Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-02-28

I T;tb our condition few months since. Then, sir
/ money was plenty--the banks discounted literally
/ Them sir, labor Of every description, meta liberal
| reward-the products Of the sell met with a ready
sale, and that at fair prices. Under this state o
our finances, men were induced TO purchase proper
" on time at high prices, until the country Is nov
largely involved Yes sir uRsuspegting The breaker
lust ahead-nOt even dreaming OF the panic that j
nov on the eOunty Yet, sir, II csme--lt ls nPoI
| Us-our commerce is perishing-our trade Is WIN
| ering-our crops are rotting IN the berns' ior u
want Of facilities 10 get it 10 market-cou1denee d
daily being lost-men are sueing one anetheT--pro
perry selling-all brought about, by the WlthorsWs
of from four to six millions dollars Of the clrcula
lion Of the bank Of your state les SIR YOU
bsRks are doing but little for the country hey ar
still withdrawing their circulation; ana uRaer 'n
late banking Law, requiring them to resume speo
payment by the lst OF November, they are bound 4
still further contract. Yes, sir, they must prep&r'
for the day of resumption; sir, they have not ta'
means to relieve the wants of cur people
With all these facts before the country, brough
forward this proposition for the relief Of the labor
/ ing masses Nov, sir. Whist is this proposition a
which gentlemen appear to be SO much alarmed. ,
is simply this to increase the capital Of the Bank
Tennessee, about one million and half OF dollars
1st By the sale Of the stocks owned by the ate II
turnpike companies, and the issuance OF RelVe nun
bred and fifty thousand dollars Of ths bonds OF the
Ststeof Tennessee to be sold upon OoR6itioB they
est on these bonds, and to set apart sinking iund
for the rede nption Of our bonds thus sold, which
have no doubt will be done before hey fall due.
If these Gales are made and the proceeds patC
over 10 the bank 1t will enable her 70 throw mt
circulation some three millions Of dollars and thus
supDly to that extent the withdrawal Of the clrcu
latinG medium heretofore made by the banks. Yes
sir loan this amount TO the debtor class and give
them a chance to realize few crops, and my wore
for IL they will work out Of debt in few years. bu
refuse this or some similar proposition, ana goI
crush these hopes at one5fell blow The property Of
the debtor class viii have to be SOD under the nam
mer and 20 into the hands Of the Shlloeks Of tn'
country If desired to legisate for the rich at th'
expense Of the Iaborihg man, shouidvOte agains
this bill or any other relief measure.
Mr. Speaker, will you throw yeur Minis back bu
twenty years ago, and see, sir, what was the Bans
of Tennessee created fOr2s WasitnOt 10 relieve tbs
people in lust such panic as We are now IN Aes
sir, during the suspension Of 1878, the Bank Of
Tennessee vas chartered. The proposition, if my
memory serves me- was carried By the eXertiens Of
the Hon. A. O. P. Nicholson. Although the Bank
has never been furnished with the amount Of CAPT
tai originally designed BY her charter, If you add
the amount now proposed IL viii fall short Of the
capital originally intended. This bha low proposes
TO add to her capital that she may again ssslst the
country, as she manifestly did in 1889.
Mr. Speaker / am trespassing. desire now Il
notice some Of the positions taken by the honor
able Senators alluded 10 few minutes since Their
first and leading objection is that the Bank OF Ten
nessee is unsound; thai it has sQuandered ITS cap
tai In other words, that the Bank is i2Ilurei
that it has not met the expectations Of its friends
and should therefore be wound up. And my hon
orable friend from Maury, to prove that his propo'
stion is right introduces three Witnesses the Hon
Andrew Johnson and our present distinguished tx
ecutive, who have recommended the winding up o.
this institution together with the President Of the
ID IN, fIpd
winding up of the Bank of Tennessee; that we had
endorsed these gentlemen, and to preserve our con-
sistency the Bank Of Tennessee should not be fur
Their trusted. Now, sir, if my memory serves me,
neither Of these gentlemen gave as q reason why
the Bank should be wound up, that it was IN
sound, hadsquandered its capital, or had failed
to meet the expectations Of its friends.
Now, sir, when most ofthese recommendations was
made, the county was prOsperOus-Hl panic upon
US Now, sir, deny that the Bank OF Tennessee
has squandered her capital to greater extent than
shown by the bank reports. If she has, gentlemen
show me your facts and figures, desire TO know all
about this matter; yes sir desire the country TO
know, if there is any fraud in these reports, insist
it is your duty, if you have the dG1a to base thi:
opinion upon you should throw it bread cast before
the country; until you do this, shall rely on the
sworn reports of the officers of your bank; yes, sr,
the very officers who have been endorsed and re en-
dorsed by the very witnesses you have introduced
trusted II mean the endorsement of the present and
past Executives,) need not repeat what these last
several reports are as they are before the country
If these reports are incorrect, say again. give nae
the proof, and will look for relief il some other
direction
desire now, for the benefit Of my honorable
friend from Maury, to place Epon the stand witness
that he has very recently endorsed. think If he
will look arouud he will find be has been endorsing
men Of different views. The witness desire to in
troduce is the Hon. A. o. ?. Nicholson, this gem
tleman no man will dare to doubt; have his sworn
statement as President Of the Bank OF Tennessee :
in October 1871; yes sir nine years after this bank
had been in operation, hear what he says. Mr..
Davis then read the following, from Mr.. Ncholsons
bank report in lS4T
cit is believed that the foregoing table and expla-
nation will only enable your honorable body to
understand without difficulty the actual condition Of
the Bank but that they furnish satisfactory grounds
for the continuance Of hat public confidence which
has heretofore been repOsed in the sOyency, safety
and strength of the institution It will be observed
that the loss of the institution from bad debts duri
the nine years of its existence, has been SOD, 5I3
and il is but act Of justice to remark, that this
loss occurred almost entirely at early period Of
its operations When it Is remembered that within
the last nine years. the country has passed through
the seYerest commercial Revision that has marked
It's hsto Y, it is matter of surprise that al Instl-
tuition with Branches covering the whole State and
holding transactions with so many thousands OF per-
sons and to the amount of millions every year should
sustain such loss--itis rather TO be wondered at
that under all the circumstances the loss has not
been much greater. On the whole, it is believed to
be fair subject for congranlatiOn, that after nine
years the means of the Bank are found to be amply
sufficient to enable 1t TO meet promptly all of Its inn
mediate liabilities, aud protect nearly all Of its
Capital St0ck-especislly when it is borne in mind
that during its existence, it has made and realized
clear profits amounting to nearly two millions Of
dollars which have been paid over promptly for the
benefit Of the State. " .....-
Now Sir, is this statement incorrect. If it is, 1
demand the proof. You see, Mr.. Nicholson shows
that the losses had only been S222573, when at the
same time the bank had a clear profit OF nearly
two millions of dollars, which had been paid over
for the benefit Of the State Since that time, all the
reports show a continuous yearly profit Is these
subsequent reports Incorrect If so, / again de.
mand the proof Of the enemies Of this bill. II they
do not do so, I consider this objection TO my bill
fully answered Another objection, by NY honorable
friend from Henry,) urged against this bill Is,
that 1t will injure what he is pleased TO call the
great Internal Improvement system He says,
thirty-seven millions Of the peoples means are TO
be affected by this proposition How he gets at these
figures / am unable to learn. Suppose he is right,
which do not admit Then, sir the injury can
only be as and quarter to thirty seven. Yes,
sir, so small it cannot be figured out. Now, sir, l
sstOnished at honorable Senators, who can vote
to revive the charters Of roads already forfeited
and extending time to others, so as TO retain the
State aid, thereby recreaung and continuing the
prospective Indebtedness Of the State of millions
upon millions Of dollars for works of Internal I'm
provements. let, sir, when asked to authorize the
issuance Of one and quarter millions Of bonds to
relieve q suffering people, they throw up their
hands with almost holy horror, alarmed almost &c
death. Oh. no. If you issue any more bonds for
banking purposes you will injure the Internal I'm
provemeut interest Now sir, you plainly see, that
this position is wrong His course, says in sub
stance, this rage panic, perish commerce; let the
ShyIocks Of the country devour the labOrng Masses
crush industry-all for fear you may injure the
railroad system. This objection should not bear
feathers weight That honorable Senator gave
us another reason, which think "a his strong one.
He says, he hates banks, and above 81, the State
Bank-gold and silver I understand to be his ulti-
matum I leave him and the country TO decide this
matter Mr.. Speaker, my honorable friend from
Maury, asks where is the evidences Of distress in
the country. Are there any petitions on your table.
If this distress is in The country he Is Unadysed oft.
confess my establishment 81 this enquiry yet sir l
gratiedtolesrn that his constituents are not pres
a. III hon 80