Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-04
DEFERRED DEBATE.
N SENATE
TUESDAY, Feb %, 1858.


BANKS AND BANKING.
Tie question bang tie t5ird reading Of Nr DIri5s
bill l2g7 for the RsLsf Of t5s People.
Mr.. HILL stated his position in his canvass. He
affirmed the right and duty Of the Legislature
TO investigate the State Bank. The result Of
that igation had been satisfactory; md he was
now in favor Of sustaining thinking It's circulation
good He showed that this institution had not failed
to make profit Of nine per cent. He dealt n facts,
in all caudOr. From the first Of July 10 this time,
they had made fifteen per cent and all the time she
had furnished soUnder circulation than any other
bank in the State, and more exchange than all the
other banks in the State combined He was
astouished at the course Of gentlemen who were now
denouncing the State Bank; in view of the fact
that in 1854, &c, when they were issuing state
bonds and making the present State debt, and when
the officers Of the Bank themselv es were advising
its liuudation-theu they we're for supporting this
bank as a fiscal gent and instrument OF The Stale
aud now they we're for winding up the institution,
whilst there was complaint as 20 Its management
and the necessity for its continuance was greatly
increased. He showed the COZ stItutiouaHty OF the
State Bank, from decision Of the Supreme Court
OF the United States, and argued the general neces-
sity for sustaining it, especially demlnded al This
time. He showed also that this proposed issuance
of million and a quarter 81 bonds would not IN
crease the Indebtedness Of the State IN its results
j was Informed that these bonds, a7 soon as issued
could be deposited at New York and bills drawn
upon them and it was plain enough from the stale
ment he had submitted that the profits Of the bank
upon this sum would more than pay iae interest and
principal, besides afforded the relief 90 The people
Of Tennessee at this time. They would even realize
a handsome surplus. The profits Of the bank would
more than indemnify the State lie also advised o
sale Of the States Turnpike stock. and the invest
ment of its avaIls in the state Bank. lie knew that
in these sentiments he represented his constituents
and ready to 60 before them upon any issue that
could be made upon the course be had determined
to pursue
Mr.. TRAVIS said:
Mr.. Speaker: The present session ofthis Legisla-
ture promises to be ike the Honorable 3. ID, Fos-
ters Presidential nomination, a Kangaroo session
the strongest in the hinder legs. The most i'm
portant business for consideration comes up IN
the heel of the session. There are two lead
ing propositions which l shall consider in conReC-
ton with the consideration of this Bill The jrst s,
the policy Of a State debt; and the second is, the
policy of creating The necessity Of rc-chartering the
Bank Of Tennessee.
As to the frst-the policy Of involving the State
in an additional debt OF Sl,25J oJ3or state bonds
10 be issued-gentlemen may console beus elves with
the idea il they can entertain H. that this is not
increasing the indebtedness Ctthe State But the time
will come when they viii find that increasing the
State debt-actually and bona HJe-whel the people
shall come TO pay the SO 600 q year interest on
those bonds, then they viii begin 10 regard 1t q
dabt-and this is TO be continued for thirty years
affirm that 1t is q leading object Of the bill is TO
create necessity for the re-cla,er Of the Bank Of
Tennessee.
Now how is this' How eau the State meet the in
tcrost on these bonds without the aid Of the Bank
NJ Tennessee The charter Of ibis bank will expire
in about ten wears; then there wiu be twenty years
left for these bonds to run. Isay, You are placing
the peoTle Of Tennessee in 2 condition to demand
The re charter Of this bank, or pay the interest by
taxation l affirm sir, that the first result Of this
bill is TO increase the State debt la..-lon and
quarter and next is to recharter the BANK OF Ten
nessee.
These are the propositions which honorable aera-
tors ore called uuon to cOnsideT-tO speak the voice
of She freemen Of Tennessee upon these tWoprp5si-
tons Il is the business Of no Senators 10 question
motives will not do that. But will say, thai II
tbis proposition had been brought before this body
auy time within ten days after We first assembled
here. do not believe it could have received dozen
votes in this General Assembly. But times have
changed Times have grown hard they say. Up
preston stalks abroad in The land. We hear the
crv on all hands that the whole country IS suffering
and bleeding at every pore, and demanding reLeI al
the hands of the General Assembly But Mr..
Speaker where is the evidence Of this caAupon
honorable Senator'S who are calling upon the people
increase this debt to show me the evidence OF thus
ruin and distress which they say IS abroad IN the
land. Where does il exist Have you any petitions
from the people Cotton tobacco and negroes nave
good prices. These are the great staples OF the
country, and cash Is paid for them at fair prices