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

ION in our State 90 lcng that they seem to assume
to be essential to our cOnliuasd prosperity Thsir
organs proclaim, that ruin and bankruptcy mast
overtake the people, if their charters are not re-
nsNsd They say that if they withdraw their capt.
tai and carry It home to New York snd Phiiadsi-
Phia, We shall have so little money lef that the val
ueof our property win sink down 80 low that dis
trsss and ruin viii follow In other words, these
corporations look upon the people Of Tennessee
as absolutely dependent on them for money--that
without their continuance the people viii De TN
able to save themselves from pecuniary distress.
This mode Of frightening the people into com,
planes With their demands has always been one Of
the characteristics of monsyed corporations. The
ides that the gradual withdrawal of three or four
millions Of capital from the State, woald produce
pecuniary embarrassment is too absurd to frirhten
any but those, who are wholly incapable of appre-
cistipg tie immense resources CT our State and of
eOmprehending The true laws Of currency Within
the last tao years the paper currency Of our State
has been withdrawn from circulation, to an an oun',
fully equal to the ospital Of Inc Union and Planters
Banks, and Jet The prices Of property have been
| fully maintained and no Overwhelming ruin has
followed
N-Ooo wv OoAAS SAetbou All Akelf pcWeF 70 re-
ducs the volume Of circulating medium BY with
drawing their own notes, refusing to extend accom-
mOdatiOa and forcing The stAts Bank to curtail its
discounts and reduce its circulation Yet, the pri-
ees Of property kept up, and the volume Of ne-
ces.ary circulation was maintsinel These two
banks may go on, in the same line Of policy, until
they withdraw every d. liar of their capital, and
send it home to Us abolition owners and the result
will be just what it has been, during The last two
years The cottan, wheat, pork, stock and 9th, +
products viii bring into the State specie dollar for
every paper dollar Withdrawn from circulation BY
these banks. These banks arrogats to themselv.
the capacity ID make the currency Of the people-
they are wholly mistaken--the people make their
own eurreney-they dig it out of the groand By
hard labor and they have it either in paper or in
metal as they choose. Wien these banks we're daily
drawing in their notes and diminishing the ercua-
ton, the people were daily drawing the precious
metals out Of the esrth aud Increasing the crcula-
tion In this way the laws of trade and of eurren-
cy, enforced By the strong arm of the people, eOun
terseted the policy Of these banks and prevented
the ruin and distress, which the bank policy would
have produced.
Let these banks then carry out their threats--les
them carry home their capital to their abolition
stOckholders-the people will take care Of them
selves, both By sending men to the Legislature,
who will see that the proper steps are tlken to pre-
vent distress and embarrassment, and by raising
cotton corn, wheat, horses, mules, hogs and other
products to be exchanged for the Necessary cur
rency. This great State with resources SO unbound
ed that she carry debt of thirty millions, psy
he inf IL.
worth millions upon mi lion Of dollars, maintain her
credit abroad and eounteract all the efforts Of the
banks to bring ruin on the people, is not now to
be told by these banks, that their continued exist
ence is necessary to her prosperity.
II the people want other banks they viii make
them. and millions Of the money now locked up for
want of profitable means Of investment, or sent to
other States to be loaned higher rates Of interest
than are allowed here, or used in the private dis
count of notes ard bills will be brought forward to
enjoy the privileges so long and 50 prOftsbly me-
nopolEed by ths abolition stockholders of the IN
ion and Planters Banks living in Northern States.
But then new banks, thus made, will have all the
restrictions indicated by experience, and proposed
by the Democrats, and in addition thereto will be
subject to the supervision and control of the people
through their L'gislsturs. They viii not insist on
having their property taxed at lower rates than
other citizens having it exempted from liabil
iy to pay their debts as do the stockholders of the
present banks They viii not insult the people
by telling them that they incapable Of choosing
representatives who cannot be 3ugh and bribed by
the money Of the banks Of the leading organs
Of these banks now tells them. The Nashville !
Banner the Oldest and the most etisien of all
the organs of the Opposition snl Of the banks, |
usesthe following grossly Offensive and unjust lam
guage:
sIncorp1rsted companies usually control large /
sums Of m ouey. The obiect of an incorporation is
to concentrate capital Let such company be /
placed at the mercy of the Legislature as contem-
plated by this resolution lin the Democratic plat
forn,) and what would be the result? Whenever
there the slightest manifestation Of q desire to
change, modify, abolish the Incorporation, its
members would net hesitate ID open their vaults
and put their capital into setiYe circulation among
members Of the Legislature.
COrper1tions-parti Banking corporations
could well sff nd TO expend from ten 10 twenty
thousand dollars every session Of the Legislature
Their capital is large and their profits abundant.
Many Legislature has been bought By less than
half the smallest Of the sums named. quart
of whisky and basket of champagne have often
changed the fate of a bill in the Legislature.
''NO one can doubt that the skiilful use Of such
sums as corporations can command would secure
them from all uufriendly legislsti n. The law Of
applies to them well to in
lvidus.s dsf rhsH their ertsHee depended upon bleed
ig hey rould not finch from opening their Veius any
n~e n "a s'et nun IN tit Of qPoplezy. Their en-
tRcts V9uid iHp,t fh,m 10 the money pr0IoRg
aeT duration, and so long they could command the
CURED hsy could feel al liberty 10 abuse their
harters and erteHd their privileges"
The people Of Tennessee, of all parties, should
'ause and read over this language again and again
emsnatss from the Banner, publ shed in a stones
brow OF the Union and Planters Banks Il is daily
ppealing to the people to elect Governor and
Legislature in favor of re clustering these Banks
Tith1 u the checks and restrictions insisted on by
he Democrats. Does any one doubt that it speaks =,
he sentiments and wishes of the Bsnksi Does any .
ne doubt that the Banks acting in things can
ass and using all The means in their power to pro-
tote the election of those friendly to the perpetu-
ton Of their chartered privileges? Are they no.
lirly responsible for this language Of Of their
hief organsi They tell the people that it is idle
IT them to send members to the Legislature to n
larter Banks with the power to change, modify y
repeal reserved They say that the Banks can g
i'd will corrupt and bride the members after they N
e elected, aud will go on, with impuniy to abuse ne
eir charters and exceed their privileges This is IA