Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-16


in order to Increase the circulation Of the Bank two
and half millions, Ebi1st they know they have
alresdy, the right and the power, to increase their
circulation i've millions Having the right and the
power, let them do it, L sir for one, for putting
the Bank into a state Of gradual liquidation. But
Senators say, this is not the times say it is the
time, now is the day, and now is the hour. Let US
begin at once, and end it az soon as may be, with
safety to the Bank and convenience to the people.
What is this banking system which Senators are
endeavoring to force upon the State Il is to borrow
money at six per cent. to lend again at six per
cent and to pay Clerks and Presidents and Cashiers
out Of your profits What is the object Of Banks
Il is for the purpose Of increasing the circulating
medium of the country. But ask, if that has been
the effect. Of increasing bank capital? No, sir II
the trade and commerce Of the country, required
certain amount Of circulation, and there was not
enough to supply that requirement then there might
be some reason, and some prudence, perhaps, in
such increase But what do the statistics Of the
country show They show an excess Of nearly one
hundred millions Of CON- above what is required by
trade and commerce. Then, tell me not Of the
demand for an increase Of paper circulation. Look
at the Report Of the Secretary Of the Treasery Of
the United States and other statistics bearing upon
this question. According to these, shout one hun
bred and seventy-fve millions Of circulation is
required to do the business Of the country. And
that business is now nearly all done by paper, done
upon system Of Credits for there is note coming
out of a bank, but that some individual note must
20 into it. Bat if there be one hundred and seventy
five millions required to do the business Of the
country, and the statisticsshoW that there are two
hundred and seventy-6ve millions Of coin in the
couDtry-Why ask TO do the entire business Of the
country on a credit with paper currency Do not
understand me being in favor Of at once plotting
out paper circulation and resorting instGHtsr to
purely metallic currency. l know that our com
mercs and the habits Of our people could not suffer
so great and so sudden transition. But we may
take, and take now many steps towards metallic
currency, and yet not be in gun shot Of it.
Mr. DAVIS. Mr. Speaker, the hour has arrived at
which We agreed to take the vote. 1t is now Il
O'Clock
Mr. BURCH. Iagreed that the vote should be taken
at this time and, unless some friend Of the bill
desires to prOlong the discussion, willing that
the vote should be taken.
The SPEAKER (AIr Harris in the Chair now
directed the roll to be called the passage Of the
bill, and the Clerk repOrted; yeas l3 nays y, as
follow:
Ysqs-Messrs Brateher, Brown, Davis, Denton,
Heiskell, Hill, Menees McConnieo, Roach, Ross,
Walker, Welcker, and Wright-l3.
Ndys-Messrs Bullen, GOff, GoOdner, GoOdpas-
ture, Harris, Jones, Munday, McDougal, Reid,
Travis Whitthorne, and Speaker Burch-l2.
So the bill was passed the third and last reading
in the Senate
Mr. MCCONNELL moved to reconsider the vote
and to lay the motion on the table.
MIR BULLEN moved to adjourn until p. m.
which motion failed-yeas 10, nays Is
The question being on Mr. MeCONNICO'S mo-
ton, the motion prevailed
Yeas-Messrs Brateher, Brown, Davis, Denton,
Golf, GOOdner, Heiskell, Hill, Menees, Mccormick,
Roach, Walker, Welcker, and Wright-l5
Nays-Messrs Bullen, Goodpasture, Harris,
Jones, Alundsy, McDougal, Reid, Travis, Whit
thOrne, and Speaker Burch-lO.
The Senate took recess until p. N.