Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-10-16
sENATE-MORNING SESSION.

The suspension ofthe rules vas moved.
Mr. Jones call for the YeaEand Nays on the motion.
YEAs.--Messrs Goodnesi Harris, MeConnieO,
Roach, Walker and WelchgE~A6.
NAYs.-Messrs Bratcher. 4Illen, Davis, Denton,
Goodpasture Heskell, Hill mes, BIenees, Muuday,
McDOugal, Reid, Ross. Trt= Whitthorne, Wright
and Speaker Burch-l7.
So the Senate refused t. spend and resolution
lies over.
Mr. Mundsy resolut q directory TO Messrs
Meigs and Cooper in regar 80 the forms of action
at Law and suits in Equity,A
Mr. Heiskell moved to suS Einsion- Of the rules in
order that the proper refere Re might be made. The
motion prevailed and the rc trence ordered.
On motion Of Mr. Travis Il Whitthorne was added
to the Commits on Banks
Ca motion of Mr. Deutof Mr. Goodpasture
added to the Committee olsItuternal improvements.
MIR Bratcher from the C@smittee on Counties and
county lines reported the b to change the line be-
tween the counties of Monrf and Polk and recon-
mended its passage. Rec lamentations agreed to
and bill passed its second 4ding.
The Senate adjourned uI4 o'clock tomorrow.
y
HOUSE OF REPRESENTATIVES,.
TaURsDAx, Oct. Is, 1857.
The journal of yesterday was read
REVISION OF TIE STATUTES.
The senate's joint resolution for the appointment
of Joint select committed to be charged with the
examination of the Reyision of the Statutes by
Messrs Cooper and Megs the number being three
on the part OF the Senate and five the part of the
Hsuse-was taken up, in oder, and adopted
AMENDMENTS OF THE CONSTITUTION.
MR. NEWMAN submitted proposition by way of
joint resolution for amendments of the Constitution
of the State of Tennessee in the prescribed
in the 4th article and Sd section thereof; which
read and lies one day under the rule. 1t is
follows;
The fifth section of the eleventh article of the
Constitution shall be amended follows
The Legislature shall have no power to grant
Bank Charters, unless first submitting the 10
vote of the people, their regular elections for
members of the Legislature; and no Bank or COrpo-
ration for Banking privileges shall be granted until
it shall have received the approval of majority of
the legal voters of the State at large; shall the
the Legislature have power to authorize Lotteries for
any purpose; and the Legislature shall pass laws to
prohibit the sale of lottery tickets in this State
The seventh section of the eleventh article of the
Constitution shall be so amended to read fol-
lows:
The Legislature shall have no power to suspend
any general law for the benefit of any particular in
divdual TO pass any law for the benefit of indi
vduals inconsistent with the general laws of the
land; nor to pass any law granting TO any individ
ual or individuals, rights privileges and immunities
other than such may be by hesame law, extended
to any member of the community, who may be able
TO bring himself within the provisions of such law.
Provided the Legislature shall have no power TO
grant charters Of incorporation except for charitable
institutions, schools and literary purposes.
The ninth section of the eleventh article of the
Constitution shall be amended as to read as fol-
lows;
The Legislature shall have no power to issue
the Bonds of the State for any purpose whatever
shall the credit of the State be bound given
in aid of any person, association, municipality or CO.
rpOratiOn.
BANK SUSPENSIONS.
MR submitfad n nrODOSition nv wa
Of joint resolution to authorize the banks of the
State TO suspend specie payments-in substance as
follows:
ResoIUed 5y the General Assembly of the State of
Tennessee That the pains and penalties imposed by
the charters of the various banks of this State for
refusal to redeem their notes with COIN and especially
those imposed by the charter of the State Bank, be
and the hereby removed and suspended, |
until the first day of April 1858, until and during |
which time all banks in this State may be suspended
at the option of their Directors
ResoLVed That during the time of their suspension, /
bank in the State shall pay any dividend to the 5
stockholders thereof. }
Resolved, That during this suspension, bank "
taking the benefit Of the same shall be required 10 +
redeem its notes in specie; and such suspension shall
work forfeiture of charter, any other right
immunity belonging to such bank b
MIR. GOLLADA1 moved a suspension of the rules )
for the consideration of these resolutions This <
body was fully of the fact that ali the banks
OF the many OF the various places AJ
the South, had gone into suspension: and that the
Tennessee Banks such of them as are able still
redeeming with gold and silver and that whilst this
suspension prevails every side, it is hardly rea
sOnable to suppose that our banks sustain them
selves without suffering the drawing off of perhaps [
all the coin and bullion in the State. The cOnse
quence would be the absolute prostration of bust
ness. There would be means of getting off our
produce to market. The passage of this resolution
would place our banks on the same footing with the
banks of New York and the other States of the Union
and so the requisite facilities for carrying off
produce could be extended to business men. He had
incorporated into these resolutions provision that
no dividend of profits should be paid out by any
Bank during the proposed suspension, but that they
should be retained common property for the secu-
rity of the note holders and creditors of the bank
If the Legislature proposed to offer any relief in this
direction it absolutely necessary that it should
be done at once; for in less than twentyour hours
perhaps, this advantage would be lost and much of
the specie in the State would be distracted The
object would be to enable the banks to suspend and
retain their gold to enable them still to assist
and sustain the business of the community.
Mr.. ROwLEs concurred so far as to admit the i'm
portance Of immediate action, in order that the
views of this body might go to the country He
should vote for the suspension Of the rules but not
with view of voting for the resolutions if thew
should come up He should vote against the resolu-
tions as the case now stands There was no de-
mand for this action. The President and Directors
Of the Bank Of Tennessee were the peculiar guar
dams of that institution They understood the bust
ness and resources of that institution better than
any gentleman here, and we're better qualified than
to say whether it stand up to its liabilities
He unwilling as member of this body to legal
ize Suspension.
Ma. GoLLADAY considered the officers of the bank
would hardly petition upon such subject. 1t was
q matter Of Indifference to him, peeuniarily. He
was actusted by belief that in introducing these
he acting for the benefit of the peo
pie Of Tennessee.
Mr. WLLIAMs.---This motion would be astound-
ing to most of the people. Had the banks asked
permission TO suspend He had not heard of II |
What right had his friend to presume the Bank of |
Tennessee had not the power to redeem all its crcu-
lstion He submitted and read the letter of the
Hon. Cave Johnson, President of The Bank of Ten
neSsee, to q Committee of merchants of this City,
dated, Sept. 29th, 1857. (This correspondence was
printed in this paper about the same time \
There was statement over the signature of its ,
President that the Bank Of Tennessee was willing =
and able to pay all demands againsit whenever and
however made. Why, then, offer this resolution
before the banks make their application for it. He
counselled against suspension of the rules, and !
preferred postponement Of the consideration OF the
resolution till the necessity Of such action should
become more apparent, This resolution was only
and perhaps fastening the catssro -
phe it was protesting to avert. If our bank must =
suspend let it be when the bottom dollar shall have
Oetn pAlQ out.
Mr.. GOLLADAT explained, the resolution does not *
produce suspension it simply tenders to the Banks
hat privilege, fthey need it. The question of
pension is to be decided by the board of Directors
When Mr. Johnson's letter was written the banks =
If New York ard s. Carolinaand N. Orleans had not q
suspended, But one little pigeon roost Bank-the s
Bank Of Nashville had suspended at the date that
etteT. Ia
Besides, Nh. JoHsox knew that the Bank Of Ton F
lessee could not suspend under the law and not +
,nly 90, but he knew also, at that time, that We
ould get gold from New York and New Orleans. p
But where can we get it now!
Mr. WILLIAMS demanded the yeas and nays upon II
he motion to suspend the rules and they were or !
Tered, and being taken, resulted yeas SO, nays 49, =
IS follows: g
Ysds.-Alges Anderson, Bate, Besle. Bently, "
Blackburn, Caldwell Carter of Carter Dobson, Es- a
es. Fulton. Griffith. Hnlmns Kandrick. Kenny.