Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-05-28
Col. Robertson Topp---The Currency
Question.

In the Memphis Bulletin Of the 25th inst
we find letter from Col. TORI, declining to
becomc candidate for the Legislature. He
avails himself of the occasion to express his
views n regard to the currency question.
This portion ofhis letter we annex;
A party has arisen in the State asking the
suffr;.ees Of he people. who proclaim if
elected, that they will refuse to recharter all
existing banks. and will refuse to charter
others. mi, IS coupled with conditions and
restr ctiuns which will permanently place
them under the control of the Legislature, TO
alter, am, nd repeal their charters as the
Legislature may deem fit.
Our present usury laws are behindithe intel
ligenccoft heage;. at war with common sense
and -erve no other purpose than to frighteq
away from the State vast amount of capt.
tai tn other States. which nnqh, and ,couLd
but for these laws, be advantageously EN-
ploycd uiLhH the State.
The capital stock OF most of the existing
banks belongs to capitalists of other States,
they have been leaning it to us, or large
portion of it. for thirty years at about six
per cent per annum. To refuse to recharter
these old banks would drive from the State
five or six million of dollars. This money
Is in the hands Of the people, the sudden with
drawal of il would create a degree of en-
barrasmont. depreciation of property and
wreck # individual fortunes, that have no
parallel in che history OF the State.
The advocates of this measure do not pro-
pose an exclusive metallic currency-that
would be bold step--their remedy is new
charters, hut guarded as all times to be
under the control of the Legislature. Capt.
tai is ever timid, and the owners of it, most
generally, men of experience and profound
sagaciy. Their experience teaches them that
Legislative bodies are burt men, oftentimcs
neither the wisest nnr most virtuous, swayed
by the passions influences and prejndices of
the hour. II is asking much OF capitalists,
who do not live in the State. to risk their
fortunes al a distance from them to the man
agement OF men of their own selection, guard
ed by charters which cannot be violated under
the sanction of the Constitution. but to
place their fortunes under a charter which
may I've altered, amended or repealed as lc-
gislative bodies swayed by alternate factions
and party preJudices may dictate, is TO eX-
poet dgree of crednlity and trust on the
part of capitalists which will never be
verified.
Suppose. for argument, men may be found
who Wll place their money in charters liable
to be cLang,d 10y The caprice of the Legisla-
ture. Would not this introduce into the
camp uf the State Trojan horse, not filled
with armed men-but wOrse-with seeds for
u uttD anu epEtdu HOW
long would IT be before the funds of the bank
would be used TO corrupt elections? And
how long before victorious leaders. To carry
out party behests, would levy bkdci mani upon
banks aud bank officers as rcmorescIcssly as
a highwayman would your pursei The
sequel general corruption OF the masses
fatal 10 the public morals, If not TO liberty.
We shall, however, be spared this calamity.
The history Of the world affords no such ex-
amnlsg sKf and nd
will. Capitalists will invest their means in
no such uncertainties, they will take il from
the State and invest il where there is more
certainty and less risk.
4 By wise system OF public policy we have
many HOurishing tactorics, and have recently
constructed several hundred miles of railroads
in the State. II let alone, We shall soon have
more than one thousand miles of railroads.
Had the policy now proposed to banks
been adopted with regard to railroads AMI
factories, We should not not now have one
mile AZ railroad or "A single factory In the
Stat. Indeed, the power reserved 10 the
State under int rnal Improvement acts TO
regulate the police OF roads is beginning to
excite tne apprehs nsion Of the frissnds OF in
ternal improvements throughout the State.
The Legislature, at the last session 10 pro-
pitiate favor aud pander TO the low rsjadices
Of u portion OF the people, passed an act that
has beea pronounced u Disgrace 10 the statute
books.
b., will the refusal 10 recharter existing
bank ar grant aces ptabe charters To new
banks RUG " To- metallic currency! This
IL und .abt, dly what j. aimed al aud desired
by these new teachers of political ecunOmy.
We may do as Mississippi. has done. We may
destr y existing banks aud drive them ifum
the state. but viii tIi- bring about "a metallic
currency : Has Mississippi an exclusive gold.
aud SILVER carreneyl Tue answer is Bo-so
far from l., &c IL sort OF Botany Bay (l mean
nothiag disres pec.inl to which Worthless
bank notes are h,nlshed from The great marts
of otler States aud there hnd resting place
and domicii until they fall "A ioss upon tile
peapIe wbo are ignofant oi their value and
have no power 10 control Mississippi with
out ba.ks sastaIus a full share OF all losses
that occur iron banking. SAG
Arkansas has no banks--bui has Arkansas
a metallic carreHeyl 80 FAR from 1t, IL IN =
rnodsr.i Airatla. IN which fagtys and worth
less bs,nk lIoia.s tlnd sale asylum.
II tnis anti-baak party shall snceeed Ia
getting into power, the must probable efieet
. will b, the: The present Dankiag capital viii
be withdraw. indz try will be paraiyzsd,
properly arpr, GATED, and ihs peeplr, star