Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-05-29

is as follows:
RICHMOND, May 81 can give nothing positive.
It is believed that Letchers majority will exceed SIX
Thousand T. 3. BIeoEE.
RcHmoxD, May % Smith, (Dem Cor Congress
In the 9Th District is elected by 3l4 majority
The Richmond Enquirer says Leicber will be
elected by between coo and s 600 majority.
In the 9th District the Democrats eoScede BOtel-
er's election over Faulkner.
Governor Harris and Col. NetherIamd on
Banks.
The most important question Of State policy
which enters into this canvass is with regard the
banking system of the siate and the Issue made up
between Gov. HARMS and his competitor on this
subject, should be well understood by the people
The experience of the last few years has shown
that our banking system is unsound and defective,
resulting in many csses in serious injury TO the
people Of the State. Gov. HARRIS proposes certain
specific remedies for the evils resulting from the de-
feots Of that system. He is in favor of imposing
sssh restrictions upon incorporated companies that
they cannot become in the future, they have been
in the past, instruments Of oppression to tie com
munity, for whose benefit it is claimed, they have
been created.
The first and most Important change upon which
Gov HARRIS insists, is, that the people shall here
after retain the power through their representatives
Of amending or repeating sll bank charters granted
by the Legislature, whenever such charters shall
be used in q manner prejudicial to their interests
Corporations when free from the Wholesome re
straibt of legislative supervision, will always abuse
the powers and privileges conferred upon them and
are dangerous alike to the liberties Of the people
and the prosperity of the State. The Legislature
which created them having power to terminate
their existence they soon loose all sense OfrespOn-
sibility to the people, and to consider Them
selves q third estate in the government independ
ent Of all Legislative control They have no motive
70 eonciliae public favor and they of course dsreS
gard the public welfare whenever their own inter
ests require it. They accommodate the people only
when they can do so with advantage 10 themselves,
and they do not hesitate pursue their selfish and
svsriciOus objects, when they conflict with the
general good of the community.
Gov. HARRIS would guard the rights of the peo-
pie by retaining the power in their hands destroy
these mon opolies whenever they become Injurious
to their interests. He would render the banks al
ways resP0Rsibeo the Legislature for their conduct
and management, and by making them dependent
the people for their continuance would them
to requisite their operations according to tle neees
stiles Of the country.
On this point Col NETHERLAND AID bis party
take issue With Gov HARRIS. They seek 10 make ell
bank charters irrePesisble and place the corpora
lions which they create above The reach Of the Lee
gissture. They are afraid to enrust The people or
their representatives with the power to supervise or
control thess moned monopolies, while they sre
willing to lesve the people the mercy Of the
banks. They are studiOus TO guard the sanciily Of
chartered mOnopoues fro the people, but wall take
no measures - secure The people against oppression
from the corporations. The Legislature when it
once grants Bank chsrier, according TO Col METH
ERLAND's theory should have NJ power to amend or
repeal it until it expires; and whatever evils may
ensue under such charter, it is better ne thinks
that the country should bear them than that the
Legislature should be authorized to interfere with
their privileges or powers.
Here, then, is plain issue between Gov. HARRIS
and his competitor which the people will be called
upon to decide. Do the people agreo with Col
Col NETHkRLAED that they cannot be safely trusted
with the power TO regulate and coGtrol their bank
ing institutions, or do they agree with Gov HARRIS
that the reservation Of such power to themselves
necessary to their protection! Are they, like Col.
EETEERLAND, afraid that they, through their rep
Essentatves, would 60 injustice the banks OF are
they ike Gov HARRIS anxious TO secure the nselves
against The despotism sad oppression Of chartered
mOnOpoles! These questions The people will de-
tsrmine by their votes on the Attn of August next.
Again, Gov. HARRIS is in favor Of making the
individual properly Of She stockholders in Banks
Isoh1 & i. L.
Of merchants and other tTadesmen is liable for their
debts He thinks that the noseholder end depos-
itor are both entitled to this security. Col METH
ERLAED, IN the Legislature Of 1872, voted for
bank charters, which exempted the individual prop
erty 81 the stockholders, from all liability for The
debts Of the concern, thus giving the banker the
privilege OF speeulatipg on credit far beyond The
amount Of actual capital he had invested in the
bank, accumulating profits theFefrom in seasons of
prosperity, and when disaster and reverses com,
UPON the country, Of retiring from business and
leaving the people whose confidence and Patronage
had built him up, With nothing but the wasted as
sets Of broken bank to rely upOn for the redemp-
lion Of their notes. Col. NKTHERLAND also voted
against separate proposition to render the iuai-
yidual properly Of the stockholders liable for the
redemption OF their n5tes while he votod in favor CT
making their Individual property liable 10 dePOsi-
tors. The merchants and wealthy men Rbout the
cities Who deposit their money Banks, should be
protected, Col NETnERIAND thinks, brt the peopl,
in the country holding The Of the bank sh .uld
not be so protected. Here another issue fyr the
people 10 Determine in August
Gov. HABRIs stands before the people as the
champion of tae peoples rights, guarding them
from the oppression Of mOnied monopoIiss Col !
N1THKRLAND as the champion of mOuoPoliss sedu-
lousy protecting their privileges from interference
en- the part Of she people snd heir representative
The former would defend the people against he |
power Of the banks the latter would defend the |
banks against the power Of tie people Let the |
people decide bslFeen then.