Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-11-15
sss.J.sTlC~.
....... ........,ur.. 40 InL. LEGISLATURE OF

he Message nl JOvrInOf IUiR WIS hfHNeieu 10 he
two branches of the Tennessee Legislature the 22d
ulrimo The document enters at considerable length
into investigation of the causes o the derangec stale
OF the currency ard the pressure IN monetary AFFAIRS
which subjects discussed with much ability and
great clearness On The subject of the suspension OF
specie payments by The banks of Tennessee, and the
policy 10 be adopted by The Legislature, the message
holds The following decisive language:
THE apprehension of the dram of their specie can be
sufficient for the suspension; for one Of the
conditions Of their corporate privileges r. that they shai
keep themselves oil all lines N condition 10 meet heif
liabilities When suspension OF specie paymeRIsi
place By banks their circulation mne datry dppreciaies
in value and the loss falls, the banks hot on The
people The labor Of The country bears The l"ss. whist
the banks during period of suspension are often Do
ing their most profitable business u was hoped Tint
the Bank If Tennessee Of whose ability 10 pay specie
doubt is entertained. would continue 10 do so She
did pay day aller The Union and Planters Banks had
suspended; bui, regret 10 say, finally yielded 10 The
pnnc around her. and s,npped-not from inability 10
pay but OF prudence tfrr course ls much
10 be rpgreiled and ssrly resumption is in my iudg
ment drma ndt by the interests of the State BY
tanning firm stand, honestly meeting oil her engage
menls and the time extending 10 her debursere
~ possible lndugenc compatible with her SAFETY, her
character State institution Of undoubed credit will be
maintained md. 10 the extent Of her 10 furnish
it, sound currency will be preserved In the future
cement Of that institution, owned is, exclu
srcly by the State and supported by the credit Of the
State should be cardinal object, constantly kept in
view 10 confna OPP within ans meet
her circulation in sound state.
The suspension Of payments by The Union Bank and
Planters Bank presents n grave question Tor The COAST
deatinn Of tie Genera! Assembly in regard 10 the
ton which should b. had in relation 10 them II shall
be ascertaned that they have by suspension Of specie
payments ls;7, b. the recent pensiun
by any other ACT sub -ced themselves 10 forfeiture OF
their Charters and II stall be deemed proper 10 continue
their corporate existence, is suggested thnt tie
may be fl impose upon them such aGd
,iona restrictions the public safety may require and
experience may haze shown to be necessary and
pfopr conditions 0i the contInoance OF heir cOrpo
privileges They should be required al an early
dav 10 be fixed BY law, to resume specie payments. and
restricted from declaring any dividends 10 The slockbod
for per!Gd at al least SIX months alter Their re.
sumption 1t is believed that they ntirey solvent,
and that they Could conveniently and safely make their
avaIlablr 10 resume payment at an early day;
and doubted that they would readily yield their
voluntary assent snrh restrictions the General
Assembly may be Of opinion, the interest OF the State
require 10 be imposed II the conditions imposed
shall Gc assembled viii remain for the General
Assembly consider what further proceedings II may
be 10 institute consistently with the provisions .!
their charters
The nc, creating Ihr Bank Of Tennessee makes il
unIn wiul 'ur that 10 issue circulate any
u!ler Icfr les Examination than ten dollars.
The Governor considers lmprr'on, that similar res'rc
tons BE- now imposed UPON The other banks Vi Tie Stale
He says:
81 am fully convinced of the importance Of such a
restriction upon the banks that Cannot too earnestly
81! dea ugs md transactions under twenty dollars could
be conveniently, and with advantage 10 the public.
Quoted the precious metals, and that bank mole
OF less denomination need be issued but the General
Assembly 0i 1897 in the act creating The Bank Of
Tennessee, have ixvd the limit "f to bank
notes OF less denomination than ten dollars il may
not be advisable for The prese 10 disturb Tint limit
If it shall BE- found 10 produce salutary effect as
doubt not II will, the restriction may hereafter be
tended To make The restriction effective. The
provision Of law which may prohibit th- ard
cuatlon OF small nOtrs by banks. sh"nid b.
applied 10 the circulation within The State oi OF
The Denomination issued by The banks oil ether
States
The present banking capital Of Tennessee a author.
Ised hy existing charters and aws-fIciusive Of the
capital eupinytd At the branch Of the Southwestern
Railroad Bank located at Knoxville. the amount ri
which not accurately known, something more than
ten millions OF dollars The Governor considers tins
amply sufficient to afford all the banking iacifs re
qulred by The State Beyond the Legitimate d,mand. Of
trade. orw arGing crops 10 market. and anticipating
reasonable amount Of The procseds, bank aud banking
iacIiiirS are CONSIDERED an evil
banks and the al bank PAPER and credits have
become from long habit interviewer and intimately
rccied with all extensive commercial operations,
and i. be concrdrd hat tiieIr employ 10
.t!e extent, IN conducting trade, has, the existing
state OF the currency become conducive our prosper
- also be- allowed that banks hack lssGrs
sEud be tolerated winch d. not solid and sub
stanai specie basis, and required 10 Tie demands
OF aue Til" limits hfnking and banking privileges
should b. carefully defined BY law and confined within
proper bounds
The subject Of the bo nks concluded with the follow
iGg recommendation a The Legislature:
Il ~ earnestly Commended 10 the General Assem-
b., thar present .les,inn institute full and tho
rorrh examination INTO The condition and nanagr tnent
OF all lie banks. ind exercise all the constitutional
poHers with viii I'll they invested in supervising their
cnrdnct and rauns IN the end that proper remedies
may be applied against abuses ii any exist that they
may be required specie payments early
day; that the pubic confidence Them may thereby be
restored and thai they be made 10 mrr the usteI
peciaIons the public mud to answer the purposes Tor
which they were created
The Me ,sa % recommends prosecution OF the system
Of Internal improvements commenced in the State, and
suggests ,he xpsdsncy Of appointing board OF public
w. rks Ia superinteDd surveys, estimates contracts DC
The public debt Of Tennessee considering IT'S popua
ton md natural RESOURCES Is probably smaller than That
Of any other State The whole emrunt %. every des
cripon exclusive Of her portion nf the FEDERAL surplus
which she holes on GePose. is only 81 Co.,
1868
revision of The election law Of The State ia advised.
TIE buildings for the Luna'ic Hospital erected BY The
municence o, The State, are nearly completed
rsren Il. VS." Pom: Ga f.r,9aiea sat R!hs 2a7',)
L. s. EAhK.
With much pleasure lay before readers the fol-
los ing sketch Of speech delivered by Gov 1rnup.
the House Of Representatives, OF The 5. the 2lst
a,r;l $50 the bill 10 renew the charter at l19I OF The
IA nix ri ,iIs y then being under consideration He
be lie we'd the Bank not only unconstitutional bit inexpe
die n also give lew remarks, made b. John RAN
doo m n guPn proposition 10 The charter
%, The Bank, in lcl6 These men, we bcii'sc-(we do
no, ike BE- positive in regard 10 the political tenels Of
men these Time bcitec they have been considered
orhodor member of The Stale Rights party. Their bre.
virv Is such will allow all 10 peruse them and IN order
that they nav be productive of the amount OF good that
is so requisite in these degenerate DAYS We recommend,
that The reader will first permit himself 10 com ure up
his imagination. Mr.. Clay and his fsy million R,gLa
tar on H.. one side. and George VI. Troup and John
Randolph the her-Ar Clay goes for the epanlrtes,
NIud Say modern The entire
NAL
hr Trcup said lie forsboe, at present going into the
question If cuns,iruiionali;y He had idea that
could efficacy warYsr stand up this finnr,