Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-03-24
THURSDAY MORNING, MARCH "a, 1859.
The Sovereignty OF Banks and the Subjec-
tIOn of tIae People.


The Sovereignty of BANKS and the Subiec-
sIOn of tl1e People.
The Federal party has constantly wished TO es-
tablish, in this country, an arislocracy of weslh
in imitation of the hereditary aristoeracy which
existed in England. That party has always favor
ed mOneyed corporations which, having been once
invested with peculiar privileges by The legislature,
they cOntetd, are independent of the power which
created them and may continue to exist in defiance
Of the wishes of TIE people.
The Democratic creed inoulcates diff rent doc
trine. We hold, cur republican fOrefsthersheld
that the people through their representatives have
the right aud power to regulate the institutions
which were established for their convenience We
contend that it is dangerous TO the liberties of free
people. to invest individuals, corporations or cons
paDies with any exclusive right, which cannot be
modified or witt drawn, when necessity requires IT,
We maintain that the legislature when il incorpoN
rates bank, and grants it the privilege of furnish
inga circulating medium for tae State, should re
tain the power Of modifying or repeating it char
fer whenever it usei inure Cypress the peo-
pie. We have consequently incorporated into our
platform the following resolution:
RssolUtd Thatit is essential TO the welfare of the
State thai in all charters Of Incorporation granted
by the Legislature, that the power should be 1esery
ed in all cases TO change. Md fly abolish these
private aGd privileged interpretations the public
good shall demsnu
This dOstrine just in iself and so necessary in
8 State which. like oars, has groaned under the
tyranny and despOtism of Banking institutions, is
however, repugaant TO The Fe ieral instincts and
principles of opponents. They would have the
power OF concentrated wealth and capital, superior
to the control of the people. They seek to eslab-
lish mOnOpolies in our midst, which shall be indie
pendent of the popular will. They wish 10 erect
commercial despotsm over the heads of the people,
which they cannot control or abolish, when it be>
comes too oppressive for them to bear They wish
to create third estate in our gOverBment-s
banking, moneyel sristocracy which shaI hold
supreme sway the finances Of the State, c5nirol
the price of property, regulate exchanges and gov
ern trade without being resrons bic to any power
on earth, fer faithful discharge Of these high
trusts.
Such is the doctrine of the present opposi-
ton in Tennessee as we derive il from one of their
leading organs. Referring to the resolution quoted
above, which asserts that the Legislature should al
charters of incorporated companies The Bannr
says: "WE ARE OPPOSED TO GIvISG The LEGISLATURE
AMY PowER OVER THE COMPANIES" They must be
independent of the Legislature, superior to the
popular will, they must exercise sovereign and I'm
disputed dominion over the monetary affairs of the
State.
Such would be The result of the p,ljcy which the
Opposition would pursue, announced through
the columns Of their organ. Bat if the dietrine
which it advocates is dangerous and destruoiige,
the reasoning by which it supports the doctrine is
simply ridiculous The Banner contends thai he
legislature retain the power to repeal Bank
charters, because he banks will bride the Legisla-
ture. By the same course Of reasoning the Bonner
might argue thai jures should rot have the power
to hang 8 criminal, because the criminal mi h,
bride the jury The temptation is as strong with
the banks to purchase in IulgeIces and additional
privileges from the legislature, to bribe its mem
bers not to repeal their charters and if the Banners
argument has any force, it is better argument
against the existence of banks, than against the
resolution which it was intended to demo,h The
Legislature sho uid INACCURATE reform, it should
abolish no abuses, if the Banners reasoning is cor
ree for every bad system has lis corrupt reainers
who would be willing to psy for the continuance of
their privileges and emOldments.
The Banner is prOpsbly ignorant Of the fast, that
in New York, where they have the best regulated
banking system in the Union, the constitution pro-
vides that the Legislature shall retain the power Of
modifying, restricting and repeating every charter
which it grants. Similar provisions have been in
trOduced into the constitutions of several O.her
States without any of the disastrous results which
the Banner anticipates,
We shall not pursue the subject any further at
present We have presented the issue fairly to our
readers, and we leave them to determine whether
they prefer the doctrine of the Democratic platform,
that the people shall govern the banks, or agree
with the Opposition, that the banks shoull govern
the people