Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-11-05

| National Bank is licensed trader in it
Without pausing to discuss the question as
to the relation of the people to the govern
ment, and its pet companies of capitalists
organized as banks, and as such licensed to
take advantage of the necessities Of the
people under the incidents of this reVolu-
ton, assert that the people have the right
to do as they please with their money; to
compete, if they see fit, with the govern
ment in the question of bond investments,
or with banks in the handling of the CAPT
tai of the country. This is the peoples
government. sir, and they should support
it. do not wish to be construed as utter
ing a word against the propriety
of a due sustenance of National
or State credit. But the government
was made by and for the people; and
while they will assume any obligations ne
cessary to sustain government, they should
not and will not be made subject to
statutes, whose action compels them to be
vassals to government This bill proposes
to the people, in their monetary dealings
with each other, equal advantages with the
Federal government and its licensed cor
porations in the use of the capital of the
country. The taxes levied we have to pay.
We pay them cheerfully if they are equita-
bly, levied. The people. however, demand
equitable competition for the money of
the country. They have a right to it. If
governments, State or Federal, will
pay any per cent directly or indirectly,
through corporations or otherwise, for
money, let the people have the same privi-
lege. Let there be free contracts among
ali the people as to the loan of money
Taxes, be they light or onerous, are newt
able The people will pay them. If the
people are freed on all matters to trade
among themselves, manufactures, agricul-
ture. commerce and all vocations will -four
ish, and the burdens of government will
not be felt So long as State laws fetter
such freedom, and federal laws impose
restrictions and coerce exac6ons, capital
will succumb to power and its immediate
interest. Individuals and communities will
cease to be among themselves recipro-
cally self-sustaining, and discomfort and
murmuring at taxation will never end
But, Mr.. Speaker, 1 will not dwell upon
these general considerations. They are so
obvious as to be felt by every member Of
the House who has reflected on the sub
ject, and cannot but have weight in the in
auence they may exert.
This revolution in governmental, fnan-
cial and currency regulations, has deeply
affected our State. We have now no banks
of issue. We have less currency by
two-thirds than before the war, and the
banking companies have no power to ac-
commodate the trade The trade is largely
increased, and continually increasing. The
commercial centers perceive this, and all the
State, to the remotest county, feels
it. By the law proposed, capital now DOR
mant and idle wholly, that invested in gov
eminent bonds, or engaged in this species
of banking which is oneroUs to the people,
will be set free to investments of another
kind and to circulation among the people.
The people should have in Tennessee the
right to pay by law an equal rate of inter-
est with that offered by the Federal gov
eminent. Hampered, as they are, the gov
eminent is an Overlooking competitor.
Money is absorbed in bonds, the people are
condemned to work under difficulties, and
enterprise consequently languishes in every
department.
| have not attempted, Mr.. Speaker, to
adduce the facts at my command OF the
practical operations of the conventional IN
terest system in other States. l might cite
Missouri since the war, and Louisiana be-
fore the war. To every gentleman dis
posed to investigate this question, all the
e.cts alid statistics are as open as to my
self Representing, es do, however, the
meIf1D0iia commercial constituency OF
the Star have felt it a duty tourye these
views Ii. ..lf o. the bin now pending.
The usury laws Of this State are, and
have always been, a failure 1t should
be the policy of our leg.4iation %
make the loaning of money an honor
able and not discreditable pUrsuit-to
legalize contracts for money between man
and man. We should allow capitalists to
use their means at fair compensation, and
not subject them to penalties and burdens
in its handling. We should give the peo-
pie generally, as borrowers, one from an
other, fair chance with the State and Fed
eral governments. We should not drive
capital from the State, orforce it into invest
ments where it does not subserve the gen
eral good. This law is intended to prevent
the evils, and, in my judgment, will do So
1t is calculated to relieve the people and to
stimulate enterprise and industry, and 1
believe will do it, and 1 heartily advocate
it in the name of my own constituency and
of the entire people of the State.