Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1857-10-22
DlT1fIFV lIIE, FTBRlllI, 0C4oBER Y. 1857.

that have been issued, or may herea
a.5 ter be issued. This objection whe
! examined and reduced to a praotic
test ceases TO have any force or 81
!. jjiidity IN It whatever: ! would mo.
5 respectfully suggest that allthe dutie
now performed by the Bank Of Tel
: tnessee as fiscal agent In receisin
land disbursing the srevenue of th
! Estate, and paying theiaterestupou tn
! State Bonds, can be performed BY th
Comptroller and Treasurpr, the f
nancial officers Of the State proper
& with equal cony. nienee and safety
and at a far less expense thahit nov
costs to carry on the machinery Q
i the Bank Of Tennessee ~ ..,
I Z 1t is 4 matter. Of great importance
Ito the people of Tennessee that onl
i State should be free from debt. 4
1.-The. policy I have recommended
should be adopted, the debt which
| accrued under the acts Of ! $3.50 and
EI8374S, would be Hquidated in. avery
short time. We should then have
no interest to pay in the easternScit-
lies, except on the Bonds loaned to
railroad companies, and would there-
Efore need no Bank or other fisesl a.
| gent to make pay mental any Place
other than at the office Of the State
Treasurer. 80. s.ss.s, ..ss.
Underthe act Of 1872, bysvhich
! the State credit was loaned to varlous
railroad companies, provision was
| made,that the interest accruing or the
| Bonds loaned, should be paid into the
Bank Of Tennessee, fifteen days be-
Fire it became due in New York: -
Surely any President of Tailroad
company having the money to pay
| the4interest on the Bonds issued to-
his road, could in less than fifteen
days, by buying exchange from "a,
Bank or broker, OF by Shipping coin,
transfer The amount to New York,
or any other point in the Union. y.
This is often done now,s as many of
the roads have issued bonds which are
endorsed by the State, and t the, .in-.
terest has been promptly met, without
any agency on the part Of the Bank
Of Tennessee. Our merchants and
manufacturers must necessarily have
frequent payments to make in. the
Northern and Southern. States. =
These payments are made by purs-
chasing exchange from Banks or bro
kels, and SO; long as capital is en-
ployedsin any pursuit which requires
the Transmission of money from one
point to another to pay for articles
purchased, there surely will be, even,
in the absence of all Banks, exchange
brokers or factors, ready TO supply
any demand fer exchange
= In no event canthere be any ne.
cessity for fisca agent, other than
the ,Treasurersor State Comptroller
Both Of these officers should be well
qualified fol, the important positions
they occupy, and as competent, to
manage the finances of the State as
a-Bank President or Cashier. The
Constitution of the State. provides for
the election Of a Treasurersand en-.
trusts to. him the receiving and dis
bursting the entire funds of: the State.
It may be said that a Bank is bet
ter able. than the Treasurer to tell the
condition of other Banks, and would
not receive the notes Of such Banks
as would likely become insolyent. -
Such enlargement would only prove.
that some, former eLegislpturesha
chartered corporations for Banking
purposes, without requiring sufficient
indemnity to protect the note holder
In granting Banking privileges to 9
COMPANY, the people. have right to
expect Of their representatives, that
they should be fully protected from
fraud in the circulation Of any Bank
nofes IF the Legislature wonle