Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-04-13
col. Netherland on Rnnkn.


The late Know Nothing convention in this city de-
elared that they 'sre In favor of sound Wellreg-
nlated banking system" What they might esteem
q sound and well-regulated banking system, we
were left to conjecture aided however, by the past
history Of the party and the OutgVings Of its or
gsHs. We know that the Federalists have always
been the friends Of corporate mOnOpOles, that they
have constantly and consistently lsbored TO create
associations of capital and endoW them with pecu-
liar privileges and advantages which they deny to
the masses. We were compelled to suppose from
our knowledge of these faois that the present Op-
petition would regard that system the best, which
gave the banks the greatest facilities for making
money and expressing the people.
These Institutions Ia almost absolute and I'M
restricted control ofthe commerce Ofthe State They
regulate the value Of property, fix the price of ex
change, and direct the course of trade. Whenever
it suits their convenience, they refuse to redeem
their circulation, leaving their creditors without
remedy and the community without currency
To relieve the people from this intoIersbo despoIsm
and oppression, the Democratic platform proposes
certain remedies. 1t maintains that our banking
system shall be reformed as to enforce the inva
risble redt mptOn offs by every bank in the
State at its counter, admiration of their issues
to notes of q large denOminaLion-thus securing
sufficient supply Of specie to take the place of the
shinplasters which lave been circulating in this
6tste-and increased protection 10 the mole holder
by requiring the banks to keep in their vaults
enough gold and silver the demands of their
creditors Our platform also provides that the leg
issJure shall retain the Of supervision over the
Banks, with the power TO change, modify or abel.
ish their charters whenever they abuse their priy
eyes ssthey have hitherto done with impunity or
exercise their powers to the injury and oppression of
the people. By these and such other reforms as
experience may demonstrate to be necessary, the
Democracy propose TO relieve ihs State of TeuIes.
zee from the evils of banking institutions and paper
circulation.
The Know Nothing party not only propose no
adequate corrective for these abuses, but in con>
fOrmy with their Federal creed they resist
the wholesome and necessary reforms which the
Democracy desire TO introduce. They oppose with
peculiar bitterness the clause in our platform
which declares that the Legislature in granting
charters of incorporation, shall reserve the
power to change, modify, or abolish such char
tiers in all cases where the public good shall require
The Bonner lakes the position openly that the Leg
islaure should retain no power over incorporated
companies. 'We are opposed" says the Banner,
sTo aIvrNG TIE LEGISLATURE ANY POWER OvER
TEE COMPANIES"
Col ,NETHERLAND also opposed this provision in
che Democratic platform. He too is in favor of pIsc
ing these powerful and privileged above
the reach and control of the people He too would
confer upon associated capital peculiar rights and
powers, which the representatives of the people
shall not be allowed TO restrict abolish, when
ercised to the public detriment. He would give to
the stockholders in Banks, advantages for accumu-
iating wealth not enjoyed by the citizens st large
and render them totally irresponsible to the LegisN
Iasure for the abuse or violation Of their charters.
Now, il is known to car readers, that every poor
man in the country is allowed to hold certain prop
erty exempt from execution. The wise and humane
spirit Of our laws protects the father Of family in
the possession Of the necessaries Of life 50 that has
wife and his offspring may not be deprived Of the
means Of supplying their daily wants No right can
be more sacred than this, privilege should be more
securely guarded from invasion Yet the Legislature
Of the State has the power to take sway from the
unfortunate man this protection and throw him with
his family upon the charity Of the world. But |
while the poor mans rights left to the the dis
crstion of the Legislature, and may be changed, |
modified or abolished" at any time, the rights and
privileges Of wealthy corporations according to Col
theory, must be placed beyond the con-
troll ofhe Legislature and their charters Of incorporss