Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-12-19
SUNDAY MORNING, DEC. 10. 1855.


-" A~A--~- Ha~eA-AS - -~S--a - =
The doctrine Of "spailia sinaEBus errontugp is
not. it seems, confined to the science Of medicine
The learned professors Of political economy have
adopted the maxim and seek to reduce Il to prae-
tica They boldly propagate The theory that the
same ageuts which produce disease in the body polite
viii relieve il also The nation has recently suffer-
ed severely from the effects Of paper currency Ev-
erv artery Of trade was filled with it, until the whole
fnanciaI system Of the country became disordered
The fever Of speculation was stimulated into frenzy
and commerce, at last vas prostrated and paralyzed
BY the unhealthy and unnatural stimulus to which
it had been subjected It lie even now fsebly strug
Cling into life It's weak pulsatiOns family ipdi>
cate returning animation. At this critical period
the advocates Of the system which produced the
malady recommend 9 return to the same treatment;
All acknowledge that paper money has derauged tbs
finances Of the State. All admit that the commerce
Of the country has been Frustrated BY false and
pernicious system Of Banking. But the system
must not be abandoned t" The hair Of the dog is
good for the bite" Bank notes have brought the
country to the very point of death WemustrePeat
and increase the Dose 70 cure it. This ia the the
orr Of the political HAHSMASEs the day. This is
the doctrine Of those who desire rechsrer of the
Banks which have produced all this mischief The
very agencies which produced the present financial
distress must be resorted to for relief Nay many Of
the bank men would build up more powerful mo-
nopolies to override the State and Cypress the people
They would not only recharter the banks but would
increase their capital, which in bank parlanCe
means simply an increase of issue.
Common sense would suggest to us, that the best
way toremedy these evils which invariably arise from
paper circulation, is get rid of instead Of incFeas-
ing it, With all the restrictions that can be thrown
around banks they will continue to issue more mons
ey than the country requires, they viii continue to
encourage speculation and overtrading they viii
fail when the people are distressed to redeem their
liabilities, they viii suspend, they viii break, The
history Of these institutions in every country aud
under all kinds of charters proves this to be fact
Give them power to issue their notes as money to
regulate the value Of property, to control the IN
ances Of the State and they will rule the
State itself They become too powerful for
the feeble Restraints a legislature throw
around them. They defy the power that created
them. They disregard the laws which brought them
into existence. They have no rule Of conduct eE-
oept their own interest and the interest Of banks is
not the interest of the people They instituted to
make money out Of the people, and the more money
they make the more the community is impoverished.
Whenever a crisis comes, whenever they called
upon to pay their debts and relieve the distress they
have created they coolly pocket their profits, shut
up shop, and retire from business. This has been
the history Of banks in every State of this Union
In an sexperence Of more than sixty years no
means have been found to render Banks secure, and
to protect the people against their frauds, Oppress
ion and tyranny. No means of efecting these OBJ
jeots are now proposed by the advocates Of Banks,
which have not been tried and found totally insufc
lent and inadequate. No measure Of safety can
now be devised which has not been resoTted to, in
vain. Why should We then be walking in an eternal
circle Of folly? Why should We repest an expert
ment which thousand examples should convince
us will be disastrous ard destructive? Why should
we again build up these mOneyed monopOlies, only
to be again oppressed and defrsuded! Why should
we delude ourselves with the idea that these soul
less corporations will be less selfish, graspng, and
despotic in the future than they have been in the
past? 1t is folly to commit the interests Of the
State to Specializing stock holders (many Of whom
are wealthy capitalists at the North) whose only OBJ
ect is to realize large profits from The people But
it is worse than folly It is criminal 10 trust them
after they have once snd again betrayed eur conf