Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-08-04
tIuiun aud 9ispatfh.
SUNDAY, AUGUsT &. 1867.
Largest Circulation in City and State.
THENArIONALDEBT.

To the Editors Of the Union and Dispatch.
Most people, when they read an article
in a newspaper, throw it aside with some
flippant remark, and look out for the paper
next morning to get something new-read
that, and on they 90 in the exciting race Of
life, neglecting important things. 1t Is not
pretended that especial attention should be
given to these articles, for any merit they pos
sess, but it is hoped that the subject will
receive that candid and careful scrutiny it
so fearfully demands from suffering coun-
try. Has the proposed plan Of paying the
national debt any merritt If it has, why
not investigate? What is the practical
working of the national bank system as
compared with that of the old banks?
Take a familiar illustration Mr.. c., to-
bacco freighter a class of men we'll known
throughout this region As being useful to
the producing community by advancing
money 10 the planter thereby enabling
him to hire help to raise his crop,
then taking charge of the crop when
ready for market, shipping it to the best
market having it sold to the best adyan-
tage, and then accounting to the planter
for proceeds. Under our old banking sys-
TEN, Mr.. 9. was enabled, by drawing bills
on the commercial point to which the
proceeds were sent, to raise any amount
Of money required to handle and ship all
the produce raised in this country. The
old banks were able to grant these facili-
ties by issuing what the advocates Of the
national hank system call inflated cur
rency." The bills thus bought by the old
banks when paid at the point on which
4 fin ys.~b.l
New York and other cities. This ex-
change was sold by the old banks to the
merchants throughout this country, the
merchants paying for it in the paper Of the
banks which issued it, Thus the system
worked advantageously; the people got
the use Of the paper issued by the banks !;
the merchants got the benefit of the ex-
change; the banks prospered, and were in
turn able to accommodate the people
again. And so it continued in regular
routine or circle Contrast the present
system. This tobacco freighter Mr.. c.,
an energetic useful citizen, comes TO Nash
vile 10 borrow money; he applies to one
Of the national banks and is cody informed
that they do not deal in long accommoda.
ton paper, secured 10y personal endorse
ment. "Ihey rW loan small amount for
thirty or sirty days at nine per cent on good
coi1ferdis." What is meant by "g00d COL
idter1ls." Gold coin or government securi-
ties, dollar for dollar, with a written per
mission signed by the borrower to sell the
collateral if the note is not paid the dag Il is
due. When appealed to to relax these bind
ing and grinding terms they will tell you that
they deal in government stocks; they use
the money deposited with them for safe
keeping TO buy government bonds thereby
making fifty, seventy five and in some cases
more than one hundred per cent. per annlum
on their capital, while the planting interest
Is literally perishing by the payment Of
the interest on the bonds by which these
banks are made rich.
Take another class of our people-the
cotton planter-more in need of help
nom than ever before; he has a valuable
plantation, with everything necessary u
raise a crop of cotton except labor Let him
apply 10 one OF these national banks for a
few hundred dollars to employ hands until
he can gather his crop, hoU can he plank up
tie cJllatrqis7 Heart-sick, discouraged and
hopeless lac returns to his plantation to
meet the gaze of a hungry family and con-
At'H pau "a AAeA va "a e-ft rum tEcilNs lHN
old banks cleared and tiled these broad acres
with the so-called inflated currency. The
proposed issue Of greenbacks in place OF
the Understanding bonds will cause all
these plantations to smile again under the
| load Of bountiiul crops, and the tax gath
erer will be met with a smile from the aou
haggard and poverty stricken planter; the
thousands Of homeless wandering freedmen,
with their families, will rejoice in full work
] and food and shelter
Let the people, the great masses, who are
being daily impoverished by the Interest
on this public debt, ponder these things.
The restoration of our country TO peace
quiet, prosperity and security is what al
good men devoutly wish for. This can be
reached under the proposed plan without
doing injustice 10 any one. The government
can under it fulfill 10 the letter its contracts
and preserve its good faith