Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-05
MR. prEcHs BANK am.

kor the information Of our readers we make the
following abstract Of avery important bill introduced
into the Senate by Mr.. srEAKkR BrRcH, and nov
pending entitled go bill 10 provide for the iquida
ton Of the Bank of Tennessee and the Free Banks
| Of the State, and for other purposes =
l. That any free bank desiring to 60 into liquids
ion shall give notice TO the Comptroller Of that
fact.
2. That thereon tho Comptroller shall give notice
in SINE paper in Nashville, that the Bonds of said
Company win be surrendered to the note holders in
lkeamOunts, prOvidedsaidban is not under protest
9. That after such notice BY the Comptroller, all
revenue collectors of this State shall receive the
notes fsaid Bank par in payment of any dues to
the State.
4. That the Bank Of Tennessee shall also receive
the notes Of such bank in payment of debts
5. That the Bank of Tennessee shall present said
notes to the Comptroller, and receive therefor the
bonds belonging to said free bank and if they are
such bonds were issued as loan to any railroad
company or other corporation, or such as were en-
dOrsed by the State they shall be held by the Bank
Of Tennessee and the interest theron applied to the
payment of the interest on the States indebtedness
and ifthey such we're issued by the State for
stock in the Bank of Tennessee, Union Bank of
Tennessee, or in payment Of State subscription to
railroad turnpike companies, for building the
Capitol, for thepurchase Of the Hermitage, they
shallbe destroyed
g. The Bank of Tennessee and Branches are pro-
hbitedfrom paying out their notes, exeepto deposi
tors Orn payment of checks drawn the State Trea
surer, and sl the notes of said bank and branches
not needed for said purpose, TO be destroyed
| Z. That the notes of the said bank and branches
shall be entirely Withdrawn from circulation when
there shall be sufficient gold and silver
ofOther specie paying banks of this State to meet
the checksofth State the depostors and interest
the bonds of the State.
8. That revenue collectors shall not receive for
dues to the State, anything else than CON- or the
notes of said free banks in liquidation and the notes
of the Bank of Tennessee and branches, and the
| Bank of Tennessee and branches shall receive for
debts only the said free banks above and the notes
of said Bank Of Tennessee and bran ;hes.
9. That any bank going into liquidation, as above
provided shall receive from the Comptroller any
bonds it may have on deposit over and above its
outstanding circulation, and shall thereafter no
longer be entitled the privilege Ofbankng except
that it may collect its debts and sell its other
| sets.
10. That the Bank of Tennessee and branches
shall discount no new bill or note, nor renew any
except upon payment of ten per cent or the Origi-
nal amount discounted nor shall any renewal be for
more than six months on note, three months on
bill This would virtually allow five years for pay
ment on notes, and two and half on bills, if the
banks think proper to allow tt e indulgence.
IL. Notes Of other banks, received by said Bank
of Tennessee and branches, to be returned to said
banks for notes Of Bank of Tennessee or specie.
Is. The Bank of Tennessee to make provision for
payment of interest States Indebtedness.
r. Governor of the State to have the power of
visiting and investigating the affairs of the Bank
and all the privileges of director, except that of
voting on renewal of notes or bills
IA From and after lst July, 1858, no bank or
branch bank in Tennessee, to pay out anything but
its counter nOtss-(nOt to apply to Bank of Tonnes
see and branches.
Is. After LIST May, 1858, no bank to pay out notes
of less denomination than Eve dollars, and after the
LIST July 1852 less than ten dollars and after
LIST July, 1860, nothing less than twenty dollars.
t. No bank during suspension shall sell exchange
on any point for more than one per cent.
Il. That no person shall pay out notes Of the
banks of other States of less denomination than the
banks of this State are authorized to issue.
Is. ANY bank violating the provisions of the 14th
18th or 10th sections shall be fined not less than
five hundred nor more than twenty-five hundred dol |
lars.
10. Any person violating 18th section, shall be /
guilty of amisdemesnor, and punished accordingly.