Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-05-26
From the Opposition.


The Union and the Planters Banks.
Against the re-charter of these institutions
TIE leaders of the Democracy have set their
fees. Governor HARRIs expressed not only
h s own, but the sentiments of the leaders of
his party, when, in his opening speech at
tlis place, he avOwed his uncompromising
position to their rc-charter. The certain
refusal, therefore, by the next Legislature,
t. re-charter these institutions, should the
Democrats have a majority in either House,
will be the first step in the attempt TO intro
duce an exclusively metallic currency.
The effect of such refusal we now proceed
toshow.
From the Statements of these banks, of
January last, we take the following items:
Union Bank:
Ciptal stock. all paid in...........-.s 81 ,774.7o9
Surplus iuhd- ''...-...... 6J4,Sl5
Discounted notes Observation-Disclosures. 1,2lO,576
circulation. ..........-.-............... ioo2,99l
Planters Bank:
Capital Stock, all paid in. 81 ,355 400
discounted notes.. ............... 1855, 1893
Circulation S,64S
Exhibiting an aggregate of capital stock of
$S.l30,lO9, with an aggregate surplus fund
of S994,OIO, whichlast stands as a perma-
ne 1 additional security to the note holders
a d depositors, and which, added to the CAPT
tsi stock, makes the sum of banking capital
po'-essed by these institutions to be S4I24-
1l9.
Shall this amount of banking capital be
DIR ven out of the State? Upwards of two
AMI half millions oft, (S2,563, 769) it will
be seen by the above figures, is loaned on
notes. at an interest of per cent. Shall the
people of Tennessee, by the act of their own
Legislature be deprived of the longer use
of that amount of capital, at per cent. in
terest? -.
Tn" aggregate circulation Of tte two banks
as will be seen, is upwards of :aree millions
and a half of dollars, (S3526. 639) Shall
that be called in, and the aggregate of the
circulating medium of the State be curtailed
by that amountf
Shall the farmers and planters of the State
in the annual sales of their crops-the mer-
chants, in the transaction of their business
the manufacturers, in carrying on their d-
versiicd operations--the mechanics, in the
prosecution of their trades-the laborers by
The day, in securing employment at fair wa
ges--stfall all these be canselessly and wan
tonly deprived of the benefits derived from
the use of this four millions OF capital among
g them-of the benefits of the distribution
among them of two millions and a half of this
capital in loan at six per cent.--of the bene-
fits of this amount of three millions and a
half of the sound, convertible currency
which, penetrating into every nook and cor
ner, into all the hills and hollows OF the
State, enlivens every department of trade,
quickens every branch of industry facilitates
the sale of every class of our productions,
agricultural, mineral and mechanical, and
lastly contributes directly and extensively to
the employment Of every description of labor
at remunerating prices!
We have said that the effect of the refusal
to re-charter the Uatoa and Planters Banks
would be to dripe ott Of tie STATE the tour mil
lions of capital possessed, and employed IN
the State, by these institutions. And so il
would-because, the capital being owed
almost entirely by non-residents, would be
returned TO its owners and go to enrich other
communities
Thus, the first step in the attempt TO
establish an exclusive hard money currency.
would be the expulsion IRON the State of
four millions of dollars of hard money, or
its equivalent in exchange created by the
shipments of produce to that amount. In
a any form in which the transfer might be
made, it would be the same as # Jour millions
~ ! of dollars worth of.,he produce OF the State
were sent out of it, aud nspsr dollar rereipei
On the State ia return,
The OLD SHIP OF ZIoS.-The Memphis