Year: 1860

BANKS AND BANKING,


DelirereG IN ae House Of Representatives, jan 2S 1860


Mr.. SPEAKER !, sir. had intended to maintain an


utter silence during the discussion Of the question


now under consideration before this body l had
| deemed 1t unnecessary and futile for to under


take to enghten Representatives upon this subject


knowing that there were gentlemen upon this floor


who are far more capable Of doing so than your


speaker; nor do l rise now for the purpose Of de-


tanning you with learned disquisitiOn, lengthy


argument, upon the subject Of Banks and Banking


but more for the purpose Of placing myself right


upon the record before my constituency, who / in


tend to represent honestly and faithfully, if in my


power, and nothing shall turn me aside or deter me


from so doing


| l deem it to be a fact that l know the wants and


wishes of my constituents better than any else


and nasmUch that is so, my course upon this sub


ject must be held to be reflection Of their wishes
| and their desires


believe sir, that gold and silver is the only con-


stitutional currency. And l take no issue with hon


Orabe members upon that point. And l believe


that it is wise provision in the federal compact


that it is so; for, sir in that currency there is in


trinsc value; upon it is the impress of labor and


toll which deem TO be the great scale in which
! value is weighed.


! Sir, in the early history Of the world men sought
for "a standard Of value and medium of exchange,
to transmit from one part OF the world to another
SUCH dflClcS VI pfOuuCls as were lOuuu LGCChSdiJ
anc requisite for the comfort and happiness Of
Aud, sir, if those transmssiOns, barters, could
have been made without a circulating medium, the
article termed money would have been Of no Use at
ALL


In those days the commerce Of the world was
carried upon a limited scale, one half Of the
world alone, at that period, was inhabited by men
carrying on any commerce whatever and requiring
very sittle circulating medium TO answer their de-
mands. The world, IN a commercial point of view,
in her infancy. BIt, sir it is not so now. The
western half Of this hemisphere is settled with
progressive thriving population. Thirty millions Of
enlightened freemen inhabit our own glorious con-
lederacy. Our merchant navy whltens every known
sea, laden with the wealth produced by our toll


ing millions and bearing back, for our comfort and
happiness the treasures and luXuries Of other toll
ing millions


The world has undergone changes in every re-
spect. The pastoral life and manners OF our ancient
parents are changed into busy, bustling CONNER
cial activity. Cities rise if by magic; railroads
checker our broad c0ntederacy; canals. rivers and
lakes bear teeming treasures TO our seabOards,
and ALL all is activity, life and pursuit Of wealth,
comfort and happiness And, SIR the times have
passed when the slow coach of hard money can an
swer the demandsof the thriving millions of our
commercial freemen l, sir am one Of those who
believe In progress and development. l wish. by
my course, TO keep time with this advancement.
NO~ will be thrown aside from my duty to those
whom have the honor to represent by the falla-
cies, sophstries and muddy reasoning Of gentle
menmembers upon tbis floor.


Money Is can be, and will be, nothing but COM
mercia agent or facility; and he who deems it to
be anything but that has not studied its uses, or
the purposes for which it was invented.


l. sir am in favor ola sound, well regulated mix
ed currency This is the position taken by myself
in my This Is the position intend to occupy
while a member OF this honorable body This Is |
the position taken by the Democratic party OF this
State. 1t is true. they were accused Of being in |
favor Of a gold and silver currency, and probably |


Ar.11 Il. IL
people lad taken such grounds, and for one |
will not be placed down upon gold and silver cur
rency at this tme;dnd the party to which belong con-
tends for such doctrine This is tire position taken
by the Democratic party in itspast legislation upon
the subject of the currency and Its party platforms.
l shall not undertake here tc read any gentleman |
out of either party. But sir must say that there
are some in my opinion too hard aid some TOO soft
some have declared that they will not vote for The
eChartering of the Union and Planters, or any /
of its high issues. l have never understood that |
the Union and Planters Banks desired to issue bills |
of less denomination than five dollars, which meets
with my approval. l set myself up as the monitor
of no man, or set of men neither do think, or in
tend to be dictated to by any upon this door, further
than | conceive to be right, and for the good and
welfare of the people Of Tennessee.


stood sir. in my canvass squarely upon the Demo-
cratic patfOrm;I stand there todayH intend to stand
there in my legislative capacity; am the representa-
tive OF thewants of the honest abOring and producing
Of Perry and Decatur counties and Of the State
of Tennessee. stood upon the Democratic plat
form and advocated its doctrines through the val
eys and up the hOllOWs and over the hiltOps of my
district from end to the other, with whatever
ability possessed, and sir, after heated contest
against gentleman, against an able competitor, ] |
was triumphantly elected.


| carried the Democratic banner in my right hand
and the Democratic platform, advocating sound,
well regulated mixed currency in my left the bat
tie axe with which l defeaUed my honorable oppo-
nent / am no hard. / am soft; am for the good
OF my country am Democrat; l am the repre-
sentative Of the wishes of my people | love them,
and they have honored me. and so help me HeavenI
will not be deferred from my duty by the nnuendOes
and i'll timed sarcasms Of those who differ with
on this subject tell them that man has a right to
read me or any other gentleman entertaining the
same views out of the Democratic party, drive
me beyond the pale of the Democratic organization


And tell the honorable gentlemen of the ada
mantine cabre upon this foo" that they occupy pc
culiar notions in regard to the bill now pending.
Gentlemen Of this class upon this floor are bilious
and see through glass darkened They may attempt
to set themselves up the eXpOnents of the Demo
cratic party. They may assume a d:statorshiD
upon this question Of the currency, if they like
but tell them their corporals guard must stand
from under. or the cow-catcher will lift them of the
track and drop them into the gutter.


There are gentlemen on both sides of tins House
that have done every thing within their power to
defeat the dill, by offering amendments to throw
ClOSS upon Lllt Dill DuL lley nave Deeu tlWaTtCQ
time and again, in their futile efforts.


They are ready to snap the OK that nips the hay
yet eat none themselves-they have proposed midi
vldual liability from early morn till dwey eve and
nave again and again been defeated-such liability |
as will never be accepted. ! am in favor of such |
restrictions thrown around bank charters as will |
be safe to the nOte-hOder. And I do think that |
the bill now under consideration viii meet with the
appreciation Of the people of our State


In Gods name, l think BY this time they ouobt IN /
be satisfied. | tell those gentlemen this bin Is the
measure of the Democratic party drawn nv with /
great care and with cOnsummate ability having tbe
interest and demands Of the people in all narfs of /
tennessee, broadly in view. And sir 1 mus saw |
with ali due difference 20 the opinions entertained
by members opposing, tnat il is the best niI ever
introduced before the Assembly Of Tennessee. and /
challenges lhe admiration of all men eSeept those |
blinded by partisan feeling.


The people OF Tennessee demand of us that we |
shall give than well regulated well guarded bank
ing system; that demand comes tbu3derino upon |
every gale the cry is borne upon every breeze from
the mountain rlvulets Of the rolling Tennessee 10
the turpld sWels o. the broad Mississippi: from the
blue tops Of the Cumberland to lhe cotton fields of
the western District. The cry is give us a sound
commercial agent, from the laborer in the work /
shop that tolls lOr the support Of his wife and chill
dren; from the plOwman that treads the toillng I
turrow; from the merchant thS5 snufs the midnight


lamp and wastes his life away over his iedger and
journal; from the trader who gives impetus and
tone to the commercial world, the cry is give Us
sound commercial agent


And ], sir, for one, humble though may be, am
not going to turn a deaf ear to their appeals. be-
heve, sir, the provisions Of this bill impose the
proper guards and the proper checks upon bankers.
believe it embodies the necessary balances and
shields that go to establish sound and well regu
} lated bankinp is The DrOduct of great