Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-07-26
DEcAruRy1LIE. JnlyI2. $50.

GENTLEMEN Your note Of yesterday has
been placed in my hands. in which you desire
me as a member of the Democratic party, to
answer.
/. -" If the efforts making in Tennessee in
the present canvass to put down paper cur
rency, is not departure from former Demo
cratic usages.' And.
2. "Am of opinion that such. if consum-
mated, would result advantageously to the
public interest,"
Not being candidate for any public posi-
ton, or DESTROYS of such, I might Justly de-
cline any further notice of your note. But
believing free exchange of public sentiment
necessary to the attainment of correct con-
clusions and that every freeman, when called
upon respectfully, should not hesitate to give
his views upon the political issues of the day,
il necessary to a correct understanding OF
them, / will answer your inquiries.
Your first inquiry must answer in the af-
firmative, and to satisfy you of the correct
ness of this, permit me to retrospect our
Legislative or political history. In the very
embryo of our normal existence as party,
it became necessary for the increase of addi-
tiOnal banking institutions, in perhaps every
State in the Union. AS this party grew in
strength and wisdom and the confidence OF
the people, she aided in the increase of the
banking institutions and capital, until each
has more than quadrupled its original num-
Der or amount. In this the Democratic par
ty in Tennessee. has initiated and followed
the wise example of her sister States, and
thus not only afforded her citizens the means
of relief from pecuniary embarrassments, but
the necessary facilities by which they have
commenced and put in successful operation,
an extensive system of Internal Improve
ments.
During the session of 1888, some four Bank
Charters were granted, and in '38 was char
tered the Bank of Tennessee, with her six
branches; in IA, the Bank of Knoxville and
branches; in '4S, the Bank of Lawrenceburg,
and in 80, additional branches of the Plant
ers' and Union Banks were authorized. To
satisfy the growing and pressing demands Of
the people, for the expansion and completion
of our Internal Improvement system, the fe-
yer of which hung over the people like a
mighty epidemic, the Legislature of 1852
gave us no less than seven Banks, in addi-
, tion to the bill authorizing the creation OF
Banks ON deposit with tire Comprehensive
latter was introduced into each house by a
Democratic member, and received on its pas
sage a majority of Democratic votes. On all
the other Banks passed at this session except
one. the Democratic vote was nearly equally
divided, and that one was the Citizens Bank
of Nashville and Memphis. While this bill
was pending, Mr.. Fogg offered the following
amendment. 1.-The Legislature reserves the
right to amend, alter or repeal this act, III
such manner as shall do no injury TO the cor
poration, nor destroy any vested right ac-
quired by the stockholders, nor shall snch re-
peal take away or impair any remedy which
has been given against said company, Its
stockholders or officers, fer any liability
which shall have occurred against this amend
ment"-the Democratic vote was six to one
This is now a cardinal principle in the dem
ocratic platform.
The Free Bank bill came from the COM
mittee, required 100000 as basis or capital
of deposit, and on motion of Mr.. Sneld, $780,
900 was striker out and S5C, 900 inserted
On this motion, Is Democrats voted aye and
IL Democrats no. 1t will thus be seen that
the Democratic party has been instrumental
in atiording the people more Banks than the
| Opposition. AS further evidence OF this
allow me to refer you to a few extracts from
some of the Governors Messages of Tennes-
| see Gov Jones in his message OF the 10th
| of October, 1915, said that the .'entire profit
/ of the Bank of Tennessee for seven years Wa:
| Sl9l2S45 10, expenses during the same
! time 81, 939, 7O1 o. showing an excess of ex
| penditures over profits S26,S5 20, be there
| fore recommended that the Bank be put IN
| state of gradual liquidation. But this re
| commentator was not favored by his sue
| cessor, Gov. A. V. Brown, who, on the I'll
, of November, delivered his Message in which
he said, ''when the Bank was created, oul
4 leading object was to afford relief to the EN-
barrassed people, by furnishing (them) loans
! on accommodation paper. That object wa
| attained, and at present the great purpose II
| continuing the Bank, is 10 make profits t
| paw the interest on our State debt, and avoiC
| a resort to burtheusome taxation" Th'
! Legislature adhering TO Gov. Brown. rel &C
| to put the Bank into state OF liquidation
| Gov. B. in bis next Message said: 80 tar al
/ the Bank was designed 10 furnish sounC
| and safe circulating medium, it must b,
! admitted, it has thus lar been successful. Ii
| influence in mitigating the pecuniary EN-
] barrassments which have prevailed durinl
| several years of its existence has been uni
versally acknow ledged." Gov. Trousdal
in his message OF the 22d OF October, lS49
said: al cannot discover the necessity for til,
| liquidation of the Bank. This process woul,
| eventually be attended with large amour
of pecuniary embarrassment and CONNER
| cial arrangement The withdrawal of it
| circulation would create in the State
| vacuum. which would be filed by the pape
| of other Banks, Incorporated by our own o
other States. Such were the views O
| two Democratic Governors.
| Gov Andrew johnson in his message O
| 1853 said, " that he would refrain from ex
pressing any OPINION or making any definit,
|
| senibly ought to do, more than barely to sug
! gest that the present would be n very auspici
| GUS time to put the principal bank ant
branches into liquidation. number o
banks having gone into operation under ;
| law passed at the last General Assembly. anC
others will, no doubt, soon commence, which
/, will more than supply the vacuum created by
the Bank OF Tennessee, and furnish all th'
banking facilities needed by the business por
ton OF the community" Again, in '57, h'
said: The present seems more favorable TO
the accomplishment of this object than an,
other for years past, or than for years TO come
| The circulation of the bank is less now thar
| il has been for years, and If withdrawn, it
| place will be supplied by numerous bank
| now in operation, and It's loss will scarcely b
| IeiI by the community" From these TACT
| any effort to abolish the use Of circulatin,
| paper medium, is in violation OF former De
| mocratic practices or usdges. And
2. III contaminated would prove ruin
| Gus and disastrous to the great Interests of tn
| people. Gov. j. says in the message to which
| | have alluded, that the circulation of th
banks in Tennessee was eight millions of dol
| lars, aud that the amount of gold aud silve
was only tlco millions of dollars, Now. il w
abolish all paper money. we will then hav'
only two millions, to supply the place o
eight millions.
| would as soon expect that the highwa,
| robber or midnight assassin. before accused
TO confess their guilt as Tor an intelligen
people toreduce themselves to such a situa
tion.
H.EA McElRArH.
| To Messrs. A. NJ. Yarbro, c. ii. h. Alston,
W. Doherty aud III. q. Penn.