Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-10


| tors to make monthly settlements with the prOpe
officers; which passed the third and last reading
The Senate took areeess until 2. p. N.
HOUSE OF REPRESENTATIVES,.
TUESDAY, December 8, 1857.
The journal Of yesterday was read.
PETITIONS
Mr. BRADFORD presented two petitions from
sundry citizens, against the navigation of the Soutl
Fork of Forked Deer river.
Mr. THOMPSON did not present any petition from
sundry citizens in relation TO the Hampshire Turn
pike but the petition of Lemuel Long, Sr., in rela
lion to the route of the Mt Pleasant aud Ham pshiI'
Turnpike through his land.
PARTITION AND SALE.
Mr.. BULLOCK, from the Committee on the Ju
dietary, reported bill in lieu of the bill (l68) t.
repeal the act Of S0th December, 1849 and subse
quent acts amendatory thereof giving to the County
Courts jurisdiction provide for the partition and
sale Of estates of deceased persons, and recon.
mended It's passage.
PROPOSITIONS PASSED THE FIRST READING.
Mr. DUNLAP introduced bill mo 3O3) to expe-
dite and simplify the administration Of the law,
and for other purposes.
Mr. KENDRlCK introduced a bill no. 304)
amending the act of February, 1856, and to revive
the act Of 1852, to change the line between the
counties of Wayne and Perry.
Also, bill no. 305) to change the lines between
the counties Of Wayne and Perry. and of Wayne,
Hardin and Decatur.
Mr. CANNON introduced bill (No. 306) to
amend the act Incorporating the Presbyterian Board
of Foreign and Domestic Missions amendatory
of the charter of the town of BlOuntville
Mr. HARVEY introduced bill (NO.307) TO release
the State from certain liabilities; and for the bene
ft of the Central Southern Railroad Company.
Nv uoad NJ forf he
suppression of sheep killing dogs.
MIR TURNER Of Sumner, introduced bill mo.
3O9 to prevent circuy of action in the Circuit and
Chancery Courts.
Mr. LACKEY introduced bill No. S1O) to incor-
pOrate the Memphis Savings Institute and Insurance
Company.
dr. BRAZELToN introduced bill mo By to
incorporate the Trustees Of the MorristoWn Female
Academy.
Mr. TURNER of R0ane, introduced bill no
3l2) to incorporate the Farmers Manufacturing
Company.
EAST TENNESSEE AND VIRGINIA RAILROAD COMPANY.
On motion by Mr. HARVEY, 1.-THE rules being sus
pended for the purpose the House took up the
consideration Of his joint resolution, asking the Gov
ernOr for such information he may possess in
relation TO the payment of the interest the
bonds Of the East Tennessee and Virginia Railroad.
But the resolution having been mislaid on the
files
BANKS AND BANKING.
On motion by Mr.. ALGEE, the House determin-
ed-by yeas 81, nays Ito resume the unfinished
order, wit, the consideration of Mr. Folks bill
The question being on the adoption of the seventh
section, amended.
Mr. CANNON moved to reconsider the vote of
yesterday, adopting Mr.. Bentley's amendment to
The seventh secuon.
Mr. NEWMAN demanded the yeas and nays on
the reconsideration, and they were ordered.
Vrpn Mt al IN
that The bank directors could not accept the ndivid
ual liability clause-shOwing the difficulties in
cases of stock owned by residents, heirs, fem
mes cCUsTt, persons cOmpsS meHfis SC. They
could not, without great difficulty, expense and de-
lay, make their application 10 their individual
in such cases. They could not, and
they would accept this individual liability. Its
passage here would be general order to wind up
the banks. He closed his remarks by declaring
himself a friend of the State Bank, and submitted
defense Of the course taken by its venerable Pres
dent
Mr THOMPSON followed in radical speech,
deiendingthe clause the ground of the right of
The Legislature to impose it,
Mr. RONLES did not dispute the right but alleged
that IL neither prudent polite to exercise
that right; because il would be fatal to the exist
snce OF the banks, and induce a general public
calamity
MIR THOMPSON continued. Mr. Speaker, am
one of those upon this floor, who stand ready at any
Ind all times put the bit in the mouths Of banks,
" step IN between them and the people, they are
depressing. stand ready sir, at any time and I'M
Ter all circumstances, TO assume upon myself the
responsibility Of compelling stockholders Of the |
7arIOus banks C this State TO make good out of |
heir private and individual means the whole amount
II the circulation Of the banks. And why sir : |
Because IL is simple, eEen-handcd justice Why Mr. |
Speaker, the Union and Planters Bank, which seem
o be the especial pets Of gentlemen upon this floor,
lave been N existence for quarter of q century,
md during all that time they have declared hand
lone dividends; some years making eight per cent,
ZONE years ten, some years twelve and By this
means sir they have already received in the way Of
profit, more than double the amount of stock actually
)aid in. Well the dividends thus received, have |
)een converted into other species of properly and
hus become private and individual property. These
aTge profits have been realized when the country |
vas prosperous, when times were easy. There was
hen no panic no pressure. But, sir, when thepanc /
lid come, when people we're pressed then they draw
n their circulation, and thus tend still further to
ppress the country, and finally suspend and refuse
o pay specie upon their notes when presented for
exemption at their counters.
Now, sir, the gentleman from Bradley Mr. EOwles,)
ook the position, in which then fully cOncurred and
o which / still concur, that by this suspension
hey had forfeited their charters that the General
assembly by joint resolution have the power TO di
ect the Attorney General to prosecute them to
orteture Of their charters, if they refuse to sub
nit to such additional restrictions We in our
7isdon may see fit 10 impose upon them. But we
ow have them in our power, and that, if they pro-
eed 10 exercise the privileges Of banking, they
lust do il upon such terms, and under such restre
ions as we may see fit 10 prescribe. Now, sir,
nink one Of those terms should, by all means, be
be individual liability Of all stockholders for the
ebts aud liabilities Of the banks.
Sir, am opposed 10 all banks, and would not vote
charter de nora, bank, if it were covered foot
eep in individual liability clauses. But it is al
ged that these banks can not and will not accept
lese terms, but will wind up. So be it then. l
ad rather have no paper currency at all, but come
own at once to "hard money" than TO authorize
lese banks to 60 without giving additional secu-
ty 10 note-holders. But sir why need these banks
fuse TO accept these terms? Before this pressure
inc upon the country the stock in these banks was
fling at from one hundred and twenty to one hun :
red and twenty-five cents in the dollar, and their
ports made 10 this General Assembly show that
elr assets at present are more than ample TO meet
eir liabilities. aud if they will but compel their
6cers act honestly from this time till the ex
ration Of their charters, there will be no injury
suting to stockholders. But, sir, desire to pro-
CT the country against their rascslity in the future
ID it they are unwilling to give this guarantee,
ny then let them wind up at once, while they have
cans amply sufficient to meet all demands against
EN-. Ii tney will give this assurance of their
cd faith 10 the future / am willing 10 waive their
rfeiure. 1t is but just and right that those who
We heretofore realized heavy fortunes by these ;
aving shops, should be compelled TO disgorge a
rtIon Of their profits in meeting the Liabilities in
rrel in realizing those very profits.
But it has been said gentlemen should beware how
ey load this bill with this amendment; that 1t
Il kill the bill Now sir, not to be fright d
ed fron my duty in this way. If gentlemen upon 4
IS floor are opinionsted and stubborn that they c
Il vote for any measure unless it meets their
tire appreciation IN every detail, they must take
responsibility of their rashness If becausethis
I does not meet their entire appreciation because
IS not The very bill they want, they are determined
oppose it entirely and throughout, let them do it
The fault Is not mine. l shall do what l conceive
be my duty shall offer such amendments as |
NIX prudent and wholesome, but if they are not q
oped-lt majority of this House differ with me, q
VIII not become chagrined thereby, and vote
shsI me Whole bll and leave the people at the G.
rcy OF the banks. If l can't get what consider
pest OH passed into law, will vote for the 10
xt best. am not Opinionated-I am actuated by y;
at conceive to be the true spirit of legislator 70
N Tor the best law that can command the support
the majority Of this General Assembly and there
relieve the people.
And if any gentleman in voting for this amend
Mt, had It in view thereby to defeat the whole bill
onure him to vote to reconsider and strike il ont
oted for il because thought it right aud inst and