Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-02-25
IN SENATE


IN SENATE.
WEpxEsDAY, Feb. 3, 1858.
THE BANK OF TENNESSEE.
Mr. NUNDAY offered the following resolution
THAI he President Of the Bank Of Tennessee be
raonssted forthwith TO inform the Senate, whether
Il q necessary 10 the existence Of the Bank OF Ten
sssae 10 Increase its capital by an is uanee Of State
bonds. and secondly, whether the said increase as
aforesaid is demanded by the interest Of the people
Of the State Adopted by the following vote
Yeas --Messrs. Bracher, Bullen, Davis, Denton
Cog, Goodpaslure, Harris, Heiskell, Hill, Jones,
Maneos, Mluuday, hcDougal, Reid, Roach, Ross
Travis, Welcker, and WhitthOrne-l9
NAYS --Wessrs McConnieo, and Wright
Mr. BURCH MIR Harris in the chair offered an
amendment establishing branch bank at Chatta-
nooga, which was rejected.
Yeas.-Messrs. Harris, Munday, McDougal, keld'
Travis, Welcker, WhitthOrne, aud Speaker burch--
Nays-Messrs. Bratcher, Brown, Bullen, DAVIS
Gof Goodner, GOodpasture, Hill, Menees, Melon
nieo, Roach, Ross, Walker, and Wright-l4
Mr. BULLEN moved to amend as follows: to the
Arst section add: PrOriasd said Stocks iurnPlAs
stoesl or any part thereof shall not be sold by SAID
Commissioners unless they shall be fully satisfied
that the price offered is as fair as they will ever
likely commend.
Add the following to the bill:
Tbattbe bonds and stocks when sold shall be con
vsrted into gold and silver, which shall be deposit
al in the vaults Of the Banks contemplated BY this
act. which shall constitute part Of the caPi'ai
stock Of said Banks.
That whenever the Banks realize the capital con-
templsted by this act, any part thereof 1t sheu
no and ia hereby made the duty OF said banks 10
appIv one half Of their circulation to the dscoun
inc of notes PROVIDED no note exceeding SlVOO
shall be discounted for the accommodation OF any
one individual or company, nor shall said banAs
discount a second note for the accommodation Oh
said indvidal OF company during the time sald nrst
note for said sum Of $1,000 is running to maturity
Tbatif any individual Office or agent Of any OF
said Banks shall violate any Of the proVlsionsot the
foregoing sections they shall pc helu anu NeSneU
guilty of a misdemeanor.
That the State shall in no event be subject TO any
costs in the erection Of buildings or procuring
grounds wherein to erect any buildings for any al
ditional branches created by this act.
Mr.. MCCONNELL moved to lay the amendment on
the table. or
Ysas-Messrs Bratcher, Brown, Davis, Cot,
Goodner, Hill, Menees McConnico, Roach Ross
Walker, Welcker, and Wright--l3
Nav5-Messrs Bullen, GoOdpasture, Harris
Jones Munday, McDougal, Reid, Travis, WHIT
thorne, and Speaker Burch-lO.
So the amendment was laid on the table.
Mr. TRAVIS moved to strike out the enacnng
clause. IT.
Jones, Munday, McDOugal, Reid, Travis, Nhtthorne'
and Speaker Burch-ll.
Nq1s-Nessrs Bratcher, Brown, Davis, Denton,
Gsodner Heiskell, Hill, Menees, McConnico, koaeh,
Ross, Walker, Welcker, and Wrght-IL
So the motion failed
The following communication was received.
BANK OF TENNESSEE, Feb. "A, 1891
To the Senate Of the State Of tennessee
GENTLEMEN In answer to g Resolution Of the
senate passed this morning requiring 1.-The Presi-
Il Of f1Tafh1 [
he Senate whether it is necessary TO the existence
of the Bank Of Tennessee to increase its capital by
an issue of State Bonds-and secondly, whether said
increase aforesaid is demanded by the interests Of
the people" have the honor to state, that such
increase of its capital by the issuance OF State Bonds
is by no means necessary to the existence OF the
Rank That no doubt is entertained with its present
means that every liability Of the Bank can and Will
he net and leave 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 judgment, be at this time
prouoted by the proposed increase OF the capital OF
The Bank Il will enable the Bank to enlarge It's
business and increase its profits, with but little OF
no addition TO its expenses 1t will enable the Bank
to keen out if not increase its circulation, and thus
give important aid to the people IN the preseh'
deranged state the money Market 1t will afford the
neonle currency upon Wbichthey can safely rely IN
b transaction of every business it will enable the
Bank 10 afford greater facilities IN the procurement
of exchange at q reasonable price. 1t has already,
since the suspension furnished more than a 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 a
full and thorough examination by Joint Committee
of the two Houses Of its present condition, would
be such an exhibition Of confidence IN the institution
and lis management, and evidence such adetermina-
ton to meet all the liabilities of the State, that IT
could not fail to insure confidence among capital
lists promote the interests Of our Internal improve
ment Companies, which have been so much Injured
nv their inability to realize the full aid given By the
State. It would also quiet the apprehensions IN the
attaining States as to the ability Of the Bank tC
meet its liabilities which have been excited By the
recent harsh and unjust attacks made upon 1t, and
Inns enlarge the field of its circulation and enable
the Bank TO increase its business
! have the honor to be
Your Obedient servant,
c. JOHNSON, President.
70 the Speaker Of the Senate.
Tbs question next being on the passage of the
bill. it passed the third reading by the following
Yeqs-Messrs. Bratoher, Brown, Davis, Denton
Heiskell, Hill, Menees, McConnico, Roach, Ross
Walker, Welcker, and Wright-l3
Nays-Messrs. Bullen, Golf, Goodner GoodPas
ture. Harris. Jones, Nunday, McDouga, Reid
Travis, Whiuhorne, and Speaker Bureh-l2
Mr. McCONNICO moved to reconsider the vote
and 10 lay the motion on the table.
Mr. BULLEN moved to adjourn until z. NJ
which motion failed, yess 10, nays 10.
The question being on Mr. McCONNlCOS mo-
ton, the motion prevailed
Ysas-Messrs. BratcheT, Brown, Davis, Denton
Golf. Goodner, Heiskell, Hill, Menees, AcConnIco
Roach. Walker, Welcker, and Wright-15.
N.7ts-Nessrs Bullen, GoOdpastUre, Harris
Jones Munday, McDougaI, Reid, Travis, WhitthOrne
.Vnd Speaker Burch-lO.
Senate took recess until > P. NJ.