Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-02-04
TENNESSEE LEGISLATURE.
HOUSE OF REPRESENTATIVES,.
TuunspAr. Jan. %. 1858.
CBanss and Bantiao-h coa.iuua,on1

nrgt section OF the act, that this particular fei
ture should not take effect until the first Of Sep:en
Ter, 1883, and the gentleman from Bradley has tol
the House that that is the present shape Of the bill
I Sir, Justice 70 those gentlemen On this floor wb
Z voted against this counter note proposition. an
are now supporting it in its present shape with tb
I understanding that it is a compromise between ID
two Houses, but who have not had an Opportunit
Of understanding that subject as did in committe,
requires that should say now, that do not under
stand this matter exactly as the gentleman frol
Bradley does 1 understand that, as the bill no
stands, it is Internationally counter note, from an
after the passage Of this act and called the ateu
ton Of the committee TO it at the time And o
this poia', I do not understand that any thing ha
been conceded to those who ore opposed 10 counte
notes Now, sir, / ask the attention Of the House
and especially the gentleman from Bradley, TO th
reason why think 50.
The % section of the bill contains this provision
"That any bank in this State which has sUspende
| specie payment Of its notes, be and is hereby re
| uuired 10 Gle its accep IN writing with IN
Comptroller Of the State, to the several limitation
and provisions contained in the frs. section of thi
act within forty days from and after irs passage
an amendment TO, AID part and parcel Of its char
! ter"
il will be seen that The banks are not REQUIRE,
to accep: anything ia this bill Sc part of tLeir char
ters, except what Is contained ia The Grst section
Now sir, the following is the language Of The frs
section Of the bill, which bears on this counter not
! proposition:
'NOr shall any bank pay out The notes Of an,
4 bank chartered by this State. except lis own o.
branches, and then ony rOUjded IN the III sectio,
| Of This act"
| Well, sir, how does the 7th section exnlaip tbi
authorizing Of the banks to pay out the notes o
| their branchesl That explanation is found in tn,
following Wolds only Of that section, as [ under
! stand it:
Provided, That nothing herein contained shall
be so construed to prevent any parent bank from
signing, filing up, and registering notes intended
for circulation, and payable at their branches tc
whom said notes may be RENTED REORGANIZATION 81
Thus it will be seen that while The first section
authorizes the parent banks issue notes Of their
branches, that issuing is explained the 9TH sec
lion, TO which the first refers to be filing IN sign
ing and registering notes intended for circulation.
and payable at their branches, to whom said notes
may be RENTED for circulation
Mr. ROWLES. Mr Speaker: At this poipt wish
to correct the gentleman from Williamson The IN
section expressly provides 'that no such bank or
branch bank in his State, shall be under legal oh
legation to comply with the foregoing provision o.
this section until the 1st day Of September 1859 -
Mr. BEALE. am aware of that. The 9TH sec
ton provides that no baak or branch bank in Ten
nessee, shall issue, emit, pay out any bank note
no, on its face payable upon demand at the place
where issued, emitted or paid cut; and then comes
in the provision read by the gentleman from Brad
ley, which says that they shall not be under legal
obligation to comply with the foregoing provisions
of this section until the lst Of Sep ember 1859 The
limi alton, read by The gentleman from Bradley nv
its own words, confines itself TO the 9TH section of
the bill, and has nothing TO do with the first sec
ton. But, as have already said if TIE banks &c
cept this BILL only the first section will become mart
of their charters. The first section. is explained
by the provisO which have read The only thing
in the seventh section which can have any reference
IL ho fref IA fio1l z- h
terms, from and after the passage of this act"
Mr. DAVIDSON. l would like 10 INQUIRE of
the gentleman from Williamson, if this bill does not
require an impossibility Of these banks by reoui-
ring them to acceptthis bill part Of their char
ters in 40 days, when their charters expressly pro-
vide that they cannot accept under ~ days
Mr. BEALE. Mr. Speaker: In answer 10 the gen
tlemsn from Lincoln, Marshall and Giles, viii
say that have my doubts on that point have
before me The charters Of the Planters and Union
Banks, and they both expressly provide that before
any meeting Of stockholders can be held for any pur-
pose Whatever, not less than six weeks previous
notice must be given: but whether the direct
Ors Of these banks would have the power to accent
amendments to their charters without being author
lied by the stockholders, when these amendments
would restrict the rights Of those stockholders Is
question 1 am not prepared to determine. But,
however that may be, the conference committee had
nothing to do with that question. The majority on
this bill through this House before the Christmas
Holidays. That is point which should have been
then; It is too late to bring that matter
in now. As have already said l voted against
this bill then, but YOtedin the minority.
There are now only two simple questions before
his House, as l have already shown, and on those
Two points my mind is fully made up, and shall |
feel it my duty to vote to concur in the
report Of the committee wish it distinctly under
stood, both in this House and the country that am
7Oting alone for these two propositions and for moth
ng else. To do otherwise, would be TO abandon my
principles and falsify my records for the pur-
pose Of relieving the majority this floor from the
ust responsibilities they have incurred by their own
7Otes upon this bill; course which have not the |
highest intention to pursue
Mr. BATE. At the suggestion of the gentleman !
rom Sumner, who desires to be present at the con
liberation, move now to postpone the subject till |
Wednesday
Mr. NEWMAN demanded the yeas and nays, and
he same being ordered and taken, resulted-yeas
s, nays 5O-as follow:
He2s-Messrs. Algee, Anderson Bate, Beale, Bick.
ell, Brazelton, Cantrel, Cooper, Davidson, Ewirg
ioladay, King, Lackey, Randolph, Roulston, ST.
ohm, Shrewsbury, and White of Hamiton-lS.
NGyS-Messrs. Bayless, Bently, Benton Blackburn,
bradford, Caldwell, Carter Of c., Carter Of H., Cope
and, D0bson, DOdsOn, Dunlap, Estes Frazer Fulton,
ammOn, Griffith, Hamilton, Harvey, Holmes, Ivie,
ohnson, Keeney, Lamb, Lloyd, Low, Maris, Mickey, |
eWbern, Newman, Renshaw, Richardson, Roberts, |
Ose, R9wles, Saunders, Senter, Smart, Stanton,
tovall, Summers, Thompson, Turner Of ROsne, Tur-
er of Sumner, Williams, Wilson, White of Knox, !
God, Vaughn, and Speaker Donelson-j0.
So the House refused to postpone; and the ques
on recurring the adoption Of he report the yeas
nd nays being also demanded, ordered and taken
lereOn, resulted-yeas SO, nays 83-as follow:
Yeas -Messrs Bayless, Beale, Bentley, Black
Urn, Bradford, Caldwell, Carter Of Hardin, Cope
nd zfa Emit !
amiltOn, Harvey, Lamb Low, Nancy, Maris,
icklsy, Newman, Roberts, Rose, Rowles,
lreWsbury, Smart, Stovsl, Summers Thompson,
urner Of Roane, Turner Of Sumner Williams
lson, Wood, Vaughn, and Speaker Donelson-86
Nays-Messrs. Algee, Anderson, Bate, Benton,
icknell, Brazelton, Csntrel, Carter of Carter,
"copper" Davidson, Dodson, Dunlap, Ewing, Frazer
oladay, Holiness Ivie, johnson, Keeney, King,
ackey, Lloyd, Newbern, Randolph, Roulston, Rem
Jaw, Richardson, g. John, Saunders, Senter Stan ;
n, White Of Hamilton, White of Knox-33.
Mr. ALGEE explained his vote, and said: In
ting against this bill, 1 do with q full knoEl-
ge Of oil the responsibilities my vote attaches. | ,
not seek o avoid them. ! ever have been, and
Ill an opposed 10 our present system Of banking,
hlnk 1t radically wrong. l have endeavored by I
] my votes, to remedy that system. / an to-day, :
ady to 60 as far as any other member in restrict
G he power Of banks, and in protecting the peo :
e from their encrOachments and expressions. The
n
the evils. 1t will have the effect. fear, to des-
BY our commerce. bankrupt our merchants, ruin the :
untry, and greatly distress the people all over the
hole country therefore vote against the bill.
Mr. GOLLADAY, when his name was called, ex- 9
aimed and said:
Mr. Speaker: Some weeks ago, on this floor, 1
ok occasion to declare my opposition to the bank '
system in this State, and my willingness to at 7
npt some improvement upon the defects which
ne and experience had discovered
took occasion to say that regarded the system =
banking in force as unconstitutional In making :
ch declaration, l felt that l was but keeping
nPany with Messrs Webster Clay, and other L
eat men Of the country, who, upon mature con =
eratou, had come TO such conclusion; and "
eneyer it may become proper TO discuss this g
estion, will be found prepared with the abIest u
4 best opinions TO back that view. 81
said, sir, that l regarded the present banking '
stem in this State after examination, as exceed "
,y defective, and have as yet found no cause to
lnge my opinion. l do confidently abide in that X
ief. l think it strange that, in the midst of Z.
Indaut times, when peace and plenty blessed US 81
basket and in store"-When bank rates and -
fits we're most prosPerous-when business and b
idends filed the hearts of bankers with JOY and 8