Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-24

they were ordered.
Mr. DUNLAP. suppose the passage on the second
reading might be taken by common consent
Mr. DAVIDSON. Let's have it as it comes.
Mr. DUNLAP. The next thing after q call Of the
House. and part OF the call itself, believe is to
send for the absent members. move that the Door,
Keeper be despatched after absentees
1t was 50 ordered, and the Door Keeper was de-
spatched accordingly; and after some minutes sus-
| pension Of business
Mr. COOPER moved to dispense with further pro-
ceilings under this call of the House; and the
motion was agreed to.
Mr. POLK Mr. Speaker, do think, sir, that
question Of so much Importance as this, shoald not
b. taken in the absence of so many members-every
one, Of course, DESTROYS Of recording his vote. A
motion to take up the subject now, seems like too
hos haste in the matter. l would like to know what
| gentleman made the motion?
Mr. KONLES. 1 would inform the gentleman
| from Maury, that made the motion.
| Mr. POLK Mr. Speaker, know the gentleman
from Bradley that he did it in a proper spirit; but
there are differences OF opnion on this bank ques-
ton, and l would ask gentlemen what propriety
there is in taking it up when many Of It's friends
are absent?
Mr. DAVIDSON. Which side of the bill did you
vote on?
Mr. POLK Well sir, for fear of differing from
the gentleman from Lincoln, didn't vote at all.
| Laughter l will say, also, Mr. Speaker, that 1t
looks 10 me impolitic as well unfair, after the
sense Of the House has been deliberately voted
against the bull Of the gentleman from Bradley, to
seek to vote this down. and throw US back again to
the beginning, though we were determined to do
nothing at all Will the gentleman say that this
Legislature should do nothing? Il is my opinion
should do as little as -. / say, sir, the Presi
dent and Directors OF these banks know better than
we de how to regulate their affairs under present
circumstances.
Mr. Speaker the first provision Of the bill in lieu,
L
Bradley, which Is the same as The original Senate
bill, and that isthere shall be affixed day for the
resumption Of specie payments. They both have
this provision, that all banks in the State shall
resume on the first day OF January, 1859. Now,
sir, how will that operate?
The Legislature have absolute power and control
over the Bank of Tennessee; and it is doubtful
whether they have power over the stock and free
banks. Then it is clear, that the Bank Of Tonnes
must resume the first day Of January, 1859.
This is a mandate which the Bank Of Tennessee,
because the creature OF The State, cannot avoid
Will not the Planters and Union Banks their
advantage in this? Seeing the day is fixed for re-
SUMPTION will they not send out and buy up all the
circulation of the Bank of Tennessee, and the first
day after that bank resumes, they will Withdraw
the coin from the State INK, and put 1t into their
own cofers aud SO resume themselves aud get on
swimmingly, whilst C. he Bank of Tennessee goes to
the dogs-they having all the coin, and We hone
understand, sir, that the abest jurist in Ten
ne -see-OccUpyiDg position on the Federal Bench
says the Legislature of Tennessee have no more
power OF control these institutions, outside Of
the direct provisions Of their charters, than the
Corporation of the City Of Nashville have over
them
Now, sir. are we going to sacrifice the Bank of
Tennessee? Why then TX o certain time for re-
sumption! I might say also, that the banks of
Georgia, South Carolina, and Alabama would take
the same advantage of a fixed day for resumption,
and would send out and buy up The circulation Of
the Bank of Tennessee for the purpose OF drawing
out our specie.
Sir, it il my opinion that our banks should be re-
quired TO resume soon as in the judgment of the
President and Directors of the Bank OF Tennessee,
it shall be proper and safe for them 10 do so. My
friend here says, don't you intend to mark any time
when they shall resume? No, sir; don't know
how We can mark that time with safety. Do you
know, sir, what will rrauspire between this and the
first day OF January, 1893? Suppose you make
THIN resume at this tme and the Legislature should
not be in session; aud suppose alsO another great
reVulsiOn in our monetary affairs TO take place at
the same time-woud not your act involve the ex
pense Of calling the Legislature together again in
extra session?
| do not wish to sustain the banks in wrong
doing, but do beg gentlemen not TO crush out the
Bank Of Tennessee. say again, would not ap
point certain day TO resume, because the public
demand this, that we should have a resumption
general good; and because We cannot look into the
future; my amendment proposes 10 give that discre
Ion 10 the President aud Directors OF the Bank Of
Tennessee. DO you say, sir that you are afraid 10
trust these men? Do you know more about this
question Than they? Is there man here who will
claim to understand better than they the facts which
should govern to the time when they ought TO re
sumo
Mr. ROWLES, (interrupting) Mr. Speaker
state on the authority OF the officers of the Stale
Bank, thar the amendment adopted this morning,
p escribing that they shall resume before the
nrst day oil January, 1859, is all they desire.
Mr. POLK. well, they mark the time then; that's
all. am sorry the gentleman interrupted me. The
Bank Of Tennessee, MIR Speaker. Is assureiy under
the protection Of the State Legislature. The people
of Tennessee asking for relief from their none
tary dssresses. The Governor has Told us the
OF the reduction OF circulating medium fr m
eight millions to three, in round numbers-and now
We want expausiOns-not contractIOus. Suppose
hen, you tx the fcsJ vi January for resumption
do you not know that the Planters Bank, the Union
Bank, the Stock Banks and the Free Banks viii
cease to issue paper And if they do, can the Bank
Of Tennessee issue paper? Ii the Bank of TeBns5
see continue to issue paper, viii 1t not be caught up
by those o.her bauks7
In conclusion, if the Governor of the State is viii
ling 10 cOnhde the Bank Of Tennessee to the dad
agement and control Ofthat great and good man Gave
JOhnson) and his associate DIrectOrs-and the Sen
imously confirming the nominations and this House
with scarcely dissenting voice, endorsed the iGteg
rty Of the present Board, by confirming the nomin
we with prOPriety trust them
with the discretion which my amendment proposes.
Now, sir, having accomplished my purpose Of
speaking till gentlemen could come in, and having
set myself right upon the record, will yield the
floor
Mr. ST JOHN. Mr. Speaker, L want my name
markedas present under the Call of the House.
The SPEAKER. The G3ntlemaus motion cannot |
be interposed now.
CONTINUED