Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1859-07-14
9emOrmtir Stair Girkft
BANKING.

BANKING.
The GAINESVILLE JelIersonian pre-
sents the currency question as an Issue
between the democratic and opposi-
ton parties in Tennessee, in the pres
ent canvass thus:
The absurdity Of the Idea sought
to be fixed in the minds of the peo-
PIE, that the Democracy are waging
war OF determination upon every
specirs Of Banking institution, and
are now working for the establish
ments OF 40 exclusive gold and
silver currency, is too palpable to re-
quire much discussion. 1t is a mon
strous bumbug with which the OPP
position are seeking to alarm the peo.
pie, and scare them into their sup
port. The difference between the
two parties upon the question Of the
currency is briefly this: The Oppo-
sition are using The question simply
and Solcly as a bobby uron which to
ride into power, while he Democracy
party is lighting for an important
aud vital principle absolutely neces-
ssry for The protection Of all classes
of the community against svindling
aud Wild cat Banking institutions,
aud to insure the solvency and relia-
biliiy Of such Banks as the people
may think proper 10 bripg into exis-
tence. In ether words tie Democra-
CIV do not desire or advocate the
ersdiction Of the Banking system,
but they do, aud viii ever war upon
all Banks which cannot make their
notes easily convertible, aid will en-
dearor to prevent the charter of any
Banks in the future around whose
charters such restrictions and guards
are not thrown, as will protect the
uoto holder against losses, and which
will give the people through their
Legislature supervision over their
affairs and management
The Democratic party understand
the immense power welded by the
money machines, and would confue
their operations TO the objects aud
PURPOSES of their creation, leading
one of which is the furnishing of a
convertible paper currency. Thsre
is no intelligent man in this or any
other country who does not feel that
an imperative necessity exists Tor the
curtailment of the chartered rights
of Banking institutions. Leglsla-
lures have heretofore been too liberal
in granting Bank Charters aud have
not thrown enough safe guards and
restrictions about them to protect the
ionocept holders of their notes. The
consequence has been a wild cat sys'
TEN of Banking, attended by period
ical EXPANSIONS and contractions, and
every imaginable species of swindllng
and fraud, resulting disastrOusly and
ruiuously upon vast number Of peo-
ple, who, with blind confdece in the
Legislation which created the Banks
did not hesitate to take their prom
Use to pay lis money, and were only
woke from their dream of security
10 find thut tie bits of paper for
which they had exchanged their la
Dor and Industry, instead of repre-
seuting gold and silver, were simply
notifying evidence of their own Gre
dulity.
When the democratic party pro-
pose the abolition Of the banking
system and resort to an exclusive
gold and silver currency, it will be
time for its opponents to charge it
upon them. at this time they are
simply advocating reforms which are
necessary and important, which can.
not seriously affect solvent Banks,
but will inevitably uproot and des'
troy all such IS are not based upon
proper principles and conducted up,
on an honest system. The Ofpo-I
sition, however, consulting their par
ty interests alone, IRE defending the
banking system, which. has, and will
continue to inaiet irreparsble injury
upon he peopls; wiieh is every year
having thousands end tens Of tbou-
sands Of dollats Of lromisee TO pay
10 the hands Of cur industrious and
hsrd working people, utterly value
less, and moi wJrth the paper upon