Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-17
BANKS AND BANKING.

EEglqRatoa By Ar. FULTON Of Lincoln, Of has posi-
ton t00ard the proposition 10 rs-eharteT the Union
and P5aateTs Banks-dsliDeTed, March II, 1858 IN
The House Of Representatives. Of the Tennessee Lsgis-
EatuTe.
Mr. FULTON, when his name was called, said:
Mr. Speaker; 1 regret exceedingly that 1 am un-
able to record my vote, upon sny Of these PROPOSE
tions, relating to Banks, for l regard them the
most important, and momentous questions that have
been before this Legislature for their consideration
It is known that l have paired off with the honor
able member from Carter, upon all questions per
tanning to banks. Therefore, will merely state nv
position upon them, so that when my constituents
refer to the Journals, and find my name not reeor-
ded, viii have a sufficient, and what consider
valid excuse, for it not being recorded. hope the
House. therefore, will indulge me few moments.
| until state my position. The Senate bill propo-
to increase the capital Of the Bank of Tennes-
see, by the issuance Of one million and quarter Of
dollars in State Bonds and establish two Branches
in the eastern and the other in the western div-
sion Of the State, which 1 think comes with very
bad grace from this House, for it will be remem-
| bered that about the time this General Assembly
convened, resolutions were adopted almost unani-
mouslys declaring our utter repUgnsu0e and holy
horror to the issuance Of any more State Bonds or
any farther increase Of our State indebted
ness. But now, upon the heels Of the session. we
propose to increase the State Indebtedness one mil
lion two hundred and fifty thousand dollars, on
which we will have to pay 1880 dollars interest
every six months or 10000 dollars every year,
which will foot up at the end of thirty years inter
est TO the amount of two million two hundred and
fifty thousand dollars. Now ask gentlemen if they
are willing to entail this enormous debt on their
children, and their chldrens' children; if they are
the next generation, instead olrisng up and calling
US blessed, via like BanquOs ghost rise up in
judgment against But what is the good sense,
1 ask Mr. Speaker, Of borrowing money, at six per
40 k,,E-
when the experience OF nineteen and half years
has fully demonstrated, that the Bank has not and
cannot realize per cent, the amount Of capital
she has invested. By reference to his Excellency,
l. g. Harris late Message, it viii be seen that the
total amount of capital paid into the Bank was
S4,l2S,8l2 a. and her capital on the lst Of Jan
uaTy, 5o, was S5,367,73I 81, which shows that the
Bank, since its origin, has sustained sIoss of $751;
g. We also learn by reference to the same Mes
sage that the capital that has been invested in the
Bank, had been invested in State Bonds, bearing
an interest Of six per cent, it would have yielded
100000 dollars to the State than the Bank has
done; with all these facts and figures before me,
would be compelled to vote against such propO-
sition.
But, Mr. Speaker, we have another proposition
under consideration, which is more Odous than the
former Il is to re charter the Union and Planters
Banks. Why Gre they in such hot haste to get these
Banks re-charteIed? There are two more Legisla-
'AS9 W IA Llllo CaF'IOl DelOL0 tAe4t CHAR
ters expire They doubtless think that under the
specious pretext Of the " Relief Of the People,
they stand pretty good opportunity of having
them re-ehartered. Sir, if my constituents have to
get relief by the re-eharter Of the Union and Plan
ters Banks, they are in dsplOrable and lamentabe
condition indeed. And all have to say upon this
bank question is that if every man, woman, and
child in the county Of Lincoln should sign petition
nstrueting me to vote to increase the capital Of the
State Bans, or re-charter the Union aud Planters
Banks, declare here, to-day, that I would resign
before would do either. Mr. Speaker, deem it due
tOmyself, to make this statement as am in honor
bound not to vote upon any question pertaining to
banks. And with this brief explanation, / now
yield the foor. re-