Union and American. [volume] (Greeneville, Tenn.) 1875-1877, 1875-12-09
The time has again come W

as i believe they can and VIII, re-
store the old regime of high per-
sonal character, and at once Speak,
plainly and sensibly as of yore, in
favor Of such policy of admins
tration rs shall lead to the substi-
tuition of q sound currency, con-
vertible at the will of the holder
into gold or silver coin. Such a
policy announced by them will in
stantly give confidence to those
who own capital or who control
capital, and we should witness the.
quick rewarl of such proofs of
wisdom and sound policy in the
abundant supply of money upon
mortgage and other security, and
the States-of the South would be-
come the theatre of the Investment
Of capital, which now lies idle in
the money centre for want of con-
1idence alone.
Recent Legislation in the West,
in Wisconsin and other States, and
the late declaration in Ohio, have
alarmed capital and will prevent
its flow in these quarters, where
it has heretofore gone so freely,
and will induce its recall whenever
practicable until the citizens of
these States shall take steps to re
assure their creditors of their in
tent to give due protection by law
to all investments.
= II - hn
present condition of affairs, and of
public sentiment, the great oppor-
tunity for the restoration of the
laws of sound finance, by return
to the limitations of the Federal
Constitution upon the powers of
Congress in relation to this most
important subject.
Ever since 1862 there has existed
combination between the Federal
Administration and the moneyed
power of the country, unwholesome
for both and unsafe for the country
at large.
1t has its basis in the system Of
national banks organized under act
of Congress, and largely controlled
by the Treasury Department, and
subject to the will Of a Congress
ional majOrity-a condition of
things never warranted by the let
ter and spirit of the Constitution or
the Federal nature of our system
of government.
Under it the banking business
CT tie entire country has been re-
stricted to one special kind of
capital; that is, the bonds of the
United States Government, and
the employment of all other de-
scriptions of capital as Il basis for
banking have been r1gldly eXclud-
ed from competition.
Credit has been restricted to the
single form of national bank notes,
and this has been unlawfully and
unwisely taken from the States
and the people, where it admitted
ly belonged under the usage of our
Government from it's foundation,
and deposited under the sole and
despotic control of Congress.
This was. al aeeompl.shed by the
passage of an act of Congress
which, under the pretext of taxing
the State banking institutions for
the purpose Of revenue, crushed
their circulation out of existence.
So long as this lasts, and Con
gress is invested with the power
and sole discretion to determine
and control the volume of currency
the extent of emissions of paper
currency for all the States and peo-
pie-just so long uncertainty and
dissatisfaction will prevail, and the
sound and true principles Of bank
ing and credit will be disregarded.
The cbb and flow of party power
changes Congressional majorities
from year to year, and l can i'm
agine no body of men SO unfit to
exercise so great power and pc
euliar discretion as the accidental
majority Of Congress. Such a
power has never been exercised
in Great Britain. Even there
under their imperial system, and
all the political omnipotence OF
Parliament, such folly as con-
fining the banking business of the
country to a single species of CAPT
tai, or preventing any banker or
banking association from using his
or their credit by the emission of
notes in any form they saw fit, has
never been attempted or suggested
Therefore we see the numerous
banks of Scotland and Ireland and
England, country banks" they
are called, pursuing safe, useful
and profitable business, supplying
currency notes to their customers,
and regulating the volume of such
issues under such limitations as
self-preservation and the laws com
pelling redemption of their notes
on demand in gold and silver coin
make it necessary.
The notes of the Scotch and
Irish banks float side by side with
the notes of the Bank of England
and the coined money of the realm
in all avenues of business. They
are not and never were a legal
tender, but convertible at will into
coin, they became practically equiv
alent.
The combination between the
moneyed power of The country and
Congress gives to the former de-
gree of influence over legislation
! which is inconsistent with the pub
lie interest and hostile to popular
freedom, and at the same time
capital is subject to the ignorant
or capricious control of Congress
ional legislation, rendering its OPP
erations insecure and unstable.
Is it not manifest that there is
now favorable opportunity for
the Southern States to assist in
aiding the country to return to
systems of sound finances and
currency under the limitations I'M
posed by the Federal Constitution
over the power of Congress over
this important subject.
Tke cry of Kelley, Butler, Wen