Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-04

man A1selI3 DQt ne must have endOrseFs worth ten
times the amount he asks for and all Banks are the
same in this particular.
A relief measure--I ask if it is not rather pro.
position % legalize speeulation--s proposition to
FAVOR sW1ndlng Your fortunate rich man. can 20
there and get money-and what does he do With it
when he gets It he goes with it into remote parts
OF the state, where the people are oppressed with
debt, and property and produce are brought under
the hammer by these Bank suspensions-and buys il
up at half price. Who sustains this 2-he banks
and these worthy gentlemen Certainly not-the
wealthy man has made magnificent speculation 1
repeat 1t sir, this is measure worth venCanea
It's torelieye the hard working farmer and mechanic
of the products Of his labors L is to relieve labor
Of its just compensation. It brings within the con-
rOl and grasp OfWealth, the industry aud sweat and
toll Of the mechanic and farmers Of the country
TAGtis the very quntessence Of the operation of this
bill Any gentlemen who takes up an idea that the
proposed increase Of the capital Of the State Bank
will put money into the pockets fmen that need it
most, will ind 1t to be fallaey that has been ex-
ploded years and years ago It is not a relief mea
surs to levy tax upon the industry Of the people
by way of giving bonus to the Bank
When the Senator from Marshall first came into
this Chamber l struck hands with him upon this
question; we met and agreed upon the resolution
which he himself submitted, proposing to register
the condemnation Of this Legislature against the
policy transporting specie payments By the Banks
Now what does this bill propose? 1t proposes to
offer encouragement, justification and reward
to the Bank, for doing that which we then con-
demned wrong. Banks will always suspend
upon such conditions.
The capital of the Bank of Tennessee is SO 900 900
and upwards. Her circulation to-day is not 81 OOO-
O0O Why don't she offer relief Gentlemen tell us
that il is a safe rule for banks 10 Issue two or three
dollars for one. Why don't you ISSUE then? You
have not got circulation dollar for dollar l will
tell you the 1t Is reason that has operated
upon this Legislature. Il is a reason which has
done, what believe IT, would do from the commence
ment. We have passed bank bill 1t was thought
to be restrictive 1t did not meet the views Of the
banks; and they have determined that this Legisla-
ture shall relieve them; and they will compel this
Legislature to do so, by contracting their Circula
ton. But l tell gentlemen this; you may throw
your million and aquarter of additional stock on the
Bank Of Tennessee, aud they will not issue six and
quarter cents more for it. They have the power TO
issue more. You have the control Ofthe States stock
in the Union and Planters Banks. Why dom YOU
sell that? Why don't the Bank dispose of the State
Bonds Of which she has one and a half millions
Sir, do not believe she would issue dollar more
on account of the passage Of this bill DO not
look for relief through the banks Before God,
do not believe there is q bank in Tennessee that
intends to afford relief; believe it is their great
object, one and ALL to make the bank bill Of this
Legislature odiOus; and that being the case-al-
though know the fearful power they bold-yet
"
the whole of them. They can never scare or cOerce
into giving them bonus for relieving the people
Of the State Of Tennessee; do not believe in such
principles but it is in good keeping with the prnci-
pie, ''That public debts public blessing which
however, is no more true Of State, than Of an
individual.
But l wish to know of my honorable friend from
Marshall, thing We are here, as members of
the democratic party We are responsible for the
acts Of this General Assembly, and want to know
if that gentleman and his friends supporting this
BILL are willing tore charter the Bank Of TENNESSEE
l wish them to speak to that proposition distinctly,
when they shall get up wish to know whether thew
in favor of recharteriug the bank? If they say
no, then ask if they in favor of direct taxation
to raise this money? For one or the other has to be
shouldered by them. Most Of my democratic friends
say they are as much opposed 70 the bank as l am
Mr. DAVIS interpOsing. When does the charter
of the Bank Of Tennessee expire
Mr. TRAVIS. do not know exactly the year
say in the neighbOrhood Of ten years.
Mr. DAVIS. Is there any time specified in the
charter when it shall expire?
Mr. TRAVIS. Yes cir. But I proceed. And this
brings to the simple proposition. If the Senator
and his friends believe it wrong, TO re-charter
bank-and have no doubt they will say sol would
ask Senator's who opposed to banks if it is their
policy to get clear Of them, by strengthening Them
and giving them increas Of capital stOck2 sub
NIT if that is the way to express opposition? If
is wrong to grant charter to a bank, does a con-
tinuation Of twenty years make 1t right? Does
continuation Of ten, twenty, or forty years. make the
principle different If tits bad policy and wholly
founded in error, how can it be made good andright
by continuation, and enlargement of the power
and influence Of the institution? I would as soon,
to-day vote for distinct proposition to re-charter
or charter anew the Bank of Tennessee. For this
bill proposes distinctly, 20 establish two branch
ESQ create two distinct corporations Of the
same sort.
And all this is a bonus for suspension-a sort Of
premium for dishonesty. l have never been able TO
draw any distinction between banks and individuals
refusing to pay their debts. 1 can see no difference
II can draw no distinction between the two cases.
If it is right in principle, for sOUess corporation
to refuse 70 pay their honest debts, when they have
the money lying by them, IN the name Of Cod is it
not equally right, in all honest, hard working me-
chanic or farmer to refuse tOpay his debts! Andif
were called upon extend excuse indulgence to one
the other ofthese two classes would vergive or
preference the banks. The great evil.o day. that
hangs over the State Of Tennessee like the clouds Of
Egypt is the undue influence exercised by her banks
SIR is it due to the Republic to have the wealth Of
the country brought to bear in the hands of the few
Sir it is driving your people from the State Sir 1t
is forcing your honest mechanics aud farmers into
the distant west This is the exact state Of the
case, and you cannot prevent It. The banks are the
hand maids of wealth They raise the price of pro-
farmer can hardly live. Il is well known to every
man who studies the subject, that the rise in the
price of labor IS the last consequence Of inflated
currency. The very men that need NEST this in
crease of prices the last to receive IL; and fire.
uuently il does not come at all before the reYulsOn
comes, and every thing has fallen 10 the lowest
notch In view of these facts ask, respectfully,
if it is good policy, to authorize to bring this
wealth 10 bear in such manner as to control and
Cypress the industry the labor the enterprise and
the commerce of the country.
There Mr. I. gave way for a motion to adjourn,
and the Senate took recess till o'clock, P. N.
Mr. Speaker, when the Senate adjourned, had
been commenting to some extent, upon the policy Of
the Indebtedness of the State and upon
the policy Of re-charterIng the Bank Of Tennessee,
which believe to be connected with that bill The
remaining thoughts which l wish to submit to the
Senate will have relation to what will be the prob
able effect of this bill upon the credit of the State
1t is very remarkable, that Notwithstanding have
been here in session some four or FIVE months, aud
the General Assembly, some two
months ago, raised Joint Select Committee, for !
the purpose Of investigating the Bank of Tennessee
we have yet had no report from that Committee.
The Senator from Warren has given US a state /
ment of the transactions of this bank. l shall not
question the correctness Of his statement, but it does
seem to be demanded of the Legislature, that they
should act upon the facts to be submitted by this
Committee and cannot tell why this Committee /
have not reported They have time and again asked /
and obtained leave Of Absence for the Investigations
in which they have been engaged, and whether they
have got through not, 1 cannot tell. II they |
have, should like to know why they have net re- /
ported. In the mean time We are left in the dark /
az to the actual condition of the bank
Mr. MENEES. The reason why the Committee /
have not reported, is that during the last week, /
several members of the Committee have been alb
sent; but for this cause, their report would have
been submitted.
Mr. TRAVIS I am very sorry that this report /
cannot be had before the passage Of this bill For
this is the gravest question that has been proposed
TO the present General Assembly, or that will be.
What was the condition Of the credit Of Tennessee
when this Legislature convened, and what IS It's
condition to-day?
Previous to the last session of the General Assem-
bly,, the State credit had been carried to such an
extent that the bonds of the State we're very much
reduced in the maket. The passage Of the bill last
session, known as the Omnibus Bill, threw add
onaI bonds into the market. The fact Of placing
hat bill on your Statute book giving notice to the
world that you had not yet arrived at the stopping
point, sunk the State bonds in the market, to %
tents on the dollar. Such was their condition when
We came together. And upon the first manifesto
ions of feeling here, which were strongly expressed