Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-05-20
The Currency.


An important question is to be decided by
the voters of Tennessee in August next. 1t
is not merely whether the Planters and
Union banks shall be re-cbartered. 1t is not
whether the people of the State prefer an ex-
clusively metallic currency. 1t is not whether
gold and silver is the true constitutional
Currency. 1t is not even whether 1t is best
to incorporate any more banks. 1t is, viii
the people of Tennessee drive capital out OF
the State to find investment elsewhere? Will
they cripple the commercial operations OF
the State, by depriying them of The means to
operate upon. VIII they destroy our own
banks and thus open Tennessee as field for
the operations of the kiiing concerns of
other States, over which they can exercise no
possible control, and against which they can
have no remedy, and from which they can
obtain no redress? VIII they destroy our
banking institutions and turn the mercantile
and manufacturing communities entirely
over TO the tender mercies of money-brokers
and sharpers?
These are the questions to be decided, and
it is useless to endeavor to disguise il. Does
any man with q modicum of common sense
suppose that if there were no banks In Ten
nessee there would be no bank notes in circu-
lation? The experience of every day teaches
us the fallacy of such a superstition. Even
now, while we have within our own limits
those of any other State. we are flooded with
the issues of Georgia, South Carolina, Hi
nois, Kentucky, Indiana, Ohio, Missouri,
Wisconsin and Alabama. What guarantee
have we that these banks are 1orthy
Should there arise doubt of their soundness
is it not palpable that the depositors and
note holders nearer home would reap all the
good OF whatever assets there may be to our
utter exclusion.
hn Of ha
ton is so suicidal that we have difficulty in
believing that ii is not the result of Gema-
goguesm rather than of honest policy. Many
among them are no doubt really sincere in
| their professions, and are only mistaken III
| their views, and in error as to the results
which will flow from their policy. Among
| these we number our neighbors OF the Ard
! lanche. They have so long bathed in the riv'
| er of gold which thew have pictured in i'm
| aginatiOn as flowing into and through the
| country, that they now look at everything
| through a golden medium, and cannot well
understand or appreciate things as they real
| ly are. Others, however, we cannot believe
| so honest in their expressed views, for iheiI
| actions contradict the superstition. While
| they denounce and berate the Union and
| Planters Banks, they are in favor OF lncreas
! ing the capital of the State Bank, and max
| ing that the monster institution of the State
| overwhelming and swallowing up all the
! lesser concerns. Instead, too, of gold and
silver coming in to supply the place of bank
notes, as they would have the people believe
the real effect would be to deprive us of do
| mestic, and force us to use foreign bills
| This is proven by the result of the anti-bank
| policy of other States. In North Mississippi
| you will find the notes of Tennessee and Ala
bama, and in the southern portion the notes
| of Alabama and Louisiana constitute the
| principal circulating medium. Go into AR
kansas, and in the South you will find little
| else than Louisiana bank notes in the hands
| Of the people; in the middle portion OF the
| State. Tennessee holds the supremacy, whiIC
in the north, Missouri and Kentucky come
| in. Then turn to Texas and you find Louis
! lana bills and individual notes or stinplas
tiers in circulation, and the people compelled
to depend upon individual bills for the means
of exchange. Are our people prepared for {
similar condition of things? 1t is useless t.
talk of laws prohibiting the circulation o
foreign bank notes. That has been tried
and as often failed as tried. Like all i'm
| practicable and foolish laws. it would remain
on the statute book dead letter, utterly dis
| regarded, and treated with contempt by thu
| people, Memphis Enquirer.