Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-26


ths people of Tennessee to correctly understand The
respective positions of the parties in this
vass touching the subject Of hanks The policy
agreed upon IS the position Of the Democratic party
has been SO frequently and fully discussed through
our columns that We feel assured it Is generally I'M
derstood by our readers. 1t looks to the carrying
forward Of the measure Of reform, SO happily com
menced By them at the last Legislature, anti The
eUls Of Tie present banking system REMOVED, and
a sound and UNIFORM currency restored This position
is based upon the assumption that all privileged
charters have been granted for the a. public good
aRd not for individual ends and conflicts with those
inordinae bank profits which the natural fruits
Of the present pernioious system. Therefore, the
private interests of the capitalists engaged in this
BUSINESS and their dependanta, are, as general
thing, hostile 10 the DemOers ic party.
Upon the other hand the Opposition are now, as
ever their champions and friends; and are endeav-
orng to delude the people with the belief that the
banks are the great conservatOrs of civilization;
the source of gil their wealth and 10 restrict them
as proposed by the Democratic party in order to
prevent the abuses of which they guilty, would
be ruinous to those institutions and destructive to
the interests Of the people. Knowing, however,
that the rottenness of the present banking system
| and the abuses to which it exposes us, have been
too receLtly and severely felt TO meet with favor
from the people, these champions Of the banks in
geniously season their arguments with the unmean-
ing gu alifcation that in rGchsrtering existing in
stitutOns they would assent to "proper restric-
| tiops y bet what restrictions would be admit
ted by the banks and their special representatives.
as "prOper," the public has not aud will not, be
informed during this canvass. OF one thing. how
over, they are assured: that they not such pro-
visions and restrictions as are embraced in the
of the last Legislature, SO unitedly aud violently
opposed by the Opposition members of that body,
and which the Union and Planters banks declare
their unWilngness to recognize as law unto them.
To the wholesome provisions of this Law we earnest
ly solicit the attention of the puAlic[See Acts of
1878, page q, 1.-THE leading provisions Of which
are:
First: A resumption of specie payments By the
Banks, which were then suspended. Secand: The
gradual withdrawal by the Banks of their small
notes from circulatiCn-the salutary efectof which
is now being felt throughout the State in the rapid
increase of gold and silver, required to take their
place, and which it is made the duty of the Banks
and Brokers in this State from circulating the
of the Banks Of other States as additional safe
guard to people, by expeliug as far as possible
the notes of distant Banks nat within the reach of
our laws or known to our citizens. And that no
Bank shall pay out the notes of any B lnk chatter
ed by this State, except its own. Fourth: That no
Bank or Branch Bank, shall issue, emit, pay out
any bank note not its face payaJls upon demand at
the counter Where issued emitted paid out. Fifth
As of guarding against suspensons-s
time when, in the language of Gov. Polk, in his
message to the Legislature Of 1871, the Banks
stare often doing their most profitable business
it is provided that Bank shall pay over any div
dends or profits to any stockholders or owners of
stock during the time of its suspension Of specie pay
msnts; and that no Bank, while thus failing to re-
deem its notes in gold and silver shall be permitted
to sell exchange upon any place in the United States
for higher premium than two per cent as has
been their custom to do. Sixth: That the several
Banks in this State shall be required to make quar-
tery reports to the Comptroller, verified by the oath
of the President and Cashier thereof, of the true
condition of said Bank its assets and liabilities in
order that the people may be thus advised of the
character of the currency they are receiving, and
upon what it is based Sixth That the act Of
1872, authorizing the business of Stree Bank
ing" be repealed.
The foregoing are the leading features of the law
passed by the last legislature, during the suspen>
sion Of the Banks, intended to remedy existing
evils as far as that was possible, but more particu-
larly to guard in the future against similar abuses.
Are they not wise and prudent Has not every
davJo far s+adt hair affa nd
yet their passage into law was bitterly opposed by
the Banks and their representatives, the Opposition
OF the hirty-siz members who voted for it in the
House but four were of the Opposition. As the
vote was being taken which passed it into q law,
theso Opposition members rose in their seats and
gravely foTeboded the dire cslamite5 it would bring
upon the people. AIR. NEwBERN enumerated, among
other grounds of hostility to the BILL the provision
Withdrawing small notes from circulation, which he
said ''will create demand for specie; this would
enhance the value of gold and silver, and depre-
eiste bank paper; this enhanced value OF, and de-
msnd for specie, would operate oppressively upon
the poor and lsboring classes-the peope-less able
than their more fortunate neighbors to bear such
oppression" Most wise and reverend Scion Mr.
ALGEE said: sit will have the effect, fear 20 de-
stroy our commerce, bankrupt our merchants, ruin
the country and greatly distress the people all over
the whole country" Most learned statesman MIR.
BULLOCK said: 81 believe tina: this bill is to operate
oppressively upon the people, and that it will pro-
duce amount of distress and embarrassment al
most unparalleled" Another gentleman, Mr.. COL
LADAY, more eloquent than all the rest, raised his
warning voice and said: 81 will say to the gentle
man from Bradley, as the result Of my limited ex-
animation that believe his Senates bill t. be
messenger of blood and ruin to the country as nell
to his OOn party ''The decree is broad, aud the
friends Of the bill are resolved upon its PASSAGE
let it pass and be the blood upon the heads of those
who have framed and urged this measure The
bill did pass and the people beginning to expe.
rience its effects. The Banks resumed in a short
time. The curtsilment of the small note ciIcula-
ton has prOporionably increased the circulation of
specie. Exchange the eastern cities has been
brought down from the eXhorbitant rates at which
it wasseing to the mere cost of transporting specie
The Banks, from fear of exposure, have been made
to feel the necessity Of keeping within the
bounds of legitimate banking. And in anticipation
of the time when the counter note" provision shall
take effect, they are beginning to prepare fer its