Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-12
a PROPOSED BANK OF DISCOUNT.

i observe an article inthe Banner Of the
10th from w. s. Higgins, on the policy OF
establishing bank of discount, witha cap
ital of fifteen millions of dollars. The
suggestion is one that should commend it
self TO the thinking men of our State, for
there is nothing more certain than that
every industrial interest in the South is
languishing for want Of currency. The
farms are not cultivated; the mines are not
worked; manufactures are not established;
universal depression and poverty stare our
people in the face for want of circulating
medium. Now, we may expect violent OPP
position from ali the national banks. Their
friends will say, 'raise produce and you
will have currency; establish manufacto-
ries and cease to send your money abroad
for every article you use, and you will not
be oppressed for want Of currency" Now
this may all be true, but where is the
money to come from to hire labor to culti-
vate our farms and make the produce tosell,
or who will advance the money TO build
pillow factory or 10 gear our streams and set
them to grinding our wheat, making
our cloth, shoes, hats and other articles Of
daily wear? VIII the national banks do it?
Go to one of them to borrow a thousand
dollars, and you may offer as security
$4,000 worth Of real estate, and you VIII
be refused. Now real estate should be,
and must be in a normal condition of
finance, the basis of all credit. The pro-
ducts that feed mankind and keep them
alive come from real estate; the ores that
furnish the metals for the construction of
machinery, and for use in all the arts,
come from real estate; the timber, and
stone, and clay that furnish material for
the construction of our houses are supplied
from real estate; the fuel we burn, the
clothes we wear, the food we eat, the
water we drink, even the beauties Of The
landscape, that WHITES the emotional nature
and gives pleasure to the intellect. come
from real estate. Almost everything that
is desirable for man, whether it pertains to
his physical or intellectual being, is drawn
directly or indirectly from mother earth.
1t should, therefore, be the basis of all
credit. But, under the manipulations of
such statesmen as we have at present, real
estate is almost valueless and is depreciating
every day. The men who create the
wealth do not enjoy it. Those who till the
most luxuriant soils are not filed with the
rich harvests they gather. Labor has not
its reward under the workings of the aItfIl
schemes of legislation which have been de
vised. The holders Of the promises of the
Government are making serfS Of those who
own the property upon which these promi-
SIS are based. In his cupidity the bond
holder is sapping the very four datiOn Of
the structure upon which his wealth rests.
But pardon this DEPRESSION. With plenty
of currency, which the people can borrow
upon such cOllaterals as they have-land,
water power, houses, etc.-the productions
of the State viii be greatly increased. We
shall then hear no more of the inefieiency
ofthe labor system, for there is nothing
more certain than that the efficiency of Ia
Dor increa, es in direct proportion TO the
certainty with which it's paid. There will
benO more complaint of high taxes, or ofmen
seeking in vain for employment. There
are hundreds of active business men now
out Of employment who would contribute
vastly to the wealth of the State if
they could borrow money; but
no accommodation from the banks
for longer period than three months can
be obtained. No one can establish bust
ness in such a short period. If farmer,
his crop will not mature; if a manufactu-
rer his machinery cannot be put up. OF
all the systems ever devised for squelching
out the energies of a people, none has
proved more effective than the present cur
rency system Of the United States. II Of
fers premiums for speculation. 1t dis
courages hardy industry. 1t makes what
is by Iatuue most valuable of the least
marketable value. 1t reverseS, upsets, over
turns al the established laws Of finance,
trade and political economy. Let US have
a good State currency based upon the wealth
CT the State currency our people can get
and USED home currency if you please
that like the waters of the desert, viii
come yelling from the bosom of the earth,
TO fructify and enrich our impoverished
State. If constitutions are in this way,
the people are omnipOtent; abolish them.
If national banks iHterpOse a barrier strike
them down, as one would vampire, that
first Supplies and then drains the fountain
of life