Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-08-13

glasses were tsfiauy H9ue' ~ eHS o'ciH Va NS -
cess Of the Democratic party aad the establishment
of its theory in regard 10 banks.
TIE election is over and the Democratic party hiss
reisinsd possession of the State Government, BY
large msjorities The day Tor successful misrepre-
seuation is BOW over, AID the public may see what
has been decided BY the result.
AT the time Ct The needless suspension of spscie
ayment ~ the banks of this State, two years ago,
and Of the failure Of the Bank of East Tennessee the
Citizens Bank, the Exchange Bank, the Central
Bank the Bank of America. and others. the rotten
ness Of the system under which our bankers we're
conducting the bu mess was made apparent, and
there is no wonder that the people, smarlng under
their heavy losses, became indignant, and, IN many
cases, lost confdencs in the whole system The
Democrats party was divided in regard 10 the poll
cy which should be pursued, end its members gave
q very frank utterance to their opinions. After
long debate and much discussion, in The Legislature
and out Of it in The press and by the people; the
Democratic Legislature of 1878 passed an act,
which was accepted by the party generally as a
present settlement Of the controversy. There had
been no authoritative expression of the Democratic
policy on the question up to the meeting Of the
Democratic Safe Convention, in March last. That
convention adopted the following resolutions, by
nearly unanimous vote. and they at once became
theplatform Of the party on he question,
Resolved, That il was intended by The trainers Of
the Constitution that gold and silver should be
tue legitimate currency of our people, and VIC deep
" regret that Banking institutions and paper clreu
Iaiion should ever have been 50 deeply engrafted,
into our peeunary relations but being eugrafttd
we are compelled to leg saie undeE the circumstances
by which we are surrounded. In view ef which, as
remedy for existing evils VIC will insist that our
present banking system shsll be go reformed as to
enforce invariable redemption at the counters of
the circulation by every bank in the State and
limitation on their issues notes of large denom-
instion, increased protection to the note holder,
the right Of supervision upon the part OF the State,
aud forfeiture of their ehaIters-for abuse OF
their pfiElsges-and by these and such other steps
as experience may demoHsirate to make as near an
approach TO constitutional currency as may be
found wise and proper.
Resolved, That it is essential TO the welfare of
the State that in all charters OF Incorporation
granted by the Legislature, that the power should
be reserved 10 all to change, modify or abol
sh these private and privileged interpretations as
the public good shall demand.
These two resolutions, as was slated in an article
in this paper before tia election, embrace the
whole creed of the Democratic organization on banks
and currency They announce series of distinct
propositions which have only to be stated to be
clearly understood, viz:
!. Our present banking system is departure
from the policy ''iniended by the trainers of our
constitution inasmueh they "intended gold and
silver to be the legitimate currency of the people"
No one having any regard for the truth Of history
will dispute this proposition.
.. Whilst this departure from the policy of our
fathers is deeply regretted, the Convention resOlv-
ed that it was net the part of wisdom to undertake
rashly to destroy the existing banking institutions
but to look for remedy for existing evils that
would enable us to make cas- near an approach TO a
constitutional currency as may be found wise and
proper" If it had been the policy the COnven-
ton to destroy the existing banks, and to resort to
an exclusive metallic currency, the avowal would
certainly have been made in their convention. But
none such was made; on the contrary, the remedy
for existing evils" looks alone to such reforms in
our banking system as will secure sound and
stable circulating medium-oue that will be com
posed of specie and bank paper equal in value to
specie.
These reforms are specifically laid down, and de-
serve to be carefully studied. They as follows
l. The "invariable redemption at their counters
of their circulation by every bank Of the State +"
VIII any one dispute the wisdom of this reform
2 "a Limitation ia their issue to notes of large
denomination" Who wishes to zee the specie now
in circulation driven out by return to shin-plas-
ters
3. Increased protection to the nOte-hOlders. +"
The who would object 10 this reform is frieLd
of sound, safe and reliable currency.
4. The right of supervision the part of the
Legislature" We venture that none will be SO
reckless as TO deny the propriety of this reform.
5. "a forfeiture of their charters for abuses of
their privileges " This is SO obviously proper that
il il matter of establishment that our present banks
have abused their charters again and again by
standing for years in state of Suspension and yet
by so do9g they did noL forfeit their charters.
6. But to make assurance doubly sure, AMI 10
show thatthe Democratic party is resolved seour-
ing a sound and safe eurreney. the convention
pledge the Democratic party to such other steps as
experience may hereafter point out necessary to
the end.
We hive reospitulated the platform of the party
aud the understanding of it by Gov HARRIS and this
paper before the election, for the purpose of show
ing srhai acas decided at the election Every where
through the State Gov. HARRIS maintained these
views, as did the Democratic press and the other
Democratic candidates, almost without exception.
Whether We ourselves might not have gone furth-
er, or whether some members of the party might
not have gOr e as far is q matter of consequence
1t was a question which there necessarily had to
be some compromises Of opinion. We abided the
Judgment of the State Convention, and have faith
fully labored as we shall continue to do, to carry
o 1t its platform. Gov. HARRIS cordially adopted
it, ably defended it, aud for doing this the people of
T.nnessee, by an overwhelming majority have de-
Tended and endorsed him.
We hope there may be no more Misrepresentation
Of the Democratic position policy If there is it
must be wilful.
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