Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-06
Mr. BULLOCK did not press his motion
BANKS AND BANKING.

BANKS AND BANKING.
On n OtiOn of MIR ROWLEs, the House resumed
the unfinished special order-Mr P0LK'S bill (265)
to regulate the business of Banking.
Mr. THOMPSON made an Intellectual motion to go
into Committee of the Whole House-decided by
yeas 80, nays "a.
The first section was read by the Clerk, repeal
ing the act of Feb. r. 1852 but retaining its priv
ileges &c., TO banks organized under it, but not to
increase their present circulation issue notes
upon depositing bonds, &C., with the Comptroller.
After debate by Mr. POLK and Mr. DAVE, the
section was adopted without a uendme t.
The second section then read by the Clerk,
prohibiting discounts and selling coin at any rate Of
premium while in suspended condition.
Mr. Thompson proposed to add at the end of the
section these words Ard shall not sell exchange at
higher rate than one per centum while in suspen-
sion"
After debate by Mr. COOPER and Mr. TH0NIP-
son, the amendment was adopted, and the question
REQUIRED on the adoption Of the section.
After further debate by Mr.. COOPER, Mr. POLK,
Mr. VAUGHN and Mr. THOMPSON,
Mr. VAUGHN demanded the yeas and nays, and
they were ordered.
Mr. TURNER of Sumner, proposed to amend fur
Their by adding the words: sin the United States
which was adopted.
Mr. ST JOHN proposed an amendment in lieu of
the ID section, viz:
''SEC. .. That all banks and branch banks in the
State Of Tennessee, while in state of suspension,
are hereby prohibited from selling gold and silver at
any price whatever, and they shall not buy
deem their own notes at any rate of discount what
ever"
Mr. POLK alleged that it was identical with the
original section in substance
Mr. ST. JOHN and Mr. KING showed the distinc-
ton between Them alleging that the original section
gave security to the people, whilst it would work
oppression against the banks.
Mr. POLK The onlv difference hetWeen the two
was that under the original section no bank could
discount the notes of another bank He showed how
this privilege could be abused.
Mr. KING. If he had proposed the amendment,
it would have been simply to strike out from the
original section these words: ''shall be and are
hereby prohibited from dscounting any note,
bill or other evidence of debt for any other bank"
He showed how this would be Legslating for the
advantage of the people, and proceeded to speak at
length against these restrictions upon the banks.
Mr. ST JOHN supported his amendment by sun
dry examples, and from the consideration that its
adoption would cut off the amendments which had
been added to the original section
Mr. R0WLES moved to lay Mr. st Johns amend /
ment on the table; and the yeas and nays being de-
manded by Mr. st John, and being ordered and TAKEN
40, nays 29, as follows:
YeGs.-Messrs Bayless, Bicknell, Blackburn, Brad
ford Bulloch, Caldwell Carter of Carter, Carter of
Hardin, Copeland, Davidson, Dobson, Fulton, Gam
mon, Harvey, Johnson Lamb, Low, Nancy Maris,
Mickey, Newbern, Newman, Polk, RenshaW, Rich
ardson, Roberts, Rose Rowles, Savage, Shrewsbu-
ry, Smart, Summers, Taylor, Thompson, Turner Of
Roane, Turner of Sumner, Williams, Wilson, Wood,
q I'D Speaker Donelson.-40.
Nays.-Messrs Algee, Anderson, Beale, Benton,
Brszeton, Cooper, Davie, DOdson, Estes, Frazier,
Holmes, Ivie, Kendrick, Keeney, King,
Lsckey, Lloyd, Randolph, Rawlston, ST. John, Saun-
ders, SchmiltOu, Senter, Stanton, Stoval White of
Hamilton, White of Knox, and Vaughn.-29.
CO ba la5 tbn tah
Mr. KING now submitted his amendment as above
recited by him.
Mr. ROWLES regarded these words as constitut-
ing most conservative provision, &c.
The SPEAKER ruled the amendment out Of order !
with Mr. st Johns, (which the House
had just rejected.
The second section, as amended, was then adopt
ed.
The Clerk read the third section of the bill-free
banks shall make their deposited bonds Of par
value.
Mr. DAVE proposed-instead of their redeemed
notes being :" cancelled" insert" shall be de-
srOyed, in presence Of the Governor and Secretary
of State"
Which was adopted
Mr. THOMPSON proposed to amend by striking
out all after the word ''Comptroller and inserting
equal in value to the whole amount of their crcua-
ton, &C."
Which was laid on the table.
Mr. TOMPSON proposed further to amend, by I'D .
ding these words:
And the Comptroller shall in no event sign any /
new notes for any of said banks, shall he return
to them any bonds that may have heretofore been
may hereafter be deposited with him, except upon /
their returning into his hands for cancellation and
burning aforesaid, amount of their circulation
equal to the then market value of the bonds they .
may desire TO withdraw"
The amendment was agreed TO.
The third section as thus amended was now adopt .
a. H. IL, l,rI-.
for the gradual suppression OF small notes, of so
and under.
Mr. RANDOLPH moved to strike out the entire |
section, which motion he subsequently withdrew
Mr. ST JOHN proposed to amend, by making the /
reading-''of the denomination of five dollars and
under" which was adopted.
> MIR DAVlE proposed TO amend, by striking out /
me words: land from and after the first day Of /
January, 1852 no bank or branch bank shall issue,
emit, pay out or circulate any note Of less de- /
nomination than twenty dollars.
After debate by Mr. DAVE, MrP POLK, Mr. ROWLES, /
Mr. BENTLEY and Mr. BRADFORD
Mr. POLK moved to lay the amendment on the
table.
Mr. DAVE demanded the yeas and nays, and the
same being OF dered and taken, resulted-yeas 39,
nays SS-as follows;
XsR-Messrs. Bate, Bayless Bentley, Blackburn,
Bradford Bulloch Caldwell, Carter of Hardin, Cope
and, Dobson, Estes, Fulton, Cannon, Harvey,
Jsckey, Lamb Low Maris, Mickey, Newman, Polk,
Richardson, Roberts, Rowles, St. John, Savage,
Jchmittou, Summers, Taylor, Thompson, Turner Of
Ronre. Turner of Sumner, Williams, Wilson, Wood,
md Mr.. Speaker Donelson-39
Nays-Algee, Anderson, Beale, Benton, Bicknen
Brazelton, Carter of C.,kCoOper, Davidson, Davie
DOdson, Ewing, Frazier, GOlladay' Holmes lNe'
Kend1ick, Keeny, King, Leyd, Nancy, Newbern,
Raulston, Renshsw, Rose, Saunders
Senter, Stanton Stovall, White of Hamilton, White
# Knox, and Vaughn-33.
So the amendment was laid on the table.
Mr. BULLOCK proposed to amend by striking
tut "frst day of Oct 1855" andinserting the words
first day of January, 1859"
The amendment agreed to-
Mr. BULLOCK proposed to amend further by IN
erting June" for January" in reference to the
estriction against the issuance of twenty dollars
nd under: which was also agreed to.
ABSENCE.
On motion BY Mr. D0BSON, Mr. Griffith had leave
f absence till Monday.
LEAVE TO CHANGE VOTE.
On r,,t;or nv, Mr. WHITE of Knox Mr. Golladay