Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-03


that the best interests Of the State require t. that
the Bank Of Tennessee should be put in liquidation
and its concerns closed az as early period IS tie
convenience Of the citizens win allow"
And in their report to this Legislature they again
say;
I" The President and Directors still entertain The
opinion communicated to the General Assembly IN
their former report anddo not doubt that the true
interests Oh the state hereafter will be best promo
ted BY dissolution Of all connection with banks or
internal improvement companies at as early pc
rloo as ts hnaIces OF the State viii admit it, with
out unnecessarily expressing the people and with
due regard to the public faith pledged to them.
To their views, give my entire concurrence and
will lend my aid to carry out their su0vestions
Like them favor gradual liquidation rsI sfo-, tb
issuance Of small notes, then stop discountipc
gradually, if necessarily, until all Of it's eirculatioS
is taken in and then the process is completed which
is simple and easy. And in regard 10 the other
banks, their liquidation shcEld be something SINH
lar. have read with caution the several bills Of
fered in lieu Of the Committees bill, sad all have
some very good provisions, and look TO the OBJ
jeet.
would make remark on the subject in politi-
cal point Of view We have been told by our friends
on the other side, that we would be held response
bic for the action Of this House. To very great
extent that is true, sir. So | would urge on my
PARTY friends the necessity Of harmony on this
subject in particular. We have now an opportunity
of carry our principles into practice. Tennessee
for the first time in many years. entirely under 3
Democratic administration. Shall we make the an
mails of this Legislature monument to the glory Of
the Democratic party, by beginning our transit to
the currency of jefferson, Jackson and Polk-the
currency of the Constitution, shall we still furth-
er embark in wi d career OF banking, and desert
our established principles We may by our edlets
continue Interpretations that havefastened their
fangs in the body polite, may license them for
while to from the people their hard earnings,
but the time is near when the masses, ridden down
by mOnOpolies, and special privileges, viii rise IN
their own irrisistable might, and put down these
banking interpretations, that are leagued against
them then will times be prosperous and the people
free but not till then Legislation is only temporary
and only temporarily bring relief to the people
of Tennessee, must have the Constitution Of the
State amended prohibit banking, and then they
done with the evil, and that amendment shall IA
Il is strange and startling fact that out Of
all the banks that have ever been wound up in Ten
nessee, but one single one has proved TO be solvent
and IA VA-- E-Ossnt PPea-~nves, there will never be
another. So il IS time the people we're taking the
question in hand stop the wild and reckless career
Of Legislation on tnis subject, that brings nothing
but ruin TO them
! Mr.. STANTON next took the floor in a general
speech, (eave being granted for the purIose) upon
the whole subject. He understood the gentleman
from Msury to say that his object was to 90 for
principle of the democratic party that Congress had
the power to bring this about, and suppress the
paper currency.
Mr.. POLK. made no such allegation
Mr.. STANTON L did say you did; but I will
now ask him the question, whether Congress has
not the power 20 regulate the currency
Mr.. POLK. Twill answer when can get the floor.
Mr.. STANTON continued. Since the democratic
party were in the ascendant in this State, it was
important that their position should be expressly de-
fined. If they believe Congress has the power to
strike down the banks, how would they do soexsept
It were by prohibiting to the States the power to
establish banksl Then why should not this House
drop this amendment, and send up a memorial to
Congress and instruct Senators and Representa-
tiVes to support it. to begn to regulate this subject
by the suppression Of small notes?
Mr.. ST. JOHN answered, that Congress had not
the power to make the paper Of any bank tender
in payment Of dues TO the General Government.
Mr.. STANTON. Are we to receive that as dem
oeraetic doctrine? Does the gentleman from Can
non speak as the exponent of his party?
Mr.. ST. JOHN. am here an exponent Of the
views of the people of Cannon county.
Mr. STAN TON proceeded. The people at this
time were looking narrowly into the principles of
the democratic party, and he hoped there
enough conservative members here, who, acting in
conjunction with the American party might be able
to conserve the interests of the people on this sub
Jeet. The amendment was correct in principle, but
it was only practicable through the Congress Of the
United States. He supported, also the principle of
the amendment of the gentlemen from bradley, but
desired modification that would enable him, if he
would, to receive the money Of the banks Of other
States, provided he wanted TO 90 Immediately and
get the specie it.
Mr. ST JOHN next took the hoor and he also had
leave to makea general speech the whole subject
without being confined to the question Immediately
before the House. He commended that Congress had
no power to make law regulating the currency in
the States.
Mr. ROWTFS M c. T,b ,io1d;. a. a. \ L.
ferentally, requested the gentleman from Cannon
to abstain from any discussion of the powers of the
General Government, and from the discussion of
any question connected with party politics. He did
hope that the lead which had been taken in this di
reetion by gentlemen on the opposite side Of the
House, would not be followed by any democratic
member
Mr. CARTER of Carter Was the request of the
gentleman from Bradley made out of kindness to
the gentleman from Cannon, or out of kindness for
his party?
Mr. ROWLES, OR St John still yielding TWAS
intended in kindness to the gentleman, and to pro-
mote fairness and truth.
Mr. STANTON. 1 want to correct the remark of
the gentleman making his sllusiOn to the beginning
OF reference to party politics this side of the
House He should remember the speech delivered
yesterday by the gentleman from Haywood, (Mr
Bradfordl
Mr. BRADFORD, (NIr St John still yielding) Mr.
Speaker, wish merely to enter my protest against
the intimation that have ever mentioned the name
Of party in this. l discussed yesterday the power
of the Congress of the United States under the Fed
eral Constitution, to establish bank. discussed
also the power of the Legislature Of the State of
Tennessee under her Constitution to establish such
thing. said nothing of the power Of Congress to
regulate State institutions.
Mr. ST JOHN resumed, merely to say to the gen.
tleman from Carter county if he desires to compare
conclusions with me upon principles connected with
general politics, will meet him for that purpose
upon any stump in the State. He then gave way for
the motion for a recess.
And the House then took recess till two o'clock.