Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-05-19
STATE EXECUTIVE COMMITTEE.
THURSDAY, MAY 10, 1889.
BANKS. or no Ranks.

Banks, or no Ranks.
There is no question of State or national
policy that more vitality and directly affects
the individual interests of every citizen than
that of the currency. The distinct issue is
presented to the people, whether they will
have paper medium of circulation with sdf-
fcient specie to make the one convertible in
to the other at the will of The holder or. an
exclusively gold and silver currency. The
decision of this issue is of the greatest imme-
date practical Importance to the people of
the State, and demands their most serious and
deliberate consideration. 1t is not question
for mere partizan harrangue, but one for the
thoughtful judgment OF the people. Not I'M
til the present canvass has it been inaugura-
ted as a party issue in this State, and we
should have been gratified if it could have
been kept out of the party platforms But
a disposition has been, for sometime, manifest
that certain leaders of the Democracy intend
ed to make gold and silver hobby TO ride
into place, and the people will be forced to
take sides. The war, as at present conducted,
is one of determination as against the banks.
The primary ground on which banks are
opposed, is, that they are wrong in theory
and principfe-that nothing which has not of
itself intrinsic value, can be made represen-
tative of value. This is an error, and hence
the whole fabric of argument, illustration and
example, built upon it is erroneous. The
promissory note of an individual, though
worthless in itself, is the taken of value-so
OF bill of exchange, bank check, GER
tificate Of deposit, and all the expedients
that commerce and high civilization
have devised to facilitate business
The chief difference in these paper tokens, or
signs or representatives of value is that some
are negotiable only by endorsement and
others by delivery, some bear interest, others
do not. They all agree in indicating that
there is a gold and silver fund, or its equiva-
lent. out of which they are to be taken up
and satisfied, at maturity or at the will of
the holder. They protect the precious metals
from constant wear and tear, and preserve
them more securely against loss and dcteriOra-
tion. They are convenient and expeditions
media of transfer and payment, and 10y the
every day experience of all men in this
country, are shown to be next 20 indispensa-
bic to the ends of business. They are all
liable to abuse. That is conceded on all
hands. The makers of a promissory note,
are sometimes known in this country, to fail
to pay their obligations at maturity. The
drawers Of bills of exchange and bank checks
some times omit to place funds in the hands
~ ha flr,tNV i'm ma Ia mn bpir
ments. And though they are not money, in
the ordinary acceptaton of the term, they
are sometimes classed and treated by politi-
cal essayists and economists under that head,
and do perform to a certain extent, the func-
tions OF money. The abuses to which they
are subject, the chiefone of which is non-pay-
ment, are common. The doctrine urged,
therefore, against paper medium of ex-
change and of representative value, pursued
to its ultimate and logical consequences,
would require all business to be carried on
by absolute and immediate cash exchanges.
How many men, engaged in the commerce
of this country would subscribe to this doc
trine.
But it is still insisted that the abuse to
which banks are liable, is sufficient to con-
d mn the whole system and justify their ex-
tinction. Is this true? Does careful COM
parison of the abuses and injuries caused by
banks, outweigh the uses and benefits afforded
by them? These questions are answered by the
most enlightened and prosperous commercial
nations of the world, in favor of banks.
There is no State in the Union whose citizens
can or do manage their business affairs with
out aid of a paper currency. There are two
or three States whose constitutions prohibit
banking, but these very States that have no
banks Of their own, accept and use the paper
issues of other States-It there is u single ex-
eeption it is probably California, whose prin-
cipal product is gold. The almost uniform
course of the States, in this regard. whether
governed by Wing, Democratic or Republican
majorties, is sufficient 10 show the decision
of the public mind on this question. Ten
nessee herself is as deeply committed in favor
of banking as almost any other State. Il sys-
TEN which has been carried on within her
borders, by Wing aud Democratic administra-
tons alike, and TO which both parties have
given their support.