Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-11
srsrE RANK noorEn.

u - LAEE tANA MOOIED.
In the FFanklin ReUieso and Journal,
just to hand, We find a communication
signed "Williamson Farmer" urging
the establishment of State Bank, to
give us local currency that viii stay
with us. The writer is quite bold in
his logic, saying:
No sort Of financial scheme that is
run by the general government will
ever suit our wants. One may be bet
ter or worse than another; but all such
will be managed and controlled by the
capitalists of New England and New
York, to the promotion of their profit
and to the injury Of the producing
classes. Let the general government
furnish the standard of curren-
cy as it did before the war, and as it
does now of weights and of measures,
but let each State furnish its own cur
rency to suit the wants of its own peO-
pie. Better to have a currency depre-
ciated (if need, be- twenty-five per
cent. than to have our property depre-
ciated, or shrunk in value, from thirty
five to fifty per cent. > l want
each member of the Legislature to
consult that portion lat least of his
constituents who till the soil, and who
make all the wealth of country, onthe
subject, and see if they don't instruct
him to go for bank of issue. Give US
a bank, and let the notes be loaned to
the people, and you need not consume
your time In passing stay laws and
wrangling about taxes being reduced.
Commenting on Gov. Kemper's re-
cent message in favor of a State cur
rency for Virginia, and his plain argu.
ment that the South can no more obtain
national bank currency under the
present law than starving mendicant
could buy bread with cash he does not
possess, the MurtTeesbOro Monitor
says the same arguments will apply
with equal force to Tennessee, and ex-
presses a hope to see the matter
brought before the coming Legislature.
In the Nashville Banner of yesterday
we find lengthy communication to the
same effect from w. S. Higgins, Esq,
of Coffee county. He argues that any
action by Congress viii necessarily be
slow and uncertain. Meanwhile, our
farmers cannot work their lands for
lack of currency to pay labOrers, and
it is idle to talk about establishing
manufacturing industries, with no
money to start them. We have Meth
er the bonds nor the greenbacks to
establish national banks, ana what we
need really is "a home currency, a cur
rency that will remain with US, that ia
come-at-able on long time and at q
lover rate of interest" These con-
ditiOns, Mr.. Higgins thinks, can be
best fulfilled by establishing a State
bank with a capital of fifteen millions,
which, in the ordinary run of banking
and business operations, would give a
loaning capacity of a hundred millions
or more. The communication closes
as follows:
L would say TO you members of the
Legislature who are in favor of lessen
ing the burdens of taxation land hope |
you all are, that here is the solution of |
that Texed question: Start this bank |
and the profits on the immense business |
it will transact Will more than
pay all of our taxes, besides |
the stimulus to business and pro- |
auctions of every kind, the doub- |
ling in value of our real estate, and the |
untold benefits to the laborer and needy |
of our State by furnishing them means
of profitable employment. The farm.
ers could and jUOUld double their crops,
and remember when the farmers pros
per all prosper, and vice versa.
1t Is easy of accomplishment. After |
clearing away the brush, such as con.
stitutiOnal prohibitions if there be any;
You simply enact that on or after a |
certain day there shall be established |
at Nashviliea State bank, with branches |
at Memphis, Knoxville and other CEN
ira. points, which shall issue treasury |
notes IN denominations, from one dol |
lar up to a one:thousand dollar bills,
with necessary restrictions. Appoint |
a board of directors Tor have tle Gov
ernOr to do sol and they Will do the |
rest. The one thing needfgI for you to |
do VIII be accomplished, and We will be |
a prosperous people, paying no State
tax. Then would intelligent, well-to-do |
emigration pour into our State ike an
avalanche. Everybody could want to
come to orr thriving and prosperous
State, and no one would want to leave |