Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-10-07


or property. Individuals require security OF each
other in their daily money transactions and there is
no reason why corporation, chartered by our Leg
islBure with the privilege Of issuing notes, checks
and bills Of credit, should be required to give
ample security to the note holder The integrity |
and business capacity nf Bank officers is often the
principal capital Of Banks. Past experience has |
taught US this is not sufficient guaranty to the note
holder that he will be paid when he presents Bank
its own ISSUE 1t becomes, therefore, a matter Of |
first Importance for the safety Of the funds of the
State the security Of the people and for the pros
periy of all branches of industry that in granting
charters of incorporation, when special privileges
are guaranteed to the few. a credit should not be
given such corporation until it is deprived Of all
power to do injury. | cannot see the necessity Of
our state creating Bank, or continuing one alrea-
dy IN existence, with power to omit bills Of credit
on the ground that require a fiscal agent to re-
eeiYe, ulsourse and keep more safely the funds Of
the State.
The losses sustained BY the State on account of
depredatiOns Of officers, in the Bank of Tennessee,
are large, compared with any loss sustained on ac-
count of our State Treasurer
In my last Bienniel Message, recommended the
passage of law suppressing the issuance and cir
eulatisn of Bank notes or bills Of less leuomina-
ton than five dollars. An act passed by the last
Legislature 'TO regulate Banking" the third sec
ton Of which, it seems was intended to accomplish
that purpose has wholly failed to do so. 1t merely
prohibits the issuance Of shall notes. by the Banks
but does not suppress the circulation Of those area-
dy issued and it is believed that the amount in cir
culatiOn on the passage of the law, has not been
materially diminished The law has, no doubt, in
many instances been evaded and violated in getting
notes back into circulation which had been returned
to the Banks by their holders 1t is hoped that the
Legislature will amend the present law, to pre-
vent the issuance of smaller notes than five dollars
by all of the Banks, and after giving a reasonable
To 4ba
pie, of all those which have heretofore been issued
and especially those which have been issued by other
States, and find their way here for circulation.
The vacuum created by the withdrawal of those
change bills which have been thrown into cireula-
ton by the numerous Banks throughout the State
WILL at once, be supplied with gold and silver, the
currency intended for the great of the people
Banks which cOnnOt furnish the co immunity with
gold and silver currency, from FIVE dollars down,
are not entitled to public confidence, and ought to
be wound up, and the sooner it is DONE the better
for the public good In fine, let the law be so
amended as to suppress the circulation of Bank pa
per of a less denomination than FIVE dollars. The
propriety of the passage eff law like this, is so
clear and obvious to all, that it is not necess
again to repeat the arguments in its favor.
WEIGHTS AND MEASURES.
By joint resolution adopted March Sd, 1854, the
| Governor of the State authorized to appoint
| suitable person as Superintendent Of Weights and
| Measures. In obedience to this resolution, Mr.
John Heriges has been appointed Superintendent TO
take charge of the weights and measures, as furn-
ished by the Federal Government under a resolution
| passed June H. 1886 Since his appointment as
Superintendent the weights and measures have been
received and are now under his control, and by HIM
have been deposited in one Of the rooms Of the Cap
Ol apart by the Commissioners for that purpose
The weights and measures all in good order and
are now subject to inspection by both branches of
the Legislature. The resolution authorizing the ap
/ pointment Of Superintendent of weights and meas
ures made no provision for any compensation to
him. for the time and labor necessary for their pres
| ervation which now in his possession. 1t can
not be expected that the superintendent can lose his
time and labor without some reasonable considera-
ton therefor.
The resolution also authorized the Governor to
have made under the direction of the Snperinten-
| dent a set of standard weights and measures for
each county in the State. Not without some diff
| Guilty and trouble the manufacture of a set Of
weights and measures for each county in the State
| has been commenced, and FIVE sets have been COM
| pleted which in workmanship will most favorably
compare with those furnished by the Federal Gov
eminent The five sets completed are deposited in
the same room with those furnished by the Federal
| Government and both branches of the Legislature
are respectfully invited to examine and compare
| them with those furnished by the government and
| determine for themselves to the accuracy and
| workmanship with which they have been prepared.
ture of the weights and measures he visited Wash
| ington city, where the originals were made and
| several of the States which had prepared weights
/ and measures, by the standard furnished them by
the Federal Government for the purpose Of getting
the best pattern and asceraning the most econOmi-
| cal terms upon which they could be made. 1t was
then believed from the most reliable data that could
be had, that it would cost two hundred dollars per
| set to manufacture them. After taking every step
for the purpose Of obtaining accurate information in
| regard TO the cheapest and best mode of supplying
all the counties in the State, contemplated by the
resolution referred to, it was believed that the
| weights and measures could be manufactured in
Nashville of equal quality as to workmanship and
| material, and upon as economical terms as those
which have been manufactured in any Of the other
States. Entertaining this opinion, steps have been
| taken and the experiment has been fairly made in
the five sets already manufactured which has proven
that the average cost viii not be more than hun
bred and fifty nine dollars per SET whereas all form
| er estimates made them to cost not less than two
| hundred dollars per set. The work has been com
meneed and the experiment has been made and in
the course of the next twelve months it is believed
that every county in the State be furnished with
/ a complete set of standard weights and measures.
! which will favorably compare with any in the IN
ion, at cost of not more than hundred and fifty
nine dollars per set. Sound policy and the urgent
demand OF almost every county and the best inter-
ests Of the State require the completion Of this work
|
about uniformity IN the weights and measures
throughout the State. 1t is regretted that it has
not been in the power Of the Governor to have pro-
vided every county in the State with set of stand
ard weights and measures as authorized before this
time. | viii add that there should be law passed.
the laws in force should be so amended as to
fix definitely and intelligibly what is the standard
of weights and measures, and to annex such penal
ties viii most certainly insure compliance with
its provisions.
TAX ON MERCHAN Ts.
In my message to the las Legislature, the stten-
tion Of that body was called to the subject of mer-
chants taxes, and action was then taken up
on 1t, again submit that portion Of my message to
your consideration:
"There is some complaint with the mercantile in
terests in consequence of the unequal and dscirmi-
mating operation of our revenue laws regulating
merchants license. The complaint is not without
some foundation and good cause on their part The
law, as it stands, requires all wholesale and re-
tail dealers in merchandise in this State to first pay
into the Treasury of the State one half of one per
cent. on the invoice cost of all goods vended by
them The main cause of complaint as | under
stand it, is, that, in the first place, the wholesale
merchant, by the revenue law, is required to first
pay into the treasury the half of one per cent
fifty cents on the hundred dollars. After the tax is
paid by him into the treasury, the retail merchant
then purchases the same goods OF him and takes
them to another establishment, in or out of the
county where purchased, as the case may be, and
vends them again; for which he is required to pay
one half Of Que per cent or fifty cents on the humid
red dollars, into the treasury which is per cent
paid to the State for the goods thus sold. By this
process it will be perceived that the State laws a
double tax the goods purchased from the wholesale
dealer within the limits of the State The business
retail dealer has difficulty in understanding the
operation and finds it TO his interest to 20 beyond
the limits Of the State TO make his purchases and
thereby save the One-half Of one per cent in the
purchase Of his goods. fifty cents on every humid
red dollars Il must be obvious to all business men,
that if the wholesale dealer is required first to pay
the tax into the treasury, that when the retail mer-
chant buys Of him he must pay it back, and then
when he makes sale Of the goods, he must pay
like amount into the treasury; which is practically
compelling the country merchant to Day double tax
to the State on the same goods which, as a matter
Of course, makes 1t his interest to 90 beyond the
limits Of the State to make his purchases, and be-
come the customer Of the foreign wholesale dealer
instead of the wholesale dealer at home; and that
extent operates against our own commercial cities
and commercial men.
" 1t IS most manifest to my mind that the practi-
cal effect OF the revenue law, it now stands regu-
latlng merchants license is to discriminate against
the merchant at home and in favor of the one abroad