Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-04


Mr. JOHNSON hoped that there would be call
there necessity for it, as it was very evil
dent that there was quorum present. Some mem
bers, when they happen to be IN h cir Seats very
ready 10 move a call of the House. When the House
convened IN afternoon session yesterday, / was
absent attending to some business of my constitu-
ents, being the first time since the meeting Of the
session, that was out of my seat and notwithstand
ing was absent only about minutes, call of
| the House was had, and was marked as absent L
it is the determination Of the House hat call shall
be made when it is manifest there is quorum pres
| ent, shall take it on myself to call OF the
| House when l think 1t advisable 10 do So / hope
the call will not be made and thereby unnecessarily
consume the time of the House.
The motion was Withdrawn.
PUTNAM COUNTY.
On motion by Mr. STANTON, the Senate bill re-
leasing to Putnam and Scott counties their State
tor the year 1857 was taken up and read through
| by the Clerk.
Mr. THOMPSON proposed to amend by extending
the provisions of the bill to the county Lewis:
The amendment was agreed to; and the bill
passed the first reading.
Upton COUNTY SEAT.
The SPEAKER laii before the House commu-
nicstion from f. n. w. Burton, Secretary Of State,
enclosing the official returns of the spec ial election
in Upton county, authorized to be held the 18th
day of November, on the question of removal Of
the county of said county from C,,vIngtOn to
the centre shOwing-552 votes for the centre, and
4I5 for Covington.
LEGISLATIVE UNION AND AMERICAN.
Mr. SAUNDERS ION leave granted sub mitted the
following:
WHEREAS, The editors Of the Legisla tive Union
and American have not in their reports of the de-
bates Of this House. redeemed their pledge of Impair
uiality, therefore
Be At resolved, That the resolution heretofore
adopted, ordering the Principal Clerk T. subscribe
fora oahr, h., u
resentative, be and the is hereby re scinded.
The resolution lies over under the rule.
CREDIT OF THE STATE.
Mr. HAMILTON moved that the HO ase take up
Mr. Richardson's bill (238) to preserve be credit OF
the State.
The motion prevailed, and the bill W as taken up
and read through by the Clerk.
Mr. HAMILTON proposed to amend b y adding:
Be It further enacted, That any such ooard failing
to pay interest their bonds they 1al due, all
further State aid shall be withheld fro IN them until
the stockholders shall elect new b Iard OF direc-
tors
The amendment was agreed TO- nd so the Dill
passed the second reading
SPECIAL oRDER-BANKs AND B AYKING
The House now resumed the cons1 deration of Mr.
Folks bill (265 to regulate the bust ness of banking
the question being the insert on of the word
knowingly" into Mr. Folks amend nent.
The amendment agreed to, ;lnd the question
required on Mr. Folks amendment excluding notes
Of other States.
Mr. ST JOHN claimed the floor, he having given
way for motion to adjourn and proceeded make
a general speech, upon leave granted yesterday.
Mr. THOMPSON objected to a general discussion
on special amendment, but being overruled by the
ChBir,
Mr. ST JOHN proceeded. He denied any desire
to make political capital out OF this question. He
had said Congress had no power to regulate ourren-
cy in the States. He had denied the constitu-
uOnsl power of that body to establish currency of
coin. He didnot mean yesterday 10 invite any gen
tlemsn to political discussi on, but to say that this
not the time and place for such interrogato-
ry as was propounded by TIE gentleman from Carter
The principles of his party were we'll known, and
needed no discussion OF, the subject before the
House. The object was 10 relieve the people. He
then proceeded by way Of example to excuse the
bank suspensions in Tennessee; TO defend that pro-
vision Of the bill for tn suppression OF small notes.
whether Of the banks of this State any OF the
other States He the argued that uder the Con-
stitution of the Unite States the individual States
had no power to establish bank of circulation.
The banks had driven out the gold of the country,
had changed 1t into jewelry, and ham mered it into
plate: but being IN the power of these institutions
having hand IN the mouth of the lion, we must
Withdraw it we may, with the lea st amount of
. injury. He showed at length the ms chief of the
present banking system, giving numerous Hustra-
lions. In every State where the crcula ting medium
gold, expansions and contractiOns I'M
known, and there was no difficulty about exchange.
Mr. POLK proposed the following in lieu Of his
amendment submitted yesterday:
'Thatit shall not be awtufor any bro ker, banker,
exchange dealer, merchant, corporation, or any per
son having and using licensed privileg under the
laws Of this State to ISSUE pay OUT put into cir
cuatlon any nOGe, bill, other obligation OF less
denomination than twenty, twenty dollars of a
bank or corporation Of another State. A violation
of this section shall be deemed misdem eanOr, and
conviction erect, the offender shall be punish
ed as in other cases of misdemeanor."
The amendment in lieu was adopted and then the
amendment as amended was also adopted
Mr. BULLOCK proposed to amend by adding the
following:
"If any person or association of persons, exer-
csing the privilege of banking under the provisions
of the act entitled Gan act to authorize and regu
late the business of banking" passed February II,
1852, by themselves or agent, barter, sell, eI-
change any of their notes for the Of the Bank
of Tennessee for the notes OF the stock banks in
this State, such person or association Of persons
shall be guilty of misdemeanor, and upon cOnvic-
ton thereof, upon indictment or presentment shall
be fined not less than five hundred nor more than
one thousand dollars"
Mr. BULLOCK briefly stated the object of his
amendment. He said, from the best information
have in regard TO the free banks have come to the
conclusion that they have been instrumental in pro-
ducihg most of the difficulties in the regularly in
corporated banks. 1t has come TO my knowledge,
that since the Inauguration of this free banking sys
tenn il has been the practice Of those banks instead
of discounting paper banks usually do, to plat
their small notes into the hands of agents and send
them abroad distant parts Of the State from East
Tennessee TO West Tennessee, and TO peddle off their
trash, and collect the notes Of the Bank Of Tennes
see, the Planters Bank and the Union Bank and all
other stock banks in respectable standIng-instead
Of discOunEg paper they gathering up the notes
of other banks and pressing them for the specie
running upon them tor gold. That this has been
the practice of these banks, do not entertain
solitary doubt. Instead of banking, they have be-
come mere pedlers and trafcers in small notes in
order collect the notes of other banks and make
runs upon them. Mr. b. gave sundry illustrations,
and added desire them 10 do legitimate business
of bankipg-not set themselves TO work to force
legitimate banks TO curtail their business Il is
violation of the conditions of the law under which
thew hank The law designed that thew should
hank nv the legitimate Of discounting notes
and bills according to the usuages and customs of
other hanks 1t was not the design of the law that
thew should use their powers for the purpose Of
making runs for specie, and producing embar as |
nent IN the operations Of other banks Of the STATE
20 tho embarrassment of the business of the great
bodv of the people. I desire this amendment TO be
odo1tad ao that if these banks should be hereafter
uit Of this infraction Of the spirit Of the general
banking law. the fangs of the law may fasten upon
them. as upon those guilty of misdemeanor. |
am not clear but that might be well enough TO go
further than have here proposed, and tuck them
Up in the Penitentiary. The number OF tnese Of
snders, Mr. Speaker, is large, comparatively FER
APPS on investigation, it would be found that not
ore than two TO three OF these Tree DanKs are ceaT
Of this perniciOus practice.
pr POLK. bIr Speaker: The Supreme Court OF