Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-10
The True Issue.

The True Issue.
The real issue between Gov. HARRIS and his COM
PetitOr on the subject Of currency is whether THE
BAkEs SHALL GOVERN THE people, OR THE PEo-
PIE SHALL GOVERN rae BANKS. The policy which
Cot NETHEELAND now advocates and which he has
sustained by his votes in the Legislature would give
to interpretations Of associated capital dangerous
and despOtic control over the trade commerce and
productive industry Of the State.
The power Of wealth concentrated in the hands
of few men, is always dangerous to the prosperity
Of State and the liberties Of the people. In the
governments of Europe this power has grown up
into titled ariStOorscy which exercises absolute
dominion over the masses, and readers their labor
and industry tributary to its advantage.
The tendency is the same in all organized com
1nunities; and even in our republic, where the civ
il rights Of all citizens the same, there is con-
slant danger that capital will usurp an influence
and predominsnce which may become injurious and
oppressive to the people.
ne should studously guard, therefore, against
the accumulation Of power in the hands OF favored
and privileged classes. We should endesvor to
limit and enlarge the powers Of monied monopo-
lies. We should render them subordinate and res
ponsible the people at k times that the people
may always have the means Of protecting themselves
against abuses and injuries from such sources. In
granting charters Of Incorporation, should they be
found necessary, we should chief" consult the in
tsrests and convenience Of the country at large and
not the profit and advantage Of the few wealthy
perpetrators, who take stock in such institutions 1t
is certain that they will look to their interests
The people should look to theirs and their repre-
10 hat
no powers which may be used to the public detri-
ment
Every measure with reference to banks, which
Col NETHERLAND now recommends or which he ad-
vocsled as g member of the Legislature is intended
for the benefit OF the banks, and not for the
venience or profession of the people. He has al
wsys beea in favor of the most liberal charters
granting to the banks every facility for IaakingmOney
out of the pockets Of the people, without exposing
the stockholders to sDytsk in Of failure, and
relieving them from all individual responsibility to
their creditors. Col. NETnERLAND has constantly
opposed the policy Of holding the stockholders in
banks individually liable for the debts Of the insti
tuition. He is unwilling to give the note holder any
security for the redemption Of the bank paper
which has been fOisted upon the country, partly by
his own votes beyond the assets of the bank itself
True it has been shown by experience that the as
sets Of the banks not q sufficient security for
the redemption Of their notes. Col. NETHERLAND
has seen the owners Of such institutions retire in
opulence and case on the profits realized from the
business, while the citizens of the State who held
their notes could not get dollar from the bank in
payment for them. But, notwithstanding he has
seen such injustice and wrong psrpetrsted upon the
people, under charters which contained individ-
usl liability clause, We find Col NETHERLAND OPP
posing proposition to protect the note holder, By
making tbs property of the owners of banks respOn
sible for their debts.
Is this policy Of Col NETHERLANDS intended for
the benefit Of the banks for the protection of the
psople9 Certainly nobody can derive any sdVant-
sss from that policy except the stockholders them
selves The interests of the people not CON
suited at 81 by him in this matter. He seeks to
peFpstuate system under which the citizens Of the
State have already suffered most severely.
On this important issue then, between Gov. HAIR
EIs and Col NETHEELAED, the former is in favor of
that policy which protects the people against the
banks while the latter is sudious only to promote
the interests Of the banks.
But Col. NEFRERLAED would not only grant these
extraordinary privileges to banking corporations
but be would leave the people power to restrict
or abolish these privileges, when exercised in man
nsr dangerous to their rights and destructive to
their interests. He would render banks during the
period Of their charters totally irresponsible TO the
Legislature which created them. He would first
give them the most liberal charters comforting upon
them powers not enjoyed by other citizens and then
deny to the Legislature the right to repeal those !
I l.. Ii
peal He confers upon a few wealthy capitalists |
the right TO Issue money, control the value Of prop
perry, regulate commerce and fix the rates Of ex-
change, and when these powers abused, or be-
come formidable to the rights and liberties of the
people, Col. NRTHESLAND would deny TO the people
;ke simple right Of self defence He would deny
them the right resist the dcspote exercise of the
power which they themselves had granted He
would refuse them the poor privilege of protecting
themselves from the tyranny and oppression Of in
eOrPOrstsd companies which they had created.
Col, NETHRRIAND is willing to endOw the banks
with the power TO govern the people, but will not
consent that the people shall ,veIn the banks He
Sc afraid that the people might harm the banks if
they should retain the right of supervision and con-
1rol over these in itutiOns They cannot be trusted
ne thinks TO interfere in the mansg sment of these
wealthy and privileged corporations. They must
not be permitted to invade the sanctuary Of bank
charter, even though fraud and corruption are en-
lrenohed within its walls.
On the other hand Gov. HARRIS thinks that the
people should at all times have the right to regu-
late and control banking Institutions, just they
control the other Institutions Of the State. He |
thinks they should exercise the right when the pub
lie good demands it. He believes that there is dan
ger in granting irrepeaable charters for long terms
He would guard against ths danger by leaving the
people the power, through their representative to
repeal or modify those charters whenever it may be
thought advisable He is unwilling to build up in