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


I Mr. POLK repeated the same exposition Of the
question that he submitted yesterday-readin the
same provision in the charters Of oil the stock
banks
Alr DUNLAP took the floor, and alleged that al
he regarded the bill, twas proposition TO wind up
the bsnks-compel them to go into insolvency; snd
he depicted the distress and ruin that would
in every part of the State until men should be sent
to the Legislature willing to do something practical
instead Of following after their mpracticable theo
ries. The effect Of these speeches and amendments
going out to the country, would be- boarding money
on all hands, and making times hard; whilst relie
/ TO the banks would have the contrary effect. lie
hoped the vote would be reconsidered, and the LIE
gsature would make it the interest Of The banks C
bring up their circulation TO par value, and wind W
only such as shall deserve to go into liquidation.
Mr. BENTLEY spoke again, regarding the PRESENT
as the best time for restriction, because some OF
their chsrtels-the Union and Planters banks-were
about to expire Where was the security if theil
assets should be removed?
Mr. WILLIAMS spoke next, admitting freely, that
it was his object TO wind up the banks and alleging
the presence in the country of sufficient amount
of gold and silver to supply all demands Of trade
and commerce. He called on his friends to come W
and stand by their rights in the application of this
individual liability.
] Mr. DAVIDSON said-the adding Of SO many
amendments would make the bill too Odious for pas
|
people Of Tennessee? Why put on amendments
that will reduce the banks to the necessity Of wind
ing up! Why not be contentto proceed only against
suen as have violated their charters He OPP
! posed to this amendment. He not a radical.
He was a reformer. He could not vote for propo-
sition that must Cypress the people, in its ultimate
results.
Mr. NEWMAN alleged that this liability could only
affect the Union and rlanters banks, whose charters
were to expire in few years. Their circulation
was now, IRON three millions, reduced down Ia
| S5OOO00. They had oppressed the people as much
as they could, therefore the other stock banks
having this clause already, he should vote 10 make
them all alike.
Mr. R0WLES alleged the fact that the Union and
Planters banks, and the Bank of 0eoee, and their
branches, aud the Bank of Shelbyvile, were sever
ally without the liability.
Mr. BRADFORD would go upon the record cheer
fully, in favor of this individual liability clause.
He would never cast his vote 10 shield from legal
penalties these loa6ng, lazy, lounging, swindhng
gentry, who stood refusing to Isy their honest
debts.
Mr. DAVIDSON spoke again, depreeating this
thing of doing by amendment, what gentlemen
would not do by original bill Let the friends Of
this clause come up with direct proposition to
wind up all the banks in Tennessee, and let the
country see what sort of record would be made
here upon it.
Mr. KING next took the floor against the amend
ment, reviewing sundry considerations, which had
been advanced in support Of this clause, and de-
Tending the people, merchants bankers, and legisa-
tors of Tennessee from the general charge of swind
ling, which had been made against them in this de-
bate-especially by the gentleman from Haywood.
He adopted the argument of the gentleman from
Bradley, and added this: that bank directors were
trustees of the stockholders and could not
cept modification of charter, but by the express
consent of the csst gul trust Therefore this clause
81 FL IT,
for it on the part of the State Bank. The people
were already individually liable then.
Mr. BAYLESS made a special reference to the
gambling character of our banking system. The
object to make money in the of special priyi
leges convert their profits into individual property,
aad in the winding up alege that the stock is lost,
when the note holder wants his pay. We're the Re-
representatives. of the people be intimidated by the
threats of the banks Let them come with all the
power they have He alleged that the people were
ready to measure arms with them. To threaten,
was only to confirm him ia the position which he
had taken. He had voted for this amendment, and
should continue to do so. He was not, however, for
an immediate winding up of the banks, if they
would do their duty.
Mr. TURNER Of Sumner If the proposition
were original ons. he would not hesitate to aihx
this clause. He gave reasons, at length, why he
should vote to reconsider this vote, upon which be
was in the minority yesterday. The Union and
bdHhs ROulu 90 Out NllllHRly, anu q nun
Der Of the Free Banks would 60 out upon the pas
sage of this restriction, and there would be reite
ration of the suferings of the times of 1887, when
property deprecated by 500 per cent He
also reviewed the legal question: whether suspension
works forfeiture Of misunderstanding in the de-
cisions Of analogous in other States holding
that they had not forfeited their charters.
Mr. RICHARDSON moved the recess,-but gave
way for
EAST TENNESSEE AND VIRGINIA RAILROAD
Mr. HARVEY, on whose motion his joint resolu-
ton, which could not be found this morning, was
taken up, read and adopted.
BANKING.
Mr. DAVIDSON insisted on the question of recon
sideratiOn, and demanded the yeas and nays, and |
he same being ordered and taken, resulted-yeas |
20, nays 44-ss follow:
YeaS-Messrs. Carter of Hardin Copeland, Da- |
Tidson, Dunlap, Cannon, Hamilton, King Maris, |
Rawtston, Rose, ROwles, Savage, Smart, Stovau, |
Taylor, Turner Of ROane, Turner of Sumner, Will |
ION, White of Hamilton, and Wood-20
Nays-Messrs. Algee, Anderson, Bayless, Beale, |
Bentley, Bicknell, Blackburn, Bradford, Brazeon,
Buoch, Caldwell, Carter of Carter, Dobson Dodson,
Estes, Ewing, Golladay, Harvey, Holmes, wi" |
Johnson, Kendrick, Keeney Lackey, Lamb, Lloyd, |
Low, Mickey, Newman, Polk, Randolph, RenshaW, |
Saunders, Schmittou, Senter, ShreWs- |
bury, Stanton, Summers, Thompson, Williams, /
v hite of Knox, Vaughn, and Speaker Donelson-44. |
So the House refused to reconsider.
The House then took recess till two and half |
'clock, P. NJ.