Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-02
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IAwRFNcERuRa RANK

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At the session Of the Legislature Of 1913, al
institution was chartered, styledthe "Lawreneebur,
Bank Of Tennessee. All the rights, powers ant
privileges, liabilities sndrestrctiOns which was con
fsrred and imposed upon the Planters Bank of Ten
nessee, granted to, and reserved in said act O.
incorporation, with the additional requirement that
the individual property of the stockholders should
be liable fol- the issues of said Bank, as well as for
oil other debts contracted by the Company. This is
substantially the act of incorporation, as may be
seen BY reference The acts of the Legislature Of
that date Page S59, chapter 207, sections 8, 4, 6
and 6. The lst section creates the Hartsville and
Nashville Glass and Soda Manufacturing Company,
the ID section is in the following language:
"Thst this General Assembly reserves to itself
and all future Legislatures the right to alter amend
and snnul, any charter Of incorporation that has
been, or may be granted by this Legislature when
ever in the opinion of the General Assembly the
| public good msy require it"
Does this section authorize the present General
Assembly to repeal the act of incorporation, if the
public good, las does the public wil) require iii
Many of nc who are ignorant Of the construction
of statutes as we are of the powers privileges and
rights of banks and bankers desire in these distress
ed commercial times to learn if Tennessee banks
with their runO policy upon the industrial pursuits
Of the country will have end. That this
bank has suspended is news, or agreeable an
nouncement to its note-holders, including farmers
mechanics, and other working classes. The dis
count upon its notes have ranged from 10 to 80 per
cent, and is readily procured on the streets of
your city from % to 80, and promptly refused by
all your banks. If the I'd section would authorize
repeal is here not adequate evidence under the eye
Of the peoples representatives thatthe public good
requires and public justice demands action upon
the reservation made in the I'd section of the act of
their creation? And yet no resolution, no PROPOSE
ton Ofrepeal is to be seen or heard No alusion has
been made to the peculiar language contained in the
ID section-peculiar because other act incorpO
rating Bank Company furnishes similar section.
The Bank refuses the redemption of her notes in
coin, in other bank paper, and il currently re-
ported the streets of Lswrenoeburg upon the au-
thority of B. F. Mathews, Esq, and W. P. H. Tur-
ner, that q stakeholder and director of the bank re-
fused to receive dollars of Lawrenceburg mon
ey in discharge of debt due from Mr.. Turner |
Think Of it, stakeholder and director refusing |
such a sum, in the midst Of community where ex-
elusive privileges have been granted, which enabled
him to demand and receive more for his credit than
citizens not engaged in banking could get for gold |
silver, unless they acted in violation of law The
Company has also refused to receive their notes and
give their prOmissOry notes due in four months, |
bearing lawful interest. Will the General Assembly
legslize 8 suspension, or longer tolerate banking
institution if they have the power repeal the same
which cannot give to the people better and safer
currency! But if no such meaning attaches to the
act passed. February 5, 1s4s, if the ID section be
intended to apply to the lst seetion and not the sub
sequent sections Of the same chapter and act where
two Companies derive their corporate powers from,
and there is necessity for action the cOutin-
gency mentioned in the act. There is still, in my
opinion, other why this bank should receive
the attention of the General Assembly.
The LIST section of the Charter of the Planters
Bank requires the payment Of gold and silver as
stock. This section was wholly dsregarded, as
learn from authentic sources andstockholders filed
in the bank their individual notes. which was receiv
ed and declared to be stock, end upon such stock
paper emissions was made.
The 3D. llth and 18th articles of incorporation,
have not, it is generally understood and believed
been observed.
The 18th section, unless the notes of stockholders
declared to be capital stock paid in has been vi
Oated, not only by assurances exceeding hundred
per cent but has no doubt, upon gold and silver
oeeded five hundred per cent.
If the Legislature investigates and examines the
condition of this bank it will discover who owes it.
and what they owe it for
IOppOse all banks without malice to the share
holders. FARMER.
HICKORY GROVE, Lawrence CO.
Nov % 1854