Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-02-06
THE UNION AND AMERICAN.
THE STATE CREDIT--RE.
CHARTER THE BANK.

CHA EkANAa
To the Editors Of the Union and American:
1t is not often my commune atoms
trouble the press or the public, and / only
make these inquiries now in order to con-
tribute my mite toward relieving the State
of her great pecuniary embarrassment,
restore her injured credit and raise her
bonds 10 the position in value they should
occupy in the market.
desire to know why the Legislature
cannot recharter the Bank of the State OF
Tennessee, under the old system and for
the same purposes for which it was hereto
fore created and existed, and make the
issue Of that institution as current IN value
~ lhe legal tender note or the national
currency of the United States Ii the old
and new issue of the State Bank could be
raised to a grccnback valuation, would
the taxpayer hesitate one moment
whether he paid his revenue in the issue
of the State Bank, or in legal tender notes
or national curTencyl Would the state
revenue paid into treasury in the issue OF
the State Bank remain there to be de-
stroyad or burnt, or would it not be dis
bursed By the proper officers of the State
government in the liquidation of the cur
rent expenses of the State, and the return
again to the people to fill and perform the
Office and mission Of 4 par circulating
medium, and thereby temporarily relieve
the distressed, peculiarly, condition of the
country
But the question is, How win you raise
a capital stock sufficient for the purposes
of establishing and operating the State
Bank, in the event the Legislature should
deem it expedient to recharter that insti-
tuition? The proposition is of easy sOlu-
tion, and it could be done in two modes
l. There are about 10000 poll tax
payers in the State, and levy of ten dol
lars per capita on each, TO he paid in
par currency, would give the round sum Of
$4,000, 600 capital stock, upon which to
establish and commence the operation of
that institution. If this sum could be paid
in specie by the taxpayer, then let him
pay the same in its equivalent, and direct
the Comptroller to sell the paper money
issued as revenue for specie, and deposit
the same in the bank as basis of opera
ton.
If direct taxation by the poll is objec-
tionable, then let the Legislature levy an
annual tax of two and one-half cents on
every hundred dollars worth of real and
personal property taxable in the State for
q sinking fund, and to be continued from
year to year until the fund and sum raised
shall reach five million dollars, 20 be in
vested as capital stock in the bank, and to
inure TO the purposes of the State. The
bank, when 50 chartered and established,
10 belong 10 and be owned exclusively by
the State, thereby making every taxpayer
therein directly interested in its credit and
perpetuitv, and to be controlled, managed,
governed and differed by responsible,
credible men, appointed by the State, in
such manner as the Legislature may in
their wisdom direct, with proper branches
IN the grand divisions Of the State for the
reception of the public revenues and other
purposes Of the State government, and the
whole credit and faith Of the State to be
pledged for the redemption of its issue
the present issue, the old and the Torbctt,
as it's called, TO be considered, treated and
received as the notes of the recognized
institution.
Il does appear that if either one Of these
plans were carried into successful opera
ton. that the State of Tennessee would
have temporary relief from the deficit in
her treasury, that the issue of the bank
would be raised from the depreciation into
which it has fallen to par valuation with
any paper currency in the country, and
that the note-holder of the bank would be
saved that which cost him the par
value thereof in the equivalent of par
currency, and that the community at large
would be greatly benefited and the credit
of the State hOnOrcd. NJ