Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1859-04-20
small Notssi CoIGnsl Netherlands
Banking Policy.

small NOtssi ooIsnsl Nstherland'
e Banking Policy.
Prom fas Nashville UaionJ
The evils Of a Ehinplssler currency bav
been toe severely felt BY the people Of M
state to require an enuneration AZ tbs tims
But Col. Nstheriand, in his late speech In hi
city, having committed himself and bis part
to the policy Of a mall note circulation, Il ee
comes important to examine the Arguments b
which be sought 70 sustain that policy. Col
Nefherland contended that, inagmuch as
. paper currency ia a conrenisncs to he country
all classes Of our citizens are entitled % shar
{ rs benefits; the large notes are seldom o
never found in the hands Of men Of smai
means, and, therefore, bills Of a smaller De
nomination are required for the use Of n
masses Of the people.
r We supposed that the experiences Of The las
few wears had exposed the utter fallaey Of I'M
conclusion, but It seems that the KnoE-Nothinl
partr and sts leaders are impsrious to suoi
srruueuts. and that the past furnishes then
nc instruction for The future. They hsv'
learned neither wisdon nor prudenee from tn
disastrous consequences Of The system which
h Is 4 wel-knows fact that, whenever a
paper currency and a specie currency are
brought into competition, the former viii cir
culste 10 he exclusion Of the latter. This Is
found 70 Be more especially the case in the
circulation Of money Of the lower denomina-
tons. II he banks are allowed to issue one
and two dollar notes, these viii constitute a
large proportion Of their circulation, because
they are more easily scattered through the
STATE in sections remote from the center Of
trade, and less frequently return for redemp-
ton In amounts which would be ineonEenieni
or embarrassing 70 the banks. These small
notes passing freely from hand to hand expell
the gold and silver from circulation, which is
while the less safe and reliable currency is left
to Cd is place.
ShinplssteTs thus become almost the only
circulating medium with men Of small means
and Of communities living al a distance from
the location Of the banks and the places Of re-
dsmption. The specie IL driven from the coun-
ny BY the circulation Of these small notes,
The banks finding that If can be probably
employed abroad do not keen a supplytoredeem
Their circulation, and when a Revision comes,
like the late disastrous crisis in his State, the
holders Of these shinplastsrs Ind themselves
with nothing but a worthless and deprecated
currency 10 supply their daily necessities.
When at a great trouble and expense the small
note holder comes up from his distant home
and asks the banks for specie il exchange for
their shinplastsrs, he finds that al their coin
the Immediate vicinity, and there Is nothing
left for him but empty promises, to be followed
By disappointment and distress. Thus when
the banks fail, small note holdeu are the men
who suffer most. Those who are least able 10
loose, bear the principal losses Of the system
advocated by Col Netherlsnd.
A Democratic Legislature has prohibited the
issuance Of small notes, and Ibe beneficial con-
sequence have been already experienced. Gold
and silver coin has been lowing back 70 the
state and Is now found in the hands Of the
people, instead Of the one dollar bills which
once constituted their only circulating medium.
Much vet remains to be done In the way Of re-
form in this respect, and much more viii be
done under the operation Of the Law passed BY
the last Democratic Legislature.
Should Col Netherland and bis party come
into power, however, and their policy prevail,
the work OF reform would be arrested, the shin
plaster circulation would be restored, gold and
silver would Be again driven from the country,
and the evils and isfortunes which have lately
afflicted the people, be repeated.
Freemen Of Tennessee, we beseeeh you be-
fore YOU give your confidence and support to
Col. Netherland, to pause and consider the con
sequences Of the system which he defends and
advocates.
he is IN favor OF placing banking insttu-
tons beyond the control of the Legislature.
While the representatives Of the people may
legislate with regard to your rights-may
q change, modify, CT abolish any privilege
which you enjoy-CoL Netherlznd contends
that they should have D power 20 alter, amend,
or repeal the charters Of these wealthy and
powerful banking corporations when used 70
your Injury and oppression. He goes further.
He gives 10 banks The privilege Of flooding the
country with small notes thus Increasing theiI
profits andforeing upon you a worthless shin
plaster circulation in place Of gold and silver
tghich would become more AM more abundan.
under Democratic policy. Listen, before Eou
endorse snch sentiments, to the warnings Of an
old friend Of the people, who spent his youth
his manhood, and his old age in your service
and il the services Of his country. Listen e
words Of truth and sobsrness from Andrew
Jackson. In his seventh annual message,
speaking Of the suppression OF the small notes
Of State Banks, be says
IF BY this policy. we can witness the uiti-
mate suppression Of all bank bills below tiCeafy
dollars, Il IL apparent that gold and silver VIII
take their place, and become The principal cir
cuiatlng medium IN the eO1non business Of
the farmers and mechanics Of the country.
The attainment Of such a result will fora an
cara 10 the history Of our country which viii Be
dwell upon with delight BY every true friend Of
Its nbeTtysnd Independence. L will tighten
the great tax which our paper system has 50
long collected from the earnings q labor, and
do more 70 revive and perpstuate those habits
Of economy and simplicity which are 90 con-
genial to the character Of republicans. than al
The legislation which has been stttmpted.s
Again, in his eighth annual message, he
says.
"In the acts OF several OF the States. mo-
hibiting the circulation Of szal notes, and the
auxiliary ensctnents Of Congress az the last
session, foTbidding their reception or payment
on pablo account the true policy 81 The cosn-
try has been advanced, and a large portion Of
the precious metals Infused into our c~irculat-
ing medium. These measures viii be probably
followed up in due time By the enactment Of
STATE laws, banishing frou~ circulation bank
notes OF SIN higher denomiuatisnj and the
object nav be materially promoted BY -fufher
acts Of Congress, forbidding, as fiscal agents,
the employment OF such banks as continue the
issuance Of notes OF low denominations, and
throw imDedimsnts in the way Of the ~circula-
ton Of gold and silrer.S
Here we see that Gen. jackson was opposed
to the issuance Of small bills by state banks.
Col Netherlsnd and his party are in favor Of
the issuance Of such notes. Il is for you to
decide which Is right.
ATTExFrED REvorr n JAslAIcA-TRooF.
CALLED OUT.-lhs New York CFrench)
Courier has a private correspondence from
Kingston, Jamaica, dated March %, fromwhioh
We take the following;
Encouraged b. the acts Of their nslghbors.
Che Haytiens, our blacks appear also disposed
10 attempt a revolution. ln the parish Of West
morland has been recently imposed a new tax,
to which the negro population are not willing
10 submit. Son Of the disafected have raised
the standard Of revolt, and entered the little
village Of savannah, where they DESTROYED some
properly. The police having arrested som -four
or five Of the nngieaders, their paTtizans, far
from being discouraged, continued their work
Of Obstruction, uenaeing with FIRE the City Hall,
1 e - - 49, H-M-.mL
Of these facts, Gov. Darling has dispatched
against the r~evolters a body Of five hundred
mes, under the command o. Col Whitshsld.
The letter adds that order was finally re-
stored at the point Of the bayones, and that
s~ouloqus, the ex-Emperor Of HayH, was a spec-
tatof Of the seens, and evidently symPathizsd
with The blacks.
Tx Sworn o. WALLAcE.-A couespon-
dent Of the Glasgow Gazehs complains Of the
neglect with Wieh this historical relic is treat
ed. The writer went to visit the sword at
Dumbarton Castle, and was shocked at seeing
a place Of emptiness a. regards one single
stand OF arms to uphold the name it bears.
No arms were there hut two Highland dirks,
a Lochaher Ak, and on The wan, carelessly
hong and iHsyereutly exposed, without a Gov
eriug OF the least thing to protect it, the
sword Of Seotlsnd's great margr-patriot.
But this is not al that respects the sword,
with its thrilling associations. Some awkward
creature, IN taking il down from the wall, has
apparently let it falB and there il Is, about 20
break ntEo; and further, Tie iron inst all
over il is doing lie WORK o. destruction silently
and surely.
The WAsHTNeIos UEIoE-The ownership
Of this journal having passed into the bands
Of Geo. ". Bowman, Esq, its name has been
changed 70 that Of the coasftnfoA. nefrst
number under The new ttls, appeared the Other
day, and he new proprietor made his bow 70
bis readers IN handsome and forcibls sd-
d-ess, setting forth the course the paper may
Be expected to pursue.
THn FauTT PHosFEcrs.-A gentleman just