The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-12-25
GOV. HARRIS AND rHE BANKS.

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Governor harris transmitted message to
the Legislature. on the nth. in relation to
Banks and Banking. In which he recommends:
LIST. That the Banks shall resume specie
payment upon a day fixed, and as early as
praeticable; thus making our currency con-
vertible, and re-establishing confidence to
some extent at least.
I'd. That from and after given day no
Bank or Branch Bank IN the State, shall is
sue any bill Of the denomination Of five dol
lars or under; and upon given day, within
reasonable time thereafter, they shall issue
no note or bill Of the denomination OF ten
dollars, or under; and, upon a given day,
within reasonable time thereafter, they
shall issue no note or bill Of the denomina.
tion of twenty dollars or under.
Sd. That upon ixed day, within a rea-
sonable time. after the Banks cease to issue
notes or bills Of the various prohibited de-
nominations of twenty dollars, and under,
they shall cease to circulate, retiring then
gradually, first fives and under, next tens, and
lastly tweuties.
4th. That no note or bill issued by any
Bank not within the limits of the State Of
Tennessee. OF q less denomination than our
own Banks are authorized to issue, shall cir
culate within the State. And that no bank
er, broker, corporation, revenue officer, or
any person exercising licensed privilege,
shall pay out or circulate the notes of any
other than the Banks Of our own State.
9th. That no Bank or Branch Bank in the
State, shall issue or put in circulation any
note or bill that is not payable in specie at
the counter where the same is issued or put
in circulation.
9th. That no Bank shall issue more than
two Of circulation for one of specie in the
vaults or incur liabilities TO noteholders or
depositors, more than three dollars for one in
specie in their vaults. f -1s,t 90
7th. That the President and Cashier of
each and every Bank in the State shall make
a monthly report, upon their oaths, to some
officer offthe State Government the real con.
dition Of their respective Banks, at the time
of the report; and that the report be pub.
lished at the expense Of the respective Banks,
in some newspaper in Nashville; and that
swearing falsely to such report shall be deem
ed perjury, and punished accordingly.
sth. Such penalties and iorfeltures for the
violation of any Of these provisions as will
secure implicit obedience to them, should be
provided.
The Governor further recommends that a
day be fixed in the future, by the Legislature,
and "as soon as it can be done without dis.
tressing our people, upon which ,he Bank of
Tennessee and her branches be put in gradu-
al liquidation"
"The time should be fixed far enough in
the future to give all classes of community
reasonable time to adapt themselves and
their business to the Inauguration Of the
proposed policy and the liquidation should
be slow and gradual in its operations, so as
to do as little violence as possible to existing
interests, by Withdrawing the circulation Of
the Bank, or rapidly collecting its debts"
He recommends IAN amendment of the
Constitution of the State, so as to fix a rea-
sonable limit. beyond which the Legislature
shall not go, in creating debt or liability of
the State, without first submitting the ques-
ton directly to the people. except in case of
invasion, insurrection or rebellion.
He earnestly" recommends. shat the faith
and credit of the State be no further pledged
in aid Of Internal improvements or other.
wise"
The Governor lastly recommends the pass
age Of law putting the bonds Of the various
corporations and Railroad companies which
have been endorsed by the State upon the
same footing with the bonds of the State
loaned to companies, in respect to the prompt
payment Of the accruing interest on the form
or, out Of the State Treasury. increased in
the event of their failure to pay it.