Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-06-20
What win our Bnnks DO ?

This is an important question in connection with
the present struggle of the Southern States for
their rights, institutions, independence land very
existence. The people of the Confederate States
are now bending every energy ana every resource,
and are ready to sacrifice life and property for the
maintenance of their independence. Our brave
volunteers subjectng themselves to all the pri-
vatious of camp life and to the dangers of the bat:
tie field for the support of the declaration that they
ERl be free. Our monied men are lending their
credit their cash and their financial ability to the
maintenance Of the cause. Our planters are SUBJ
scribing their produce 10 furnish the resources of
war. Shall the Banks stand back and refuse even
to credit the Government far to give circula-
ton to its treasury notes? The public that
a Convention of the Banks of the South,
(which met at Atlanta, resolved to receive and pay
out the Treasury notes of the Confederate States,
and thus 70 give to them universal circulation at
par. The banks were not fully represented and
hence it becomes question whether all of them
will adopt this patriotic step, and at once place the
Government on firm financial footing. If the
Government should be crushed, there is nothing
more certain than that the banks must godown with
it. An credit will fall in the common ruin. Hence,
aside from the duty to sustain the Government it is
success in the great struggle in which it is now en-
gagged. The different railroads of the South, at
a convention recently held at Chattanooga, re-
solved on this patriotic policy. There is
no sacrifice of themselves involved in it. And
Jfrg that reason, it may the more easily be done.
The Confederate notes are backed by the entire cot
ton and sugar crop of the South. They are better
intrinsically than any non-specie paying bank The
policy, therefore, is very shOrtsighted one that
refuses to receive these notes and pay them out
from their counters.
We wish to hear from our banks on this subject
trusting they will all come up and sustain the coun-
try in its time of trial and thus lend mutual as.
sstanee to the Government, to whose protection
they are indebted for their franchise
on this subject the Memphis Appeal has the fol-
lowing sensible and timely remarks:
TIE POLICY AND DUTY OF orr BANKS.
In the uresent state of public affairs it is diff.
cult to give proper estimate to the importance of
the policy which shall be adopted by the monied
institutions of our country In bone and muscle
and what is more than all-in the fearful patriot
ism and stern determination OF our citizen soldlery
to CONQUER or die-the South has an abundant sup
ply Ia fact. we may say that an army of better
lighting material was never mustered into service.
In the material of war, too. the South has sufficient
supply. or the means under way Dy Whncn she can
be supplied. The great question now Is, viii our
banking institutions adopt the policy and recon-
meudation of the bank convention recently held at
Atlanta Georgia. This convention requested the
banks of Tennessee, in connection with all other
banks in the Southern Confederacy, to receive at
par as currency, and pay out the treasury notes
of the Confederate States. 1t is a self~evident
fact that the safety and security of our bank
ing institutions depend upon the success of our
great experiment now in process Of solution and 1t
rs TO these our country now looks for aid and sue
Ger We regard 1t their duty to come to the res
cue at once and we glad to know that the banks
of our CITY have all responded favorably to the
Recommendation of the Atlanta convention. 1t re-
mains for the mother banks st Nashville to make a
move in the right direction. Will they do 1T We
regard the Treasury notes of the Southern COnfede
racy rs much safer for the people than the issue of
any particular bank. The amount of notes TO be
issued is comparatively small, and would furnish
medium of exchange between the different States,
and serve as a universal currency throughout the
Coufederacy In this view of the question, the
policy will be great convenience to the public,
while il will prove of untold advantage TO our
Young Republic now, at time when she stands
most in need of such aid monied institutions
can afford her.