Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-24
REMARKS OF Mr.. WALKER, OF SHELBY,


REMARKS OF Mr.. WALKER, OF SHELBY,
On The 5Ufor the better regulation Of the Banks Of Ten
nessse, &c, IN reply to mr. WhsHhOrns Of Aaary,
and DdU,s, Of AarShaH
Mr.. SPEAKER: am truly glad that the Senator
from Maury, Mr.. Whtthorne,) has relieved him
| self. l congratulate the SENATOR | congratulate the
| Senate and since so much of his effort seemed spe
cally directed at me, l am Senators will agree
that it is cause of special Congratuaton myself
that the long agony is over.
! As the organ of the Joint Committee Banks, it
| became my duty, and my pleasure, in the discharge
of that duty, to report the bill which has been the
subject of special criticism by the Senator from
| Maury aud the Senator from Marshall. The bill
under consideration exceptas amended in this body,
is the joint work of that committee entirely accept
able TO no body of that committee but taken alto
gether less Objectionable than any other proposed.
The Senator from Maury, knows very well, for he
is a member of the Joint Committee Banks, that
among the first acts Of thai committee appoint
a Subcommittee, composed of gentlemen OF the
legal profession, report the committee whether
in their opinion the banks had by suspension for
feited their charters; and that committee in
fully prepared report, returned to US their unsni
nous opinion in writing, and which now hold IN
my hand, that they hadnoL TheSeuator cannot have
forgotten, when that report was read, and he was
asked what he thought Of 1t, his very expressive
sWer 81 an afraid that's So"
The bill, therefore, Is so based assuming in &C.
cordance with the principles of law reported by the
subcommittee, and adopted by the JOiut Committee,
that the principal Stock Banks had not forfeited
their charters by the mere act Of sUspenson-but
were subject to all the penalties and liza tiles in
their charters prescribed. The committee did not
think this crisis in the monetary affairs of the coun-
try had been produced by any action Of the Banks
in Tennessee, and therefore thought II most manly
to say-as they do in the preamble of the bll-that
the Banks in Tennessee, Ia common with the oldest
Banks of the Union have been compelled to sus-
pend specie payments in consequence Of an unex-
pected demand Tor gold aud silver, produced by
causes outside of the ordinary commercial opera
tons of the country.
Now, Mr. Speaker, wish 10 call the attention of
Senators, and especially the Senator from Mlury, to
the provisions of this bill-anI here declare and
challenge contradiction, that there is not single
provision or part of section in the entire bill lrOrEg
Bqaks-ihey all restrictive as far as we have the
power and in my judgment, in some instances, far
ther than we have the power, exceptby their voun-
tary consent
repeat, sir, have called again and again. du-
rug this discussion, to have pointed out single
clause in any one section Of the bill faVorng the
banks-but in vain.
lis rrue this bill differs from most of the bills
as yet offered in this, that 1t recognizes the fact
which the Committee believed to be the truth, |
tlat the suspension of specie payments by the I
INKS in Tennessee was not cTi1au7gt act, but |
signed, and tending really for the protection of
the people. 1t does not, therefore, contain as |
nding feature the pains and penalties OF tne and /
IMPRISONMENT with toe fulminations and denuneia-
tons against directors ard officers of banks usually
found in email statutes, and which especially char
acterize other bills; but, it aims in plain way,
impereectly no DOUBT, to remedy some OF the evils
of our present system.
For this, Mr. Speaker, the presentation ana ad-
yooacy of this BILL it has pleased some gentlemen (
to draw distinctions between Democrats-hdra and 4
soft and il cannot have escaped the attention Of the
Senate that certain Senator's for reasons duly ap-
preciated by myself, have been DESTROYS of fixing
standard of Democratic orthodoxy, and have gone
so lar as 10 shake my head, certain declarations
ana extracts of a Message Of former Governor of
the State name houored in Tennessee and the
Union-with whom have been intimately associa-
ted, whose confidence l enjoyed while living, and
whose memory and principles trust ever to revere.
Gov. Polk, Mr. Speaker, had but little sympathy,
as you know, with banks, and much Jess than many
persons of his own political school who have been,
by commercial and other pursuits, thrown into
more intimate connection. But what does he say in
this Message, SO often quoted BY the Senator from