Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-02-16
HOUSE OF REPRESENTATIVES.
SATURDAY, Feb. 13, 1855.
The journal Of yesterday was read.
PETITIoEs-BANKs AND BANKING.

PETITIoEs-BAEKs AND BANKING.
MrVAUGHN presented the memorial Of o. Ewing,
President Of the Planters Bank Of Tennessee, and
J. Kirkman, President Of the Union Bank Of Ten
nessee, which was read as follows:
To the Honorable the Senate and House Of
Representatives. cf the STATE Of Tennessee:
GENTLEHEN;
In view Of the bearing that law, enacted by
your honora Die body at The present session Of the
Legislature. may have upon the interests Of the
institutions over which the undersigned preside,
they have thought it proper, under the direction Of
their respective boards Of directors to make to you
the repres entatiOns contained in this paper. The
law referred TO- is an act entitled " An act to en-
force The resumption Of specie payments by the
suspended banks; 20 offer 10 their acceptance
tain amendments TO their charters; and for other
purposes The Union and Planters Banks Of the
State Of Tennessee have, through their respective
boards Of directors, taken into consideration the
provisions Of said act, 50 far as they concern them
and other banks of said State, and to some Of them
would now call your attention.
To make an acceptance Of an amendment TO the
charter Of incorporated institution valid, it IS
well known to your honorable body, it is required
that there must be action upon it by the stock
holders at a general meeting regularly called. BY
the provisions If the charters Of both Of said banks
10 call general meeting Of the stockholders, 1t is
required that % number Of stockholders not less
than ten holding at least five hundred shares, shall
demand it: or that the call shall be made By ma
iority Of the direetors-in either case, giving at
least six weeks notice in two newspapers Of general
circulation, and specifying the OBJECT Of said
meeting
Again: the act referred to in its second section
requires that its provisions shall be accepted within
forty days from its passage that upon failure so
to do proceedings shall be instituted for forfeit
ure against the recusant bank. 1t will be seen
then, that compliance with these terms, by the
Is would hn HE
for want Of the necessary time to take the proper
action. l. has, indeed, been suggested that the
word passage" in the above connection refers to
the date when the said act shall become law, that
is forty days after the rise Of the present Legisa
ure. This may be a correct construction, but 1t
would scarcely be expected that the Union and
Planters Banks would assume such construction
at their peril Il is, therefore, respectfully sug
gested that saidlaW should be amended as 10 give
said institutions sufficient time to present said pro
visions to their stockholders in accordance with their
charters Besides, 1t will be seen by reference to
said act that in of its provisions it is made to
embrace only such banks as are now in state Of
suspension. and further, that some doubt might
arise whether it embraces the Bank of Tennessee
in such manner as to make 1t stand upon the
same footing with other banks in all future time
1t will be obvious to your honorable body, upon
bare suggestion, that those provisions should Ope-
rate alike upon all banks in the State either now
chartered De ueIe3LLeE luls Is
whether in reference to the general interests and
currency Of the State, or in reference TO the Pc
cular interests Of those banks that may accept the
provisions Of said law.
The undersigned, representing the two Banks
aforesaid would therefore respectfully suggest TO
your honorable body that said act be either SO
amended as to make its provisions binding upon the
Bank of Tennessee, and upon all other Banks now
chartered or to be hereafter chartered in the State
of Tennessee or else that said provisions be made
not binding upon the Accepting Banks longer than
they are binding upon all other Banks. And, also,
that the clause Of the ID section Of said act, which,
speaking of the case Of any Banks accepting of,
and afterwards falling to comply with the terms of
the first section of this act declares all that
Banks contracts, made after the time when it shall
have 50 failed to comply, null and void, and de-
prives it Of the power Of maintaining any suit either
IN law or equity, upon any such contracts, be so
altered and amended as to take effect, not from and
after such failure but from and after the Judicial
decision announcing such failure.
With these amendments, the undersigned, repre-
senting the Union and Plsnters's Banks, under the
direction of their Boards are authorized to say, re-
spectfuIy to your honorable body, that they will
Immediately have meetings Of their stockholders
respectively called, and that they will submit said
provisions TO their action and that in the meantime,
they will conform as near in their power to the
general tenor and spirit Of the Act.
0. EWING, PresidsHt
Of the Plantsrs' Bank Of Tennessee.
J. KIRKMAN, President
Of the Union Bank Of Tennessee,
NASHVILLE, Feb'y 9, 1858.
Mr. VAUGHN said: It will be recoIlectsd by the
Committee Of Conference appointed 10 settle the
matters Of difference between the two houses upon
the subject of banks, that at that time stated to
the Committee that the charters Of the Union and
Planters Banks requires forty two days notice to
their stockholders before they can have meeting
for the purpose Of bringing the Bank Bill passed the
present session before them and the bill allows only
forty days.
1 proposed in committee to amend the bill by
giving the said banks sufficient time to call meet
ing Of their stockholders; but the COMMITTEES thought
it was not matter of difference between the two
houses. and declined to amend, on the ground Of
want of power. It was understood, however, that
it should be brought before the two houses and that
sufficient time would be given the said banks to call
q meeting, sc.
On motion BY Mr. DAVE, the memorial was re-
ferred to the Committee on Banks and Banking, and
it was ordered that they be requested to report by
bill or otherwise.
POWELL.
HUTCHINSON presented the memorial Of sundry
citizens Of Greene, asking to be set off to Sullivan,
with view to the formation Of Powell county,
which was read and ordered to be transmitted to the
Senate.
SPARTA BANK DISTRICT,
Mr. CANTRELL presented the petition of sundry
14D citizens of DeKalb county, with reference to
their rights as members of the Sparta Bank, which
was read and referred to the Committee on Banks
and Banking, with request that they report, sc,
CORRECTION.
Mr. BOULSTON and Mr. LLOYD desired a correc-
ton Of our report of Thursday far to represent
for them that they did not know, at the time,
that the Seouatchie Commissioners had made any
contract for the countryside which they subsequent
" learned to be the case-the contract was made
on Friday Mr. ROULSTON also stated in that
debate. as an individual he might be in favor Of
the Rankin site, but he desired and insisted that
the question of location might be submitted to the
people.
REWoNsTRANCE AGAINST THE EWING AND VAUGHN
PROTEST.
Mr. TURNER of Sumner presented his reply and
romonstrance against the protest Of Messrs. Ewing
and Vaughn being entered upon the journal, Of
which he gave notice yesterday; which was read
and ordered TO be spread upon the Journals, in con-
nectiOn with the proceedings referred to.
Explanations followed by Mr. RICHARDSON and
Mr. TURNER Of Sumner.
Mr. VAUGHN and Mr. EWING remarked upon
this remonstrance against their protest, as thing
uuheard of in legislation. Mr. VAUGHN asked
leave to enter his protest upon the journal-the
former protest which he had signed being written by
After some conversation across the House
Mr. Turner Of Sumner asked leave to withdraw
his remonstrance, and he would place it on the re-
cord in a more appropriate place.
The leave was granted and the remOnstrance was
accordingly Withdrawn. Il is as follows:
ain the name Of the sixty free and intelligent
citizens of Davidson county, petitioners to the Legs
lature for the change proposed in my amendment,
demonstrate against the protest Of Messrs. Ewing
and Vaughn being entered on the journal of this
House This petition has been gotten up for some
three months and embraces nearly all living in the
bounds of the proposed change, and those who are
not embraced in the petition Indifferent as to it
or they would have sent up a counter petition.
The petitioners ask for the change, for reasons
which are sufficient to grant it. and they say: We
represent that we were attached to Davidson county
without our consecutive prefer being attached to
Rutherford county And say it is their right and
our duty to place them back to the county from
which they we're taken by q Wing Legislature l
demonstrate agsnst the protest because the petition
ers have a right be heard here, and their prayer
ought to be granted, because 1t will be restoring
them to the right Of which they have been unjustly
deprived by Legislature which was opposed to
them in politics The amendment offered, simply
repeats the act Of February Alb l84S which changed
the line between Davidson and Rutherford, and l
did so at the urgent request Of those affected by the
u. ,-IT fhaf rhn ant nh I