Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-01-30


ABSENCE
On motion by 1Ir ROWLEs, the members Of the
Conference Committee on ihe Bank bill amendments
had leave Of absence for this day.
CONSTITUTION ~ REGARD TO BANKS, AND PUBLIC
DEBT.
Mr. NEWMAN'5 joint resolution amendatory Of
the State Constitution in regard to Banks, ana
public debt, coming up in order, he addressed the
House at so1ls length
Mr. BATE explained that he voted affrmatively,
to enable him TO move reconsideration, if the
Convention bill should pass
Mr. BULLOCK explained To some extent he
was in favor Of restrictions upon the power of the
Legislature, as TO the creation Of bank neorpora-
tons and public debts; but this proposition was not
exactly in the shape he would desire to it. This
mode Of amendment to the Constitution was too
long and tedious in its operation. He preferred q
Constitutional Convention.
Mr. WE explained. He preferred Convention
for the purposes of general amendment
! MIR RICHARDSON voted no, as opposed to those
] individual separate projects Of amendment.
! Mr. TURNER of Sumner was in favor of Con
stitutional Convention.
! Mr. SAUNDERS explained his vote, and said !:
Mr. Speaker 1 am willing to vote for that part Of
the resolution, which relates to the extension Of
the credit Of the State by Legislative enactment
believe sir that some check should be placed upon
the Legislature, regards the extent Of its power
upon this subject. Former legislatures, by an IN
wdrrantable assumption Of power have already ex-
tended the credit OF hesitate to alarming, and
fear to p ruiuous extent Il is well known that
heretofore, wild. eXiravagant, and reckless sys
TEN Of internal improvements has been set on foot
which has involved the State in enormous debt
from which fear there is means If escape but
By the imposition Of burdensome and onorous
direct tax Hence l believe, that the people are
more vitality concerned in the subject of the exten
sion of the credit of the State, than in any other
And hold a sound doctrine, that in the making
of debt the viii Of those who are to pay the debt
should be consulted. Therefore, l am willing that
this subject should be submitted to the people for
their action, in order, that they may, if they are
SO disposed curb, or at least define the power of
the legislature upon this subject. But am unwil-
ling to vote for the second part Of the resolution;
for such vote, would, in my opinion be incompati-
be with my position upon the subject Of banking
In the event. there is a sufficient quantity of gold
and silver for a circulating medium, 1 am opposed to
all banks OF circulation, whether free stock State
or National But in the event there is gold and
silver enough to answer the wants Of commerce. and
the existence Of banks becomes matter of necess-
~ then l am in favor Of a National Bank; it be
ing, in my opinion, the only kind of bank which
can regulate the currency, and produce anything
like uniformity therein. 1t is impossible, in my
opinion, to have that regularity and uniformity,
which is so essential to sound and healthy curren-
CT, in any system Of banking, while the right to
create, govern, and regulate banks, is divided out
among thirty sovereign and independent powers
Them to have uniformity the entire control Of the
subject should be eoncentratedin body; aud the
constitution Of the United States most plainly as
think, gives the power of managing and regulating
this institution, to Congress Hence the power can
not and ought to be exercised by the states for
if Congress has the power to regulate the currency
the States have not the power; therefore 1 cannot
by my vote, acknowledge or recognize the power of
state to establish and carry on a system of Bank
ing upon any plan whatever.
Mr.. STANTON explained:
Mr. Speaker, believe that the State banks with
their chartered privileges grantedthem by the States
all exist at the fOrbearance or indulgence of the
Federal Government, and might be suppressed by
the said government; but inasmuch said banks
have been and are tacitly recognized by Con- |
gress -inasmuch as the Federal Government seems
indulge the States in the exercise those powers
and privileges.-I willing that the people in |
each State should WELD popular control over the
regulation, and even existence OF said banks Nor |
do wish to be understood as being an anti.bank |
man, for would endorse United States Bank es- |
tablished on the proper basis and with the proper
restrictions And am Of opinion that the State |
banks to which have just alluded, would do well |
under proper restrictions and regulations. And if
Congress would exercise general regulating con- |
troll over all the banks in the several States through
out the Union; causing them to conform to uniform
size of notes as well as other restrictions necessary
10 establish uniform currency" would approve /
such policy; and would prefer that Congress should
thus exercise conservative rather than sugDreSSiUs
control over them. But considering the banks and
The systems of banking in the several States they
now exist without any federal restrictions, and with
lut stopping TO discuss the constitutional questions
ouching The legality of their existence, shall vote
or the proposition to let the subject be controlled
by the people.
The question on the first reading of the resolu-
ion being taken by yeas and nays resul!ed-yeas
e. nays 25-as follow:
YsaS-Messrs. Algee, Anderson, Bate, Bayless,
Bentley Blackburn, Bradford, BrazeltOn, Caldwell,
antren Carter of Hardin, Copeland, Dunlap, Estes,
Fulton, Cannon, Golladay. Hamilton, Harvey,
Holmes, Lackey, Lamb, Low, Mickey, Newman,
Roberts, Rose Rowles, Schmittou, Senter, Smart,
Stanton, Stovall Summers, Thompson Turner of
}oane, Turner Of Sumner, Williams Wilson, White
# Knox, Wood, ard Speaker DOnelsOn-42.
NayS-Messrs. Bgale, Benton, Bioknell, Bullock,
'arter Of Carter Cooper, DObsOn, DOdsOn, Ewing,
frazer Griffith, Ivie, Keeney, King, Lloyd, Nancy,
yewbern, Randolph, Roulston, RenshaW, Richard
on, St. John, Saunders, Shrewsbury, White of |
Iamilton-25.
So the resolution was passed the first reading
GEN. wM. WALKER.
Wr. NEWMAN'S joint resolution, cond GINNING the
apture of Gen. VIM. Walker, coming I'd in order
Nr. DAVIDSON, moved to refer the resolution to
he Committee on Federal Relations, It was agreed
SHIP CANAL AROUND THE OHIO RALLs.
Mr.. KINGS joint resolution, by wa,y of memorial
congress with reference to the CONSERVATION of q
hip Canal around the Falls of the Obioriver on the
indiana side coming up in order
Mr.. KING, explained the Obje CT to be, to benefit
he commerce of the Mississip oi Valley: and he
adsundry documents by way ola brief showing of
be necessity of this work orty-three huadredths
me tonnage oil lnlS GoU .merce cannot pass the
Mr. WILLIAMS. 1 re, ,ret exceedingly to see the
production Of the re solution of my friend from
heIoy' anu more 90 regret it, because it comes
om the Democratic side Of the House. If it came
ON the other Size 1 should not be surprised, be-
4use 10 NOS nderstand them to be opposed to
thermal lmProT sment by the General Government.
turn lack 20 the annals of my party and review
ere cd ard principles: 1 there find the principles
mis- resolution discarded and condemned.
Est disagree with my friend, that the Ohio river is
great national thOrOughfare any more than the
Mississippi, Cumberland or any other river; aLd
az ing such opinions on the subject as have, as
emocrat, can but regret that it has been brought
De fore US.
Now, sir, if Congress has the power to dig a
anal around the falls Of the Ohio, why she not
10 so around the Muscle Shoals on the Tennessee,
+ the Harpeth Shoals on the Cumberland. Nay,
If, why may not Congress undertake to make every |
liver in the Union navigabe? Why may it not
uiId railroad through the United States if it has
he power to dig a canal This, sir, would be in
rect conflict with the great cardinal principles of
he Democratic party. rs sanctioned by the usages
f that party since it has had an existence. 1t was
he doctrine Of jackson and Polk; and in the Balti-
lore platform of 1852, on which the Democracy
ought that celebrated campaign, in which, in their
ictOriOus career they swept like storm through
be Union, find, among many other good things,
ne following very concise, specific, and pointed
lngu2ge:
9TH Federal Government is one Of limited pow !
rs, de rived solely from the Constitution; and the
rants of power made therein, ought to be strictly
instr ued by all the departments and agents of the
over nment; and that it is inexpedient and dan
erOu to exercise doubtful constitutional powers"
and the next section says:
''Tl lat the Constitution does not confer on the
eneI al Government power to commence and carry
a general system of internal improvement"
Th was re enacted and promulgated by the
nci matt platform. Upon those principles we
we ought and we have conquered, and l am IN
Hin & to desert those principles. What constitu-
nal provision iustihes it It cannot be justified
tn at provision of the Constitution that gives
mgr es power to regulate commerce between the
ltes; for to regulate commerce is one thing while
med for its transportation is quite another.
Then, sir, taking this view of the subject, l can