The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1865-04-07


The currency and the Banks are
nearly allied to the finances, and arein
such demofalized condition IS to de-
mand prompt action. and most positive
legislation. The State owes It to her
self to look into the condition Of the
three old Banks, the Bank OF Tennes-
see, the q MON, and the Planters Banks,
each having its parent Bank at Nash
Vile, with affiliated branches extend
ing over the State; also several small
stock Banks, and the free Banks
With, perhaps, two exceptions It is be-
heved, they are all hopelessiy insolvent
All have, beyond doubt, violated their
charters, and may properly be closed
up. Nay, where they have value re-
ceived for their notes, and are worth it,
they should be made to redeem their
issues. The policy pursued By these
Banks, even before the war was 10
keep their paper st lower quotations
than that Of any Of the surrounding
States Even ct home it was asa dis
count, and in some of the neighboring
States i MSS uncurrent This imposed
upon our commerce the payment. Of
large GUMS Of premiums UPON AL the
femittansss beyond the state, which ID
the end came of The people. saeh
currency could only result from un-
sound financial principles, for, the bali
anoe Of trade, with most Of she snr-
rounding States, was decidedly il our
favor It Is Therefore recommended
that al existing Banks baWound upat
once, and that no.more State Banks be
chartered The several hundred thous-
aud in real estate owned by the State
Bank, shonld be dashed without de
lay The stock was Owned By the State
and il held large deposits Of currency
and securities. As the Union armies
advanced to the possession and occu-
patton Of the several towns where she
branches were located, the officers Aed,
with the essets beyond tie limits OF
the STATE, and they sre doubtiess ire
trievabiy gone la the outset Of the
rebellion, this Bank was used By the
guilty conspirators, and large sums were
used to further their schemes Of trea-
son. It has been determined BY the
people that these issues shall not be
paid There are many notes outstand-
ing Of the Bank, Issued after the date
specified in your amended Constitution
and intended alone for the benefit Of
the rebellion. Shall they hs redeemed
by tax imposed upon the people I
know Of no legal OF moral obligation to
redeem these notes-even if the State
occupied such an attitude that such an
obligation could be enforced ID is
known that when bzuk-netes become
uncurrent they are. sold ~ the small
holders, who are not in q condition 10
hold such paper, and bought up by
spectators, generally ct their own 81
ures. In this way they Accumulate in
few hands, often st prices almost
nominal The notes Of the Bank al
Tennessee, it is believed are held in this
way, and by this class of dealers Hav
ing lest The principal Of this banking
| capital, and having sold these issues in
small quantities at heavy discount
shall our people be taxed 70 make
these ISSUES good IN the hands Of spec
aIatoFs2 confess I see no equity in
It Doubtless instances win occur Of
Individual hardship. and others will be
/ pressed upon your attentiOn--not 50
much by the parties themselves, a.
/ By others interested in the sdopli0n Of
4 general poscg based upon these e. =
isting ease There remain 70 the
Bank large assets, uneosieeted debts,
and the present liabilities Of its faith
less officers Salts sre audefst0od 10
/ be pending against the officers of many
/ Of these branches The others should
be held 10 their respoasibiiiiies con
tent myself with these general sug-
eesfions, Iruatiag in your wisdom, i
you deem them prscticable, e arrange
the details
REzFERs RIA GREzEBAcxs.
TIE national banking system Is BE-