The New York herald., 1860-12-01
THE PERSONAL LlBERlY BILL OF VERMONT.
TIE TENNESSEE BANKS.


MroRrANT coKKksrosIksct--epiKios ar THE So
PkHylsoR or RANKS UN THs nosETAkY CRISES.
NASHVILLE, sov n, 1850.
GsrnSMEN-I have this hcsor 10 scxnoxleogs tns re-
cent of yovr xtop ash log my opinion,
~ the financial q sdiosss of the siaie-
Fir-s-As 10 shs cndurm q the banks;
Scono--Ai 80 TIRE proper remedy " relieve she coun-
ny o. Its urp ess acrto l-'cuo ary emoarrassmso1.
ci''s'n merely, II would oe my duy 70 give you
the b,a edt whatever infosmsticn might pSsess-
Lncl more Is II my csty when spilled 70 IN my official
character.
try, snb "a falls FAR sho,t of the reality. L. the
oschAge Of M ncis taties have vsited Daay Of the
ctties, tawDs corne Of the STATE an1 Ia exsmiplng
tne cenoit,eI Of the banks receseAriIy eAued many
sc resiiv, ~ abe sscuniI cordi Ion OF me conmuni
IN which hey located In addition 20 ~hicn,
have felt y, " 7y tutv 10 maze inquiry. evervsh.re
have heep, the disco necel wlto the banks,
The crcip iou 70 which have corae, from uforna
thus obsinsd, , that uni ~e tsers s Immediate
reIief from the vesaits viii widespread
bankruptcy, inyoivrg ell clAs,s OF ctzsns-s atop N
terst ano csm Mating in sctual want upon the %
tLte who ospend uIon their day Aber Tor means Of
supsrt
rs tLn coI dton of inirgs. II erorsh 10 know tnSt
te1ifn N two srea, sources, no~cv.r, are Juos
he tuertssye siuie ui tbo Crts apd sac polucai
srpr n to- tines, bordering upon revolution Other
c4use- thai iheve but mere rvuless, helping
tn.h~s, 70 swsi ,hs ergnarg torrent
he failure u tire productive resources 81 nriani Of
Re 10 pr aucs ItcuI iary embarrassment Tbs prcdrc
s classes turn shng the true bss of AL pcouuiary opc
rst0ns, there must necessary 10 sinaioutOn
tn ORIGINATING dium IN cxsrt alto wa tue
limirptcu Increase uf that fut "
oliowcc ~ iul currency ssarce crop b. ascaoe
rcpuy Banks. II In tue ana do rllSa credits by
cf which tie proares ~ country moved from
one nsrtts 20 otner but they never 80 created 90
PROOF co dollar These propstocs, Obvious as they
are pr.sef;sd 10 exist,ng the OF
rsn, equally ss obv'our that the coottior o. The
sr,ep Il ,be banks ,r,s tue. TIA. sopes,mse comb
nation Of " frcncss - obtained ~ meaas of which DaLxs
enabled u put cot c.rcuisiion wi;hc1 cg, -,
bssH; bu, fouustcy for tho county soch sttstions
AVE epheCs-s exsteoce and bring oisgace ruin
ppoo those Sbo csrsgc Ihem
TIE Lh. Banker 10 said shore 70 osnr
n n nc 1' -irg the prooucs ~ the co1r,ry
sd his charge, fer tbs sgency give pr-ls sucens 70
ndure ~ espsl the eoeauy . sesx sapsy meat IA
tbs etatue IN osher ~ords, the back OFT trc
n1sl Cs-rievs ~ the pfcd1ets q To county.
When the lroio-r fails. these great vehicles Of trade
tsvt ratb 90 tne otssr naDc whoa from any
oaUre Trey f toe pro vcis ~ tbe carno ~ moved
povea 81 runous rates 70 the producer. he loss
'hs Case, failure Of re,urp for expebezrs
or his hbtr, the other, from dinanrtlnn price,
suine rn failure ~ the means o. trsnspo-tiion
the hcuensrtst 20 ils uartei 81 trsbspHg gtLoa
-~sinc the rxscnre Of somchI uyon vLsa % opcr2a
u,re mrti fxst IN order 70 ep-ue The t4uss fulfil
taer bstin.t Tvfien, public conhaeno@ Blh oGus>s,
failure ~ ~ sros faiin, ~ psbD eo.Gane-u<
ttsf T. he rsses ~ H0n, ttot III conn Il ne oerg,
rn< ~ - snep'rrt sa0t y ,sno'g,io-co operT'' a: ms
iif1 O. iyaac, sc's ~ fetnsory cpoaTyassr~g alarm
.s ava clsfreGiae 70 AL e,a4<4 " scissy i.~ Acls
~m e,Ut illustrate my neApirs. Ia exAminiog ots Of
The ofsrtl hsfks at nenpns nund that for
Frevcus a. ,ss data 81 my ersmuasnn the banx dis
ocunso cion nh1 " the extsls Of about hundred
tnr'g tfoufala oGllEs wccG. The htla takc1
we're bsseo upon actual sbipmosss ~ bought
n fair rates Drawn by arrs csass at home accsps
"a b. r,t ciass hocscs New cTesrs having thirty
fs3s 20 run, sod yu snen ss Ito ccrctoo Of things
that the Bsns thus furnishing the local currency with
saicb 10 iry for the ootton ~ Memphis, had stop
inc ~ dvcoupt aEroei NJ whole and Why We vii
bs following the sas OF this operation (the cotiony 10
uc'bsr Arsct when arrived s New Orleans the
rrmrhs Duyer placed II urun the msrse,, and nis par
he currency New orLsns w,n which 70 pay Tor
V, by selling 20 The Eew Orleans B~nSf hts sternS oils
dfs-n upcs c,oiu furnshco him ~ MS foreign
rcndent
New Orleans having but Little foreign ssdA unless
tsese serhog oins ind buyers 10 New Tork-Ne great
bic foe The Nes Orleans banxs farph local cor.
rtucy sib ~hch " rsy tho Memphis buyer for his oos
tnn Ite net vel inovn thai there u market
H. Nt~ York ~ sserrs slIs eycep, a. ru'nous rarcs
Th for Of ssr'rc c.shdnss is Ibees. lupA; he pr.
isr ssiiirg roe al Ner To-t abra es-dn octaar
J,' cent 70 tr,sp iAe fr~ ssrogs Nes Trts ra.
., opoesn' . ru1noa' Ast .Taa.gs cs.~a onA
cshBos meet hr bdls. and mus, renew o. 20
10 rrosst and the bank furnshirg The local currency
vi,h ~hsn ibc piassar s paid ~ home is driven 70
pres cr,uisi on 70 usc the fold Ia i've vaults
vat ,hc result Of the gIs drawers opera
VIA for rcpiershn'en of the metal tbes assrac,ed.
sarseuy no bsns keep ou, and rrocc. circulsioa
18th tho str1sr ~ metal thus flowing all The whlc out
81 ite veuns and none retcrrrg H. however, the do
ovr, d. ,be sms saxa as ssas aas tDs
rusotascr 10 New Orleans. the New Orleans buyer would
Ono el. for hls sterling sscharge with which 70 pay
and vith CREDIT. IN bc banks ~ Ncs Orlans equal TO
the amount Of otrouisin % purchase the cotton
! bis, 10 'avor o. The Memphis Bank which could |
te ofccrcd homo IN gold W replace that Ssd
70 pft,ect the rcua'ton used In tho ArSt pur |
chse) would again be Ia copditigu 10 mke
other bib sod furnish tbe buyer with hoDs our /
retcJ Nth which " pay The tarter for bis cosoa.
nut would be rrocrccd equilibrium In tho cbo ans
now of The ucislic tide pui, owms 70 'be dssaro.ns
30 neroial s,rsm 81 sew yort she reavs sas'oo q
. bicb tta obstruction ~ pablo cnnccncs, 2, IT,
prulsry stcas us, of pubic credlt, drivns noms @a
ntss o tne hanss for respptios causing the osnss
roo al oiscruhte, and foscrs them W oo'ecs ,.e ~
iuc ,bcu uton rctes and bib prsvnusy s'scounn.
mi, IAN r.a : TIE % bfns 70 punish tns@ credit
re- al rs.v,fsro s~~ev Jsrof ss'>s % los ~ nc rrsT
pr1ry asossssrs - h> sss.yds r.s geasT 'an
80, -, I. .,,.<.,sss.s sd-v ne y~sozsy snpcs>i brtn
q q yayroi rsssre IN tayse 'soosr~ s.rIs
=, .,,,rl, IN cotton tsksn siup'y frr the Ako OF "
ss,s,,r no sane fscs obtain with reference " ell
her ssspcs u toe sate II wtl be obsrrvsd howeyer
hat In every cAac tbe Ices a's on the produc~. The
bsvtre 70 sustain loes of T~r cent his
..erns cxrhaaRN 70 phtAiz orAl curroacY