Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-12-08

Twelve monihs ago there vas great diversity in
the Democratic seatimet OF shs State The subject
OF he currency, ssys the Memphis AUalanehe
FEARS Of habisual indulgeRoe in the uss q paper
money, made abundant By our wild and sztrayagant
system Of banking. had caused many Democrats 70
lose sight Of the subject entirely and others stn to
abandon their old political faith and assume thai
banks and paper money were blessings instead Of
curses When, therefore, the crash Of last year
cazae, and the hanks reveryzherss suspended specie
payments, Democrats who, in the good old days OF
Jackson end Polk, we're unanimously agrsed IS 70 1
the remedy which should be spilled in such cases,
found themselves differing widely in regard to the
prepsr course to be adopted. Had-itthen been
necessary for the party to have adopted common
platform aud agreed upon common policy, IN ref
erenoe 70 the currency question, the undertaking
/ would have been found an exceedingly diihcuits Il
net a wholly inpracticsble one But the financial
condition Of the country forced the subject upon the
consideration Of the people, and brought it directly
home to hem IS great practical question, inEOlv-
ing their dearest and best interests Il everywhere
became eommou theme Of discussion and investisa-
toa; and day after day, week after week. and mouth
after month"; this has been keeps up By the Democratic
press and the Democratic people Of the State until
an almost unanimous opinion prevails among the
members Of our party that the happiness, prosperity
and The best interests of the country demand that
banks and paper money should be driven out Of ex-
issenee, and gold and silver adopted and established
as the only medium Of circulation.
But while it is evident the Avalanche continues
that this is the prevailing and the almost unanimous
Democratic sentiment the State, there are, tTnus
be admitted still few, very few, members Of the
psrty who occupy a different position. These men
charge, that those of us who insist that paper bills
are not money and who advocate the abolition of all
banks and the adoption Of purely metallic currency,
. are endsayoring to propagate new doctrine, and
one that Is incorrect, unsoued and undemocratie;
that we are set of wild and visionary theorists Who
are lAborine to fasien upon the country doctrines
and measures radical and revolutionary in their
character enthusiastically dangerous in their effects
upon the wealth, the prosperity and the progress Of
) society.
= writer in the January number Of Hmfs Aer-
chants Nog0ziae shows up the folly and absuTdity Of
these positions most admirably: constant effOr
is being made" he says, "tO place those who art
satisfied with pure currency in false position
Is attempted to place US on the defense when We
plaintiffs in the case. We are required to show
. cause why bank-notes, issued upon real estate
imaginary estate and estate at ALL are not as goo'
as gold; Why notes issued upon the security Of Stat
stock are not perfect why the whole real prOpert!
of kingdom or a nation may not be coined int
money by the transmitting power of legislation, AM
% why promise to pay is not pay itself. TOall thi
we reply that gold is gold, and silver, silver W
are perfectly satisfied with these for currency. "
are no theorists, and have theory to propose
6 none TO defend We have nothing to do with mega
. items in the case We state the positive fact the
, gold and silver are money, possessing value; an
that a promise to pay them is debt, and not value
9 Nv what rule Of common sense called theorst
9 It is difficult to comprehend. They are theOTist
: who utter promise to pay an ounce or dollar Q
GOLD. and propose to pay it with anything else
whenever and wherever such promises have bee
substituted for gold and silver the result has beef
g embarrassment and loss to many, and ultimate ru
= to mere or less of the community. Dispel the mis-
0 chievOus theory Cease dnkering the currenc
o with paper Wheel and let depend upon the soil
: paterial of gold and silver! 4"
When the time oQmes for the people to act uPO
this question and the ballot box speaks their decision
the men who now talk so loudly Of divisions an
disssnsions will find themselves in miserabl
:. minority, and their bank and paper money scheme
buried 10 rise no more forever.