Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-02-03
The Demperafic Party and the Cur
faEEe#a reucy Question.

The Memphis APpedt IN view OF the
approach of the time for holding the Demo-
cratic State Convention. urges it upon all
the s-true and loyal members OF the Demo-
cratic party ''of this State. Ito make every
needful preparation ?" to harmonic all
differences, cement their forces and compro-
at the elec tons in August next. "There is
no question of principle" it says, that is
likely to disturb the "harmony" Of the party,
'but that of the currency" And even in
regard to that. ''there is now" it continues,
ga manifest spirit among all Democrats lwho
have heretofore differed on this question to
look alone to what is practical and dtfanable in
the way Of reforming our currency. and not
meddIe with mere abstract theories or prob
ls;natic1l hobbies"
What is 1.practical and attanable." in the
opinion of this old and influential Democratic
organ, is re: forth in the subjoined remarks.
The appeal says:
These, and such ether guards as may he
necessary, are deemed to be indispensable to
secure an actual convertible currency, which
may command the gold at home and circulate
al par in the neighboring States. In this
manner and by this system, the great practic-
al end that all are aiming at may be attain
ed. Who has right TO demand more than
this? Shall the Democratic party sacrifice
its union-its prestige and its lofty position to
the distractions of political ecDnOmists7 The
People want sound, convertible currency
If you give them this they can elect for
themselves whether or not they will receive
for their produce or labor gold or bank notes.
IL the bank notes they get are truly con-
vertible (and nothing else should be for a
N 1,nent tOlerated) they may handle the gold
when they desire, and those who will have no
other currency can always have it. If You
refusc to give them convertible currency,
you must necessarily impose upon them an
inconvertible currency, by opening the way
for an influx the bank notes of the surround
ing States. 1t is thus demonstrated that in
the circumstances which surround u.s. the
most direct way to gold and silver currency
j. to compel our dom site banks to pay gold
and silver at their counters, and To prohibit
them from Issuing small notes which will take
the place of silver change. Our Memphis
banks are now practically acting upon this
system. But the law must provide double
and treble restrictions, so that there may be
no dOdging-no evading the pl"i principle of
accountability and cOnycrtibility, ut all times
and under all circumstances.
These few plain, direct and simple rules
will meet the views Of all, because, in the
first place, there can be no controversy that
they are the easiest path to the restoration
OF the constitutional currency; and, in the
second place, they provide for reform in
our banking system which all prudent men
admit TO be necessary. As an example in
proof OF the first proposition, we simply cite
the fact that every man who prefers to hold
gold and silver, can do so now under the
practical operation OF our banks, and that
without paying premium for ii.
For the first time in tn history of our
city, coin is fas abundant as currency, aud
the latter may be converted into the
former at the.wil of the holder. The hard
money theOrist has then the very condi-
tiOn of affairs that he desires-he has reached
in practice, his FL Dorado. And all that he
has to do is to shape the charters of the
banks that they cannot violate their present
sound practice, without at once and forever
FORGETTING their franchise aud going into Ii
quidItiOn.
In this state of affairs, it wonld be the very
hight of faulty, nay stupidity. fer the Demo
cracy to divide permanently upon question
that Is not susceptible of respectable diyi-
siol; and we can only liken any effort to that
end to the historical example of the Ephesian
youth who fired the Temple to win the hOnOrs
Of an iucc ndiary.'
The sum and substance Of which is, that
the APpe1l is in favor of sound and well re-
gulated banking system, and dead against the
hard mO1aey theorists. 1t repudiates the hard
money doctrine as an abstract theory" and
q ''problematical hobby" We venture the
prediction, that the Democratic State COnven-
tion will not dare to make clear, diStinct,un
equivocal hard money issue with the oppOn-
ents of that system. See, if they do not
evade the issue,by the adoption of some reso-
luton, the Object of which will be, to unite
the bunk Democrats and the hard money Demo-
Gratis in the support of the regular Demo
cratic tisketr'