The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-03-05
TENNESSEE LEGISLATURE.
"WEDNESDAY. Feb. "a, 1858.

"WEDNESDAY, Feb. "a, 1858.
Senate-The discussion of the bill to in
crease the capital of the State Bank was con-
tinued.
Mr.. Munday offered resolution asking the
President of the Bank of Tennessee to inform
the Senate forthwith whether it is necessary
to the existence Of the Bank Of Tennessee to
increase its capital by the issuance Of State
bonds, and secondly, whether this increase is
demanded by the interests of the people Of
the State. Adopted.
The reply Of the President was as follows;
BANK OF TENNESSEE Feb "a, 1858.
To the Senate Of the State Of Tennessee:
Gentlemen-In answer to q resolution OF
the Senate, passed this morning, requiring
''the President Of the Bank Of Tennessee
forthwith to inform the Senate whether it is
necessary to the existence of the Bank OF
Tennessee to increase the capital by an issue
of State bonds, and whether said increase
aforesaid is demanded by the interests Of the
people" have the honor to state that such
increase ofits capital by the issuance Of State
bonds is by no means necessary to the exis-
tence of the Bank, that no doubt Is enter
tanned, with its present means that every lia-
bility of the Bank can and will be met, and
leave a very large surplus for the use Of the
State.
To the second question. the undersigned
has the honor to reply that the best interests
Of the people Of the State will, in his judg-
rnent, be at this time promoted by the pro-
posed increase of the capital of the Bank
1t will enable the Bank to enlarge its busi-
ness and increase its profits. with but little
or no addition to its expenses. 1t will ena-
BILE the Bank to keep out. if not increase, it's
circulation. and thus give important aid to
the people in the present deranged state of
the money market 1t will afford the people
a currency upon which they can safely rely
in the transaction Of every business. II will
enable the Bank to afford greater facilities
in the procurement of exchange at reason.
able price 1t has already, since the suapen-
sion, furnished more than million of dollars
of exchange at one per cent. premium, and
will, in the future, be able to do still more.
The increase Of the capital Of the Bank,
after full and thorough examination by a
Joint Committee Of the two Houses Of it's
present condition, would be such an exhibition
Of confidence, in Its management, and evi.
dence such determination to meet all the
liabilities Of the State, that it could not fail
to insure confidence among capitalists, and
promote the interest of our Internal Improve
ment Companies, which have been so much
injured by their inability to realize the full
aid given by the State. It would also quiet
the apprehension in the adjoining States as
to the ability of the Bank to meet its liabil-
ties, which have been excited by the recent
harsh and unjust attacks made upon it, and
thus enlarge the field of its circulation and
enable the Bank to increase its business.
have the honor to be
Your obedent servant,
G. JOHNSON, President.
After some further discussion. the hour
having arrived when it was agreed that the
vote should be taken, the roll was called, and
the bill passed by the following vote:
Ayes-Messrs. Bratcher Brown, Davis,
Denton, Heiskel. Hill, Menees, McConnico,
Roach. Ross, Walker, Welcker, and Wright.
la.
Ndys-Messrs. Bullen, Goff. Goodner, Good
pasture, Harris. Jones, Munday, McDougal.
Reid, Travis, Whitthorne. and Mr.. Speaker
Burch-l2.
In the House, the bill in lieu Of the Law
Reform bill passed-ayes SO, noes 2s. This
bill establishes the practice by petition and
answer, and aboishes all distinctions between
anita nj law and in chancery