Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-24
TENNESSEE LEGISLATURE.
FRIDAY, Dec. Is, 1867.
BANKS AND BANKING.
TLa continuation.

0pposltlonl They responsible as well as we;
and, pardon me, sir, for making the alusion; but
Snat have we seen here We have both seen and
heard enough to demonstrate TO u.s. that it is the in
tention of gentlemen the other side TO make US
shoulder all the responsibility. We have seen at
empis TO iuterpOse the individual liability clause:
md what has this been done for? Nanitestly in
order TO clothe the bill with such features that it
would be Impossible 10 pass it. What is the ground
o. the opposiuonI Let their antecedents speak
And why did We vote their proposition down? Not
because we are not originally in favor of it, but be
cause we look at the cause of lis introduction and
he circumstances by which it is surrounded. We
re obliged to conform ourselves to the circumstan-
;es under which we are placed. I trust then, Mr.
speaker, that citizen of the State Of Tennessee
proud Of my State-as a Democrat, firm in the faith
I may be allowed to invoke my feow-members
here not TO permit considerations Of a party char
aeter to enter into this question; AMI hope, when
hHal vote shall be taken, that every member viii be
guided by considerations entirely above and beyond
that
IL Is said, sir, that we must pass relief measure
aud that the Senate bill is not a relief MEASURE
Does any gentleman understand by relief measure,
proposition to allow The banks without limitation
70 increase their circulation? Sir. why did the
banks suspend Because they had increased their
circulation beyond their power of redemption
Then, shall we permit them to g on as heretofore?
L am opposed 10 that. | could not regard that as a
" under which we labor. It amounts 10 a declara-
ton while the banks acknowledge that they are
aoW unable to redeem their cir culatiOn-it is 10 say
TO them, we want you 10 60 and render your
selves still less able to redeem your notes. What
effect viii this have upon the country? Are we
legslaing alone for the good of the banks, or are
not sgisatng rather Tor the good of the people?
Are not judgments beng rendered against the peo-
pie! By the first Of January these judgements will
60 to execution. If the banks continue in a sus-
pended condition, creditors will demand gold and
silver upon these judgments. Where is the gold
and silver of the country 1t is in The vaults of the
banks. What them Why, sir, men will have to
give ten per cent. for gold TO pay their debts Are
you prepared 20 have their property sold a sacri
ice te obtain 1t, whilst there is plenty of gold and
silver in the vaults of the banks am not prepared
FOR that. believe that such course Of legislation
would be oppressive towards the people, aud result
most beneheially for the banks.
Reference has been made to the Planters and
Union Banks. l ask gentlemen to take up the re-
ports Of these banks, and show from them what
relief they have given to the country. Had they
not been contracting their circulation before the
banks suspended? Have they afforded any relief at
all! No, sir, their acts have been TO Cypress the
people. l confess that cherish towards them no
pariiH spirit What bank Is it that las come to the
RELIEF Of the people! Ills the Bank Of Tennessee
he peoples Oank,-they came toe relief of the
people IN the time Of their need, whilst the Union
and Planters' Banks contracted their circulation,
when 1t was not necessary TO be DONE Sir | an
nounce that am willing to increase the capital of
the Bank Of Tennessee one and half millions
aye, three Millions if necessary-in order that she
may come TO the relief of the people; and why?
Because the Union and Planters Banks are under
The control OF operations, and we cannot make
use OF them. The Bank of Tennessee was called
into existence by the people, for the purpose Of act
ing as their great fiscal ageRtof being the deposi-
M 9 nF ha Sfofa md .
business which could not be done by other banks
Again, TINS bank Of tennessee is not clothed with
vested rights. We can wind her up at any moment.
Ii Is not 50 with the Union and Planters Banks.
And, Mr. Speaker, l expressly affirm, that in my
judgment, there is not one feature of this bill in
tended to cripple the Bank of Tennessee. l would
90 for almost any measure of relief for that bank
Mr. Speaker, can any gentleman on this floor ex-
pect 10 have his particular views on banking carried
out here? How many bank bills have we had
1t is most evident from the number we have
had presented, that any BILL to be passed here
must be The result Of a compromise. The Senate's
bill, Is no caucus bilit is conference bill say
here, my individual responsibility, that no indi-
uduai member was bound to vote TOR the Senate's
Iili. (which IS the same that had the honor to in
troduce.) No pledge was given. Il was expressly
stated At the time that every gentleman left free
10 act agreeabiy to his best judgment-tO object,
propose amendments, or vote against the bill-act-
ing wholly for himself under due sense Of respOR-
siblity TO his constituents and not with reference
10 mis- being a member Of the Democratic party.
Every effort made, of course, 10 harmonic the
views Of all, becau-e We saw gentleman the other
side not disposed 10 aid US. They were dispo-
sed 10 incorporate any Objectionable feature into the
bill, that might thwart and defeat it. and then to
cry out, that ne Democracy had a clear majority
b At could not harmonic their views. Sir, we did
narmouze our views 10 q certain extent, but at the
same time nc gentleman was pledged to vote for the
BIZ.
whilst up will say that there are provisions
in the bill Of the gentleman from Shelby that like
will state also that il had prepared bill accor
ding TO my individual notions IL would not have
been a bill like the Senales bill. Neither would it
have been, q am well aware such a bill as could be
a lopted by his House. am willing, therefore to
take this bill with sucn amendments as may be put |
upon it, And l now beg leave to say to gentle |
men on both sides Of the HOUse-On NY right, and |
on my left, if drop this bill the result will be-
that shall getinto the same Of confusion in
which We we're involved an eriory TO the introduc
ton Of this bill; and shall have bank bill piled
upon bauk BILL based upon individual notions, upon
winch the House cannot harmonic, and which can
not command the votes Of majority.
For these reasons, 1 do hope this amendment will |
be voted down. | move to lay IL on the table.
The yeas and nays were demanded and ordered |
On this motion.
Mr. GOLLADAY. Mr. Speaker, 1 ask the gentle
man to Withdraw his motion fo- a moment
Mr ROWLES. l will, if the gentleman will re- |
new it.
Mr. GOLLADAY. 1 will renew it. Mr. Speaker, |
have said very little during this debate upon the |
subject Of banks, and l should not now propose to |
ufict upon the House any part of speech, but for
he fact that gentlemen on the other side, have as
erted that We are making this party question.
Mr. EOWLES. intCn led to say, only so far as
he vote Indicated TO my mind, that gentlemen were
asiuC that course. ! may have been wrong.
Nlr GOLLADAG. MIR Speaker the honorable /
Gentleman from Bradley has declared to the House
hat be deeply regrets that any party question
hUuld have arisen. | agree with him. The coun-
~ Is suffering from monetary pressure; the people
e appealing to the present General Assembly to
dmiuist5r relief. They are calling upon Us for a
ehet measure. That Is precisely the fact. But my
rIeud from Bradley has said, we have not seen
roper TO impart our views; that we have voted for
buOxlCus measures, with the view of breaking
own the BILL aud be puts the quuston as to what
sOud have been the effect of the success of the
enJleman from Jackson, Mr. Stanton,) in present
ne bis individual liability clause.
Mr. Speaker, desire gentlemen to be consistent.
submit that 1t was wrong in the gentleman from
radley, TO charge us with duPlicity Did not the
eutieman argue the other day, that the Union and
'aplers Banks, the stock and free banks had all
1reited their charter, and that the sovereign State
ad the authority TO order a 5cire Jdcias against
ZEN for suspension, aud make a finish of them.
Now, Mr. Speaker will bring the gentleman to
be point il the banks have forfeited their exis-
suce under the laws IasS what's The object Of this
cnate bIli2 and what will lie lis etfsctsg Do YOU
Ut recognize the existence Of these banks, in The
cry acg OF presenting rules and regulations for
lcm? Are they not regarded as living bodies in
he eyes OF the law. appeal 10 the gentleman as
lawyer, TO ausWe r ] want TO know if it is not
design Of this bill to affect their individual or
p1rsJe liability with the yieE of better securing !
le country against them if they 60 on.
Every gsntieu in this House will recollect that
men the question of individual liability has been !
heretofore have said thatI was opposed TO fss-
ming it upon corporations intended for the couve-
ence Of the country; butt said l would fasen il !
poo all Sucl corporations as are created for profit
TO make money Tor The c0TporasoTs. But did
ey mol vote tor lhis individual liability clause upon
charter propositions! Is Il not so published in /
10 proceedings Of this body. Have noI all the :
aiding spcakEs o. that re, from The gentleman !
ON Cannon, 10 the gentleman from Hickman, gone
Dou the record, alleging that it is genuine Deaoc-
cy put mis- clause into all our charters Of incOr-
.u0u?
My honorable friend says this is not cVuCus bill
G shapes his phrase differently, and says it is n
inference bill ask my friend, Who we're the con-
rees wuen This bl was passed? Was There? :