Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-30

USF Of rel regulated Baakin5 systszr ssd elsur,
GaequipOcaI rspsdstion Of ne Bank, szssnsiuss
sale PROJECT, connected and promulgated BY the r.
gsSey in September LAST
These concessions and admissions by the recog-
nizsd organ Of tie Opposition, put 10 flight much of
the Misrepresentation which has been resOrtsd to in
the effort to iDjure the Democratic party.
We shaIl net stop to refer to tAe fact that Col
NErHERIAxD bases his charge that Governor HAH-
RIs is for al exclusive hard money currency on
this same resolution which the OgPOsitiO his own or
gsn says uneqrivOeag rspldiatiOa Of he ercHsius
B metallic preeet-nor to the fact that the Union and
Planters Banks have alresdy repudisted and re-
eced several of the propositions OF reform enumer
ated above, and which the OgpOsitiO7 now says no
one objects to-
1t is we'll to be born in mid that the last LeRis
Ia ure sought to incorporate these reforms into the
charters Of these two Banks-7sforms now admitted
by their organ to BE- right snd pIoper--but that
nearly all the Opposition members opposed the re-
form, and the Banks REFUSED to sceept the pro-
posed amendments, thereby manifesting a disrc-
gard Of the public will and the public good which
ought to be seriously considered when they come
forward now and enter the canvass for re-charters
II should be remembered, too, that for nearly
thirty years these Banks have mad Virt1I control
of our currency, and that again and agais, they
have sbused their privileges and failed for whole
years together to furnish sound circnl sting me.
dun.
/; should not be forgotten. toe, that during most
of the time since they were chartered, their pre-
sent advocates, the opponents of the Democracy,
have had csntrO Of the Legislature, and at time
has there been made either to correct
their abuses, to punish hsir defaults or 10 reform
their dstsetiUs charters
In 1887, these two Banks had 80 mismauaged IS to
bring upon the country bsAVy Losses through their
excessive issues, trading, suspensions and their
deprecated currency. The Legislature sought to
relieve the people from the evils inflicted on them
by establishing State Bank which would at all
times be subject to the viii Of the people, and
watch would have the power to restrain aRd CO.
cree the Union and Plsntera Banks into a safer
and soundsr policy. 1t is matter of history, how
ever that the capital Of the State Bank as it went
into operation, proved too small to enable that in
Itution to control the banking policy of the Staie
aud the resuh was, that the Union and Planters
Banks co.operatsd in war en- the State Bank, which
has kept that institution in strightened condition
and prevented il from rendering the benefits which
it was designed to confer.
During the hard times of 1910, 1s41, 1912 and1s4S,
when these Banks furnished the chief currency, and
that Of deprecated character, the losses sustain
ed by the people were incaIculable Having at one
time flooded the country with their paper, and thus
raised the price Of property, they afterwards
tailed, made currency scarce, and consequently re-
dueed prices-thus throwing heavy losses on thou
sands, and reducing thousands Of others TO sctual
ruin and bankruptcy. During all this time the
opponents of the Democracy had control of the Le-
gisaturs, but no one movement towards reforming
their charters was made
But now, when the Democratic party have at last
obtained the ascendancy, and have gone to work in
earnest to save the people in future from similar
infections, from the abuses Of Banks, and have
brought forward their specific reform, and have
proved their efficiency by the improvement in the
currency, lac organ of the Opposition chimes in,
and admits that the Democratic policy, as to the
specified reforms, is sll right and has the eff
frOntery to deny that any body objects to them, al
though it knows full we'll that its candidate for Gov
ernOr prsists in daily refusing to endorse them.
But whilst the organ Of Col NErHERLAND and
the banks admits that the Democratic policy as to
reforms in our banks is all right it dencunces with
insulting epithets the proposition to to the
people the right to change, modify. or abolish fu-
ture bank charters. We quote as follows from its
issue of May, II, 1859:
''NoW, what sane man who has had sense enough
to make money is going to be fool enough to invest
it in bank the charter for which may, at any time
at the mere whim or caprice Of the Legislature be
taken aWay?"
According to Col NETHERLANDS organ, n)ne but
fools viii take stock in bank subject to alteration
or modification, or repeal by the Legislature-be-
cause, the people elect Legislatures which will
change, modify, or abolish bank charters for mere
Ohi or egprIes aud without reason This is the way
such men as edit the "OpDositiou" talked aud wrote
in New York and other States, when the people |
there rose in their msjesfy and swept away, by
constitutional amendment, tho power TO sell aad |
.sansfer the sovereignty to bank corporations. 1t
vas said, thsn and there, as it is said here now,
hat none but fools will take stock, if the people
IRE to control the banks Bat the people chose to
lain their sovereign rights, and since then nun
lreds Of millions of dollars have been vested in
'snks whose charters sub sot t. the alleged seq
rice ard Vkin" of the Legislatures! The banks in
lew York are subject to this reserved right, Nsnd
hey operating to the entire satisfaction of ell
srties. 1t is these sGms New York banks that Yir-
ualy give law and tone to the banks throughout
he country, and yet these banks are liable every
ear to have their charters taken away. lila this
cry fact which keeps them from abusing their pris-
eyes, and it is this sans restraint that the IN
cratic party wish to impose upon the Banks Of
ennessee to prevent them in future from abusing
heir privileges.
1t may be true that the foreign stakeholder; OF
ls Union and Planters Banks would no. be willing
trust the people of Tennessee to coltrOl their
lpital, and because they entertain POI an opin
N Of our Legislators. Col. NETHERLAND aud his
iVOcates would deprive the people of Tennessee of
right which is essential element Of sovereign
:. The stockholders in New York aud Philadel-
,ia are not willing for the people of Tennessee
govern on the question of currency but insist
at they shall have secured to them, for ten, TWEEN
thirty or hundred years, the right to govern
e people Of Tennessee aud dictate to them on the
bjsct of currency. The people of Tennessee will
Orn so insulting an imputStiOn upon their intsgri-
and intelligence.
And now let it be remembered that it is upon this
sition alone that Col NETHERLANDS Opposition :,
gan bases the charge that the Democratic party is