Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-11
DEFERRED DEBATE
IN SENATE.
TUESDAY. Feb. o, 1853.
BANKS AND BANKING

bANhS AND DANhlLO-
The question being on Mr. TRAVIS motion to
change the title Of MIR Davis bill g. zO) for the re-
lief of the people.
Mr. 8IcCONNICO said:
Mr. Speaker: The Senator from Henry seems fear
fu that the people will call the present session.
Kangaroo Legislature, because the most important
business is coming up in the heeI OF the sesslOu
tbink we should endeavor Mr. Speaker, to make this
a KsDgaroo LEGISLATURE If we should adjourn now
vitboIt the enactment Of some measure for the Gre
lief 81 the people this session would not have even
tho small virtue offs resemblance to the Kangaroo
if this bill or some other ola milar character, shall
moi mass very much fear, sir, that the verdict Of
the neopIe of Tennessee will be, that this Legislature
had strength neither behind nor before. / hope we
shall make il a Kangaroo Legislature.
But the gentleman is alarmed about another thing
He fears that this may become an Omnibus bill
think there is dangeof this sir there is one dis
tnet proposition in the bill, biz for the Tedg Of
the people. F" The Senator from Henry says, he can
see no relief here, aud dsbelieves the proposition,
aud ntimates that those who vote for this bill will
be buried deep that the hand Of political Tesurrec
ton will never reach them. venture 10 reply TO
the gentlemen the other side Of this question, that
the representative who refuses TO grant this relief TO
the people may possibly find himself IN our company
day. But the great objection IS that TINS Dill
will increase the Indebtedness Of the STATE and force
uron the people the payment Of interest OF
SO OOO Now sir, if these bonds when issued, we're
to be given tglou consideration, into the hands OF
capitalists and specuators then there might be some
excuse fer talking this way Bat when gentlemen
say we increase the Indebtedness Of he STATE.
ieopardize The internal improvement Interests and
barter away the right Of the people by voting lOr
this bill 1t does seem to that they presume, that
the race Of honest men has become extinct IN Ten
nessee
Sir, is there no man in Tennessee ia whom you
can repose confidence; no man sufficiently honest TO
be placed at the head of your State Bank! Every
gent emal who has spoken upon this question, be-
ieve gives to the able President Of that institution
due credit for all honesty Of purpose have heard
no man doubt him. But still, gentlemen say, when
you issue State bonds increase the capital OF the
State Bank you put them where they Will be used
for defraudng the hard listed yeOmanry the farmers
and mechanics Of the country. Nos, upon what
hypothesisdo they make this allegation Suppose
we d. pay $40 600 interest annually on these bonds
It not reasonable to suppose thai these SI-JUUJO
will produce sOmething2 Is there not sufficient
financial ability lett in the Safe, to manage the
capital of the bank so that 1t viii produce some IN
come to the State. Let make a reasonable
moderate calculation. Is it not inside Of reason TO
say, that this sum Isl ,25O,0UO or rather the notes
issued upon this amount Of capital, VIII produce
5 so 900 per and pay all expenses. IS that
not reasonable calculation. Well, suppose lt does
| that what becomes of your bugbear Of SI5,UOU!
/
maturity and the State will have realized clear
profit of at least a million Of dollars.
| ANY man can make the calculation for himself,
and be cannot make it otherwise unless he shall
| make it more than have indicated Yet people
are told, if you issue these bonds you increase the
State debt and the people must be taxed directly to
pay il. Sir, by what system do gentlemen make
their calculations l ask, where Is the reason for
these conclusions? How is it that gentlemen say,
when you increase the capital Of The State Bank,
YOU increase the indebtedness Of the State, bring
! down the price Of State bonds, ruin our internal
| improvement interests, and all JAal l cannot see
| the force Of these views.
But then. there is another objection to this bill:
that some time in the future il Will become necessary
to recharter the Bank Of Tennessee; and Senator
calls on all who favor the passage Of this BILL to say
whether they in favor Of the re charter, OF not
! speak for myself sir, and tell the gentleman
frankly that If such proposition were before US 10
/ day, would most certainly vote torit.
But there is another fright in this bill Gentle
men cry out, taxes. taxes Well, Mr. Speaker /
know this is a powerful lever with the people; but
1t does seem to me, that gentlemen should consider
! that they are called upon to make and examine
figures when they talk about taxes in order to array
the popular feeling against measure Of this char
acter: eyought TO be susauGd BY facts and cures
! Does any gentleman really believe that the passage
of this bill will bring about coalition Of things
that will require the State tax to be raised. have
shown from q reasonable calculation that there viii
be no necessity Of taxation to pay either interest or
principal ofthese bonds. l. seems me, Mr. Speak
er that the Senator from Henry has placed himself
/ in TWO or three most unfortunately awkward posi-
/ tons He says the Bank Of Tennessee has been a
failure that il is rotten concern; yet he prefers
The State Bank to any other, aud certainly there are
] some good Banks in Tennessee Now, in what,
/ has the Bank Of Tennessee proven % failure.
! voice. In Specie.
! Mr. TCONNICU. No, sir suspension Of specie
| payments does not amount 10 a failure l DO not
! understand bank failure TO mean simply sus0eu-
sion, but TO become Improbable, useless insoyeut
refer to page Is, Of the report Of the President Of
the Bank, and allow to appeal to the Senate, as
| the gentleman from Henry has done. He says, he
/ has confidence in the officers of the Bank they
vOuch for the correctness Of this report Now, vii.
the Senator look al the figures In this report AMI
/ answer me how the Bank of Tennessee has failedf
How can you look these nett profits and then tell
! the country the Bank has been failure. Bat the
Senator says, the Bank has sunk her capital Well,
] sir how has this been done. Why, sir, DIrth ems
have been heaped upon the Bank Of Tennessee, that
would have crushed to atoms any other bank. The
honorable President of that institution alluded TO
/ them in a report made two years ago, when he
! recommended the winding up Of the Bank
! Mr. Speaker, whilst [ may differ with that ven
! cradle gentleman in many things, | may be per
i mitted TO express my admiration for some of the
traits of his character-I admire most profoundly,
his frmuess and decision, and the patriotic and
! s atcsmauuke course, he has pursued IN regard to
! the Bank Of Tennessee. They eviUce TO the world
! that he understands and c0mprehend5 the duties,
| which he owes to the State and the people. When
the condition of the country seemed 10 warrant the
winding of the Bank, and when this course might
have been adopted without depressing and distress
ing the people, he was in favor Of il; but when the
crisis came and il became evident that this course
could not be adopted without bringing distress and
ba 11rr hon 10
sites Of the people forbid the winding up Of the
Bank, he has the frmuess and meuluess, and does
not hesitate, to recommend course which he thinks
will relieve the people even though It conflict with
an opinion expressed two years ago 1t Is for these
high qualities that / respect aud admire the Presi-
| dent Of the Bank Of Tennessee.
| Gentlemen talk about pledges TO their cOnstitu-
euts; SIR, these pledges were made in prosperous
times. l suppose, that with such gentlemen, II a
thousand dollars we're necessary TO be voted to s@ve
this capital they would allow this fair fabric 10 fall
/ to the ground rather than seem to come short Of
reieemIug their pledge. Why, sir, does difference
! IN circumstances make no difference with You
When you made these pledges, had you The ability
20 look into the future, and discern the present state
of Jhiugs Did you dream Of it. or did your people
dream Of Il
l think it likely, am as much pledged against an
increase Of State Indebtedness any Senator here
and shall vote for this bill believing that 1t does
not increase the Indebtedness Of the S.ae and fit
should do that thiRy. still sir, know l represent
generous constituency who viii look at the present
condition of things and sustain me for doing all in
my power 10 relieve he people i'll this, their time Of
need; ! have this confidence in my constituents.
Sir, from the days OF my earliest recollection,
have heard this Oud talking about swndliug banks;
and the gentleman from Henry says to day, tina.
the Legislature has blrtcred away lc rights Of the
people of Tennessee, whereup0n the people are to
be sWindled and deirauIej Idelmit unnecessary
TO make any formal answer 10 such speeches. !
have not SO far lost confidence in my kild, as to
indulge any fears as 10 whether We have honest men
enough in the State, TO manage the affairs Of the
bank of Tennessee.
But, the gentleman says, We are voting debt
upon our children. And are We indeed voting a
debt upon them, when at the same time We vote the
means of tying that debt faster than t can mature
and to pay handsome surplus besides l think,
sir. that posterty will "call US blessed" for re-
HeviuE the necessities of their fathers
But, sir, my friend from Henry seems TO regard
the passage of this bill as t0regone conclusion
and that no effort Of his can prevent ii; YET be tries
every string upon his welistrung harp against it,
debt upon our children; an Increase of State in
debedness running our internal Improvement inter
ests-these are the notes he gives out. And when
he had tried all these, he turns TO his Democratic
F,rnf bra1 nd Tz anff-l amngTarT. doctrine