The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1875-11-17
SENA TOR KEY ON THE Nj TON
Al BANKS.


1t will be remembered by the read
ers of these columns that last week
we published a portion of an inter
view had between the Hon. D. III.
Key and a correspondent of the
Nashville american. in regard to the
National Bank system, and that we
commented thereon at some length.
BY recurring to that article, it will
be seen that We did not give precise
Iy the construction to the Senator's
language that had been given it by
the american and other papers. The
Senator had said:
''With the system fixed upon us as it
| is, it seems to me that we might be great
| ly benefited by repeating the tax of ten
per cent on the issues of banks author
lied by the State, and let such of the
| States as need them adopt a secure sys
tenn of local banks, predicated upon one
national, or other good securities"
He had said:
SIT may be, and do not say how this
might be done, that we might devise the
means to pay cur bonds, and this would
give currency, stop interest, and dissolve
our National Banks"
He had said:
"I have no partiality for National
Banks; and I have no inteI est in them
/ hare desired to see SOlz3e safe and easy GcGy
By arIl6ch ace could dispense acih them" (Our
Italics)
Taking these expressions in con-
nection with all the rest he was re-
ported to have said, we were not GER
tain as to his meaning, and so ex-
pressed ourselves.
We recur to the subject again to
do simple justice to the distinguish
ed Senator. We have the means of
knowing that the Senator is ready to
support any sound measure that will
change the Banking system of the
country for the better without pro-
ducing a financial shock. We know
whereof we speak, when we say that
the National Banks are as tedious"
to Senator Key as to any other in
telligent Democrat in Tennessee.
The trouble is, that he has perhaps
thought more upon the subject than
some persons, who are in favor of
just wiping them out like a scroll.
The Senator is aware that the sys-
tenn is "fixed upon us,'-that the
wiping out and liquidating Of two or
three thousand powerful banks is
not a game that children can play
at,-that the doing of this is hedged
about with dangers on the one hand
and difficulties on the other, and is
task that will tax the wisdom even
of the United States Congress.
And now. after reviewing the re-
ported interview, and what the press
has said about it, we submit that
Senator Key not only did not ex-
press himself as favoring the Ma
tional Banking system, but as desir-
ing to get rid of it. But to get rid |
of it in some safe and easy way. If
any Democrat in Tennessee favors
getting rid of it in way that will
bring financial ruin upon the coun,
try-in any other than safe way
why, then he is simply rash, and we
are glad TO know that our Senator
will be no participant in this rashness.
Senator Key suggests two meth
DDS by which the end may be accom-
plished. One by paying off the
bonded debt and giving more cur
rency to the country; the other by
the ten per cent fax clanse.
and allowing the States to establish
systems of local banks Of issue,
either OF which would no doubt safe
ly work the liquidation and ultimate
destruction Of the tedious" system.
Lei the Tennessee Democrat who
can suggest a better, and safer, and
surer plan than either Of these, speak
out, and come to the front; for such
an one, by doing so. might render
himself formidable competitor Of
Senator Key in 1877.