The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1859-06-03
Banks, or No Banks ?


THAT is the question:" in substance
and effect, now presented to the people
of Tennessee to decide. The position
which Gov. Harris has assumed, will re-
suit in refusal to re-charter, and conse-
quently in the winding up of the Union
and Planters Banks. Unless these Banks
are re-chartered by the next Legislature,
they must prepare to go out of existence
at the expiration OF their present char
acters, by drawing in their circulation and
stopping their discounts, &c. These
Banks are sound and solvent. Nobody
has lost anything by them,-they have
stood up to their engagements-have af-
forded large amount of sound currency
and have shown that they have been
willing, for two or three years, to pursue
the "counter-note" system of business
ever since that system has been promi-
nently before the public mind-and they
adopted and acted on il, voluntarily, and
are now doing so. There can be no OBJ
lection to these Banks which would not
apply with still greater force to all other
banks. These have been tried, and have
proved sound and faithful. Those that
may be hereafter brought into existence
by the 'singularly absurd proposition of
the democratic platform, may or may not
be sound and reliable. Our own opinion
is that a good and reliable bank cannot
be constructed on the plan indicated by
Gov. Harris in his speech at this place.
At all events it is uncertain.
Why then give up these two old banks
that have weathered the storms of the
past, for the mere chance of making 9TH
ers that may or may not answer the de-
mands as well? Why war upon them
when they are unquestionably reliable?-
If they cannot be held up and sustained
can any others be? The knell of the
Union and Planters Banks, is knell for
all banks; for if those are not to be trust
ed, we can have but little faith in any
others. There is no use, therefore, in
Disgusting or concealing or postponing
the question. The object of the party in
this State, under its present lead, is to
destroy the banking system, and to re-
sort to an exclusively gold and silver cur
rency. This is the issue and the only one
on this subject. The Opposition have de-
clared themselves in favor of sound and
wcK regulated banking system, Tie issues wherc-
of shall, Jy being payable on their face at the
place ohere issued, be convertible at tie i,cW of
the holder into tic precious metals. We OPP
pose all shin-plaster shops and wildcat
institutions. We believe that good banks
are necessary to facilitate the business of
commerce and trade; and that the State
of Tennessee, its citizens of all classes
cannot do without them, and carry on an
enlarged and prosperous trade. If the
system is liable to abuse, and has been
abused, we are for preventing, as far as
the lights of experience will warrant, the
recurrence of those abuses, by addition
al safeguards and restrictions.
We care not to enter into discussion
of the relative powers of Congress and the
States over the subject The course of
Federal legislation has, for time, at
least, devolved upon the States, the duty
of taking care of themselves in this re-
spect. In obedience to this duty and
what we conceive to be the imperative
demands of the public interests, we place
ourselves against the theory of an ex-
clusively gold and silver currency. In
the progress of the present canvass, we
shall give our reasons at length for this
position. We desire now simply to state
the issue, and to invoke the serious con-
sideration of the people to the subject
A war is being waged against their most
material and vital domestic interests, and
we desire that they shall know it, and re-
pei it. There is not n voter in the. State
who is not directly and personally inter
ested in the result. They have the pow
er to avert the disastrous consequences of
an annihilation of banks, and they must
exert it, or suffer the results.-NdshpMe
p1friOf