussion variety Of opinions have appeared, each
and sil are urged with an honest earDesness and
fortified with the best reasons and arguments the
writer's eaa command There are those Hho think
the system Of banking is SO interEo7en With the
business trade and commerce OF the country, that it
will be impossible TO pass from the pre-ent paper
system to purely metallic system without serious
damage to trade and commerce, and that banks may
be guarded 70 avoid the evils Of depreciation
suspension and failure Of which the people have SO
oflen and so justly had cause to complain
There are the advocates Of what they call q g we'll
regulated banking system There are others who
think there should be no competition in the backing
business Of the State, that all the stock aud free
banks should be discontinued and the cspial Of the
State bank sufficiently enlarged TO do all the banking
in the State, this institution under the immed ate
supervision and control Of the Legislature they
think would be able to meet the Of trade and
be less liable to the expansions eOntraotons uciu-
atoms and objections Of the stock and free banks
There are also those who believe he whole bank
ing system wrong and directly in violation of the
10th section Of the lst article of he Federal
Constitution, which declares that .nO State shall
coin money, emit bills Of credit, make anything
bat gold ana silver coin a tender in Laym n
of debts" So They believe in the adoption
Of this article it was the intention Of the trainers
Of the Constitution to create establish and author
iZe only metallic curreney for The country and that
this intention expressed in the article above in
words 80 explicit as 10 defy miseOustruetiOB that
tbs Federal Government has no power, either by
direct grant just Implication 70 erea'e banks or
authorize the emission Of bills Of credit, neither
have the States which have ratified and adopted the
Federal Constitution reserved 10 themselves the
power 10 make bank notes tender in the payment
Of debts or to authorize the emission Of bills Of
credit That neither the Federal or State gov
ernneEts having the power to create banks, mel
Their can delegate such power to any cOm1any or
individual without direct violation Of the Federal
Cons tuition; and these are the friends and adVo>
cafes Of purely metallic currency Of The country
But while these men believe they stand upon the
doctrine Of the Constitution and the ancient doc
trine of the Democratic party, they have too much
regard for tie Welfare of the country 70 urge the
immediate repeal of all bank charters; they are
aware that the system Of banking has long been
fastened upon the country and that many citizsns
are indebted to the banks; that these debts have
been created under the system with the expectation
Of meeting them by instaments and they are not pre-
pared for a sudden change That time is necessary
to pass the country from one system to another, so
that it may be made gradually and impercep,ibly
without shock or disturbances OF any Of the great
interests Of the country, which the advocates of
the change believe can be and will be DONE if the
banks now in existence are permittedtO expire with
their charters.
Having tried the banking system in every form
that humaniingenuily. aye, that Ysnkes ingenuity,
can devise, and as all have proved Objectionable 10
large pOriOn Of the people il would seem but fair
and right that the specie system also should have
the chance Of trial, and if it shall be found to
work WELL it can be continued otherwise, lei il be
abandoned.
Being an old school democrat one who justified
Gen Jackson 10 separating the government from the
Banks, aud having battled against the paper money
system in every contest since 1886, in which banks
we're made an issue, now that the question is again
forced upon the country, We naturally find our posi-
ton with those WhO stand upon the Constitution and
ancient platform Of the Democratic party, really to
service with that party and to stand fall in the
advocacy Of what believe TO be the doctrines Of
the Constitution and The Democratic party In view
Of all the surroundings Of the question: il seems 10
as, that thu propositions az eed 10 by HOIs s.
smith, Andrew Johnson, A. o. P Nicholson, E A.
Keeble and J. T. Howard at Nashville on the 22d
of September last are sufficiently m dera'e and
conservative to mee' with general approval Of the
Democracy throughout the State AL should be
willing 10 coneede something Of opinion for the sake
Of harmony and the general good.
The following are the propositions agreed to,
viz:
l. That it would be unWiss policy to re- charter
any Of the existing banks.
. That such ref,rms should be made in our cur
reucy during the existence Of the present banks
will insure sound circulating medium, convertible
ct all times in1o gold and silver
g. That the several banks as their re peeve ch ar
tiers shall expired should go out Of existence, sud
such stop shsuld be TAKEN consistently with the pub
lie interest, as win secure the liquidation Of the
Bank Of Tennessee at the expiration Of its charter.
From the shebyville Consatationalist.
The Currency question is the rock on which the
Opposition party in Tennessee would De glad 10
see the Democracy split, and our Know Nothing
friends are sboring earnestly, sssiduously and con-
tinusly to get up issue inside Ct our party this
question; in fact we have heard it iEtimated that
should that be the main issue in the next canvass,
said "OpPOsilion" would most certaihly carry the
State BY q large majority; that they would do as
candidates for the Legislature did few years
ago on the Liquor quesiiOn-adyOcale more IL
quor and better liquor, F" more banks and better
banks, and thereby attempt to gull the people and
defeat the Democratic party. We would advise
them right here, not 10 lay that hstteriBg uaction
TO their souls. There may be some diversity Of
opinion amongst ths Democracy in different lOosli-
ties at present, but when thsy assemble in their
v,aioafvy Conveuffou mich ~ cor,r,ou coreeuf