Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-14

dent tells rs OF ''1f6 HBcSstty ana importance Va So
tain amendments to the charter of the Bank; and
vet without your takinga step towards making those
amendments, be asks, aud you are Wiling 70 grant,
another million and q quarter 10 this Bank which IS
not upon footing of equality with the STOCK banks
suggest to Senators that It would De the part OF
prudence, il they have the interests Of taeh c0G-
stipnts at heart not to lend another dollar to this
Institution until she is placed upon the same foot
ing with her rivals. You have not proposed these
amendments You dare not do n.
Mr. BROWN have twice proposed to give the
Mother Bank the control Of the branches, and the
propostion was voted down.
Mr. BURCH. Isaid the amendments recommended
bv The President. repeat it. There isnot Sena-
tor upon this floor, who will dare to propose the
amendments 10 the Bank charter recommended By
the President. There is not a constituency in the
State that would sanction these amendments ]
ask your attention to one or two Of them. One Of
the proposed amendments is to centralize the con-
troll, management, and whole power Of the Bank in
this city. II that is to be DONE Isuggest, that you
change the name Of the institution. Call it no
longer " The Bank Of Tennessee" let IL Be named
Z" The BANK OF NASHVILLE" Hear what the re-
port says in relation to another desired amendment;
"There does not seem TO be any good reason for
subjecting the State to the expense and delay Of a
regular suit law for the recovery of money loaned
citizen from the treasury by sworn officers having
no interest in the transaction II the collectors Of
other dues TO the State, after assessment and tax
isis are placed IN tnelr uduuS, were Oupetleu 70
sue delinquent debtors, some twenty FIVE thirty
per cent perhaps could not be collected in time
TO meet the demands Of the State Why should
there be such difference made in the mode of col
Letting the debts due the State? certificate from
the officers of the Bank sworn to if necessary, sta
ting the parties the loan and the defacation might
authorize the courts 10 render judgment and issue
execution for its collection, done every day in
behalf of individuals by the Courts Of Chancery-
property is sold by the court upon credit notes
taken payable at a future day-if not paid, an exc
cution is ordered by the court the notes without
notice to the debtor and the money collected"
Here is a proposition, when the citizen fails 10
pay 70 the day his note in bank TO enable the Bank
upon the sworn certificate CT its officers, Of the
amount of the loan and its nOn-payment, to 60 into
court and obtain judgment and have execution Is
sued without notice to the deb or no right Of trial
by jury; no stay of execution; no notice to the
debtor. Where is the Senator that will favor such
an amendment? Where is there another Bank that
ever asked such powers Is this Bank above the
people? Above other corporations! Above the
State itself? No. sir. Banks are subject to the le
climate powers of those that made them. a royal
proclamation in the Olden time
And hence TO all our host It shall be known,
TRatKINss are subject to the Gods aOne'
But Banks must not attempt to hold that such
doctrine can be proclaimed as applicable to them.
We have the right under certain conditions to con-
troll Banks, and in the exercise Of that right, it
becomes duty to restrict them rather than TO in
crease their power to do that which some Of deem
to be most injurious.
Another desired amendment is to do away with
days of grace, and make drawers and endorsers
liable without demand, protest or notice. Is
there Senator that will vote for such amendment?
The President continually reminds you Of the ne
cessity and importance Of these and other amend
ments, if the State is to continue her connection
with the Bank; and yet without proposing these
amendments which the President thinks necessary
aud important, you wish 10 borrow more money to
lend this Bank, and she not upon footing Of equai
ty with the stock banks of the State. The Senator
who would pursue such a course in the management
Of his private affairs would receive the conf
denCe Of his acquaintance as q fnancier.
In the report of the President and Directors Of the
Bank, made TO the present session, there occurs a
statement to which desire to call the attention Of
gentlemen who to day advocate the passage Of this
bill, in order to enable the Bank, to put into issue
and maintain larger circulation than it now has.
In the years 1853 81 the loans and discounts of the
Bank, were of the same average Of the loans and
discounts in 1885, 81, yet the circulation Of the
Bank in 1853, "a was nearly one million more than it
in 1856, 81, the specie basis of the Bank being
also about the same average in both periods. The
people did not require much paper issue in 1853
81, as they now ask, yet if the Bank could then
maintain it, why reduce it now. Has her capacity
and power Of redemption grown less! If so, how
and in what manner? Has dealing in stocks re-
has this been done. l submit to gentlemen, that
whilst bank men may explain the reason for this |
difference in the amount Of circulation in the two
years, the line of discounts and specie being Of the
average in both periods, yet to common people
it Is difficult of comprehension.
Let me tell Senators when they get away from the |
elbow pluckings, and Pars approximations of this
capital-when they 60 home to the free, gentle, |
simple honest people that sent them here the ques-
ton will be again and again PrOpo lnded to them.
Why is it that you have increased the debt Of the
State TO over five millions and quarter! Why is /
it that you have issued the notes Of the State for
million and quarter of dollars for which my prop
ery and my chidren's property after will be held
liable Why have you loaned to the Bank bonds |
payable in thirty years, when the charter Of the Bank
expires in ten years! Your answer will be "to in
crease the circulation Of the Bank. Then will !
come that other unanswered and unansWerable in
terrogatory; Why did not the Bank exercise the
right and powers she already had to increase her
circulation over S. 100000, without going any
further in debt? If she has the disposition let her
increase her circulation. If she has not the dispO
ston, then she is not the institution with which you
safely entrust "relief for the people" If she
has the disposition and the ability, then no Citi
zen of the State ought be willing invest another
dollar in bonds for her benefit
Having hurriedly run over some of the points of
objection to this bill, shall propose an amendment
which, hope Senators will adopt, if they really de-
sire TO promote the interests of both the Bank snd
the people. Ny amendment is to establish a branch
at Chattanooga with capital Of S25O,OOO, to be
obtained from the proceeds of the bonds that you
propose to issue. The bank district for this branch
to be composed Of the counties Of Hamilton, Marion
and Sequatche. II you intend this bill for the relief
Of the people and for the favored few who vote
with you, put a branch at Chattanooga. ! venture
the assertion from what know of the operations of
other banks and branches, that branch at Chatta-
nOOga will make more profit for the bank and afford
banking facilities for alarger number your citizens
han any other branch in the State, with the excep-
ion OF the one you desire to place at Memphis
Mr. HILL. live adopt the Senator'S amendment,
will he vote for the bill!
Mr. BURCH. No SIR, NO sIR-NO SIR. If you
we're to put forty branches at Chattanooga, and
make me the President of the whole of them,
would not vote for the bill. With my horror of an
Increase of the State debt, l would suffer my right
arm fal. from its socket before l would vote for
he bill But if you will pass 1t, put your branches
where you can make the most money and the Bank
an accommodate the largest number Of citizens In
my opinion the duty Of the friends of TINS bill
10 adopt my amendment, if they would do what is
right and beneficial for the Bank But whether they
10 so or not will not vote increase the debt of
his State one single, solitary dollar. offer the
and demand the yeas and nays.
The yeas and nays, being ordered and taken, re-
suited, yeas s, nays las follow:
YslS-Messrs Harris, Munday, McDougal, Reid | .
Travis, Nclcker, Whitthorne, and Speaker Burch
S
Nays-Nessrs. Bratcher, Brown, Bullen, Davis,
iof,, G0oiner, Goodpasture, Hill, Menees, McCon-
lioO, Roach, Ross, Walker, and Wright-I4.
So the amendment was rejected.
Mr. BULLEN had an amendment which he would 9
ubmit without going into the debate. 1t was read,
Is follows: f
Mr. BULLEN moved to amend as follows: to the +
rst section add: Prgriicd said stocks Turnpike f.
tocks or any part thereof shall not be sold bysaid
Commissioners unless they shall be fully satisfied
hat the price offered is as fair as they will ever
likely command.
Add the following to the bill: f
That the bonds and stocks when sold shall be con-
erted into gold and silver which shall be deposit
d in the veults of the Banks contemplated by this
ct, which shall constitute a part Of the capital
,Ock of said Banks
That whenever the Banks realize the capital con-
empaed by this act, or any part thereof it shall
re and is hereby made the duty Of said Banks to V
ppy one half of their circulation to the discount
lg of notes. ProUiisd notes exceeding 81 900 | D
hall be discounted for the accommodation of any II
ne individual company, nor shall said Banks =,
isCount a second note for the accommodation of
aid individual OrcomPany during the time said first
ote for said sum Of 81 900 Is running to maturity d
That if any individual, Office agent of any Of
3Id Banks shall violate any of the provisions of the