Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-30

BY accepting Democratic nominations. AID thereby
stand publicly pledged to carry out Che policy so
promulgated By their party. II their individual
views would incline them TO go further or to stop
short OF The policy Of their party, they will feel
bound TO adhere faithfully to the platform.
Acknowledging, IS we do, the correctness Of the
mode already indicated for ascertaining the authors
tative position of party it is bat fair that We lock
slons t. the action of opponents in convention,
for reliable Information as to their position On banks
and currency. All we find on these subjects in
their platform, adopted in March, 1852 is containe
in the following resolution:
VIII That We are in favor Of sound and we'll
regulated banking system, the issues whereof shall
by being payable on their face at the place whence
issued, 5s convertible, ct the will OF the holder,
iato the precious Metals
Upon reading this resolution the question at once
arises--What is m,snt BY ''s sound and wel-regu-
ted banking systemi" If we are to look alone to
the resolution for Information, the answer to this
q lestion would seem to be lat SO sound aud we'll
regulated banking system is one 'the issues where
Of shall by being payable on their face at the place
whence issued, be convertible, at The will Of the
holder. into the precious retas" Asf.r as it goes
this answer is Satisfactory. IL recognizes tw1 of
the essential features in the Democratic platform
6rst it adopts the proposition that banks should is
none but counter-notss, and second, it asssntI
to the great fundamental ides that the precious m.t
ais alone can De relied on as the subjlratum for
sound and safe currency.
If our opponents have laid down their whole creed
in this resolution they have taken but one single
step in the direction of sound and vel regulated
banking system, aud one which ofiisefs wholly in
adequate to the object to be attained. But if our
opponents meant to commit themselves and their
party to all the measures of reform nscessary to
secure sound and WelI-regulatsd banking system it
is muchto be regretted that they did notuse language
better calculated to convey their ideas As the res
OlUtiOn stands, it is sngulary equivOcsl in its pur
port. In one aspect it may mean that ths present
banking system Of Tennessee will be sound and
well regulated if the countsr-note policy shall be
adhered to- In cnoher aspect it may that il the
oounternOte policy ia not sufficient to make our sak
ing system sound and we'll regulated, thsn tina. al |
other steps necessary to that end shall be taken 1t
must be admitted, however, that the fair interpre
tston Of the resolution is that the adoption Of the
cOunternote policy is all that is necessary to give
us sound and Well-regulated banking system In
this view Of the resolution it is tsntamount to a
declaration In favor of the existing banking iustu
lions of state-for it is fact that these banks
have already adopted the eouuter-noto policy.
That this resolution was inten led to be decla-
ration in favor of prolOngng the existence Of our
present bsnks-at least the Union aud Planters
can hardly be doubted when the fact is remembered,
that the Opposition candidate all over the State,
including the candidate for Governor, and the OPP
position journals all ever the State, have taken
ground infaVorof re-chartering these banks-there-
BY giving to their platform Interpretation which
accords with its reading.
1t is further a fact worthy Of notice that Col.
NETHERLAND has been pressed, day after day, to
state what he means by ga sound and well regu-
lated banking SYSTEM, and that he has wholly fail
ed to define his position, further than to declare
himself in favor Of rs-chartering the Union and
Planters Banks ,sih proper rsstrieiiOns But what
he regards proper restrictions he has persistently
declined to make known.
But whilst these facts seem to remove all reason
able doubt as to the true meaning of the Opposition
platform, snd to prove that it only intended to
be declaration in favor of the present banks, yet
it must be conceded that there some indications
Of purpose now to give to their platform more
enlarged meaning. We see in the campaign organ
Of the Opposition, published at Nashville, uader the
title of 81 TIE Opposition, n its issue of May 18th,
\ full and unrsserved admission that the several
reforms in our banking system proposed by the
Democratic platform in the first of the resolutions
quote above ali right, proper and uno5jection-
able. This is an admission which Gov HARRIS has
never been able extort from Col. NErHERLASD and
hence the fact that it has been ads by his leading
organ, is calculated to excit. suspicion
So long as Col. NErHEELAYD PERSISTS in refusing
% tall what restriction" on our banks would be
proper" in his judgment, so to secure to US
ound system, we must conclude that his Nashville
'rgsn is making the admission, for the purpose Of
Ippeasing the public sentiment, which Col METH |
sRLAED has offended by his refusal to answer the |
laily appeals of Gov. HAREIs 1t is cert yin that |
,ol. NEIHERLAND and his Nashville organ play diff
erent tunes on the bank questionable one would !
e-charter the Union and Planters's Banks, but
nth what restrictions he refuses to ssy-the other
would recharter them, and sees objection to the
estrctiOns ami reforms prop 1sei by the Democrats.
'etween the two positions the Opposition are playing
strong game on Gov. HARRIS l! d wolves on the
eope to that they not cheated in this double
hotted mode of warfare.
1t becomes an interesting question now to deter
line, whether if the Opposition shall carry the
tate, they will rercharter the Union and Planters
anks, with the single restriction of requiring them
issue none but counter notes, according to Col.
ETHERLAND and their platform, or whether they
illincorporate into their new charters the restric
ons and reforms proposed by the Democres, accord
q to the admission of the Nashville organ of their
lrty
To settle this question it is only necessary to know
hat is the interest and what is the wish Of the
MON and Planters Bank owners. This matter has
ready been determined. The last Legislature,
ainst the earnest opposition of nearly all the OPP
nents of the Democracy, proposed these same re- ,
rictions as amendments to the charters of these ,
INKS, and upon being submitted to the stockholders
ey were rejected 1t is, therefore, settled and
led fact that the Banks agree with Col. NErHER-
NDs position, and opposed to having their char
rs restricted as proposed by the Democrats and as
mittsd to be right by the Opposition organ at
Ishville. The conclusion then is irristable that
Opposition organ is not the exponent of its par
s platform or Of its psrty's candidate for Cover
r. or of its parys clients the Union and Planters
nks If the organ can induce those of its party
10 are dissatisfied with Col NETHERLANDS position