Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-05-31
What is the Bank Issue in the
present Canvass.

1t is important that the people should
clearly understand the true issue presented
to them for decision at this time, on the sub
ject of banking. The Union and Americdn, of
Sunday, says that Gov. HARRIS insists that
the people shall hereafter retain the power,
through their representatives of amending or
repeating all bank charters granted by the
Legislature, whenever such charters shall be
used in a manner prejudicial to their interest"
'On this point Col. NETHERLAND and his
party take issues with Gov. HARRIS" In
this statement of the issue, the reader is
liable to fall into the error that the Opposi-
ton are willing that the banks should have
the power to injure and Cypress the interest
OF the people, without any corrective or re-
struning power, and without remedy. On
the contrary we are as much in favor of pro-
tecting the interests of the people as Gov.
HARRIS or his party can possibly be. We
are opposed to Gov. HARRIS plan of &C
complishing that object. We believe that
banks. such banks would be put in opera
tion under such restrictions. would become
the panderers to parties. and would tend to
legislation. We desire the privileges and
immunities OF bankers to be so guarded and
restrained as to force them to furnish
sound, safe and always convertible currency.
And if these guards and restrictions are
violated, we wish the remedy to be left with
the Courts and juries of the State. Instead
of placing the right to redress a wrong which
has been committed to the Legislature, are
prefer to place that redress IN the hands of the people
Themselves acting as juries under the sanction
of an oath TO try the fact and to the judges to
apply the law. This would be the most
speedy, safe and reliable mode of redress. BY
Gov. HARRIS plan, an opportunity would be
afforded to make the ruin more widespread,
and TO postpone redress until all the mischief
a bank was capable of committing should be
contaminated.
The Union and American also says "Gov.
HARRIS is in favor of making the individual
property of the stockholders in banks liable
for their debts, just as the individual property
of merchants and other tradesmen is liable
for their debts''--and states that ''Col. Ne
THERIAND, in the Legislature of 1872 voted
for bank charters, which exempted the individ-
ual property OF stockholders from all liza
bility for the debts of the concern" We do
not know what were the provisions of those
charters in what shape the question was
presented. But if the charter of a bank is
so guarded that the bank shall do no other
than legitimate and safe business, there
lint itu for
such u provision. That the stockholders
should be liable, to the full amount of their
stock, for the debts of the bank, none will
dispute; but beyond that the policy admits
OF grave question. The most solvent men
might be deferred from investing in institu-
tions wherein the chance OF n profit on a
few thousands would hazard the loss of ten
or fifty times as much. The tendency, and
in many instances the probable practical
effect, of such a provision would be 10 drive
solvent men from the business, and to sub
stiiute in their stead men without means, and
to place the high interests OF currency In the
hands OF reckless money spectators, sharpers
and adventures. Who desires this state Of
things, Who wants bank charters with such
provisions as will tend 10 destroy the sound
ness OF the CURRENCY Who will accept such
charters. except those who would deliberate
ly seek to defraud and swirdl,!
But this is a consideration Of the details of
bill for bank charter. They can be de-
termined and adjusted by the Legislature, on
a full aud deliberate comparison Of views, US
formed by the experience o. the last thirty
years. They do not constitute the high and
legitimate bank issue of this canvass. The
true and paramount question his subject, Is,
slbrA zoe hare a lOeA regulated, sound and
h6is paper currency, gold and siiuoT ezcifsireiyy
This i, what we conceive 10 be the true aud
leading issue; and 1t cannot be avoided or
place in the background. by Discussion OF
the details Of bill TO incorporate . bank.
Lei the Union an dAmerioan face the music, as
the Avalanche has done, and as IL did in the lat
ter part OF 1857. We desire 10 call the atten-
ton VI our contemporary to some Of it ut
erAnces then. and AK II it has ans thing low