Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-30
feoHMuNIcATED.l
Fhe DenaocrAsic Policy in regard 20
ERnmlrS

subjects. contained in the platform adopted By the
State Convention held a Nashville on the 18th Of
March, 1859. That was the regular body organized
BY party, ard possessing the authority to adopt
snd promulgate tia policy in the pending contest,
and for every thing that appears in the platform
then and there adopted the Democratic party is
properly responsible. If in that platform the pur-
pose of destroying the existing banks, and of re-
sorting to exclusive metallic currency is avowed
then is the Democratic party justly responsible for
such policy. If that platform contains no such
avowa then il is unjust 10 attribute such design to
the party even. though there may be individual
Democrats who believe that such policy ought to
have been ADOPTED.
To ascertain the authoritative position Of our par
ty, then, on the subject Of currency and banks,
have only 20 recur to the platform alluded to. In
that We find two resolutions which embrace all that
has reference to banks or currency. They are as
follows:
Resolved, That If was ptsnded by the trainers of
the institution that gold and silver should he the
legitimate currency of cur people, and we deeply
regret ha' Banking institutions aud paper cirou a.
ton should ever have been SO deeply eDgrafed into
our pee inilry relation; but being engrafted, w
are compelled 10 leg slate nader the circumstanc. IS
by which We are surrounded. In view of which, as
remedy FIR existing evils, We ill insist that our
present banking system shall be reformed as to
enforce insariable redemption at Their counters Of
the circulation by every bank in the STATE sRd
limitation their issues TO notes Of large demon
inatlon, increased projection 70 the nate hOder, the
right of supervision upon the part Of the State, and
forfeiture of their eharters-for abuse Of their
privilsges-and by these and such other steps as
experience may demonstrate TO make as near an
approach to a constitutional currency as may be
found wise and proper
Resolved, That il is essential to the welfare Of
the State, that in all charters of incorporation,
granted by the Legislature thst the power should
be reserved in all to change modify abolish
these private and privileged interpretations as the
public good shall demand
These two resolutions embrace the whole creed Of
the Democratic organization on banks and currency.
They announce series of distinct propositions
which have only to be stated to be clearly under
stood, viz:
/. Our present banking system is departure
from the policy "intsnded by the trainers of our
constitution" inasmueh as they "intended gold and
silver TO be the legitimate currency of the people
No one having any regard for the truth Of history
will dispute this proposition.
2. Whilst this departure from the policy Of our
fathers is deeply regretted the Convention resolved
that it was not the part Of wisdom to undertake
rashly to destroy the existing banking institutions
but to look for ga remedy for existing evils" that
would enable us to make as near an approach to
constitutional currency as may be found wise and
proper" If it had been the policy Of the COnVen-
ton to destroy the existing banks, and to resort to
an exclusive metallic currency, the avOWal would
certainly have bten made in their Convention. But
nOne such is made on the contrary, the "remedy
for existing evils" looks alone to such reforms in
our banking system as will secure q sound and sta
bic circulating nedium-one that will be composed
Of specie and bank paper equal in value TO specie.
These reforms are specifically laid down, and de-
serve to be carefully studied. They follows:
/. The ''invariable redemption at their counters
Of their circulation by every bank in the State" Win
Any one dispute the wisdom Of this reform?
q ga limitation in their issues to notes Of
arge denomination" Who wishes to see the specie
now in circulation driven out by return to shin
olasfers?
8. Increased protection to the note-hOders."
The who would object to this reform is no friend
# sound, safe and reliable currency.
4. "The right of supervision on the part Of the
legislature" We venture that none will be 50 reck
ess as to deny the prOpriety of this reform.
8. "A forfeiture of their charters for abuses Of
heir privileges" This is so obviously proper that
is matter Of establishment that our present banks
ave abused their charters again and again by
landing for years in a state Of suspension, and |
yet by so doing they did not forfeit their charters.
6. But to make assurance doubly sure, and to |
how that the Democratic party is resolved on Sc
uring sound and safe currency the, convention |
hedge the Democratic party to such other steps |
s experience may hereafter point out necessary
o the end.
We might pause here and challenge the strictest |
crutiny into each and all of these propositions,
nd ask if there is q man to be found who will dis
ute any one of them? Such man can be no
Tiend to a sound currency-suchs man must either
e interested in unfolding one or more of our pres
Mt defective banks or he must be indifferent to the
alue of sound currency.
The Democratic party have set their heads upon
1eh reform in our banking system that every
ian shall feel en- know that when he takes bank
ote he takes real representative Of vslue-that
le bank note is as good as the amount Of gold or
liver called for on its face-snd that he can repose
night with bank bills in his pocket, with as much
srtainty that when he rises they will be good as
Did as if they were the gold itself That is the
hole policy Of The Democratic party, and it is with
e view of securing such currency that they PRO-
use to reform the existing banks, and to continue
eir reforms until they effect their object. They
scard and repudste all other bases for bank issues
Icept gold and silver--they insist on a currency
at shall be either gold and silver, or the repre-
NATIVE of gold and silver, and to this object they
and pledged to direct sn their energies. d
But they insist on one additional reform, and
at is one which is fundamental and essential '
Z:
Z. The right should be reserved to the people q
rough their Legislature TO change, modify, or q
Olish any bank charter that may hereafter I
granted, whenever the public good shall de- 8
lAd it. /
This proposition is based upon the fundamental t
neiPle that the people have the right and cspac-
to govern themselves. The creation and rezu- L
ion of the currency being indsputable exercises t
governmental power, the Democratic party insist q
It in future these attributes Of sovereignty shall
yer be bargsined away and transferred to ire Il
,ssble associations of individuals, but shall be t!
aimed and be exercised by the representatives Of
people in General Assembly convened. B
For nearly thirty years the people of the State have