Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-01-24
LEeIsLATINa WITH A VENGEANCE

The following is the most novel proposition that
has yet been introduced into our Legislature. It
comes from Ma. BULLOCK, the distinguished repre-
sentative from Madison and is entitled bill for
the relief Of the people"
SECTION l. Be Il enacted 5y the General Asssnl5ly
Of the State Of Tennessee: That the Bank Of Tennes-
see be- and hereby authorized to issue for the
lief Of the people one million Of dollars in post notes.
payable twelve months after date and that the said
sun Of million dollars shall be distributed and
apportioned among the branches and the Parent
Bank, according TO the spportionment Of capital
spportioned under the original charter Of the Bank
but, if any branch bank has los. portion Of the
capital, there shall be Deducted from such branch
bank the sum equivalent to its loss; and said sum
thus deducted shall be distributed among the other
branches.
$50. 2 Be It further enacted, That three-fOurths
Of the issue thus authorised shall be for the discount
Of notes by the Parent Bank and branches, the re-
maiader for the purchase Of bills.
In the Senate, another and somewhat similar
"relief" measure has been introduced, the entire
credit Of which belongs to the Senator from Mar
shall, Mr.. DAvIs-the same Senator who few
weeks since made violent onslaught upon banks
and banking" in which he thanked his God that in
his history as q public man, he had always stood in
opposition to the banks-the same who arraigned
ton Of censure against its officers saying Of its
President: If / were to sustain him and his assO-
cistes in their late bank suspension, should do
violence to my own feelings, aud disregard the will
OF an injured c0nstluency-sh0uld stab at the Vi
tails Of the Democratic party, in forgetfulness Of
Of its cardinal principles" Thesame who said:
"My position is to leave he banks where L find
them, and let them work out their own salvation
with fear and trsaJlng-all thst can do is to
better guard tis future" We deem this explanation
necessary that our readers may better understand
the progress Of legislation this important subject
Mr.. DAVIS bill runs as follows:
Sec lst Provides for the issuance Of one million five
hundred thousand dollars Of State bonds payable in
sixteen years. interest per annum not to exceed
EsUsR per cent
Sec ID, Provides that the President Of the Bank
Of Tennessee and Treasurer be commissioned to sell
the ST par valSe by the first of January, 1859
the proceeds 10 be paid into the Bank Of Tennes-
so much additional capital to be used accord
ing to the provisions Of its present charter. The
Commissioners are empowered to sell part if they
cannot sell all, Of the bonds, but if not sold by
January, 1859, their power shall cease
Sec. Sd, Provides, that when sold, the proceeds
shall be apportioned between the mother bank and
branches according to the voting population Of the
respective banking districts.
These three sections constitute the bill. We in
sist that it is defective-that It is based upon
marrow and COntrasted view of the subject, is
partial in its character class legislation tending to
give to particular communities advantages which
are not enjoyed in common. Let us test il and see
il this is not It proceeds upon the suppostion
that banks make money and that an increase Of its
paper issue by the bank is an increase Of actual
wealth; ergo the more paper issue the more money,
and the more money the greater the relief to the
people. Now, we might contrOvert the soundness
Of such an assumption and question the orthodoxy
Of a Democrat who would make it, but supposing it
to be true is it right to let set Of bank officers
do al the good for the peope' Is it right confne
70 q few favored localities these blessed money
manufactures, where money is made TO order, just
easy as lottery tickets are printed at Officer
Is this fair, is it just? If banks can really make
money as fast as the Legislature will allow them,
Why restrict the Bank of Tennessee to a million
and half Why not be liberal and say ten million
st onCs'
Since the world began, the great mass Of the
people nave Dten uBuL 70 Delefe llaL lneie was
real wealth value in anything except the pro-
duct Of labor. We have thought it an irrevocable
decree, pronounced in the Garden Of Eden, that by
the sweat Of the brow only should man live But
since it has been discovered that the people be
'relieved" Of the burdens which now rest upon
them by simple act Of legislation, authorizing the
hanks 10 make more OF their paper money and put
10 in circulation, we cannot see why every commU-
nifty should not have bank. II banks are good
things why not let their beautiful influence fall,
like the dews Of heaven, upon all alike. How can
any member Of the Legislature excuse himself for
not securing to has constituents such a privilege.
Why not pass general law authorizing every
~, that thinks proper, to establish bank at the
county ssatG These are questions worthy Of serious
consideration.
We had thought howsvar, that the sense Of every
body was that we had had enough Of banks; and
that, as now organized at least they had proven
positive evil; and that the question agitatjug the
public mind was not to incease their facilities for
loding the country with their promises to pay, |
bat which they don't pay, restrain them in this par
ticular in future. We believe yet that such is the
general desire Of nineteen-tWeueths of the people
whatever course their representative may pursue
upon the subject