Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-08

REMARKS OF nR-DAvIs OF MARSHALL,

Dec. /, Is57-ths bU So, reported 6v tie JOINT
Committee on Banks entitled "a 5ift for The better
SegslatOn Of the Bak Of Tennessee and other Banks
during the time 9f TIER ssPeassOa1 beng under
sideration.
Mr.. DAVIS said:
Mr.. Speaker have an amendment by way Of
additional section which desire to offer 10 this bill
before the vote is taken. 1t is:
'See. 10. Be It FURTHER enacted That all laws now
IN force IN thus State authorizing the rendition of
Judgment and the of an execution against
the debtor or his surities, or endorsers of debt
any OF the suspended banks in this State for the
levy and sale OF any property belonging the said
debtor or his securities, be and the same are hereby
suspended, until such bank shall in good faith re-
sumo specie payment And any Judge coroner or
sheriff. who shall disregard the provision of this sec
lon shall be forthwith removed from Office and rem
De ed forever thereafter incapable of holding the
| same" % IS = 81 Ct
Mr. Speaker, do not rise to make a speech on
banks and banking The subject has been exhaust
ed by ADLER men, here and elsewhere, and have no
taste for reiteraton, though the Senate might have
the patience anu courtesy to hear. Gladly would
have left TINS discussion wholly the hands of 9th
ers, but occupying peculiar position upon this sub
JeCt and intending vote against the bill whether
my amendment shall be adopted or not L regard it
as my duly to give 10 the Senate and the constituency
Whom represent here, the reasons governing my
votes with reference to this whole subject of bank
suspensions. Being satisfied also, that l stand and
fNSS uPOA buiS SUBJECT Win very lean MINOR
"y unless discussion shall change the minds Of SEN
atOr', am sufficiently adnonisped not to trespass
TOO long upon your time.
Before proceed further, viii take occasion to
say, that have not the slightest i'll feeling towards
| any gentleman that now controls the Bank of your
State or any other bank. My personal acquaint-
anee with the venerable President OF the Bank of
tennessee Is limited, but have known him q pub
| he man from my boyhOOd. L have looked upon him
as one OF the fathers of the great Democratic party
NnNv cTra 60 ~ 4
| hdentlal advisers Of the lamented President Polk,
during his eminently successful administration of
the analrs OF this great Republic. ! again disclam
all personal feeling on this subject regretIng at the
same time the circumstances that impel me a rep
resentatiye OF the people in this place. to differ in
opinion with so distinguished member of my own
party; but sir if were to sustain him and his
soclates IN their late bank suspension should do
violence to my own feelings aud disregard the will
OF an injured constltuency-shoulds stab at the vi
tails Of the Democratic party in forgetfulness of one
Of its cardinal principles-I cannot will not do it.
sui, sir think should have been content to cast
a silent VOTE but for the closing paragraph in the
letter Of the President of the Bank Tennessee to
the General Assembly, stating the reasons of these
| suspensions His words TO which allude are:
" If in this they have erred in the opinion Of the
General Assembly, such expression OF opinion by
them will Immediately change the course of the Di
| rectors, and the debts of the bank will be paid
promptly when presented"
ANAO NAS0 PtAVAo " tnls TeaSOIs
1t is attempt shift the responsibility from the
Comprollers of the bank to this General Assembly
l am unwilling to bear any part of that burden. /
Gould nope that 1t was not designed to throw upon
the shoulders Of the Legislature the responsibility of
thls suspension; but other construction can be
given TO this language read it as you will Why
was this sentence employed? After stating the fact
that they had suspended and given his reasons for
50 doing, the President closes with the sentence
have read. He says distinctly, if in this we have
r he vnras -
The General Assembly, we will meet ali our debts | |
say again: Why solicit this opinion? intend to ex-
anime this further before l take my seat.
Sir, how can this Legislature avoid giving an |
llnlon upon this matter? If we are silent |
u0es not cur silence approve of suspension Most /
assuredly 1t does. The President says to us sub
stanually: We have taken this course; if YOU do |
not justify 1t, say 50, and we will about face. Now
II tins General Assembly remain silent, cannot the /
President OF the Bank say to the country bleeding
so many wounds inflicted by the banks, s.Wby. |
told your representatives what we had DONE and
said to then If they did approve it, all they had
to do was to say and the debts of the bank would
be paid promptly when presented They failed to
give me any opinion, anu of course l could not but
believe they approved cur course" Most assuredly
No other construction could be given to our silence
IN this case.
Now ask you, Sir, where rests the responsibility
OF this bank not paying ner debts, but this Leg
lslature. suppose of your constituents or
mlne-a farmer, a laboring man-comss to this
city to-day and presents thousand dollars of the
notes of this bank at their counter, and asks to
have them cashed, they would pay dollar of it
they would not promptly meet that debt, and
truthtully they might say the note holder ''We
suspended when your Representatives were here in
session, and our President said to them: Gentlemen
II you say so, will pay every debt the bank owes
They have failed 10 give the instruction and
therefore we cannot pay you" The farmer then |
gathers up has notes Of the Bank, and wends his way
10 tins Chamber and he approaches US and SAYS TO |
US: "Slrs, l have lot OF notes of the Bank of |
Tennessee, and am compelled to have the metal or |
my property will be sacrificed. l have presented |
them to the Bank They have refused PAYMENT: |
but the Bank officers have said to me- if the tiene
raj Assembly will just say so, we will pay the debt
aud all the other debts Of the Bank Of Tennessee,
when presented" That honest farmer would fur |
thcr say TO US: "Srs, you can pass a resolution !
through both Of these Houses to day. and to morrow
l can get my money and go home. Ii you fail 10 do
TINS, shall lose ten per cent, get gold; or my
property must GO" Sir, upon whom would that |
man lay the responsibility of his loss!-his Repre-
senlatIVes here, or the Officers of the Bank? As
suredly, every such man would declare against this
General Assembly. The bank has completely shift
ed the responsibility, and thrown it upon u.s.
Now II l am right IN my eonclusions-and | feel
well assured that other construction can be legit
mateiy put upon the paragraph in question: ask
the Senate what is duty? Is there any other
course for to pursue that would be more prudent
than 10 vote against the bill before the Senate
and thereby say to the Bank Officers and Directors
ave dsapProve Of the course you have seen proper
TO adopt, being able, you say yourselves to meet
all the just demands against the Bank. Paw your
debts promptly when your paper is presented by an -.
injured people. The responsibility is all your own
Whether you have done right wrong, it is Just
and right that you should take the consequence of .
your act, after the manner of the Hero of the
Hermitage, who never asked others to share a re-
sponslblIIty with him. If you have done right it
snail rebound to your credit; if wrong, be that :
wrong upon yourselves" Let the banks be COM
He'd IN this way to occupy their position and
if there should be any controversy between US and
them, let the people judge. l shall never complain
of their verdict
l have been thus particular as to the matter of
responsibility, IN order to place myself where l de-
sire to stand this subject
There is another reason Whv am unwilling tn I
justify to legaize these suspensions of specie
payments by the banks. But first under this head
have TO say, that am opposed in principle to all
banks. l never voted TO charter bank in my life :
Upon two former occasions have had the honor of !
being returned by the people in this branch
Of the aT-making power of the State of Tennessee
aud have been called upon to vote upon such 7
propositions. The celebrated Free Banking Law y
was passed IN 1852, l did everything in my power
10 defeat It, tried 10 convince the Senate of the
error OF Its enactment. My vote stands recorded :
against It's passage, and that with a very lean mi
nOrliy. No other man Of my own party in the Sen "
lte saw proper TO cast his vote against that measure
and have been grateful to God ever SINCE that | .,
lid SO vote. My every days experience since that
me has confirmed me in the righteousness Of tn It y
7Ote, But make no war to-day against those who 6
7oted for that most unfortunate of all our systems -
If banking and If the question were new one a
md now before US, | should simply pursue the J,
anne course that l did in 1852
Mr. Speaker, have not aided in building up these -
,anks, but since they upon the country, my -
,olicy shall be do the best l can with the evil ~
akng al the circumstances into consideration. As g
have not helped TO make these banks, so neither -
hall help TO tear them down. gave no charters ~
shall take away. l shall have as little to do
Nth them as possible. "
l have said this much by way of defining my DO.
itiOu. desire 10 say few words in relation al
o bank suspensions. We are called upon by the tn
Ulcers ofthe Bank of TENNESSEE desire to speak tn
nth special reference this bank ito legalize TO
that they call suspension. What to under. de
land br this term suspensions believe the use of fri