Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-12-14
oar o,ea,e., panssr. 30 :

issue and dispose of tbs B5ads of the State 10 q
sufficient amount to pay sad tax, not exceed two
millions Of Dollars payable one. kwo, three, four
and FIVE years after dsIe tj bessasht per cent in
terest. payable semiSsnnuaily
$40 s-Imposes an annual tax Of ten ePnts On the
husdred dollars of property spbject 70 taxation,
fodc-iOurh of one per cent on merchandise bought
or oct of the State and ten cents on tho poll 20
meet said bonds, and interest asmstuFity.s -
! Sec. 3-Authorizes the-hRnks of this state to in.
vestIher means in sRId bonds and confers the priv
1lege Of CHASING said bonds specie assets, but
the State to have the right of redeemng said bonds
Il notes Of the bank purchasing them, the said
b nds not sur sctto tsx4riOn by State, county, o:
tcrpcration.
The OH ,etions to this Bill are brieAy
Il Ist That 1t is In CONFIRMATION substantially Of
the direct purpose of the Tax bill, which was to
MAINTAIN the standard value Of pubic credit, by
Hithdrawing from circulation the amount for
which the tax was assessed. sss
The credit If the solvent banks of the 0onfede-
rate States and Of the GOVERNMENT itsef are SO com
Ietely identified thar it may with truth be sails
they are in this respect one Whatever effects
one must inevitably Cfsct the other.
/ 10 WthuQCdW bA5 SAESNA6SAOA VI eAS SAS " AZ
reaspg that Of The other is not only piece Of un>
uecessary circumlocution, but wasteful expensi>
tire Of Iss SO much money snd temper as may he
Involved In the collection. Ne.
! IS Even moro than this; for whereas tie treasury
tss bear no interest. this bill purposes at ex-
pense of eight per cent per annum to substitute in
lieu thereof notes of tie banks which no better.
/ If ne cannot bring surse!ges up to the sacrifice
which Is nec sssry to maintain the credit ofthe gov
ernrleat, let US not seek 20 disguiss the NOR
tifying fact by that roundabout method of
evasion, at al expense Of eight PER cent per
aunum but issue directly our own Stats
treasury notes, instead of of,ring to banks
tns unnecessary gratuity Of eight psr cent,
sud the privilege Of Ossing thess bonds as specie
| funds, for the use of their names.
1 do rot mean By these remarks to intimate a
ubt as to the character OF the banks which, 40
Q riding to general rumOr, had agreed to take the
boods on the terms proposed IN the bill Conduct
: / as they have been in god faith to the pablo
a. vail IS TO tbs stockholders AMI generally, 60
ia perhaps as has zen pra ticaols under all the
circumstances by which they have been sur
r uuded upon sound 6ltncial principles
6 10 proposed loan with eli the burthebs which
It assumes on the part of the State, will b. no
! .reat boon to bank which looks beyond the ad
sntage of swelling its temporary PROFITS to the
IrgesE possible amount, without reference to the
influence Of such policy upon the value Of cur,
ensy. The privilege Of prot citing itself against
! he penalties Of non specie payment. by chasing
hsse bonds as specie Is one upon which no bank
properly conducted ought ever TO rely.
| ha hanks AZ thaG rafa To he aYtant nf ia
ability, have acted in spirit of liOerality and pat
-lotism which enritls them to our lasting graft
,ude Their aid has RoE been of that kind which
calls down the shouts of the multitude and
overs them with glory but it has been subtantitl
Gnd effective Without it, indeed, the military arm
If the State would have be;n almost parsly I'd
AL honor, then to these bsnks aye, to the money
lenders and may no vird!e:iye feeling ever hsTeaf
ter enter into the bosom Of those who may be called
Ipon to legislsto upon their rights privileges.
And may it impress upon our minds this important
less n. one which lear has not been at sll times
sufficiently s;udied by those who have sometimes
beeu called 20 legisAte upon the claims
of the creditors that the wealth of ID
:itizens is tas wealth Of the State; thss capital
accumulated By individuals is capital accumulSteI
fJr the beseft of the State, tsst wealth is as
essential TO power as TIA strong arm Snd ssOur
| heart Of the soldier OF LAY lsb0rer, that they
are indispensable TO each ether; hand in hand
| Ia The onward march Of nations to greatness and
| % glory; that each would be comparatively power
less without the other and that each equally
tiled, upon every principle OF justice and common
honesty, 10 the same measure CT legislative favor
Alter this slight digr ssion By wsy OF tribute to q
class Of men whose services. however useful to the
state are oftener subjects OF legislative denuDcis
| ion than of protection, resume the cousideTs'
/ { on of the Tax Bill
IL ia Objectionable then
Upon the ground tbs: it imposes an uCnecessa-
burtbsD Of eight per cent upon the State :or the
Isc of the credit Of the banks.
That it offers an impOtiG temptation to the
banks for an undue expansion Of their issues al
eady too extended upon that class of loans.
That it curtails the ability Of said banks. un+
lss they be managed with criminal neglect of
sound principles Of banking. to extend their dis
cunts uyon legitimate individual paper. and upon
which it would be muck better to extend it. if it b.
n any case reslly needed for payment Of tax:s.
. 1t posspones payment to day when, from an
augmentation of taxes by further assessment
growing out Of the continued necessities of the
government, We shall be less able to psy than
lOW.
It will Impair the credit of the State, just as
be credit Of an individual debtor is impaired who
instead of making q sacrifice to meet his obliOa-
tions promptly, tGkes advantage of the laws de-
sy" to gain little mors time.
1t will weaken the confidence Of foreign gov
-rnmsnts In our determination to endure whatever
sacrifice may be necessary TO success in our pres
mt struggle
1t is moreover unquestio1ably true that while
the tax may bear with peculiar hardship upon tn.
} aater, on the ,hsr hand no other class of men
will suffer 20 much from the high prices of the
necesssries Of life, caused by redundancy of our
circulating medium WV.
The Late JOeI VI, Smith.
The recent death Of JOEL n. SMITH. one of our old
est snd most respected fellow citizens and bis high
character a. a public cflcer, in the old Federal
Government. and in the city of Nashville. deserves
more than passing notice, even in these times Of
xcitement and cumuotlon. We deem it proper