Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-09
HOUSE OF REPRESENTATIVES,.
MONDAY, December Z, 1857.

LIQUOR BILL.
Mr. NEWMAN moved to take up tn consideration
of the bill restoring the Tipping Law, and gave
his for making such motion, that the people
demanded that 9 some action should be had by this
Legislature " on this question, and that action
should be had now, and desired that the record
should 90 to the country, and show his action on
this question.
The yeas and nays being demanded and taken on
this motion, it rejected-yeas s, nays 40.
SPRING CREEK.
On motion by Mr. NEWBERN, the bill to charter
the town of Spring Greek, was taken up and passed
the second reading.
BANKS AND BANKING.
The House then resumed the unfinished business
of the morning. viz: the consideration of Mr.. Folks
bank biIl-the question being on the adoption OF
the fifth section
MIR POLK moved to make the fifth section con-
sstent with the fourth section, by changing " Octo-
Der, 1855" to january, 1859 time for redemp-
ton of small notes Of $40 and under-which he
subsequently withdrew.
Mr. Turner of Sumner, proposed to amend by
adding at the end of the section
That it is the true intent and meaning of this
act not to free any of the banks of this State from
any of the penalties they may have incurred, by
suspending specie payments on their circulation,
towards their depositors, but 10 leave that it is
! under existing laws"
Mr. ROWLES objected to the amendment, because
1t seemed 10 waive the SnL Oh Ae otate 10 proceed
against them account of the forfeiture their
charters. He was in favor of what the gentleman
was aiming at. The States right to proceed against
them as sovereign and the remedy of the bill holder
were distinct and should not be COMPOUNDED.
Mr. TURNER of Sumner, unwilling to any
thing that might look towards egaizing suspension.
They had contracted debts to the community, and
should be held to their fulflment. Suspension was
gain to the banks, exhibited in the exhOrbitant
rate Of exchange they demand.
Mr. POLK alleged that the gentleman was guard
ing against what not iD the bill The bill did
not seek justify suspension Charleston suspend
ed bank paper was in Memphis at this hour buying
up the cotton there which could not be bought with
Tennessee paper, because our banks were in chains.
Mr. ROWLES submitted the following, in lieu of
Mr. Turner's amendment:
provided, That nothing in this section or act
shall be so construed as to the effect of releas-
ing any bank from any liability TO the bill-holder
OF from any penalty they may be under or be liable
by Il cir charters" which agreed to.
Mr. SAUNDERS proposed to amend, by prOlODg-
ing the time; which was subsequently Withdrawn.
Mr. ESTES proposed to add, that thereafter no
bank shall issue any note net redeemable on de-
mand; which was agreed to.
The section, as amended, was now adopted; and
then the 9th section read by the Clerk-requir-
ing sworn statement of the condition of the banks
to be made the Governor four times in every year
Mr.. BULLOCK proposed to amend, by modtfca-
ton of the clause so that these reports shall be
made at intervals of two months-January, March,
May, July, September and November.
The yeas and nays being demanded, ordered and
taken on this amendment, resulted-yeas g. nays 80,
Ysas-Messrs Beale, Bentley, Bullock, Caldwell,
Carter, of Carter, Dodson, Estes Ewing Cannon,
Hamilton. Holmes, johnson, Lackey, Newman, Rob
erts Rowles, Schmittou, Shrewsbury, Stanton, %
val, Summers, Thomson, Turner of Roane, White of
Hamilton, Vaughn, and Mr. Speaker DOnelson-26.
A.. ID Il.
Bicknel, Blackburn, Bradford Brazeltop, Carter of
Hardin Copeland, Davidson, Dobson, Dunlap, Col
laday, Harvey, Ivie, kendrick, Keeney. King Lamb,
Low, Maris, Mickey, Newborn, Polk, Randolph,
Raulston, Repshaw, Richardson, Rose Saunders,
Savage Smart, Taylor, Turner of Sumner, Wills
Jams, White of Knox, and Wood-3S.
So the amendment was rejected.
Mr. DAVIDSON proposed to amend by adding this
further:
the officers so making the statements Of the cond-
ton of said banks, shall also state whether every
species of assets as represented by them as being
in the posse ssion of the banks are bona fde, and
whether any part thereof has been borrowed for the
purpose, or with any view to the making of such
statements"
Which was adopted.
Mr. BENTLEY said he had an amendment, which
had been applied the bid this subject, report
ed by the J oint Committee Banks, requiring the
capital STOCK 10 De plu IN SOu anu sIiNeI duu OOe
reserved for the security OF the holder and de-
positor and requiring the free banks to make good
the depreciation of their State stock securities de-
posted with the Comptroller. He desired at the
proper time. to propose that amendment here.
MIR TURNER of Sumner, proposed to further
amend by adding the words ''twO o'clock, so as to
require these statements to be made by all the banks
at the same hour of the day.
Which was adopted.
Mr. ESTES proposed to insert appropriately, "by
whom their stock was taken, their state county and
post Office"
Which was adopted; and then the section as thus
amended, was adopted.
The seventh section, proposing by way OF sane
ton, fine of $1,000 for any and every violation OF
the provisions of thisact next read by the CLERK
Mr. ROWLES proposed to substitute the following
in lieu of the 7th section: rrs
"SEc T. Be Il enacted That all banks chartered
under the laws of this State and also all and eVt ~
association of individuals doing banking business
therein under existing provisions Of the law, whether
formally incorporated or not, shall within go days
after the passage Of this act in due form assent TO-,