Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-05-27
From the Memphis Bulletin.
Gov. Harris and the Banks.

Gov. Harris and the Banks.
Is the currency of our State to be made a
party question? / had supposed that the
currency of the country, the pillar and foun-
dation of our commerce and trade, the fos-
terer of agriculture and mechanic arts,
measure that every citizen of our State is in
terested in--belongs net to party. The Demo-
Gratis have no more claim on the State, on that
subject, than the Wings and Americans. Yet,
it seems from the course adopted by the De-
mocratic Convention at Nashville, which no.
minated Gov Harris. and the course adopted
by him in the present contest for Govern
or in this State, that they are claiming for
themselves the exclusive privilege of control
ling and managing the currency of Tennes-
see. Gov. Harris has openly avowed himself
in opposition to the rechartering Of the Union
and Planters Banks, unless in strict accord
ance with the Democratic platform layed
down at the Nashville Convention. viz That
no charter, in future, is to pass the Legislature
of the State, only on condition shat they are
to be altered. amended, or abolished at the
will of the Legislature which is an absurdity
and direct bar to any applications for chart
ers of any kind. Who would invest money
in anything subject to be altered. amended or
abolished at the will and caprice OF a legisla-
tive body. Is there anything more uncertain
than what legislative bodies will do? They
are always altering, repeating, amending and
changing our laws-the Statute Laws of to-
day being repealed by the new legislature of
tomorrow, until our most shrewd and investi-
eating lawyers would scarcely understand
them. 1t is better. infinitely BETTER, to live
under bad laws than vasciiating ones. / now
ask if there is anything more dangerous to
the growth and prosperity of country than
the meddling and interme6dling with the cur
rency of the country? Are the people of
Tennessee prepared for such a state of things
as would result from the breaking up of the
credit system, the great agency by which the
resources of the State have been developed,
and this credit has been brought about and
kept alive by bank accommodation.
If Gov. Harris's doctrine is carried out, and
the Union and Planters Banks are forced to
wind up, the capital stock of these two banks,
which is near $4,000 000 and is nearly all
owned out of the State, will all be withdrawn
from our midst. This capital is all owing to
the two banks by citizens of Tennessee, in the
shape of discount notes, at per cent inter-
est The policy of those banks is, and has
been, to loan out to the people the capital of
the banks, which they have done for years.
They only put out the circulation of the
banks on produce bills, thereby furnishing the
means to carry to market the great crops of
the country, which is the reward of honest
industry. The proceeds of these bills are re-
turned to our midst in coin or exchange on
New York, thereby the banks furnishing the
means of carrying on the commerce of the
State, the produce of the State making and
furnishing the exchange of the State through
the banks. Now break down your banks that
have been the principal agents of carrying
forward the crops of Tennessee for Ooer t1oe,i-
ty.fre gears and to this day l defy Gov. Har-
ris, Or any one else, to show to the people the
man who has lost by them one dollar. l mean
the Union aud Planters Banks.
What will be the result? Your own mer-
chants, who pay more revenue to your State
Treasury than any other class of citizens,
would be compelled to give way to the mer-
chants of other State who would step in with
foreign bank notes and take away your pro-
duce to foreign market, thereby breaking
down every commercial city in the State. In
Memphis, your property that is now selling
from $1,000 to $1,000 per foot would be
soon sold out by the acre. have been thirty
years engaged in active business life, and
have seen just such things take place by dem
agOgues mcddling with the currency. Now
ask the people OF Memphis and the people OF
Tennessee, are you prepare d in time OF great
prosperity, such prosperity as no other State
can scarcely boast of, to see the commerce of
your State destroyed. your produce rot in
your ports, your workshops closed, the poor
labOring man of your country thrown out OF
employment-for what? For the greatest
Der currency. which demagoguing politicians
lug into political contest. They hold up
the glittering gold to the people to catch
votes with, and here take the liberty to say
To Gov. Harris, that rs popular as he may re-
gard his STAND against the banks, that his own
county will cast majOrityOf over one thous-
and votes against him in the next election for
Governor.
There are too many citizens here that are
perfectly acquainted with the magic growth
of Memphis, the impetus given to the trade
here by the aid OF the banks. Look back "a
few years and Randolph controlled more cot
ton than Memphis; but as soon as banks were
established here, Memphis grew up as if by
magic. Then turn your eye down the river
TO VIcksburg. While she was aided by banks
her commerce far outstripped that OF Mem
phis. and where has she gone since they have
abolished banks and yet we are told that
Mississippi and Arkansas are model States,
because they have no banks. | once tried
merchandising in the former State. She has
the meanest currency of any State in the
Union except Texas and Arkansas. They
have TO take any currency that is thrown
among them, without knowing what il is
worth, having no banks to regulate the cur
rency; and il you want check on New York
or New Orleans you have to travel out OF the
State 10 get it. Memphis furnishes exchange
for large portion of Mississippi aud Arkan-
sas, and thus controls their crops Break
down your banks-can you then furnish them
their exchange, and thereby control their
trade? In the name of reason, don't kill the
goose to get the golden egg. Vote for nation
al politics as you please. but do not destroy
your property with this gold delusion. | am
sure you will not. n CITIZEN.