Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-11
The discussion a. FRANKLIN.

AAe BAsGusalOm AZ ErahkAlhs
A very fine audience assembled al Franklin on
yesterday to hear the discussion between the can
didatss for Governor. The citizens of the county
turned out in large numbers, and the cars from
Columbia and Nashville brought large sccessOns TO
the crowd. A stand was prepared in a beautiful
grove near the village, and when the candidates
rived there we're several thousand persons on the
ground
Gov. HARRH opened the debate in one of the most
fOrcible and conclusive arguments which has ever
been delivered from the stump in Tennessee BE
commenced with 9 clear and comprehensive state
ment of his position on the currency question. Re
referred to the deranged condition Of the currency
Of the State at the time the last Legislature assem-
bled. The banks we're in state Of suspension, re-
fusBg to redeem their circulation and Offering no
accommodations to the people. Exchanges on the
Esst were selling at from to 10 per cent, while
the credit Of the State had SO much deprecated in
he Eastern market that its bonds we're worth
Isly about sixty five in the dollar In this dis
-Tessing state of things he had been called upon
by the Legislature to propose such measures as
he thought necessary to relieve the country and
restore the currency OF the State to q sound and
healthy condition He accordingly sent in q meg
sage containing certain suggestions which for the
most part, were adopted by the Legislature and
incorporated into a bill which is now the law of
the land.
Under the operation of that law the most happy
results have been accomplished. The Banks are
now paying specie at their counters, the commerce
Of the country has revived, exchanges on the East
at par and the bonds of the State are worth from
80 to IS cents on the DOLLAR most decisive and
satisfactory VindicStiOn of the correctness of the
policy established by the last Democratic Legisla-
ture. But, said Gov. HARRIs, the charters of the
banks in this State have been constructed on such
loose and erroneous principles that many Of the
abuses which have grown up under our present sys-
TEN of banking, csnnot be corrected by the Legis-
lature. The Banks may live in direct and open de-
hsDes Of the wholesome restrictions imposed upon
them by the Legislature He, was therefore, in IA
vOr Of A coMPLLTE AND THOROUGH RET, RMATIoN
Oh OUR WHOLE BANKING system
He would never consent to the enactment of an
ether baak charter without reserving the right to
the people through their representatives. to change,
modify, or abolish such charter whenever the pub
lilo good might require it. With this provision in
0srporGted into the charters of Banks the Legisla
ture would retain entire control over their opera
tions, and could at any lime force them to accept
such conditions as might he necessary 10 protect
the people from such wrongs and injuries as they
had lately suffered from those institutions Il would
render the banks at all ti9es responsible to the
people end they would thus be compelled to consult
the interests Of the community rather than their
own aVsriOe or caprces. Without this restriction,
the banks are beyond and above the power of the
people, and will become instruments Of the gross
est oppression. They viii become independent
sOveregnties, defying the power of the Legislature
which crested them, and superior to the will of the
people Gov. HARRIS was unwilling 10 invest cor
POrstiOns with any such danger US and despoiic
powers. He thought THE PEOPLE SHOULD GOVERN /
THE BANKS, AND NOT TaE BANKS TIE PEOPLE. /
This was the issue between him and his competitor |
on this important subject
He was in favor, also, of making the stockholders
individually liable to their creditors for their debts
sc persons engaged in other department, of business
are. He would never consent to the charter of an
other Bank without this provision. Gel. NEITHER
LAND, on the other hand, had voted against prOPO-
sitiOn to make the stockholders in Banks in1ividu-
ally responsible for the redemption Of ther notes
Here is another issue for the people to decide
Do they prefer satei solvent banks, responsible to
he people for their issues and subject to have their
,hariers taken from them for misconduct, or do they
prefer system which ezemp;s their stockholders !
rom liability and leaves power to the people to
,epsal their chartersf Gov. HARRIS was in favor !
# the former system, which had been introduced ,
with the best results in most OF the great conner
ial States Of the Union. Col NEIHERLAxp is COM @
oitted 10 the other policy, which has been tested
md abandoned in New York, Pennsylvania, Virgin
. and nearly all the old States. :
Col NErHERLAND in reply took ground in favor 4
{ irrspeslable charters, proposed remedies for
be evils Of our banking system, illustrated Gov
IAERIs position by anecdOte, but failed 10 salts
, the crowd with regard TO his Own. We shall al Il
,de 20 other points in the discussion hereafter.
MONTGOMERY CoUSTY. The Democais Of Mont :
emory county have nominated for the Legislature =