Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-10-27

The InsOIence OF Corporations and SheIr
Organs.

= Nc AnhOACHCC u oHPoAosA~no %~AA0 sAoAA
Organs.
While the Opposition in this State profess to be in
favor Of a sound, safe and we-regulated system of
banking, it is somewhat remarkable that their or
gans and Representatives almost invariably oppose
every measure which has tendency to limit the
privileges Of banking corporations to protect the
people against the oppressive exercise of their
traordinary powers Under the pressure of popu-
lar opinion and when soliciting popular support the
leaders of that party are compelled admit the exist
ence Of abuses in the finances of the State which
should be reformed But whenwe propose remedies
for these evils-when undertake to correct these
acknowledged abuscs-the Opposition organs and
orators at once come forward as the champions of
the Banks and warn the friends of the people that if
they presume to meddle with the royal preroga-
tiVes of these pampered and privileged monopoes
which have so long condescended to conduct and
regulate the finances of the State they will retire in
disgust, and leave without currency and with
out the means Of procuring substitute
Such were the threats they made in the last Leg
islature, when the Democracy endeavored to relieve
the country from the ruinous consequences of a
false and pernicious system Of banking. Such are
the threats which they reiterate in reply the
They are afraid that something viii be done to d.
minish the profits or abridge the prerogatives Of
these money kings, whom they worship and their
organs speaking in behalf of the corporations tell
us in tones of arrogance and authority that the
banks viii not submit to such restrictions those
advocated by Gov. HARMS.
And yet these reforms are only such as
experience has shown to be necessary for
the security of note holders. There is not one
of them which could be objectionable to any insti-
tuition conducting its business fair and honorable
principles They are intended to protect the people
against those injuries which the Banks have the
power to infict upon them, under their present
charters. Such has been the effect wherever these
reforms have been been adopted. In New York, in
Pennsylvania, in Virginia, in all of the great
mercia States of the Union, most Of the measures
recommended by Gov. HARRIS are in successful OPP
Grafton A large amount of capital in those States
is invested in banking and is yielding reasonable
profits TO the owners.
But the advocates Of banking monopolies in this
State are not satisfied with reasonable profits They
will suffer no interference with the prescriptiye
privileges Of the banks. Their sovereignty must
not be impaired. They must be supreme in the
world Of finance and the peoples representative
must exercise no supervision or control over them
Such. in effect, are the naughty terms which the
bank organs debating to the Legislature of
Tennessee. The Governor of the State recommends
in conformity with the Democratic platform and in
conformity with his pledges to the people, that the
Legislature shall retain the right to govern banking
corporations, it governs all the other great inter
Of the State. He insists that when the General
Assembly grants extraordinary privileges to incor
porated companies, it should retain the power to
modify withdraw those privileges whenever they
exercised by such companies the injury of the
people
The Opposition organs are indignant at the pro-
position and close the argument with an emphatic
declaration that the stockholders of the banks
will not consent TO receive charter unless they are
made entirely independent Of the Legislature and
irresponsible to the people. The foreign capitalists
Of the Union and Planters Banks according to their
organs, will no longer to regulate the trade
commerce and currency of the benghted citizens of
Tennessee. unless they are allowed privileges here
which they do dare ask for at home-unless, in
short they placed entirely beyond the power of
the people from whose pockets they derive their
profits
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an opposite policy the people of Tennessee have de-
termined, for their own protection to hold STOCK
holder. in moneyed corporations liable in their ind-
yidual estates, other partners liable for debts
which they have contracted in the course of bust
ness, and when such provision is recommended
by the Governor in his message, according to the
express wishes Of the people, the Bank organs
sumo the same tone of menace and threaten that the
in the banks will withdraw their CAPT
tai if such provision is insisted
But the insolcnce of these money kings does not
stop here. When it is proposed merely to appoint
Board of Commissioners 10 look into the condition
of the Banks, to that they conducting their
business properly and without dunger the public
interests, the Opposition press organs Of the
Banks again assume 10 settle the question by an
nOuncng that the Banks wilinot allow set Of gno-
rant" Commissioner appointed by the officers ofthe
State TO pry into their concerns and report their
condition to the world. They must be allowed to
manage their matters in their own way and the
people must be satisfied to take such currency as
hey give them. a bounty. They must not dare to IN
Iuire into the solvcHcy investigate the character
If their benefactors 1t matters not that the people
nave alread suffered severely by the frauds and
Of Banks. 1t matters not that they
ave been subjected TO the grossest extortion in
ustce and oppression at the hands of these wealthy
Institutions. They must still continue with ungues-
ionng faith to conflc their most important inter-
SITS to their keeping. and may not even presume to
INQUIRE how this important trust is discharged lest
hose souess but over sensitive corporations should
e offended.
Such are the considerations by which the Oppos-
lon press cndeavor to suppress every effort to bring
he banks under the control Of the Legislature and
o project the people from injury and wrong. !
UGH the arguments by which the grave
nd well-considored suggestions Of the Cover 7
or of the State are answered. Such are the
lreats by which the Legislature is TO be deferred
rolh dScharging their duty TO the country an re
eeming their pledges to the people. VIII the mem >
ers of the Legislature listen to such threats We
yill not do them the injustice 10 suppose so. We
eleve that they viii legisato for the good of their
onstituencics without yielding to intimidation on !,
le one hand or to passion and prejudice on the 9TH
r. If they do this. all viii be well !
Bank Of Tennessee. ?