Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1876-02-19
JACKS N:
STRONG RESOLUTIONS.
The First Gan In the Tennessee Cam

palYn.
On the first Monday In this month the
people Of Jackson county assembled at
GainsbOrO, little town nestled amid the
mountains, and spoke out in meeting.
The resolutions are clear, and were evil
IDENTITY drawn by master hand. We
.subjoin few of them, aud here is one
which forcibly puts the case between the
people and the National Banks. Il is
searching argument condensed in the
form of a resolution.
Resolved, that the present system of
national hiking is grand swindle upon
the people. It is. when viewed in its
proper light, the most glazing highland
ed legalized robbery every Perpetratcd on
free people. 1t is crying evil, which
demands at the hands of the peoples rep
resentatiVes in Congress- immediate RENE
dy. For who ever before heard of great
government making of itself a broker
office for the benefit of favored few, by
lending that favored fow hundreds of
millions of money TO bank on free of
charge upon certain pledges, and all the
while paying to their pets six per cent.
semi-annual gold interest on said pledges
or bond? By this means the said milton
al bankers realize equal to ~ per cent
per annum in currency upon their bonds
pledged as a basis for their banking, and
the further sum of from ten to fifteen
per cent. per annum on the black currsn
ey which they loan to the people, or an
aggregate of net less than 20 per cent per
annum that these favored bankers, aided
by the Government, yearly take from the
hard earnings of the people. This makes
the three hundred and fifty millions of
black back currency now in circulation,
which costs the people an annual interest
of not less than seventy millions, nearly
as much as it cost President Buchanan to
run this great Government in the year
1860. Ii is obvious that no people can pay
such enormous rates of interest for a cir
culating medium without being financial
ly ground to powder. 1t would seem to
be the settled policy of the party in power
to so administer this Government and
manage its finances as to make the rich
richer and the poor poorer. Therefore,
we are in favor Of a speedy and uncOndi-
tional repeal of the entire Notional Bank
ing system of this Government, and re-
quest our Representatives in Congress to
labor for that result.
In another resolution they denounce
the democrats of the East" as they
somewhat POLITICALLY style them, and in
locating them geographically they pro-
coed to say:
Resolved that the Democrats OF the
East who have aligned themselves with
the monied aristocFats of the country are
in our opinion, no longer to be accounted
the friends of the masses. Like the chill
dren of Israel when Moses had absented
himself from them for a little season,
they are worshipins the golden calf;
they are joined to their idols and will not
hear the words of wisdom.
In the next resolution they announce
themselves for Hendricks as the demo-
cratic standard-bearer in the presidential
election, and this seems to be a very gen.
eral sentiment cropping out among Ten
nessee democrats.
And here is another resolution which
is significant, and We are satisfied that it
only echoes a sentiment now suppressed
but soon to be heard all over the land.
The general impression is that our high
rate of interest fixed by law has not
drawn capital into the State but rather
repealed it, and thai it has been used tc
the oppression of the masses. Certainly
since the passage of our conventional
rate of interest the circulating medium
has not been superabundant, and times
have never been harder. The stream OF
molten silver that was to pour in upon
us could have been kept out by the ''old
woman and her traditional mop"
We understand that the Changers favor
the idea embodied in these resolutions,
and they constitute n powerful and influ-
entail element in the social and political
atmospheres:
Resolved that in our opinion ten per
cent. per annum interest is too heavy q
burden for our people to carry; that ii
depresses the value of real estate and ali
other kinds of property. Especially is
this rate of interest oppressive when II
comes upon money previously charged
and loaded with gold interest on United
States bonds, which are the basis of the
currency.
Therefore we are in favor of an early
repeal of the conventional interest law of
Tennessee, and would favor placing it be-
yond the power of any future LegiSla-
ture to fasten higher rate than six per
cent. upon our people.
Our Jackson county friends also pro-
pose reforms in our criminal code, and
to this end demand State Convention if
the Legislature be powerless in the prem
Uses. On this point they utter no uncsr-
tain sound:
Resolved that We are in favor of carry
ing our foregoing ideas of rOtrenchment
and reform into practical operation in
our State governments as well as national,
and to carry out this object, amendments
TO our present State Constitution become
absolutely necessary IL Is manifest and
patent to all that the prosecution OF
crimes and misdemeanOrs, under our
present system, is far too expensive. II
costs more than double what it costs our
sister State Kentucky, and we suggest
that by proper police regulation, and
amendments of our criminal code, at
least one half the present expenditures
in this behalf might be saved to the State
and counties. Many other reforms might
be suggested which would greatly reduce
our current expenses, Therefore we
would favor the calling of a State Con-
ventiOn as early as practical, unless need
full amendments to the Constitution can
be accomplished through the instrument
tality of the Legislature.
Our State debt also, was a subject dis
cusEed before the meeting, and it was as
serted that the low price of our state
bonds in the market was simply dis
graceful, and that no Tsnnesseean could
contemplate the situation without bowling
his head in shame" The bare thought
of reputation was secuted, and the fol-
lowing resolutions on this point were
passed withouta dissenting voice. The
establishment of 4 State Bank or fiscal
agent is bold move, but it may be the
best
Therefore, resolved that we are in favor
of leVying aud collecting a sufficient tax
to accomplish the grand result. Away
with the doctrines of demagogues, who
cry low taxes when they know that such
policy is not applicable to our present
condition. Let us get out of debt and
reduce our expenses, and then place the
taxes as low as possible.
We maintain that 10 is obvious to every
sensible and investigating man that the
lack of sufficient currency to supply
the ordinary demands of trade and com
merce is one Of the greatest evils with
which a people can be afflicted. Nc
more can a community be prosperous
without a circulating medium than can a
human system be healthy and strong
without sufficient blood circulating "a
keep it warm in all its parts.
A great financial panic came upon the
country in 1873, and the scarcity yet con-
tinues; and while we are made TO de-
pend on a single source for a currency,
such evils will continue to affliet us from
time TO time at intervals.
Therefore, resolved, that as a means of
remedying this great evil and TO provide
more perfect and sure means of paving
the interest upon and finally redeeming
our State bonds and 10 create a fiscal
agent for the State, we are in favor of
the earliest practical establishment of a
State bank, and to do which the present
constitutional inhibition must be remOv-
ed by Constitutional Convention. Such
l. - Il