Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-07-04
s13,Io4.34s 81
The Bank ofTenne..ee.

4 - The Bank of Tennessee.
, It seems impossible for the sham democra-
cy TO maintain a consistent position on any
question of State or national policy. Their
proclivity to depart fiom their own teachings
is as astonishing as it is ridiculous. 1t is bap-
PLY illustrated in the attitude the party has
held towards the State bank. 1t was a favor
tie recommendation of Gov, JOHNSON that
that institution should be wound up at the
earliest practicable moment. He was reelected
with these opinions well-known. Gov. HAIR
RIs also took substantially the same view and
so, we believe, did large proportion of the
leaders OF the party. Now. however, to break
the force of their radical naid-money theory,
which it has been ascertained does not set
well upon the stomachs of the people, they
propose to continue that Bank till its charter
expires, some nine or ten years. We desire
to submit afew choice extracts from the files
of the Union and American to show how that
institution stands in its estimation. and to dis
close the euormity of perpetuating an insti-
tuition which, in its opinion, is the most hide
Gus monster of them all:
]" With not one green .pot TO e1liUen the dredry
uoaste Of naisndn0genent and perpetual laundering
lcieh has Characterized us tchofe existence, are.
nevertheless, invited TO travel yet lit tie farth-
er on the road of seeming desolation and soon
we shall behold fields and landscapes of never
ending verdure. Others may listen and give
heed to the syren song. For ourselves, we
should prefer, while it is not yet too late, to
retrace our steps"
This wholesale denunciation of misman-
agement and laundering was followed up by
"a temperate estimate OF the loss likely to
accrue to the public from its continuance:
How much of the four and half millions
now under discount, a large portion of which
the different branches have been carrying by
renewalotor years. will De finally lost. We can
form no approximate guess How much more
by frauds 6efdLcGtioBs and stedLGges which may lie
concea led IN the breasts of the guilty perpetra-
tors, ahdnever Sc the light except under the
general head of profit and loss nOihing but the
winding up OF the whole concern will ever re-
veal. We're we sole arbter in the case aoe lCO,lld
however, most giddiy compromise on the loss Of a
million of dollars. That az ,clL be much GREATER
aChen the final day Of reckoning comes WE ENTER
TAIN NOT A SOLITARY DOUBT and u The eLsteHce
Of The bank be continued TWO YEARS LONGER with
out the most searching Investigations prepar-
er ourselves fortunate If THE HALF Of as original
capital be SaUed from the GENERAL WRECK nooc
impending OUer a."
Subsequently the Union an American uttered
the following in reference to the organization
and fate of the Bank. The italics are its
own:
"An institution. then. like the Bank of Ten
nessee must, from the very nature of lis or
ganIzution, be always exposed to the double
duger Of being sacrificed as sce 10 the better asst
the .oorse feelings Of oar nature Its fate as nev
u16ie Al the influences tchich surrounds ii tendz
to inevitable destruction. There not solitary
con seruatiUe feature IN ats achoie organization
Next we find the central organ of the dem
ocratic party. demanding that the Bank shall
be wound up, in the following mandatory
terms:
"What has been may be again The pres
ent disaster was not the fault of this Lcgis-
lature. The nert toiH be. If they .fdit TO GU0iL
themselves Of the admoniiOns Of experience. There
is bat one remedy. The path of duty lies
plain before us. If we fail to walk in it, the
question ,ciH then go before the grand inquest Of
The people: Shall this bank he wound up?
Shall an end be made of all connection be
tt0een the STATE and FAITHLEss, INEFFICIENT
AND DEMORALIZING CORPORATION.
II as beyond Gny earthly pO,cer Of necessary suptr
uison investigation regeneration 1t is the
offspring of immature legislation. 1t came
forth into the world. cOnsttutioadLy diseased
and disfgred IN eUery member. A NJ NSTER BY
BIRTH, ii has groom only the more hdeous 10y
contemplating its own Unborn deformity.
No Legislature doc toring can eUer cure Il.
Public opinion demands, however that the
counses of experience shall be obeyed-thai
this bank shall not stand in the way of the
reform so much needed in our banking sys-
tem-ihat as days shall be Numbered. 1t has
been weighed in the balance and found want
ing 'tsf
The Legislature did fail to walk in 1.-The
path of duty; as thus laid down, but where
is the grand inquest of the people" which
was held in tterrorem over the heads OF the
members OF the General Assembly. to drive
them into the measure? That ''faithless, in
efficient and demoralzng corporaton"-that
monster by birth. which had been weighed
in the balance and found wanting" "still
lives to mock and scorn the very men who
were so loud and bitter in its denunciation.
1t was threatened then, that if steps were not
taken by the last Legislature to wind up the
State Bank, it should be made an issue in the
present canvass. npon which the election OF
members to the next General ASSEMBLY
shoulds in part at least, turn. This course oi
the Union and american was. no doubt. part
of its then declared programme TO war, to the
death and Adjustment, upon all banking
institutions in the State. 1t was perceived
shat the Legislature could not, with justice
Ill i
still maintain an institution Of her own
Hence the first appropriate step was to strike
down the State Bank. This j. sufficiently ev-
ident from the folowing-the italics being
the JIion's own: ~
I'VE believe that the present is the mosl
propitious moment for inaugurating thai
| great system of currency reform, which shall
| have for it, ultimate aim and end. the en-
'e,e and utter aeDsolikIon TOot and branch of ouI
| present banking system. and the subsii tior
| of pure, uaadaiterdted hard-moHey currency. 81
| ifin part of paper, yet based dolor TOR dollar
| upon the virgin metal. We believe that th,
] Bank of Tennessee stands in the way of thai
radical reform. which we regard rs indprnsa-
| BILE to the permanent. well-being and pecuni
| airy prosperity of the nation"
This is an example of the vasciltatins
| course of the Democracy on one of the gray
est questions of domestic concern. Whatcon
ildence can the people repose in part,
! which is thus taithless to its own teachings
these teachings OF the central organ wer'
| true at the time they were uttered, has any
Thing transpired since To contradict them
Has there been any Legislative. doeiering'
| that has .'cured IL" OF the disease and de
formity' with which il is alleged ii come int
the world Let the U.ioa and Aaeriean an
| wer
re- At the election for Directors Oh th
/ Memphis. Clarkssille and Louisville Rsilroa'