Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-10-21
Monetary.


that the assets in the hands of the Comptroller belonging
to the Bank Of Claiborne insufficient redeem the out.
standing circulation Of that Bank and days
the whole of the assets absorbed At the
it discovered that there large surplus the
belonging the Bank of Tazewe located the
place Bank OF Claiborne and owned by the ndvdn-
The Comptroller in his recent report to the Legislature,
makes the following reference to this matter
There something nexpcabe the Bank
Claiborne. When the bonds sold the my
showed articulation only SOOO with
ing to $50 545O These have been ehaue and the Whole
circulation yet taken up This Badk and the Bank q
we'll belonged and belong still Ibeeve to the indv ua
AID was perhaps always managed by the same agent There
have confusion ard mixing together Of the bon
these Banks by the former comptroller his Clerk
the Agent for the believe, lived in Te9
hypothesis probable several Banss
mistaken for the other, Of the disposition
Of bonds inserted the wrong nook-the report the In
5000 bonds felonousy distracted from it aud yet shows
comparatively large surplus, Sa G2 49, while the Bank of
banks seemed to have reversed what ought to have the
facone having surplus tn ought to have been deficient
either ami the being deficient that sht have
Rss l the Iorns ~ tDg bS II mus 81 e
for other would account for the deficit
the circulation Of The Bank from with taken Among lie en-
tries explain themselves the Claiborne Bank
folio either Of which, il wrong, would doGb ss
coyer tAe deficiency il tuaE Rank -
capri III 1876 rwo 6oa each, transferred to the
Bank of rszewell, for that amount OF ITS notes.
If this that two bonds transferred to the Bark of
Tazeweu for Bank Of Tsz-We notes. il was essug the bonds,
not the circulation Of the Bank Of Claiborne
'Juns 2ls lejjThree taken up with note-paced to
but the credit of the TazeEell Bank
This have been legitimate, taken UP with Bank
bsRe notes bi Why placed to haeredt Of the Bank Of Tazswel
unless up With Bans Ta5we notesl There e outside
rmng the opinion that bonds transferred from
bank the other BY mistake Ii So this would operate in
favor Of Of the banks, prejudice
holders Of them. remedy the evil without
Legislative udca nterpositon The law compes pay
the Of all these banks, up
1856 whatever may be hands 9th February ISGO
unless Fesaned from doing by the Cour the Legislature
owner hte banks may he willing take up the notes
Claiborne Bank with the the Bank Of Tazewell,
have power to do it. The Legislature will DOUBT ke
action protect the holder under the power
alter, repeal the act Of Feb H. 1859, by virtue Of some
other law
Immediately upon the discovery Of the facts rs rehearsd by
the Comptroller the Brokers in this city refused buy
the Bank Of Claiborne price, Since then, ho#ever they
have been buying them low price, and paying
fpsHty fge cents tie dollar for them 1t rst uppos
ed that the Of these two bank1 would not take advantage of
what appeared evidently mistake and suffer Of them be
dscreded. So far however, he has done nothing the prem
ss those who held the Claiborne
compelled sell them for almost nothing retain them
without ability that much Of their capital It altogether
probable this upon those least
but be this may, insist thatit the duty
Of the Legislature take immediate steps to protect the
holders.
The following the provisions of the bill recently introduced
into by R. G. PAYNE he from Shelby
Fayee o amend the Usury Laws and cura the profits of
Brokers and Note ShaVers:"
Section by the General Assembly stae
Tennessee That any pers persoas
after for money, shall and may lawful
for the lender his assignee Of ineres
loaned not exceeding 10 per cent annum Provided
parties the shall agreed
agreement expressed in the face of the whether the
same endorsed by bill bond note or other written instrument
Sec Belt further enacted That the rate of interest estab
hed by lew shall continue equal and Uniform throughout the
asheretOore and greater amount than per cent stall
be paid on obligation, unless agreed by the
parties according the conditions and provisions Of This AL
Ser g. Be it further enacted That all laws granting the ny
ilege disoounlng spHes shaving notes, that in
conflict with the provisions Of this act be, and the
by repealed and hereafter il shall and may be lawful for
person persons purchase notes s bonds other
rites money made for the purpose OF sale at Of dis
count not to exc ed 10 per cent per anum and the sane be
due at the time of fae, judgment confessed for
purpose then the may be purchased discount
greatr four be TAX from the face of
per judgment Nor shl it be lawful N exact greater
Of interest on any such securities as those specified in this sec
than six per cent per annp trO the parties owing
ing the same.
a not them any portion
interests contracted or and if greater Of
than cent per annu h be paid for the of money
whole If interest received shall b. recoverable
II the paying the his heirs personal
senaves or credit rs in any court of Tennessee having urse
Sec 5 Be further enacted any person persons
shall purchase noe bill bord or other obligation for the
pay Of greater rate of disc unit ban specified
the dissection Of this Act where the same made for the
pose purchase shall hands the
purchaser the u of the discount paper
party RECEIVING the in ike specified
An this Nor shall it be necessary prove
that made for the purpose Of being sold traded.
G. Be further enacted That The provisions Of tits Act
shall apply oeyery description aud sha heer
TER be the duty the Clerks Of the different OoVr Of the state,
10 making settlements with guardian, administrators, executors
or other trustees, examine them under oath the
Of interest by them from the funds their hands,
and charge them with the such settlement.
Sec Be further enacted, That person persons who
shall violate the provisions Of this law shall be held subject TO
Indictment pTesentment n other of miemeaaOr and
shall fined less than dollars Il the
discount taken such offending party than
do9s then he shall pay BY Of tie full
Illegally eXacte and shall be the duty of the Circah judges
give this law in charge to the Grand Jures.