Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-10-10
Governor Harris on Ranking.

Governors message 10 The present General
Ass mbly was occupied in discussing the pro-
priety and policy of permitting banking by
authority OF the State. Without entering, at
- fbis moment, into general discussion of the
subect, we desire to submit some observa-
fiousfn addition to those of Saturday, on a
few'of the Governors suggestions, and shall
i strive TO do SO with as little infusion of party
spirit as possible. We have all the while d.
precated the evident desire on the part of ma
ny persons to make it question of party de-
vision believing that our Legislatures should
consider it simply with reference to the pub
lie good, and shape their legislation accor-
ding to the demands of our advanced civili-
~ cation and commerce, and under tie lights of
experience.
In the FIRST place, il has been long a qnes-
tion of theoretie dispute with certain class
q of politicians, whether not, under that pro-
vision of the Federal Constitution that .'No
State shall coin money, emit bills of credit,
make anything but gold and silver coin
tender in payment of debts" the State
are prohibited from Incorporating companie.
to issue bank notes and carry the business
So = of banking. The Governor correctly states
- that the decision OF the Supreme Court of the
United States. has settled that question in
the negative, and that the clause quoted does
not carry with it the prohibition named
This point, then, is settled, and admitted
on all hands. We shall expect no further
controversy on the constitutional question, of
- the right of the several States to create
porations with the privileges of banking.
Neither does the Constitution of Tennessee
contain any prohibition to the Legislature
from granting such charters of Incorporation.
This is also correctly and frankly admitted by
the Governor. This point is also settled,
therefore, and agreed upon all sides. We
have further dispute on the consttu-
tional rights of the people, acting through
their chosen repr natives, to create banks.
This clears the matter of a large amount of
rubbish which political philosophers of
the stump want to throw about it for the
ediicaton OF admirlng audients.
But the Constitution of TENNESSEE expressly
gives to the Legislature Power to grant
such charters Of incorporation they may dem
e1Jpedient for the public good Assuming that
the Legislature will not deem any "expe-
dient for the public goodn which is not SO in
fact, the whole question is resolved into one
of expediency. Are banks expedieut? This
is the true and simple form of the PROPOSE
tIon, to which the Legislature is called upon
60 give solution And again the Governor
currency convenience 10 the public, no unpre
jlsiiced mind deny" TIL, Governor might
with equal proprirty have added that a pa
per currency is, not only convenience to
the public. but in the state of our commerce
and trade, necessity; that in the progress of
business, the development of our State re-
sources. in stimulating and sustaining the in
dusiry of our people. and in multiplying our
products and facilitating their exchange, 1t
is of vast importance and altogether exped-
ent. True, the Governor terminates the SEN
tence Of which this admission is a part by
saying: That il is a conv nience, which
under our present system, has cost the people
vastly more that it is worth, is equally clear"
We pass over an examination OF the present
system for the present, remarking that the
Governors treatment OF the "present sys-
tenn is philippe against the Union aud
Planters Banks, and it is not within the pur-
view of this article, either to defend them or
join in their denuncation.
We have now reached the conclusion with
the Governor that paper currency is pub
lie convenience. All those who coincide
with him in opinion will concur in this
proposition. Indeed. mo uHpr1diced mind ucH
deny IL. II. then, this convenience can be
secured to the public, (rcsting the argument
alone on the conceded fact of convenience
without injury to the public interest then it
becomes highly "expedient for The public
good" and il is the duty of the Legislature
to grant bank charters. This is Inevitable
from the Governors argument. 1t is tn,
business OF the Legislature make such
laws and all that will promote the welfare,
subserve the interests and administer TO the
convenience Of the people. The primary
question therefore, is:
Can system of banking be devised which
will secure this benefit to the public without
injury to the public interest.
If this question is answer d anirmatively
there is nothing left but to agree upon what
the system and its details shall be; and il
negatively we must at once discard all banks
aud rely alone upon the precious metals ~ IA
medium OF exchange. W. are at loss to
construe the message in relation this ques-
b.. ton. The Governor appears TO have Il vague
idea that such system is practicable; yet in
enumerating the provisions and restrictions
% Indispensable to such system. he seems by
design. to make tn m contradictory and
absurd as TO render their acceptance by any
intelligent body of capitalists out of the
question. While seeming Ia favor system
Of banking which may afford a desirable
public conve nience, he makes the outlines of
bank charter which. we imagine, would ex-
pei every discreet and prudent man from the
g. business, and effectually close the door
-. against the entry of others, of that charac-
81 ter, into it. We suppose this would be the
effect, if the novel restrictions proposed should
be incorporated into bank charter. There
may he class of people, adventurtrs. aud
spectators. who would accept them; but we
shall not believe that solid and intelligent
will be found to invest their capital in
"a such institutions, until we them do so.
We have not time this morning to take up
o. these suggestions of the Governor, and give
- them a thorough analysis We merely
glance 1T the substance of few Of them.
Tae first restriction advised, is that with
which the reader IL already so familiar The
-'e reservation OF the power of repeal by the
Legislature. the mower TO be exercised M the