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

is. The bank issues its notes. On the face of every
one Of them they promise that when the holders pre-
sents 1t at their counter they viii pay the amount il
metal Yet, in the face of this promise-this agree
ment-you will pass law. saying TO the note bold
err Take your promise-take your note-leave. sir
this bank shall not pay you, notwithstanding these
promises! aud you say TO me, this constitutional
law! ask Senators who are against my amend
ment, to draw the line of distinction between mine
and theirs, if they can do it. If they cannot,
would respectfully ask Senators, where is their
sislency? Let them see to it, and reconcile their
course, if they can. ask again, Is not the promise
of the bank pay its debts TO the note holder of
much binding force in law and equity that of the
individual debtor to the bank? Ii the is allow
| ed to suspend, by the force of law, why not the
other? Let your laws deal exact justice TO ALL
exclusive privileges to none. What is there in a
souess corporation that entities it to so much eni
ty as some disposed to allow? Is it because a
few associated together, that they to be
exempted from the operation of general principles
Of law and right?
Let us look at this principle little further, and
see what 1t will lead to- And for the purpose OF a
still further illustration of my idea, Mr.. Speaker
will again suppose a constituent OF yours or mine,
entering, If you please the Bank Of Tennessee with
bundle of its notes. He lays them on the counter,
and says TO the cashier, 81 want the gold or silver
for these note. | owe my neighbour; he has my ne
grOes levied on, and has demanded Of me the cash;
sent them at your counter, you would give me the
metal for them, and | am compelled to raise 1t, or
my slaves will be sold - The bank officer replies
very poltely-he is very courteous in his tone and
msnner-''We have suspended, and viii rot pay
you very sorry your negroes have to be sold, but
we cannot help it, The Legislature have said 10 US
that we might refuse to pay our debts until Janua-
ry, 1859 They have legalized orr suspension. and
we caunot 20 beyond what they have said should be
law" The farmer still presses his suit, aud earnest
ly demands his gold BY this time the cashier is
becoming a little weary of his customer, and a
thought strikes him that he hopes will rid him of
this honest man. seeking his rights All at once he
tells my constituent: 'You cen 60 to Mr.. --, he
is broker, and will let youhaye the gold" The man
asks again: "Will he charge me anything?" Yes
sir, though not much, suppose-some five or ten
per cent. You had better give this premium than
to have your negroes sold, times are very hard
and your slaves will sell low. ] think you had bet
ter submit to this small loss than your proper
ty sold" The farmer reflects a moment, and says
to the banker, ''yOu say Mr.. -- has The gold TO
sell - 'Yes, sir" The farmer again replies ''You
have this day promised me the gold; you go and buy
enough to take up these bill You say 1t will cost
but little. / think, as an honest man, and having
promised me that you would give gold for these
notes when presented them TO you, you should
bear this loss" ''0h, mo- we are bank; you are
a farmer. We have exclusive privileges, which do
not belong to you. The Legislature have said we
should not pay our debts, whilst you have to pay
yours" That farmer again weuds his way to this
capitol, and says to you and me: "Sirs, demand at
your hands that you pass laws that WILL like the
dews Of Heaven, fall alike on all. demand at your
hands equal laws, and equal rights" Sir, ask
again, and will you tell me, what there is in a soul
less corporation, made up, if you please, of men
like ourselves, that entities them to such exclusive
privileges that they can, with mpunity, close their
vaults with hundreds of thousands of dollars there
in, and say their creditors, 1--WE will not pay you
And is such thing TO be justified by Law? Aye,
sir by the laws of Tennessee! l hope this will
never be by vote of this Senate.
Let us trace this matter to another point. debt
of the Bank of Tennessee, for instance, whose
note falls due tomorrow, presents himself at the
Bank and says: ''0wing to your suspension Ito use
the powdered expressiOn) which has created pres
sure and arrangement of the monetary matters
in the country, have not been able TO sell my crop
of wheat, my lot of stock and cannot raise the
money to pay off my note. Here sir, is anew note,
with the same endOrsers, due in four months, for
the same amount; will you not wait on me until
can make sale of my crop or stock? do not want
my note 10 go to protest, my friends it" The
Bank says: mo, sir; must have the money,
your note must go TO the hands of the Notary as
soon as the clock tells three" And forthwith it
goes into the hands OF the officers of the law; and
my word for it, as the law will bring it, an
execution is levied the property of that debtor
and if he does not raise the money, his effects will
be sold to pay debt to bank, out of which you
cannot extract one dollar. Is this right? Is it
equal? l affirm that it is not; and hope we shall
pas no such law here But if we do pass such
law, is it not right and is it demanded of us to
frame it so to operate on all aliEe? Is it not
morally incumbent upon us to pass this amendment
with it.
Isay the Senate, shall vote against the bill with
Or without the amendment. This is intended as a |
relief measnre at least l so understand the friends
ha - H., .
Is well the banks? Yes, sir, shall vote against
his or any kindred BILL any proposition that has
endency 10 legaliZe the present suspension of the
banks of your State AS before indicated, shall |
lot vote for any new bank; neither shall l vote 10 |
ear down any old bank. They are upon the coun-
ry, without my aid, and it is not for me to fix a |
ime for their resumption. | might fix it too soon, |
two late for the eonyenency of the banks and the
country. Sir, if | were to vote for any time, it |
would be vote given virtually toward egaizing this
efusal of the banks to pay their just debts, and |
hall never do such thing knowingly l consider |
his; the banks know their situation better than
do, and they are responsible TO the country. The |
avs under which they took their charters are amply
uthcient TO protect the people, if they but ex.
cuted. Yes, sir, these laws are strong as words |
an make them; and were we to pass a law every
lay from now until the LIST of March, we could make
hem no stronger. One law is as strong as q dozen
aving the sanction.
Sir, these banks have their vested rights, and so
ave the people; with rights of either party shall
lot attempt to interfere. | satisfied that no sub
equent Legislature can affect these rights My
osllon Is, TO leave the banks where find them, and
ct them work out their salvation with fear and
rembling. All this consumption of time is to no
urpose, in my judgment. All that we can do is to
etter guard the future.
Senators talk Of the banks resuming in few months
think this is all idle will predict in my place that
ur Banks will not permanently resume in less than
hree years Yes, sir, if they resume in five years
rom this date, | shall be agreeably disappointed.
If We take the past an indication of the future
viii be at least five years. The history of these
tell us that the suspension in l197 last
seven years. The suspension in lSl9-abOut the
anne time, that Of lS37-mOre than five years. with
he expectiOn of few months Then Sir, how are
re to look for anything better at this time? | can
ee no evidence of it. Look, if you please how reg
larry these suspensions come: The lst was in 1897
hen the second, in lSl8-twenty- one years The
lrd IN lo31-nineteen years. The fourth in 1857
Just twenty years. How can we look for sooner |
eturns to specie payments at this time than here
'tore! These times of suspension and resumption |
re in the nature of things, they belong to the sys
I'm.
Now, sir, with all my hatred for banks, 1 do not
y all this sin at their door. All the sin is not
lelTs; 1t is divided between and them Our | ;
sposition to live without work-our speeulations :
you please, are among the leading causes of our
aAlcs anu pIessuTes Ii We were TO La Dor more and
ade less, we should be at once a happier people
es, sir, advise TO draw heavier on our primeval =
mother bank"-the bank that honors every in !
enuOus draft, and has never suspended. We have
10 much speculation, sir; too many of US live
lthout labor. We have too many lawyers, doctors,
erchants, and ofHce-seekers too many consumers,
I'd not enough producers. This helps to increase g.
e evils Of which we so loudly complain. 1t were n
liter II we had more laboring men, and fewer /
gentlemen" These gentlemen are as much at h
ult as the banks. The banks are bad enough in p
conscience; but let us, each and all, have our o.
st part Of the blame for these errors. 1t is my -
Union, sir, that, if we had no banks at all I,
ese revulsiOns in trade would come upon u.s. I'M 8
IS we would labor more and speculate less. This n
amer of trading and living without labor will, to
certain extent produce these changes in our :
times" Property will be up and down-money
arce, then fush-from this cause alone It is
ne, sir, that we look to the banks for too much -
are too much given to living on the wind.
Mr.. Speaker, have said this, not by way of :,
ology for banks, but to give you my opinion of ej
ese matters. ! shall present one more view of
is subject, showing the reasons why cannot vote
legalize a bank suspension; and to this point di
sire to call the attention of nv Democratic 81
ends. Senators will bear in mind, that principles
, 81. ,-,L.-