Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-19

such banks as might accept them He was opposed
to this for If the banks had forfeited their charters
as the gentleman's proposition assumes, he was
unwilling 10 set them up again
MIR ROWLES His bill provides for a gradual
mplion-mine, the first day of July, 1859.
This bill provides that bank in Tennessee shall
pay out the notes of foreign banks-the gentlemans
bill has such provision. This bill proseribes the
Issuance of noles under $l0-the gentlemans bill,
under $50. But the gentleman alledges that we
say the banks have forfeited their charters We say
that is our opinion; but we leave the question to
be decided by the courts. do not say am right
in this opinion, but submit the question for adjudi
cation. Is it not all important that the country
should know whether these banks can suspend with
impuuity? If they are clothed with such danger
Gus power, is it not necessary that the country
should know it? and the question can be decided
aUthoraively only when the courts shall pronounce
upon it and whenever this bill shall be passed,
then the question is presented to the courts. Who
but the courts can determine this question? This
House can not.
Mr. POLK. am obliged to the gentleman from
Bradley for pointing out the difference between
these bills. He says they propose to resume sud
denly in July, 1853; while resumption by my bill
is gradual was fer making it progressive-for
beneftiDg the small noteholder; but 1 am not par
ticuar about that. If the House will pass my bill
on the second reading, will help to put on that
provision Another difference is, that my bill pro
poses to suppress bills under S2O-his under $40.
Does not The House remember that l made mo-
ton to strike out " $50 aud under!" and l want to
know of the gentleman from Bradley, whether he
did not vote against that motion! Every member
on this side of the House. excepting three-the
gentleman from Dyer and Obon, the gentlem IN
from Lincoln and the Junior gentleman from Shel
by-yoled against that motion. Now, | would like
to know what has brOughs this sudden change over
the mind Of the gentleman from Bradley! How Is
il that the gentleman then voted against striking
anti Al bpl
the advocate Of restriction Of small notes no far
iher than $40. The gentleman finds another differ
ence His bill provides that the banks shall not
pay out the notes Of other banks not chartered IN
this State. am perfectly willing to accept that as
an amendment to my bill. Now, with these three
amendments, my bill would be as perfect his;
because he Acknowledges that his bill contains all
the leading features OF mine.
Mr. ROWLES l said no such thing.
Mr. POLK. Well, l say il does. The gentleman
will not understand ME as intending to be discour-
teOus | have a right u my opinion. Ii the gen.
tleman will introduce these points Of difference by
way of amendment to my bill, and the House adopt
them, he will have then, 1 think, more acceptable
bill than his own.
Mr. ROWLES. The gentleman from Maury is
trying, no doubt undesiguedly, to excite feeling
here against me-
Mr. POLK. | am not.
MrROWLES. introduced the bill, Mr. Speaker,
in conformity with the views Of other gentlemen.
do MT endorse the bill fully, but am prepared to
vote for it, 1t is not my bill, sir. The gentleman,
however, has his biil-it is emphatcally his bill;
and he doubtless considers 1t the Wlsest course TO
adopt it-that the welfare of the country demands
its adoption. l make no war upon his bill, but
do lot think in its present shape, it possibly
meet the views of the majority in this Houses and
think that, to adhere to it, would be to defeat the
passage of any bank bill at all.
Mr. POLK l dlsclaIm distinctly all party feel
inc He / nm WEI dpd IN m
baby. Wen, if it is my baby, it has been out SO
ling, and the wet nurses have dressed 1t up in so
many fine clothes that l don't know it.
Mr. THOMPSON. This bill, called ''Alr Folks
BILL" has been adopted section by section-thrOugh
nine secions-cvery one Of them commanding the
appreciation of a majority of this House There
fore shall against the adoption of the subst-
tuIe. prefer bill TO prohibit the circulation OF
uetes under so. l want it to be shown that Mr.
Folks bill cannot pass, before l take anything
softer. ! am hard, myself-au over.
MIR WE. l understand the gentleman from
Bradley, says the question of forfeiture of charter
is TO be settled by the courts. Now, if the courts
declare that the banks have forfeited their char
ters want the gentleman to tell us whether, under
the provisions Of his BILL they can continue bank
ing!
MIR ROWLES. No sir Twill explain. The bill
declares the bank suspensions, and the opinion OF
the Legislature that their charters forfeited, but
leaves the question to be determined by the courts
Then there is provision which goes on to declare
that all the suspended banks shall accept these
notifications of their charters within forty days.
Ii they accept, then no proceedings TO be had
against them. But if they fail to accept then the
Attorney General is directed to proceed against
them Tor fOrteure and if the case shall be deter
mined against them, then they are to be wound up
Mr. KING. What would be the effect of such q
course upon the people of Tennessee?
Mr. RONLES. ! am no prophet. / have no
net ne l
say, l am willing to vote for such BILL for the
reason that am unwilling that these corporations
should be any longer allowed to 60 beyond the law,
and disregard their charters with impunity
Mr. POLK Is not waving forfeiture if there |
be a forfeiture, equivalent 10 sre-charter?
Mr. ROWLES. No sir.
MIR BAYLESS. Such decision of tho Supreme |
Court would have the effect to rid Of an abOmina-
BILE set Of banks. Let the pressure come. Come 1t |
must, at some time. Let 1t come now. 1t will ga |
Their more, force for mischief, if deferred Better
to strike now when they are liable TO an action |
tor forfeiture of their charter.
Mr. DAVIDSON moved to postpone the further
consideration Of the bill and amendment till to-
morrow
Mir ROWLES seconded the motion
Mr. THOMPSON demanded the yeas and nays
md they were ordered, and being taken, resulted
7eas Is, nays 52-as follow:
Ye1S-Messrs Bate, Bayless, Bicknell, Blackburn,
JaTter of Hardin, Davidson, Fulton, Cannon,
.miIton, Newman, Polk, Roberts, KOwles st. John,
,martt, and Williams-l6.
Nays-Messrs Algee. Anderson, Bentley, Benton,
Bradford, Brazeton, Bullock, Caldwell Carter of
,arter, Cooper, Copeland, Davie, DObson, Dodson,
dunlap, Estes, Ewing, Frazer, GOlladay Harney,
Iolmes Ivie, Johnson, Keeney, King, La key, Lamb,
,oyd, Low, Maris, Mickey, NewbeTn, Randolph,
Iouston, Renshaw, Richardson, Rose, Saunders,
chmittou, Senter, shrewsbury, Stanton, StOyall,
aylor, Thompson, Turner of Roane, Turner of
umuer, Wilson, White Of Hamilton, White of
.nox, Vaughn, and Mr. Speaker DonelsOn-52.
So, the House refused to postpone
sir STOVALL moved to amend the bill by striking {
ut the individual liability clause from the 9th line
the second section to the 10th line thereof.
The SPEAKER ruled the amendment out of order
-the matter having been adopted whilst the bill
as the present second reading.
Mr. ROWLES called for the yeas and nays, on the
iOptiOn of his bill in lieu,
And the same being ordered and taken, resulted !
cas- SO, nays 37-as follows:
Ycqs-Alessrs Bate, Bayess, Blackburn, Brad \
rd, Caldwell, Carter of Hardin, Copeland, Da- Q
dson, Dobson, Estes, Fulton, Cannon, Hamilton, {
aruey johnson, Lamb, Low, Maris Mickey c
ewman, Roberts, Rose, ROwles, st. john, Schmit I.
u, Smart, Stoval, Taylor, Turner of Roane, Tur
II of Sumner, Williams, Wilson, Wood, and Mr. a
peaker Donelson--93.
Noys-Messrs Algee, Anderson, Bentley, Benton,
ckhel, Bullock, Cooper, Davie, DodsOn, Dunlap, :
wing Frazer, GolIRday, Griffith, Holmes, Ivie,
endrick, Keeny, King, Lackey, Lamb, Lloyd New
m, Polk, Randolph, Raulston, Renshaw, Richard !
n, Saunders, Senter, Shrewsbury, StauntOn, "
lompson, White Of Hamilton, White of Knox, and c.
So, the bill in lieu was rejected.
The House then took recess till half past two, |
NJ.