Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-05-25
WEDNESDAY MAY 25. 1859.
Banks or No Banks--what say Me-
cbanics.

Banks or No Eanks--What say Me-
chanics.
Having shown how the planting interests
will be affected by the abolition of Banks,
and the injury which would inevitably result
to them therefrom, we proceed to consider
how the mechanic interests will be affected
by the practical adoption of the hard money
theory. And here the ruinous policy of an
exclusive gold and silver currency is still
more manifest. 1t is fact that cannot be
controVerted, that the great mechanical opera
tions and enterprises of the country are
greatly more sensitive than those of the farm,
to the influences of capital and the distur-
Dances of currency. And though Tennessee
has not We: developed the 1.-THE of her re-
sources in this department of employment,
much of her futre wealth and prosperity are
to grow out of it. According to the belief
of the best minds of the State, her growth
and development lie in this chanel. Her
cities are to flourish most, her citizens to find
the greatest source of wealth, and her social
and political rank to find its highest standard
in the mining of her coal and minerals the
manufacture of her raw products of various
kinds, and the employment OF her lncreas-
ing population in the mechanic arts. This
truly great work is but barely commenced.
We have scarcely entered the threshold OF
mechanical and manufacturing enterprise.
But in the system of Railroads which is
being constructed over the State, we are APP
preaching point at which we are to receive
q new impetus in this direction, and enter
new career OF development. 1t is one i'll
which all are deeply interestcd-the farmer,
the merchant, the mechanic and the laborer
alike No class of our people can be injured
but all more or less benefited and invigora-
ted.
Banks, sound, safe and reliable banks, have
always been the strong arm, the stay and
support of great enterprises of this character.
No state in the Union. nor in the world, has
made any great progress in this line OF indus
try with ut the aid Of banks. Especially are
infant manufactures dependent on them for
assistance This will not, cannot be success
fully controverted. No better proof Is need
ed than u citation of facts occurring in this
State and in other States during the financial
pressure OF 1878, when the fires died out in
the furnaces, and hundreds and thousands OF
mechanics were thrown out of employment,
wages were cut down, and general distress
prevailed, no less among operatives than pro-
prietors. Several millions OF capital invested
in the Iron business in Middle Tennessee have
others thrown out Of employment, and much
of it is this day lying idle.
1t is folly to believe that these great resour-
ces of our State can be developed without re-
course 10 the credit system and the aid OF the
facilities afforded by banks-at least for
great number of years. reduction of our
currency to specie would shat the door on
manufacturing enterprise of all kinds, would
cripple the establishments We already have,
circumscribe their operations within still
closer limits, probably totally destroy many
of them, and send large portion of our arti-
Fans beyond the State in search of employ
ment, and close the gate against the immigra
ton of mechanic skill aud industry into the
State. Is this the suggestion of wisdom or of
craftsmanship? Is Il the true policy of the
State, the interest of the individual citizen,
or OF the community in the aggregate! Shall
We thus postpone the day OF our true glory
and greatness! Shall We thus fetter our ener-
gies and confine our powers? We trust that
no one can be found, who would deliberately
answer these interrogatories aflirmatively.
But the siagularly fatal step of inaugural
ing an exclusive specie currency, would fall
with crushing effect upon the laboring classes.
the journeyman mechanics. Many of them
would unquestiOnably be thrown out of en-
ployment, 10y the reduction of the means of
proprietOrs 10 silver, and the wages OF all
would be- materially reduced below the pres
ent standard. Mon would rise To u Fictitious
value; rs against labor il would be worth fifty
per cent more than at present. The capital
list would lhus have his fortune enhanced, and
the laborer, who struggles for the support of
himself and family from week to week would
be ground down and depressed. II would in
effect double every mans debts; il would en-
r.eb creditors at the expense of debtors, and
thus make the rich richer aud the poor poor
er." 1t was such facts and suggestions as
these that caused Mr.. BUCHANAN 10 say in the
United States Senate. la 1887 that - return
to a purely metallic currency Is impossible"
We can conceive of no normal condition Of
things, which would in all respects, prove so
disastrous To the mechanical industry OF the
country. We cannot be brought TO believe
that there is II journeyman mechanic In the
State who would willingly and intelligently
lend himself 10 his own oppression. We i'm
agine there is too much good sense and intel
ligence Ia this body OF men, to join in this
wild and radical course of mls-eallel reform
this unreasoning crusade against banks
for the mere sake of party triumph. Taat
there is no man so purblind as to have no
glimmer OF his own interest, or who is SO wed.
ded to party, and 80 infatuated by names, as
to forget bis own seifpreservation.
es- Tue Louisville journal says: -sAt the
recent municipal election in Philadelphia,
two persons were elected as officers OF the
fall election wbo are nov serving out their