Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-07-17

hearty welcome and a response msteriaI to cur
interests We hope our friends in those and other
sections viii feel proud of closing up their accounts
with our efdee.
The Evils of Opposition Rule--ShaII they
he PerPetuaIea!
The election is almost ct hand and it behooyes us
as patriots pause and consider the great interests
at stake upon its result. The questions 10 be de-
ciaed not matters of mere temporary Importance
The financial policy of State for the next thirty
years. is BE- determined n this contest and every
man in the community has deep personal concern
in its decision.
People of Tennessee, you must deternine, Eheh
er you will commit the interests of your Slate to the
management of the Democratic party or to that Of
the Opposition. You have tried the policy Of bath
parties. Which do you prefer?
The Opposition, under an unjust appOItionment
contrved in part by their present candidate for Gov
enor, elected majorities to both branches of the
General Assembly for many years previous to the
last Legislature. They controlled the legislation
of the State and filed the offices with their political
friends. They had q fair opportunity of carrying
out their views and testing their policy without in
reference or obstruction. They did carry out their
policy They created banking institutions without
number for long periods, with charters that render
ed them totally irresponsible to the people and indie
pendent of Legislative control They exempted the
stockholders in such institutions from all personal
liability for the debts of their Banks They permitted
them to food the State with shinplasters and they
authorised them extort from the people exorbitsnt
rates of interest," higher than individuals legally
receive The prices of exchange also left to be
determined by the corporations themselves, accord
ing the dictates Of their interest their avarce
The evil consequences of this system we're not
felt in al their intensity until the year 1857. At
that time the Democracy came unto power, and they
found the State in the midst Of most fearful fnan
oial crisis. The Banks had suspended, refused to
redeem their notes, and their currency had SO de-
preciated as to be almost worthless for commercial
purposes. The credit of the State was greatly i'm
paired and its bonds selling at heavy discount in
the foreign market Exchange could only be obtain
ed, if at ALL st from Eve to ten per cent premium,
and the ordinary channels of trade consequently
closed.
The loss Of the people from broken banks char
tered under the loose system advocated By the OPP
position can scarcely be estimated. We know, how
ever, that the note-holdeFs and creditors Of the
Citizens Bank alone, for whose charter Col. METH
RRIANp voted have lost over q hundred thousand
dollars By the failure of that institution. Nor were
these the only evils attending the administration Of
the State Government by the Opposition. The OPP
position Legislature Of 1866 filled the offices of
the State with men Of their party, who proved
utterly inefficient or grossly dishonest in the
cuOn Of their official duties. Through their negl-
cence ineficienoy, thefts and defacatiOns the peO
pie of the State were plundered and defrsuded to
han Eggr7r md
sand dollars.
Such was the condition of things when the
Democracy came into power in 1857. They at once
took steps to reform the banking system of the
State and relieve the people from the evils under
which they were suffering They introduced bill
into the Legislature, requiring the banks to resume
specie payments at al early date, prohibiting the
issuance of small notes, aud of n0tss not Tedeema
BILE at the counter where issued, and limiting the
price Of exchange. This measure encountered the
6ercest resistance from the Opposition party, and
became Law by Democratic votes. It is Demo
cratic measure. Although the most serious calami-
ties to the country predicted by the opponents
of the BILL its sllutary effects have been already
perienced throughout the State. The banks have re-
sumed specie payment. Exchange is nearly at par,
gold and silver has flowed supply the place Ofthe
abinplasters driven of aton and the credit
Of the State in the eastern markets is restored The
banks have specie il their vaults than they /
have ever had before and the people enjoy the bless
ings of q comparatively safe and reliable circulat
ing medium.
Such have been the effects Of Democratic policy |
thus far. The additional reforms proposed sre in
tended to the country against the possibility
of the recurrence of the evils from which they have
lately suffered. For this purpose we insist that
the people shall hereafter have complete and entire
control through their representatives Of the banking
institutions of the State and that the stockholders of
the banks shall be Individually libable for their
debts, as men in other departments Of trade are.
ORthe other hand, the Opposition, as their course
in the last Legislature shows, are in favor of per-
petusting that rotten and corrupt system which
brought the late financial disasters upon the country
They have nominated as the representative of their
principles and their candidate for Governor, a man
who has repeatedly voted to exempt the properly Of
the wealthy bankor from ell responsibility to the
note holders while he also voted to subject the last
horse, and the mechanical tools of these same note
holders to execution for debts due perhaps, to this
same exempted and wealthy banker. They have
put forward as the representatives of their prnSi-
the circulation Of shin-plasters, and who has con-
stsny legslaed for the benefit Of the banks and to
the injury OF the people. They choose as the ex-
ponent of their future policy, who has favored
every indulgence to the banks which has enabled
them to inure and Cypress the people, and advO
Gates system which will subjee. the people for
another period of thirty years the dominion of
irresponsible corporations.
If Che Opposition succeed in this election, and Sc
cure q majority in the next Legislature, we may
expect all the old abuses to be restored aad the
country will again be forced to endure the evils of
$ worthless and irredeemabe currency.
We may expect smother brood of banks to be |
chartered, like the Citizens Bank, for which Col.
Netherand voted. The people will be subjected to f
the tyranny and oppression of these privileged in
situations for another term of thirty years, without
the power ofrepealing modifying their Charters t
whatever evils they may inaict upon the country.