Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-02-25
TENNESSEE LEGISLATURES.
WEDNESDAY, Feb. "a, 1858.

WEDNESDAY, feD- "A, 1898.
The discussion of the bill to increase the cap
ital of the State Bank was continued.
Mr.. Munday offered a resolution asking the
President of the Bank of Tennessee TO inform
the Senate forthwith whether it is necessary to
the existence of the Bank of Tennessee to in
crease its capital by the issuance of State
bonds, and secondly, whether this increase is
demanded by the interests of the people of the
State Adopted.
The reply of the President was as follows:
BANK OF TENNESSEE, Feb. "A, 1858.
To The Senate Of the State Of Tennessee:
GENTLEMEN:-In answer to a resolution of
the Senate, passed this morning, requiring
'.the President of the Bank of Tennessee
forthwith to inform the Senate whether it is
necessary to the existence of the Bank of
Tennessee to increase the capital by an issue
of State bonds, and 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 exis-
tence of the Bank; that no doubt is entertain
ed, with its present means, that every liabili-
ty of the Bank can and Will be met, and
leave a 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 promoted by the proposed in
crease of the capital of the Bank. 1t will
enable the Bank to enlarge its business and in
crease its profits with but little or no addition
to its expenses 1t will enable the Bank to
keep out if not increase, its circulation, and
thus give important aid to the people in the
present deranged state of the money market.
1t will afford the people a currency upon
which they can safely rely in the transaction
of every business. 1t will enable the Bank to
afford greater facilities in the procurement of
exchange at a reasonable price. 1t has alrea-
dy, 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 full and thorough examination by a
Joint Committee of the two Houses of its
present condition, would be such an exhibition
of confidence, in its management, and evil
dence such determination to meet all the Il
abilities of the State, that it could not fail to
insure confidence among capitalists, and pro-
mote the interest of our Internal Improve
ment Companies, which have been so much in
jured by their inability to realize the full aid
given by the State. 1t would also quiet the
apprehension in the adjoining States as to the
ability of the Bank TO meet its liabilities,
which have been excited by the recent harsh
anu UNJUST altdChs Hldue upon IL, anu tuus eH-
large the field of its circulation and enable
the Bank to increase its business.
/ have the honor to be
Your obedient servant,
G. JOHNSON, President.
After some further discussion, the hour
having arrived when it was agreed that the
vote should be taken, the roll was called, and
the bill passed 10y the following vote:
AYEs.-Messrs. Bratcher, Brown, Davis,
Hi Mac
Roach, Ross, Walker, Welcker, and Wright
I3.
NAYEs.-Messrs. Bullen, Golf, Goodner
Goodpasture, Harris, Jones, Munday, Nc
Dougal, Reid, Travis, Whitthorne, and Mr.
Speaker Burch-l2.