Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-05-10
xr.rEExECUrIyE CommIrrEE.
TUESDAY, MAY 10, 1859.
~At the nresent time. no SD

S-At the present time, no State in the
Union has better, sounder, or safer banks
than the leading banks of Tennessee. These
institutions have been in existence for u long
series of years, affording generally good
currency, and enough of it, to meet the
wants of trade and commerce. With them
the people of the State have prospered, and,
it may safely be said, have enjoyed very
large share of the advantages which flow
from well regulated banking system. Why,
q. this being true, do we find the more iDfuen-
tial leaders of the sham democratic party,
proposing TO abolish the banks, and to estab-
lsh hard money currency? If they be not
dcmagogues, taking advantage OF the misfor-
tunes incident to the commercial disasters of
1887, in the hope thereby Of strengthening
party. they surely can make no claim to con-
servalors of the happiness and prosperity of
the people OF Tennessee. Were it possible to
drive out all bank notes from the State, and
to establish specie currency in their place,
what would be the effect? A period would
be put to the general prosperity, and there
would be decline in the value of property
and labor. Those having money would have
all the advantages. whilst those of small
means would fnd it almost impossible to
push onward in the pursuit of fortune. No
better system could be devised to keep poor
man always poor. But, we contend, an ex-
elusive metallic currency is an impossibility,
90 long as the States which surround US have
banks. Instead of the precious metals we
L ~
OF other States, banks having no inter
est incur welfare, and in no wise re-.
sponsible to us for their misdeeds. We
already have more of this class of cur
rency than is desirable, but then we should
be almost entirely dependent upon it. This
is the stae Of things which the sham demo
cracy are now attempting to bring about.
True, they do not admit it, but such is the
inevitable effect of the measures they pro-
pose. If the people desire to continue in
the enjoyment of prosperity under a well-re-
gulated banking system, they ought to reject
the propositions of those who are for destroy
ing the banks, and confide in those who are
in favor Of sustaining them. The charter of
the Bank of Tennessee does not expire for
many years. 1t is not involved in the pres
ent war upon banks. Not so, with the Union
and Planters banks. Their charters expire
in few years. and il the next Legislature
does not re-charter them, they will be under
the necessity of conducting their business
with view to winding up. They ought to
be re-chartered by the next Legislature. We
believe this to be the desire of decided ma
jority Of the people, and if they would have
their wishes respected that majority should
send representatives. to the Legislature to
carry out their wishes. This is question Of
State policy, which rises above party, and
should be so regarded. 1t is the great issue
in the present canvass, and must not be per-
mitted to be overshadowed by any false issue
gotten up to mislead the public mind. II
compelled to choose between a hard money
Oppositionist and democrat in favor Of re-
chartering the Union and Planters banks, we
could not hesitate in "a choice. We should
take the democrat for the good he could do
the people upon this one question. content TO
abide his hostility on others Of less impor-
tance. And this, we trust, will be the policy
Of democrats who acknowledge the impor-
lance of retaining aud sustaining the good,
sound banks we have, instead of running off
after imPracticablc things. which could be of
no benefit, but Of decided injury, il attained.