Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-05-22


The Memphis ApPeal is growing FESTIVE under the
operations Of the banking institutions Of that city.
It says
''If the Banks are to be permitted to set ST legal
regulations at Defiance the injury Of the business
community, what guaranty have we That individuals
Of less influence and responsibility. viii undertake
to obey its provisions and uphold its supremacy.
Or in other words may corporations 60 free and I'M
scourged at least by public opinion, as long as the
humblest citizens held amenable to its letter and
spirit2"
Our contemporary should remember that banks
have money and that Jour humblest citizens have
not-that honesty and dishonesty have grown some
what conventional things, being regarded as resPec
table on the large, that would be nothing more nor
less than petty larceny on the small The appeal is
late in finding cut that Banks are law unto them
selves-claiming BY virtue Of their charters and
upon the great doctrine Of vested rights" to have
sovereignty Of their own, higher than the source
from whence they derived it. The following are
some Of the complaints put forth by correspondent
Of that papers
In regard to the Banks in Memphis, we start with
the assertion that larye majority Of thems SO lar
from being Of any benefit TO the community, are IL
fact great nuisances and we await with Impotence
the little time 10 elapse before they will be abated,
as ali other nuisances are, by the judgment of the
law In the first place, but few Of them have any
capital On which to bank; these are necessarily
shaving shops one-hOrss brokers' Offices Those that
have capital we have reason to believe place II IN
the hands Of street brokers TO avoid the law, and
shave notes at D to per cent. per month Discount
In this they violate their Bank charters, violate the
Law against usury and common honesty All these
things however are well known TO this community.
The people have suffered themselves to be ground
under these grievances and have made but little
noise. In obedience &c almost universal demand
from their constituency the last Legislature passed
an act in regard to the Banks which, If strictly ad
hered to- will avoidmany,of the evils complained Of;
this law was passed on the 18th January last.
Among other provisions is this:
"Nor shall any Bank pay out the notes Of any
Bank chartered by this State, except us oUH OF
5raEeAes and then only as provided IN the lth sec
ton of this act and no bank in this State shall d.
reey or indirectly sell dispose Of the notes OF any
Bank whatever, for any premium or discount WHAT
ever"
Now. We ask, is it not notorious that of the nu-
merous so-oalled Banks and banking institutions
which we have in this city. there are but few Of them
that do not daily violate the first clause IN the above
provision; otherwise their payments would scarcely
reach three shinings per day. Two Of them are
known to be mere agencies Of banks located else
where and a third one has not circulation OF lts
own paper sufficient TO pay the salaries Of its officers
st the legal rate of interest Such are some, indeed
a majority Of the Banks we have in Memphis. Now,
What advantage can this community derive from
such institutions? The fact is apparent that they
ere real and substantial nuisances to trade and to
proper regulation of currency. We hold, then that
they should be compelled to the strieest observance
Of the law; and believing that they are daily viola
ting the law as well their charters we call upon
the Attorney General Of this District to discharge
his duty as prescribed by law, and force these IN
stutions into least decent obedience to the laws
Of the land. ~ L V