The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1855-10-19


ated by the withdrawal or the winding up q
the Bank of Tennessee, and furnish all III
banking facilities needed by the whole CON
mercal and business portion of the country
As the capital of the Bank is Withdrawn fron
circulation, it can be profitably invested il
the Bonds of the State, thereby again maxim!
its way into the general circulation, and a
the same time crenting home market for IN
bonds of the State equal to the entire asset
Of the Bank. The Bonds are bearing an in
terest Of six per cent. per annum, which vii
in the end yield a greater profit to the State
making it the safest and most judiciOus ia
vestment that can be made with the Com
mon School and other funda, which now con
sttute the capital of the Bank of Tennessee
and which is under the control of the Legis
laturc.
II the State can in any reasonable time
dispose of the stock owned in the Union aud
Planters Bank upon good and safe terms
and all other stocks owned by the State in
Turnpikes or Railroads, it would be equally
wise, safe and judicious to make like in.
yrslment with the proceeds of such stock in
the SIN per cent. bonds of the State. The
number Of Internal Improvement works
companies, and which are entitled to aid bv
law from the State, and number of Others
that in all probability will be commenced,
which will require the issuance of large
amount Of State Bonds, amounting to many
millions Of dollars, will absorb the entire cap
ita OF the State Banks and the proceeds of
all the stocks owned by the State, it they are
invested in the bonds of the State as already
Indicated
The Free Banking law, as it is commonly
called, requires revision and amendment, and
should be so modified rs to require all appli-
cants for banking privileges under it to de.
post, rs greater security to note holders,
with the Comptroller of the Treasury, twenty
five per cent more in Bonds than they receive
notes in exchange for circulation. The note
holders are entitled to this additional security
to meet any reasonable depreciation which
may take place in the value and sale of the
Bonds of the State, when thrown into mar
ket for sale. And as further protection to
the community, there should be law passed
prohibiting the circulation of any Bank note
of Il less denomination than five dollars, in
the State. We have seen within the last few
years gold and silver driven almost entirely
out OF circulation for all the ordinary business
transactions of the country, by the excessive
issue Of small notes by the various Banks
throughout the State. The passage of such
law would in II short time restore to circua
tlon, forall ordinary purposes gold and silver,
small nud unsusna,t;nr ds,Irrs ,s il of,.n
lna c,sa With hnpk n"i,., Ly ria Janrn,;a.
linn of small n,t,s nr tha hrynk;nr of h,nts
The n.cassi,v ,f the pos.oga nf sn.h =, L,y
must he obvinus ta oII, and il IL whoIlv
for M, to ,,,Lo ,,v ,r,,n,an,
Ia IN. IeGslatur. or tn the .onntrv in its
ryor
There ia ma otber suooastion that will
noka in reyorl tn The Free Ranking l,w.
rb. law sbnnld he so amended 40 to Az do.
init.lv The rates ot which notes shnnld Ina
discounted bv ulI persons banking nnd,.r that
aw. thereby making the disrnnnts enu,I and
inform in bank;no operotions thrnnJbout
n. State
rJ,,. ,.,r ,,,..,
'"e LA VII "e'o'''"'s 'on'es neA' u"
he message, and is copied from his former
Message. His views, as the Governor states,
,ovi,g und.rgop. -, ,h,noe nm ,bot s,b;..t
'H'h LILLE HND ohAi ANoo'A "A'LnoAp
by 'ne slxth s"ctot oi IN act passed Feb
uary tle oth, 1894 chhpter 81, 1t was made
he u"ty OF lhe "oVrrnor TO endorse and
guarantee the bohds Oh the Nashville ana
hallroad Company IN an amount
ot exceeding SIX hundred and nifty thousand
o'ars' immediately aiter the passage oil
MS law, the PRESIDENT OF the company pre-.
ented SIX hundred and ffty thousand dollars
BONDS oi the company, which Bonds were
ndorsed and guaranteed rs the law prescrib-
d. Inc Bonds were then delivered to the
resident of The company, he executing his
'celpt Tor them. some time after this the
resident ana Mr.. Edwin ii. Ewing made ap-
Ilcaiioh 10 the Governor Tor the endorsement
nd guarantee OF ninety-hve thousand dollars
'Ore III Dohus oi the SAID company. The
'asnn given Tor inns application was that the
onds iad been destroyed to the amount OF
netV hVe thousand dollars, they having been
'rough MISTAKE burned Tor other Bonds, ana
"s PROOF OF the fact certificate OF
e cashier OF Inc Bank OF the Republic OF
ew YORK, together with the fragments or {
raps OF iorty three Bonds, or That portion OF
em wn'ch contained 'he coupons; the O"dy
lne Dohus containing the 81 gnature OF The ,
Tes'ueht oi the company ana the endorse {
eht OF the GOVERNOR being entirely gone
ne fragments or scraps OF the bonds, pre-
ntsd as material proof OF the fact OF the c
mas naNinS oeen destroyed, were so as Z
loreu ana q cnarred oy the action oI the hre' i
~ they "horueu no PROOF that the uoVerhor I
a ever seen or endorsed them, leaving no a
idehce oeiore nlln oet the eer''hc''e o, 'he b
'sner o' '''e Da',H D, '"e neP"o'lc oi view
''h' wneie ,l'e on"us h"u oeen our"eu b
Tous" N',s'ahe' III '','s cohhec''"h' now /