Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-12-18

ing more OF less than aiding ana encouraging that
foul monster, Black Republication.
OLD WILLIAMSON.
shall the People Govern the Banks. or the
Banks Govern the People!
The next objection to the re>charter Of the Uuion
and Planters Bank, is that their continuance is
vesing the control Of the material Interests Of the
State, in those who are not identified with us, BY
residence, community of feeling or interest of any
kind without any security to the people, or right Of
supervision on theirpsrt" The fact that the prir,
cpal part Of the stock Of these two Institutions is
owned By stockholders, Who reside outside OF the
State and BY Northern men, is admitted. These
stockholders do not sympAihize with our losses,
care not for Che ruin and bankruptcies that may
fell upon US, and only reckon our prosperity the
/ butcher does the fairness Of his meat. Profit, be-.
ing the object of their investment is of course the
study Of their calculations centum per centum has
go aympathies, knows no affections, and centum per
oeatum is the aim and purpose Of their corporate
istence, and with no restrictions upon the means Of
securing this, it matters not to the stockholders Of
| the Union aud Planters Banks what may be he ex-
igsnoies and distress Of people State, so that
| profit but be attained The authorized capital Of
these banks enables them to control and regulate
the currency Of the State. And currency, TO trade
commerce andproperty is what the blood is to ami.
NAL life 1t is the power and vitality Of the body
polite the command and control of which has been
exercised, from their large capital by the Union and
Planters Banks and still will be- if they are re char
tered. Now, this immense power, it is proposed to
continue in the hands Of foreign stockholders with
no identity Of sentiment or feeling in common
with us-thst we shall again apprentice ourselves
and our children to monopoly. whose sotiOn We
nor they shall have no right to question. or over
whose conduct there shall be no supervision-thus
erecting power that shall be superior to the peo>
ple their laws and their constitution, and that too,
without any security or indemnity upon their part
Mr.. Editor, have you ever thought Of the immense
power possessed by these institutions? Who has
right 10 control their issues? Who knows the
amount of them? Who can tell the value and ex
tent of their assetsi What security have the PEG
pie for their debts? Whas knowledge Of their af>
fairs. Yet this is aIl important to fellow cit-
zens, and yet again they are profoundly iguOrant
upon all these matters.
In vsin Mr.. Editor, may Southern people talk Of
independence of Northern control and influence
In vain, may We toll and sweat, il We permit the
North, through her capitalists, to regulate the value
of our products, and determine the reward due our
labor. The South, has the world at advantage, if
the South for their labor, has a safe, certain and
return Oneindependent of her purchasers But
if her purchaser "cOins" the means of payment,
then her purchaser has the South at advantage.
The North is the customer Of the South, yet the
North in her control Of the currency Of the South,
dictates the price, and controls the disposition of
her products-an unnatural, tributary and ruinOus
state of things. The measure Of cur riches and
prosperity viii not be known until our people are
freed from this control Of sill the Yankee tricks"
with which the South have been cursed and inHict-
ed, none have had more perniOious influence than
the one just spoken of-and it is full time that the
people Of the South should rid themselves Of such
oOntrivancss
The actual operations Of the Union and Planters
Banks in assuming control Of the State, financially
speaking, are patent to every who reads.
Without farther reference see reports of Hon Cave
johnson, as President Of the Bank Of Tennessee.
Witness the dismissal of the Board Of Directors of
branch of the Union Bank 81 Knoxville, Their
open and undisguised defiance of legislative sctiOB
and their contempt Of the popular demand for a
formation of the currency.
The last objection which made to the re-chsrter
of these institutions was, that "ther charter or
was vesiDg TOO much power in the hands
Of the few, ct the expense Of the many" The mere
statement Of the proposition seems to carry the full
force of the argument with it. The right to make
money should be, is sovereign, and should st all
times reside with the sovereign power, and should
not be sold or parted with for any consideration.
The power and right to make money should net be
entrusted to those whose interest is at war with the
great body of the people The power Of money
need not be discussed, it is beyond argument. The
Office of money, is to represent the value of labor
is but accumulated labor. UpOnthesOund.
ness Of the circulating medium depends the veal
and prosperity Of the State the bread and wealth of
the citizen The humblest as we'll as the highest,
the poor IS well as the ricb ell classes directly
in the preservation Of sound circulating
medium. With all Of its functions with all of its
power, shall We eoncede the right to "few" to make
money at sCH7 and such, practically, is the power
conferred upon the stockholders of the Union and /
Planters Banks. What have they done to entitle |
them to privileges high? They are. but men like
other people, "hedged in with no divinity" and sl
the past teaches that they will use the privilege
10 enrich themselves ct the expense Of the people
Thus l conclude, Mr.. Editor, with the objections
to the re-charter Of the Union and Planters Banks
No sane man in Tennessee to-day denies the neces-
sity of bank reform. Our banking system is curse
% the labor, wealth, prosperity and morals Of our
State; thorough and radical reform is demanded;
here can be no such reform, so long as the Union
md Planters Banks are in existence. In conclud-
ng these articles in regard to the Union and Plan
ers Banks, permit me to call the attention Of your
eaders to the suboined extract from recent report
# an intelligent committee, representing the mer-
antils and trading classes Of New York city, upon
be subject of bank reform, by which they will dis
over that this subject is srrestng attention in other
faces beyond Tennessee and your readers will seein
Is condemnation Of the banking system of the
United States the prOpriey of the structures against
he banks of Tennessee. The report says that no
Inference Of opinion exists in any quarter as to the
rgent need of reform, and continues as follows;
Our system of banking contains some inherent,
eep-seated defect 1t forces the country, at irreg-
liar periods, into violent1psroxysms Of expansion
nd contraction To-day, for instance, its volume
this city is at least twice told what it twelve
,Ouths ago. These eonvulsive movements it imparts
D commerce for it is speaking hguratyely TO
av that money is the nervous fluid 10 commerce ,
pervades the commercial world prompts every
ct of exchange, and imparts to commerce every
here the principle Of activity. When it is sound,