Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-05-01

Total "a 80, 2SS Is
The insecurity ofJhiS vast sum Of money,
If so felt, or when so felt, is certain in that
event to inflict our country with incalcuia-
BILE injury. 1t is the accumulated labor of
the country; it is part of your life blood;
it is in the hands of the few without
adequate security or protection. Il
is held and used in part, as evil
denced in the recent expose of some Of the
savings banks in New York, for the Wild
est, the most speculative purposes. 1t would
appear, sir, from this expose, to which l re-
fer IS recently made in New York, at least
so argue, that these savings institutions
are the hot-beds in which stock gambling is
nursed. And thus, instead of contributing
to the growth Of the country, or to the
security of public and private credit, they
are aiders and abetters in the corruptihg
schemes that are fast leading the country to
ruin.
Again, these savings Institutions, fire.
quently without capital stock, with no
security to the depositOr other than that its
managers may be superior to temptation,
chow fran bond!) advertised by legal
charter, are the safes in which poor mzn
and poor women, ignorant of financial mat
tiers, taken in Dy illegal charters" deposit
their little earnings. If these institutions
OF banking are to continue under your laws,
is 1t not your duty TO provide for the pro-
lection Of the poor, ignorant, and defense
less; and not only your duty to them, bul TO
all classes who will be affected by your
failure to do 30? l should deny myself
your authority to interfere with State insti
buttons, but when you exact security and
insure protection TO the depositor in such
banks as you-do authorize, the depositOr
will seek that place, and if your banking
system is free one TO all, there will be
quick conformity to its provisions by such
as are worthy of confidence.
What security will you exact? Shall it
be TO the extent of the capital you may re-
| quire, to be deposited IN bonds Of the Gov
| eminent, or a deposit Of bonds equal to
| fifty per cent. of the average deposits be-
| yOnd and inclusive Of the capital; such
bonds to be held Gas now required of the
| national banks to secure circulatiOn)
! for the benefit Of the depositOrs eX
| clusively, and beyond any other security he
may have or reach? / confess the question
! as to the security to be exacted is full OF
! embarrassment. | know the disease eX
lists, that its symptoms are alarming and
! betoken danger, and my suggestion Of the
remedy is made with full knowledge OF
the difficulties that surround the admiHIs
tratiOn Of it, or indeed of any. l trust the
committee to whom these resolutions are
referred will properly consider this difficult
problem, and suggest, If the one indicated
is not proper, some more efficacious one.
Having already, Mr.. Speaker, occupied
too much time in the discussion Of these
propositions, beg pardon of the House, aud
conclude with the declaration that, in my
opinion, there can be no reform of the ex
travagance in your Government, no correc-
ton Of abuses, no relief from the burdens
now resting upon the labor Of the country,
no revival of your great producing inter
ests, no content among the toiling classes,
until you have first made healthy your cur
| rency.