The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-05-17
The Currency question.

Ia view OF the Immediate practical
importance Of the currency question,
and it stands second only to the neoes-
sity for the suppression of the rebellion
we are gratifeda at the late action Of
the business men-including bankers
and merchandise Chicago, by which
they have agreed to unite their efforts
in giving credit to the national curren-
cy, by ruling discount upon all other
bank paper.
Some of the bankers at first opposed
to the measure, but finally they gave
in, and eyory house assented 10 the ac-
ton of the board of trade The Tri-
bune says:
The contest between Greenbacks and
the Wildcats, in this city, has resulted
in the complete triumph of the former.
Every effort made to break down and
nullify the resolution of the Board Of
Trade has signally failed. The bankers
who most strenuously opposed the time
fixed for the adoption Of the Legal Ten
der basis of currency, have all surren-
dered Internationally, and pledge
themselves that, on Monday, May 10th,
and thereafter, Legal Tender and Ma
tional Bank notes shall be the stand
ard. All other currency viii be treat
ell as uncurrent, and received alta dis
count
We rejoice that the sober second
thought Of the bankers has governed
their final action, and that they have
resolved to carry out the wise and pa
triotic programme Of the Board of
Trade National Currency viii soon
have replaced the greasy, ragged, cOun-
terieit miscellaneous hash hereto ore
imposed on the community. We are
fighting for National unity. Let us also
have National Currency of uniform
value and physiogpOmy, and which will
be par with gold all over the continent,
as soon as the rebellion is put down.
The action of the Chicago bankers
and the Board of Trade Yillreform the
currency throughout this State and the
Northwest, as Chicago is the emporium
of the Northwestern commercial trans
actions. When the great financial crisis
arrives, it will save the people Of the
West millions Of dollars of loss.
The platform agreed upon by the
banks, is as follows;
The undersigned banks and bankers
of the city of Chicago hereby agree that
on and after Monday, May 10th, 1916,
we will receive on deposit at par and
pay cut at par only Legal Tender notes,
National Bank notes, and the notes Of
such other banks as redeem at par in
the city of Chicago:
II being understood that all checks
dated prior to May 10th may be paid
in the present currency, and all bal
auces due between banks and bankers
on Monday morning are to be settled
on the same basis.
The Tribune, which has advocated
the measure from the beginning, says
that the Railroand and Express Com
panies have also signifed their inten-
ton to adopt the same rule, and Sunday
next stands therefore as the dividing
line in all prominent commercial trans
actions as that which separates the
sheep from the goats. You may reck-
on your wealth IN wildcat on Saturday
if ysu like, but the calculations viii fail
on Monday next
This, we opine, is about all that viii
be needed to set the matter right The
country people have long since been
tired of the miscellaneous currency
payment and have touched it cautious
ly. This action of the gentlemen whose
names appear above viii tend to make
the article scarce, and even those who
seek popularity by offering to take the
stuff after others have refused il, viii
soon be glad to come in out of the cold.
The Augean stable has been cleared at
last by the full tide of national cur
rency; it has been a Herculean labor
to accomplish it but the thing is done
Laudamus."