Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-12-17


anal, ma rseo,,re sewers tha santss Or sha
BANKS Govern me PeoPIes
Ihave charged in my next objection 10 there-char-
ter Of the Union AID Pla4teTs Banks, ''ihsiF sup
port and encouragement Of weak aud worthless
banks giving to them life aud power 70 injgfs the
people" Justice compels me to say that in very
great measure the Planters Bank is not liable to
ghis ebaFge-as / do not remember 20 have seen
standing advertisements in the newspapers from
that bank, that they would redeem the Issues Of
other banks, as has been frequently the case with
the Union Bank take further pleasure in adding,
from what have seen and heard, in behalf of the
present control Of the Planters Bank. that they
seem to appreciate with mere fidelity their relations
and duty to- The public, than any other institution
N the State; yet this disposition does not relieve
that bank from the objections existing to lis present
charter and former history The directors Of the Plan
tiers bank is exercising the cir
crcuon Of banks they must have known to be Of the
character described, on Che contrary receiving II,
thereby giving currency justly subject to the
charged have them. As for the Union
Bank the proof of her misconduct in this respect is
notorious, The most notable instance of which, Is
the late Citizens Bank. The great mass of the
people with no opportunities Of information, relying
upon the superior facilities of acquiring accurate
knowledge upon the part Of he old 5anks with inn
plicit confidence. are accustomed TO receive and
take such bank circulation as is taken aud received
By these old banks. For this reason, and the absO
Lutte necessity Of using the paper which has usurped
the place Of q sound currency The people are forced
to have and use the issues of these worthless wild
cats Now, if the old banks acted oDly upon The
information possessed by the PEOPLE, aad without
further security, then the cause Of complaint would
be slight but when the old banks, with their s1pe>
1ior information, and projected by private indem-
nifty and security, agree to redeem or receise the
circulation, which, but for such an arrange>
menl, would not obtain and could BOT main
tain a circulation of any respectable amount
l submit to you, Mr. Editor, they have engaged in
conspiracy against the currency Of the State, and
perpetrqted fraud upon the people. Shall give
YOU instances in which this has been done? Go 10
the men of every neghbOrhOod in the State Of Ten
nessee, who have lost by the recent hank failures
and they will tell you that but for the fact that the
old banks, as they are called, were receiving that
kind Of paper, they would not have taken it, Now
tell those men, that these same old banks we're
secured by private indemnify; and would you IN
suit their intelligence by asking them to re charter
such institutions .-
pass to the next objection, which is, "their de-
fance and contempt of the viii of the people, as OK
pressed through their legislatures submitting to
wholesome restrictions, intended to protect the
people, and not depriving them any honest rights
At the session of the legislature in 1866, when
the American party held majority, an act was
passed land have been Informed with singular
unanimity) intended to make reforms in the banking
system Of Tennessee The principal features Of
which were: LIST, To secure by quarterly sworn
statements, a knowledge upon the part Of the peO-
pie Of the way and manner in which twas conducted,
aud ID, The inauguration Of the destruction Of
small notes, and Srd, The prevention Of excessive
loans beyond capital
These very wholesome reforms for The protection
of the people were scOrnfully rejected by the Union
and Planters Banks The law was disobeyed and
spit upon. But their action in defancs and con
tempt of the legislation of the last General Assem-
bly, is recent and insulting though that legislation
did not, in its restrictive features, up to the
demands Of the people. And yet again it is said,
that through and by means Of their officers, agents
and directors they beseged the halls ofthe last leg
islature endeavorng defeat the passage of anyre
strictive measures, and at the time secure
charter under threats of 'ruin dire to the people
The press the great tribune of the pc pe by its in
dignant voice has since, forced reluctant obedience
TO some Of the features Of that legislation. In view
Of their defiance of the legislative power open pal
pable and uudeuiable, are we to look TO them for
a sound currency? Shall The people continue to be
their bondsmen by contract! In vain may our felN
low citizens protest against their abu es, and de-
mand reform in their currency, if they are allowed
to reply that it is not nominated in the bond
This brings me to the next obiection to their re-
charter, which is, that under the plea of vested
rights, they claim to be beyond the reach of the
people. I shall attempt no legal argument upon
this claim of theirs, but common sense says there
are two sides to a contract, and their contract with
the public was that of convertible currency,
which has been so VIGOROUSLY violated, as not to
require proof, and being violated, they are con-
ouded from relying upon the plea, which, by the
ray is indefensibls at best. What Though, Mr.. Ed
itor, they were organized in violation Of the law
creating them-What though they have defeated aud
disregarded the intent and purpose of their erea-
ton, have driven away the basis of sound cur
renoy and have failed to furnish circulating me-
dunn convertible and safe-have suspended and re-
fused to carry out in good faith their obligations to
the people-have oppressed and wronged them in
divers ways, yet we to be arrcgantly told they
are beyond our reach, and at the very moment of
telling us this, with coil, impudent assurance, We
sre solicited to continue their existence and re-
charter their abuses: nay, I am wrong in saying
solicited, it is demanded under penalty of distress,
ruin and poverty. Such was the threat Of Nicholas
Bidde and his adherens, and yet the people survi-
we'd the downfall of the United States Bank.
TENNESSEE.