Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-13

! a right to name 1t.
Nj Speaker BURCH. He ought to name it Icha-
| bed. Laughter.
between the original BILL and my bill in lieu is the
difference between proceeding upon the principle Of
selling the means We have, land banking upon them,)
/ and going into debt for that purpose The report
! Of the State Bank, made to at the first Of the
session. shows that they have amongst their means,
l S642 94S s. in State bonds and in January last
that amount was increased over $780, 600. 1t is my
proposition here to direct, that they shall convert
the States stock in the Union and Planters Banks
/ and these State bonds into bank stock capital 1
respectfully submit that this is correct principle
/ upon which to rely many kind Of business-alWays
to take advantage Of the means we have rather than
| speculate upon those we have not.
| Mr. DAVIS. Mr. Speaker, that proposition has
been already before the Senate and rejected; ana
! if it were adopted, It would sultfy the bill 1t Is
| true that the Bank of Tennessee, owns some SIX
hundred and forty odd thousand dollars Of State
bonds, but she owns that part Of her capital
Already sir has the States stock In the Union and
Planters Banks, been in charge Of that bank for
some two years and they have failed TO SELL because
prices cannot be realized to Justify the sale Hence
! the gentleman's proposition, If successful, would
amount to a total defeat of the bill. /, therefore,
| move to lay it on the table.
| Mr. WHiTTHORNE demanded the yeas and nays,
/ and the same being ordered and taken, resulted,
yeas IS, nays II;
J % the aLel4LAtuL Was A4LA yA tAS eADAO
] Mr. WHITTHOBNE now proposed to amend the
bill as follows:
In the second line Of the second page, after the
! word cover" insert, Gin the legal currency; and
at the end Of the third section, insert these words
provided the Governor Of the State shall be one Of
| the said majority"
Mr. WHITTHORNE. Mr. Speaker, the Senator
from Warren has asserted his Information that these
| bonds could be hypothetical by the Bank Of Ten
! nessee, aud checked upon In New York, and IN or
der to secure what gentlemen pretend that they are
after-the payment Of These bonds IN specie have
I provided this first amendment, under the opera
ton Of which, nothing but gold and silver can be
| received for our bonds. l desire to prevent any
frauds or tricks in the disposition Of the bonds OF
| the people My object in the second amendment is
a still further security to the people Of the State
Neither the Treasurer Of the state nor the Presl-
lent of the Bank are responsible to them, but the
Governor is and if he should be disposed to commit
fraud upon the spirit Of this act the people may
have their recourse upon him. think, Mr. Speaker
! these amendments so Just and proper, should with
/ out argument, commend themselves 70 the support
Of the friends Of the bill,
| NrHILL. Mr. Speaker, one of the Directors Of
! the Bank told me the other day, that they could
I sell a million Of State bonds at a hundred cents on
the dollar, for exchange convertible IN forty days
Whether this course will be pursued or not do not
know but ! am authorized 10 say this can be done.
] / simply say, that bank othCer-a Directgr-saId
il could br done and we we're all agreed that if we
could get million and quarter more OF gold into
| The vaults Of the Bank il would be a great relief
and especially in view Of the fact that the recent
bank bill would necessarily compel them to restrict
| their issues and make times tighter. move TO lay
! the amendments on the table.
/ Mr. Speaker BURCH. l would ike TO know, Mr.
| Speaker if this Bank Director made the statement
that these State bonds could be sold AT a hundred
| cents on the dollar, a fact, or merely as his
/ opinion.
! MrHILL. Isaid that arraugem could be, made,
! If necessary.
/ Mr. Speaker BUBCH. wantto know whetherh he
/ stated ifas a fact or merely as an opinion.
! Mr. HILL. I said it could be done.
Mr. Speaker BURCH. And he of course agreed
with he rest that IL was necessary for the relief Of
the Bank from the pressure occasional by the Bank
/ bill ! would like to know whether the Senator
/ from Warren voted for that Bank bill
/ Mr. HILL. No I voted against it,
[ Mr. DAVIS demanded the yeas and nays on the
! motion TO lay on the table; and the same being
ordered and taken, resulted-yeas r. nays y.
/ S, the Senate refused TO lay on the table
/ Mr. DAVIS proposed 10 amend the amendmen,
( hv adding in its appropriate place. the words "or
/ its equivalent which be subsequently withdrew.
! Ny WALKER demanded the previous question on
! The amendment, and the same being sustained by
the Senate, the amendments Of Mr. WhJthorne were
/ rejec.el-yea5 y, nays y.
/ Mr. WALKER now demanded the previous ques-
sion on the passage Of the bin, but Withheld the
/ demand for
Mr. GoEF, who submitted the following amend
meaJ:
sBs d. flr.f-r ed. That the stock owned by
the State in the Planters and Union Banks, when
sold shall he applied 10 the liquidation Of the bonds
| herein specified"
! Mr. WALKER now pressed his demand for the
! previous question on The bill
/ 1Ir MUNDAI demanded the yeas aud nays on
the sec0nd-ihe vote resultiug-ycas y, nays y.
/ So rle demand was not sustained, and the ques-
r0n required on the adoption Of Mr. Colts amend
/ uant
NIrGOFF. MIR Speaker, 1 think the bill itself
contains the elements Ofits own defeat, The amend
meut [ propose will enable the Oank to dispose of
the bonds at par; and do not believe that can be
done wi.houtit. Why DO / say so; We see that our
bonds are now selling from 500 to 80 cents. We
see his further fact that hose who are purchasing
these bonds are looking TO the legislation here upon
this subject, and If they discover that we are pur
suing line of policy that shall diminish the lndebt
eiuess of the State II viii increase the demand for
our bonds have already seen that our Tennessee
bonds have risen from 20 20 80 cents, and this has
been caused by the fact that this Legislature have
pgrsued the course / have IndICated-haee evlnced
"a determination that they viii not increase the in
aebteiuess of the State. This has raised the value
of our bonds bus suppose we increase the Liabilities
8tIue rfate-fsIt not well calculated 90 make men /
lose confidence 10 Us-is it not well calculated TO
deVreallte our bonds propose here 10 set apart /
| fund for the purpose of hquldatiug these b0nds-s
/ that the passage Of this bin Will not be really in
creasing The State Indebtedness, and it have no
] effect towards aepreCauug our bonds Otherwise |
/ ] think 10 more than probable, that, upon the |
passage of this bin our bonds Will 60 down to 50
/ cents. Suppose IL should have that effect: and |
SUPPOSE by different course of action, the bonds
were 60 ups then there would be nett loss Of 20
per cent which would work q clear loss Of 100000
90 tHe railroad interests of Tennessee. But If this
amendment wCreiu It, do no, think the passage Of
/ the bill would have that effect.
Mr. DAVIS Mr. Speaker. Z desire TO ask the |
! gent .amau, whether If his amendment is adopted /
Z he vii. vote for the bill.
Mr. GOFF. I viii think about IT,
MrDAYIS. imagined the object was TO defeat
/ the bin
/ Mr. GOFF. If you'll vote for the amendment
/ I'D vote for The bin.
/ NruAYIs lam getting the gentleman on the |
hip. have got him committed -0rhe bill. ! desire
] Go amend the amendment, by adding these words:
/ "Aucr re5mbursing the State of Tennessee Tor |
expenses alreadypaii outfor the Union and Planters
/ Bans stock
R--. Suppose the holders Of these 80 year
bonds do mo-. wish 10 sell. How are you going TO |
supply proceeds Of these sales 10 the purchase Of
/ those bonds
grrWALKER. We have all made up our minds /
as fu-lFas think isnecessarytO subserye public in
rcrasr On individual Qualifications and ASK for the |
previous question upon the amendment OF the Senator
.raa Davidson.
The previous question was sustained ana uhueE /
its oyer t.nu. Mr. COTS amendment was reIectedi /
and th THE question required again upon the third
reading of the bill.
Mr. WHITTHOGNE Mr. Speaker. did not
purpose TO aeJaiu the Senate with any remarks l .
have hitherto proposed amendments, such as l sup
posed to be consistent with my relations my assO
ciates OF the Democratic party. and in view of my
duty as a representative Ui The people. But sir.
these amendments have not met the favor of a ma
iori.v OF the Senate. To the party them with which
am associated, have faithfully discharged my OBJ
lfrations-nud TO the people whom [ represent.
have maintained fjelity TO the principles advocated
before them. and the pledges 1 made them. The
rr0positiou l submitted, 10 sell what we had /
IA convert our present resources into banking capt.
raj. sir 10 day, over one third of the capital of She
Rank for purposes of currency, Is sunk into these
boDas and stocks. Why is 1t that the Bank Of Ten
ressse. with q capital actually and in good faith
old in of over three MILL 1ns cannot maintain cir
r,latiop Of one for one-simpy because heE capital
Ii suDk as have stated. Then convert these bonds
NJ mo sDecie. and bank upon it. She ought to be
ebIa IN carry circulation OF five millions, instead Of
which, she has scarcely one half WHAT'S the pro