Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-13

An tne senate, on MODday, MT. cTOkEL1 ofeleQ al
amendment 70 the Constitutions 50 as to all slaves
Nr- TRDnIK's bin to pay the expense Of the in
.vestigatiOn Of the affairs of the Comptroller and
Secretary Of State by special committee Of the
last General Assembly, passed onits third reading
In the House on Monday, Mr. FAEREE4T offered a
resolution to create committee to inquire into the
proprlety and expediency Of purchasing an execu-
tive mansion for the Governor of Tennessee.
On Tuesday the Speaker laid before the Senate a
communication from the President Of the Bank of
Tennessee, in response to resoufionof the senate
showing the profits of the Bank of Tennessee to be
as follows; ,tsassg tsssaE4 e
The Hett profits for the year ending the 1stof Ju-
~. 1903, amounted 10 49,. SZZ5549 as
Year ending lst July, 1858, amounted to 42S5D4 Al
Amount of profits for two years, 49,. s649O5 Al
Their per eehtum on the first is 6l3-I0O per cent.
on the lastis, - 45-lOOper cent
Nett profits for the six years .-.... SL1s00zO Ga
Rate per eentum during the time, q l0lS4 100.
The President of the Bank adds: . 81
IN explanation of the difference in the profits of
the Bank the last years. have TO state, that
the continued attacks upon it, for the purpose of
DESTROYING It's credit and the necessity of placing the
Bank in proper condition to carry into effect the
section 1914 Of the Code so limited the business OF
the Bank as to produce that result
The capital Of the bank varied from year to year
as shown in the table.
The av gs capital for the years was Ss,O7O,OO9 p
The average profits S06,fZO 70
The average rate per eentum, 10 lSI-lOO
If the Bonds of the State bearing six per cent in
feret could have been purchased by the State at 80
cents on the dollar, the rate of interest the adj
vancement would have been fraction over
G-IO0 per cent leaving the profits of the Bank near
so per cent more than the interest the money adj
vanced reH 1FsT
Mr.? RIcHARDsOS's bill to authorize the Banks in
this State to pay out the notes of each other, was
passed Its third reading, by the Senate on Tues
day by the following vote: =. ttA
Ayes-Messrs. Allen, Boyd Bradford, Horn, John
son, Lane, Minnis Nash, Richardson, Stokes, Stoke
ly. and Trmble-l2.
Noss-Messrs. Bumpass, Hldr, II Hunter, Mick
Ney. Mcclellan, McNeilly Payne Peters and Speaker
Kewman-9
Mr.. PETERS introduced bill to prevent the mar
n &c of cousins of the first degree, the passage of
which has been recommended by the Committee on
the Judiciary.
Mr.. HuDEErHs bill to give grand juries discretion
in regard to making presentments tor profane ours
ing and swearing, was passed its third reading.
In The House on Tuesday, Mr.. CHEATHAMs resOlu-
ton to pay $500 for the music at the Inauguration
of Gov. HARRIS, was adopted, and was subsequently
concurred in by the Senate.
IN lnt otIdlC vi "Wednesday M hAEiAs 4tblO
duced bill prohibiting Clerks of County Courts
from issuing marriage license to parties where the
lady has not attained the age of twenty-one years
Mr. PETERS bill toregulate the collection Of claims
against the estates of deceased persons, was reject
ed.
Mr. TRnlBIE's bill to determine how railroad com
panies receiving State aid have complied with the
law, was rejected
Mr.. McNEMLYs bill to require persons driving
sheep to give two days notice to owners along the
route they propose to pass, was rejected.
In the Senate on Thursday, Mr.. Nash submitted a
proposition to amend the constitution to allow
persons to vote after residence OF six months in
the State and three in the county where they pro
pose to vote
Mr. TEMPLE introduced bill to incorporate the
school districts and authorize the inhabitants to
tax themselves for school purposes
Mr. DRADroRD,s resolution to adjourn sine de on
the Path Of December, was rejected.
In the House on Thursday Mr. CAN'T introduced
a bill to reform and regulate the business of bank
ing in this State, of which the following a
synopsis. !
&c. / Provides that all Banks shall be subject to
sl,e NO. visions and restrictions of this act.
So ,d0pts the counter note principle.
-. > Provides that capital stock shall be paid in
;, srJ na+ 90 ijvalents; that no part OF capital
stock shall be sold the whole Is paid in and that
no loan shall be made 10 any stockhOidef uiI ne mas
paid the whole amount o. MS stOcA, -
See-4 Provides that no tank shall commence
business with a less paid capital stock than seven
hundred and fifty thousand dollars haa lat INC cap
ital stock on no bank shall exceed two uhlhohs OF
dollars, i+s
entire liabilities beyond Its solvent assets, or employ
Its means in trade commerce, or hold real estate
except what necessary TO carry on It's business OF
what may be conveyed 10 1t by mortgage or assign
ment to secure pre-cNisting debts.
sec g. Provides that issues shall not exceed two
Tor one of specie funds; that no bank shall permit
lis com 10 DE reduced below onefourth of It's I'M
mediate cash liabilities. and that each bank SHAH at
all times have specie funds equal 10 one-LlIru Vi Us
entire Liabilities
Sec. Z Provides that no bank shall employ in its
business dividends due its stockholders, unless the
zane are made part Of permanent paid capital.
Sec 3 Provides to guard capital stock against de-
stru, ton by bad and doubtful debts; that no div
;Jends shall ever be declared except out OF the ex
- owe =. bad and doubtful debts; in other words
what is lost TO capital stock by bad and doubtful
debts shall b. made up by profits
See 9 Provides that charters shall not be granted
for a Longer, per.io,l than fifteen years.
Sec 10. Provides Tor monthly statements under
oatb of hank officers slowing the true conditioner
hank TO he published by Comptroller.
Sec H. Provides that no bank shan ueal IN I'M
current money paw out the notssof other banks, or
take more than one peP exchange, when IN sus-
pension and while in suspension shall pay the oIIe
half per cent on capital stock
See T. Provides that nobank shall procure an
other to give credit to its circulation by means of
security or indemnity for doing unless the ar
rangement is published.
Sec - Provides for the registry of bank notes
40 prevent over issues.
See H. Provides that no part Of capital assets
of any bank shall be withdrawn from It's legitimate
business. .
Sec. IS. Provides that at least one-fourth of the
directory OF each bank shall not be stockholders
and that no person shall be director IN any Oahh
who is not a citBeu OF the State
See 10. Provides thai accommodations to stock
hol9ers shall be upon terms as other customers
of bank
Sec. Is Provides for the appointment Of 3 bank
visor to examine and report quarterly the true
coBBino, of the banks OF the state.
SEQ 10 Provisions that no bank shall borrow ana
,I:l. 81 tbo supervisor assets which ii does not
,,rn while under examination by the supervisor
Sec 20 Provides that if any bank suspends spe-
Gle payment for 90 days, the supervisor shS llsu
tute suit against such bark III the euiOeIy uSit ST.
bere located; TO subject It's assets to IT'S deots ana
declare its charter forfeited-unless stayed by me
Governor from time TO time until the next LeglslS-
tire thereafter meets. Il
sees. n and - Provides for the payment OF sal
airy Of three thousand dollars to the supervisor =!
Sec. % Provides for the reservation OF the repeSl
power 20 be exercised for abuse Of power or VIOLA
ZION of charter.
See "A Provides for the cancellation of old Is
sues
Sec. p. Provides for the discount of notes and
bills payable in Tennessee al per cent; bills ont
of the estate at SIX per cent with reasonable eN-
change.
Sec 20 Provides that for fraud and wilful mis-
management, the directors shall be individually LA
bic and that stockholders shall be individually La
Die til their stock Is paid in full.
Sec % Provides that banking companies shall
nay same tax upon their stock the citizens of The
State nav upon their money.
coc = Provides that the hanks shall be subject
,S,;ted and examined by Legislative committees.
NJ ,,Rrrz introduced bill to enlarge the capital
81, ~ he Bank of Tennessee
qte on Friday, Mr.. STOKES bill to pro
-,c, tho slave property of married women and to
secure the rights Of their creditors was passed on
its third reading. g..
sue 10 the Touisrille and Nashville and Edsehed
aud Kentpcty Railroad Companies SzS'OOo Of state