Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-15

ing to the nOle-shaVing business under this law /
the latter would be more profitable. mead not o.
to the future for the result. The day may CON
when the dreams Of hsrd-moDey men skau be real
izsl a0d We shall be made to depend or ether State
for our currency; but hope not.
But more, propose that there shall be no inter
est on deposits The same restrictions exist i
reference to banks and in reference TO brokers' III
policy Of the Law is that they should not do bust
ness on deposits that would endsnger the safety o
the banks think it proper tsst the same restric
tons should be placed on all who wish 10 mak'
business OF dealing ia money. Bat even amend
ed &c proposed, does tho Senator know that under
his bill We shall have again the days Of shinplasters
man, under bis bill issues 9 check or csri6cstE
Of deposit, payable to himself or bearer That be.
comes money and circulates as money to the extent
Of the credit Of the Establishment that issues it. Il
will be impossible preveHt the Of thoss
scenes when We we're flushed With shiBplasters that
circulated ss currency. The Senator provides that
they shall not ISSUE noes for circulation u; sim
pie arrangement by which tie association promises
to pay to borrowers so many dollars would itsslf
become currency. IL may operate we'll IN certain
quarters, but very large proportion Of the State
! would curse the day when such system vent IN 70
operation. If the Senslor's bill does pass wish to
give it such mould as will rid it Ct some Of lis
most Objectionable features.
This whole theory Of free trade when applied to
the money of q country is q conception that orgi-
mated to no small extent in the mind of that old
dreamer, Jeremy Benthau, in his attack on the
| usur5 laws Of England. But it has been exploded
by the accumulated wisdom of the commercial
! world from the day the theory was first preached
! down 10 the present time. There ought to be re-
straints upon the use Of money from the very fact
| thst it is money.
1t is representative Of property article eve
| rybOdy must have which everybody needs. There
| are many and various reAsoas, conclusive in my
own mind, that there ought 10 be Restraints upon
the use Of money whether in the hands Of banks
of pTiyA'e iadivtuale. Wherever this idea of free
trade in DOaey has been trled it has resulted il
| fixed rate Of most enormous interest. A few
| tries have tried and abandoned 1t. China has no
laws regulating the Of mouey, and understand
that there it ranges from twenty f5rty par cent
So it will be when there is no restraint upon the
employment Of money by way Of interest.
care nothing so far as 1 an concerned about the
| individual stockholders of any bank But because
they furnish medium for sending of the produce
Of he country am friend to hem Beesuse they
furnish currency convenient cheap, useful, and
Of public benefit desire 70 see nothing done which
would involve them or jeopardizs their currency
the currency of the State For these reasons, if
the bill is pass want to throw around il chain
that will bri1g it within the range Of observa ion
aud experience of mankind. This bill will serve 10
extract from the surrounding STATES currency for
Tennessee, Whenever that system is adopted it
will act q vampire on the BANGING system Of our
have an arrangement with foreign banks whereby
they shall redeem the notes placed deposit with
them for circulation They must buy gOld or silver
or buy exchange, and in eiLher case it affects the
interest of the Bar ks Of this State II the Senator
from Shelby l. as he says sincere friend Of NIX
! doubt his fragment when he makes Q propositOn
of the character now before the Senate | an not
SO much Interested in banks ~ the Ssnstor from
Shelby. My constituents are engaged iH stock
raising and other agricultural pursuits, and are
mainly industrious farmers. Hence We are not uE-
der the necessity Of any proposiiioa for foreei
system Of raising the wind This bill is mere hot
house product intended 10 serVefor the time being
But We are blessed with sound circulating med
UNI aud want no temporary expedient Ct variance
with the growth and development Of Tennessee
Mr. PAYNE said: do not know as l can under
take 10 follow my friend through all the WindiBgs
he has taken on this subject. / was glad to hear
frank statement Of tbs right to pitch into the bill
in any way. The only matter Of surprise is, that
the Senator from Wilson should be seeu eIossfting
with The Senator from HArdemsn. l know that The
SerRtoF from Hsrdeman Is mistaken in the compa-
~ he is ia, sHd hope be will yet back down.
The Senator from wilson says lrsPresent COM
msroal community. Let ne tell the Senator that
there is not paper in the city Of Memphis thai is
not out in favor Of this lay. Let me tell him tdst
there is not man IN West Tennessee but is an adj
vocste Of this Law; there is not bank oteer that is
not in favor OF it. That is not an argument with
the Senate, 0ut II luStlnet ny course Win COn-
stituents The gentleman says that an following
that old dreamer Jeremy BsDthsm; that am q CO
adutor with him in regard TO conversational interest
| am, sir am also ready to DO anything TO resist
the extension Of understanding Tbef freer trade Is,
the better it is for the people. Upon principle the
less you trammel whatever enters into the trade Of
. country tbs better it is for the consumer. Money
is the very bfs-blood Of the body polite, As vel
might you attempt TO make the human body live,
by daming up the circulation, ss TO hope to put the
body polite in hssthful condition hy und taking
to regulate, by stringent laws, the affairs aud co.'s
tracts of men. II man has two SOILS, and gives 10
one thousand dollars IN money and TO the a'hAr
thousand dollars in land AMI the one goes With his
money into the com nerciSi world and SEEKS fairly
aud honestly to get the hghes' price for his mo ey,
and the other does the same with his land the frst
should be as much resp ecred by the world - the
second 1t by thus dsmmg up the iife-bood Of the
commercial world, that Tennessee has, without IN
tending it, had par nersbp with DOte-shsvers. 1
is that which Ass brought up money to Its press
price II is to-day the ssuse VI the stIingeney in ne
money market. The rPsIrie i've Laws will ruiz the
interests Of tAe State, you keep taen up n ugn
YOU may charter bsGk after bsnk. You undertake
70 pa, them 1Wn by put ing suca rts rIctive i-ws
Upon tbs operations Of money dealers hat b ma hIe
mon,ed men will act ihVesl, b9t will Sc "a If
N pey to another market, AMI the balance IS -
VS. Ell where the eK ra rick is pad for, Ihe NE
| shsver hes Q pref and ass account. De %
|
chanosry and Jmpel blp 10 DISC 0ss his ex e CT
| interest, The s-s aver must take these tlAks
into consideration. and ehsFgr more On seeoqni 4
the Insurance. sg ipst these many Iosser, lhe hOLr
eft borrower is placed the feet i ieglsiair.
| m1nsy arts Oorscy. No man vii iDdIct for usurl-
| aud few will plead it. The usury l-Es pr'Bei
pa ly nugatOry, aud are only powerful for nisohi
| They are only calculated bud up men EhJ n fit
| By the need of the borrower.
| There is no reason in it. The man does not exs
Who can tell me Why the RepstoF from Wilson has
| thousand dollars IN money, and thousand dC4s's
In land Why be should not U.S. the one as Esl IS The
other. The reason il one EXISTS, is he QtHer Way
| man may need money to save his farm, and be Is
/ uowerIess to dictate the terms for either. am
bringing out the capital OF the State into business
transactions, When this is done you viii have &c
| cOmplished revolution fgF the State, I u mss
| charter bank after bank, hgt gntiI you vltAdFsE
res'rici ions on the free use Of % Rey there win be
/ no relief. $50 s...
Mr. STOKES Qnierrupting)i Is there 0: such a
| state of things in the commercial world ,oi /
when there is money enough to carry on all the
commercial operations Of People3
| Mr. PAYNE. YES.
| Mr. STOKES. If the banks would furnish this
CAPT 81, would it not be sufficient
MIR. PAYNE, You have sps led men to make
twenty or thirty per by UNDERSTANDING. and lheY
will not put dollar into banks. THe banks cannot
reie4e unless the State eoDeurs by system Of lib
erAl p0llcy bnRb arena
| | do not say that bsnls could not do it, bat that
they do not DO it Where are al the banks that
have grown up like JOnahs gOsrd vine and VANISHED
| in the morningi The only way is. to enact laws
that invite private capital Grant benk charters
am in favor Of that Our present law exercises 3
worse tyranny over capital than ever Louis Nspo
leon has inf eted on the people Of France.
Tbs gentleman says i win rHin Oss banks !
take issue on that say it will not, because the
banks have privilege Of issuing notes for circuls-
ton Even if it should be so, you have raised up
private enterprise and them banks will not be ne d
ed do not expect that this viii happen.
Mr., STOKES (intsrruptiDgl, Does the Senator
believe that the people viii get money st lover
rate Of interest
Mr. PAYNE. cannot tell. told the gentle
man that the bill would not ruin the banks. If it
did it would be by furnishing money q lower
rate Of interest. do not know that such would be
the result. t
The gentleman says that this idea Of free trad in
m ney sprang from Jeremy Bentham, and that it has
been established in few places lie me tell the
Il mas thsi. this tins, England h.s ab5 shed the
u3ury laws and that mGn, there n free as ar
such IS the case with the city of II smburgh n he