Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-06

1o0o qsSti0B 0etHg on the second reading Of hS
BIZ, to rsOrgaHizs the Bank Of Ts8nsssss.
Mr.. ROSS said:
Mr.. SPEAKER: Sir, l introduced the bill now
before the Senate for the purpose indicated in the
bill but before [ proceed to discuss the merits of
the proposition, desire to say few words in rels-
ton TO my opinions about banks. As an abstract
an original question, l am opposed to all banks
Of circulation or in other words, banks to make
and put in circulation paper money. But as a Sen
stor. here upon this floor, take this position that
the Legislature Of Tennessee has, in gone by days.
created the present currency Of the State such as it
is. And hold it to be the duty Of the present
Legislature to sustain for given period that cur
rency, until the people can manage their affairs and
be prepared to meet the change; and whenever the
people ready for the change, and desire it. then
I would like to see the policy adopted that would
gradually remove every bank Of circulation in the
State, and come to gold and silver currency. But
hold that it would be manifestly unjust to a large
portion Of the people, who went into business and
bought property at very high prices under the sx-
pansiOn Of the currency when money was abundant
and cheap now to compel them to pay out under the
unprecedented contraction Of the circulation, which
nov amounts to but little over one-third Of what it
was twelve months ago. And being entirely oppo-
sed to eharterng any new, Techsrthering any old
bank thought the best policy that could be adopted
TO obtain the desired relief for the country was TO
increase the capital Of the Bank Of Tennessee, 80
40 to enable her to throw into circulation, and keep
in circulation, some three millions of dollars more
than she can at present. This additional amount Of
circulation furnished by the Bank Of Tennessee
will supply the vacuum Occasioned by the with
draWal Of the circulation Of the Union and Planters
Banks, which must continue until the expiration of
the charters of said banks which are now close at
hand. And another reason have for this increase
of the capital of the Bank Of Tennessee is that she
has furnished a circulation Of more uniform value
and It'll whfc he ifvTo hiatt rEa1
believing it TO be the most reliable currency in the
State, under the present difficulties Of the monetary
affairs Of the country. thought the best interests
Of the country would be promoted by increasing the
capital of the Bank Of Tennessee; and, hence, l
supported the proposition that passed the Senate
some days ago, having that object in view. But to
return to my proposition, which is to re-Orgsnizs
the Bank of Tennessee. The bank has yet ten years
to run by its charter.
lam aware Of the fact, that different Governors.
and the present President of the bank have recon-
mended TO different Legislatures TO put the bank in
liquidation. But to take as data what has been |
done in that direction, not inclined 70 think
it will be done at all; therefore, looking to the in
terest and protection Of the people, propose in this
bill, nov before the Senate, to re-0rganize by call
ing in and winding up all its branches now eight
in number, and establish branch in the eastern
division Of the State at Knoxville supposng it to be
the most important commercial point in that divi- |
that it is the great commercial emporium in West
Tennessee; the mother bank TO remain as at pre-
sent, in the city Of Nashville Now, my object in
his organization, is place the bank in the first
place, in situation that she will have it in her
power to make money, and make it largely, for he
State, thereby aiding the treasury and lessenng the
upon the people, by centralizing her capital at
.hrse Of the most important commercial points in
he State Now in relation to her present situation
With her branches scattered all over the Stationary
branches located where they cannot do very pro-
stable business in the way Of banking-the most
profitable business for banks is bill business, and
he remote distance that many Of them situated |
rom any important commercial point puts it out of
heir power to do any thing OF importance in the
way of buying bills, unless they operate through
Irresponsible carpet bag system, which, to say the
east Of it, is frsUght with too much risk, when the
public money is concerned. In relation 10 the ad-
lantaRes that would accrue to the banks and the
to the people by locating q branch
It Memphis, they would appear to be ineaculsble,
Ehen we come to consider that Memphis is the nat
lrsl market for West Tennessee, and North Missis-
issippi in the great staple Of cotton, where from
hres to four hundred thousand bales Of cotton
must 20 every year TO find a market The cotton
rade of Memphis alone, is worth from twelve to
fifteen millions of dollars every year, and incress
ng to say nothing about the large amout of wheat,
orn, oats, and various other products that find
eady market there. The bank with branch at
would be able to prOcure,eEchange on cot
on bills enough to carry the commercial business
Z the State.
There is another very important consideration in
his proposition that is that the State would at
east $50, 900 year in administering the Bank, that
mount saved is that made, and properly belongs to
he treasury of the State And that amount made
very year with the interest accruing and re-
Wrestling the same would amount TO over $780, OOO1
iqht hundred thousand dollars that would be saved
. administering the bank for ten years. This large
an would properly 90 into the Treasury of the State
, defrsy the ordinary expenses Of the Government
nd thereby reduce the amount Of taxes 10 be
objected off Of the people. l say to gentlemen
enators this is not an over estimate by any means
at in my opinion, falls short Of the true amount
,st would be saved, when We look to the fact that
lis bill proposes to administer the bank with two
ranches in connection with the mother Bank
Well there is one point embraced in this bill, 4
bout which, presume We will sll agree, that is
e reduce the number Of agents, officers, &C., two
irds, and presume every Senator here will agree
it'll me in saying the fewer agents you have to
lndle the public money the safer for the people
ao have to make good generally all deliBquences
ID defsoations, when there misuse Of thu public
Oney.
do not wish to be understood as impug2ing the 9
ts Of the officers or agents Of the Bank for am a,
It q man to make complaints Of that character. b
lere has been great deal said about the rights G.
d interest Of the people since the meeting Of this
neral Assembly, and many eloquent speeches