Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-01-27
what time and Experience have proven.

- cine. onr Legislature, in the midst of the
-, snaroial troubles which passed over che
countrv closed the exciting scenes that marked the
s,st successful efforts st currency reform in Ten
Dsssee. Well do We remember the anxious eoun>
sels. the strong fears the reviving hopes and final
triumph, attending this vsIed question before that
body We remember them not without pain, aud
certainly not without pleasure. Pain st the differ
snces that msrred the good feeling and disturbed
the harmony of our own party friends. Pleasure,
at the gsllanIry and answering patriotism with
which the friends Of reform encountered the diff.
culties at every point and finally inauguratCd the
great principle for which they were cOntendng.
But let these ihings sleep. We have no disposition
to revive them, larher than to profit by the useful
lessons which they teach, coupled with the expert
snce Of the succeeding twelve months.
Upon question so intricate as that Of currency
-so delicate and difficult to handle without affect
ing the most sensitive interests of society, and
in the midst Of panic and distress-it fol-
lowed as a natural consequence that there
should be many shades Of opinion as to the
precise action required and justified by tie eond-
tion of the country. To increase these difficulties,
the Banks with all their arts and applianees-heir
DISCUSSES, their deceptions their sophstries their
corruptions and intimidstions-baeked by their
capital and the influence which capital commands
combined their strength ard threw it into the ISSUE
They raised the old Federal cry Of " relieve the
Banks and the Banks will take care Of the people"
and, in a spirit of intimidation, declared that any
restrictions upon the Banks would result in their
depressing the people The idea that any but the
Banks themselves we're capable of judging Of the
public good in this matter was openly derided, and
the friends Of reform scoed at for their presump-
ton. al say" said enc of their advocates in the
Legislature ''the President aud Directors of these
Banks know better than do how to regulate tn cir
affairs under present circumstances"
Another evil of equal magnitude had to be met
"a faeious know nothing minority, who imagined
themselves relieved of all responsibility in egiss>
tion and whose only ambition seemed to be to Grip
pie and impede the action Ofihe Democratic major
ity Gentlemen openly 5oased that such was the
policy that dictated their cOurSe
But he friends of reform did not falter. In the
midst of all these difficulties they stood fast, until
majority Of both branches CT the Legislature were
brought te the support of q bill which now stands
upon our statute book the law of the land, entitled
San act to enforce the resumption of specie pay
menis by the Banks, ard to offer for their accept
ance certain amendments to their charters, and for
other purposes" Though not in all things coming
up to the wishes of many friends of reform, it was
hailed as the Inauguration OF a correct principle,
and as an important step in the right direction
Our political opponents upon this, as upon all
other questions, took the wrong side. But one
could be found in the Senate, and but four in the
House, who were willing to abandon the banks and
vote with the people. As the roll was called upon
it's final asssge in the house, many grave gentle
men, belonging the Federal side Of that body, rose
in their places prJphesying evil to the country, aud
washing their hands of the lawful responsibility
that was 10 follo#l The gentleman from Carroll,
in the course of his remarks prOpheiied:
at will have the effect, fear, to destroy our
commerce bankrupt our merchants, ruin the eoun-
try, and greatly distress The people all over the
land"
The far seeing member from Wilson said:
GsThe decree is broad aud the friends Of the bill
are resolved upon it's passage; LET 1t pass and be the
blood upon hands of those who have framed ana
urgedthis measure"
The ever-watchful and sagaciOus member from
Madison said:
al oppose this bill because of its inexpediency-
not being 10 my opinion calculated IL give relief
TO the psople but calculated to involve tie Banks
and the State in litigation, the obvious tendency Of
which would be TO cripple the Banks aud thereby
opuress the people. And because the provision in
the bill, Withdrawing small notes from circulation
will create a demand for specie which Will enhance
the value Of gold and slIyer and dePreclste Bank
paper"
The grave and experienced member from Carroll
Gibson, Madison and Henry said:
81 believe the member from Lincoln is not mis-
taken. believe this Senate bill is TO operate op
pressivey on the people and that it will produce an
amount Of embarrassment and distress almost IN
paralleed !"
Another federal member said:
Twill say to the gentleman from Bradley, (Mr.
Rowles) that believe this bill to be messenger Of
blood and ruin to he country, well 10 his own
(Democratic,) party
An earnest democrat whose nerves had been much
shsken by these alsrms, raised his warning voice
and said:
Sir, l feel fos my countrymen l love my country,
and love my party. have reflected much upon
this snbiect, aud feel that if this bill is passed,
nv party will be opposed TO my country, and that
my party and my country will both be ruined
If this bill be adopted" See Leg. Rep from page
81 to 125
But the bill did pass, and what has been the re-
sultf The answer to this question is the main
point and purpose of this article. Has the country
been ruined? Has the effect been 10 impede any
Of the legitimate branches of industry: Has 1t
in snywise increased the burtbens of the people?
Upon the contrary has it not, thus far in its aPPl
cation, had sill the beneficial effects for which 1t
vas intended, and even surpassed the expectations
Of it's most ardent friends? Has it not Topped OF
some of the most serious abuses of the banks, im-
proved their currency, and given grounds for
greater confidence among the people
What are the facts? The circulation ofthe Banks
in Tennessee as stated by the Governor in his mes
sage, WIS., on the Let of January, 1857, eight null rs
Of Soars and the entire amount of specie in all the
banks, great and small, with which this eight
millions of bank paper to be redeemed was only
SEQ millions of dollars The condition of theB anks at
the date Of their suspension was, certainly, no
better, il SO good. Exchange had gone as high as
hve and seldom below one-hslfper cent. The coun-
try was flooded with shin plasers, intended as cir
custion for the sgrieulturast and mechanic, which
was constantly deprecsting in their hands. What
has been the result the passage OF this bill
The banks seeing the alternatives before Them ao-
eommonated themselves TO the demands Of the
law and FASTENED TO Seeing that they
would be required TO make more explicit showing
Of their condition. they have adhered more strictly