Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-12-06

From the Gallatin Examiner.

FTOm INC 0dAitttii I1NdinllltI
1t is, we believe, too late in the day
to expect to correct the imperfections
of our present banking system, or to
point out even the gross defects, with
hope of remedy. We have departed
from the fundamental principles of the
constitution that nothing but gold and
silver is lawful tender. W.. 30 net
expect to live to see the restoration of
the constitutional provision In regard
to the currency. The country is gov
erned by class who make money by
its violation. A gold and silver stand
ard would prevent initiation and illegit-
innate speculation, but still we like to
dream of ''a good time coming" when
all banks of issue shall be closed,
and the country restored to
metallic basis. Then every
thing would be worth exactly its price
in coin, and sell accordingly. Let us
see how it would work out. We will
briefly give our plan of Banking
system. Let us take our State of Ten
nessee as an example, and a like system
would be adapted to each and all of the
States. Gold, silver and bullion being
the only standard of value, we would
establish in every county in the State,
under charge of bonded officers, of
known probity, strong box, under
their charge, in which every person
would be at liberty to deposit. The
entire wealth of the country would thus
be accumulated. Now less than twenty
dollars each would suffice for the daily
needs Of every inhabitant Of the county
for year. In the payment of larger
debts from one to another, a simple
transfer Of credit upon the books of the
Bank would accomplish every transac-
ton that could possibly take place. A
owes B. 800, or 1000. A stroke OF
the pen of the clerk transfers it from
a to B., and the debt is paid and the
money remains where it was. G. goes
to the country to buy a dozen mules.
He gives d. his check upon his bank
deposit. Ii there be any doubt that
G. has his coin in Bank, a visit to the
Bank viii verify the fact. Parties will
not have to travel far to know absolute
ly whether their paper is good or bad.
Counterfeiting will be destroyed, for
people will not take checks without an
absolute certainty that the coin is de-
posted to pay them. We affirm that
there is not single transaction takes
place in the county, in a whole year,
that could not be accomplished with
absolute safety, CELEBRITY and convent
ence. Exchange operations would be
then in the hands of private bankers
who would sell their bills on othel
points Just as now, and if any losses
occurred, they would only affect the i'm
mediate parties and not the whole
country The great bulk of the ex
change business of the world has Away
been performed by private bankers
and has invariably proved the safest il
every respect. The Earrings ant
Rothschilds, of the Old World, an(
several eminent firms in this country
have transacted the larger portion o
such, business, and always safely. TIL
bankers of Bombay, or of the most dis
tant market, readily take the bill of tn
Earrings, when the greenback of tn
Union would be spurned.
But cui bono? What good will com
Of all this? Honesty, settled values
stability and freedom from the finan
cial storms that upset the whole coun
e try. Every man will know what he i
| worth. What he has, is worth Just S
much gold and silver. He will pay fo
everything that he buys at gol
e standard. There will be no rise or fal
f in the money market. A dollar will b
e dollar, and property or produce vii
be sold according to the just laws c
supply and demand. 1t will be a rul
that will work both ways rightly.