Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-18


cIRou1r COURT OF ROBERTSON c'UNTr.
IN .,a0tion sOf AR vo0DwARD. Senator Horns {
oil 20 chapas.fhe tsrns of heldlng tas Olro1 ~
oar,s Of Robeitson county. was taken from me {
ma ahs third AAd lat reading IN
q Horse of Repres entsiVss. Subsequently Nv
=, ss made to consider the vote just taxen anu
at motion vas laid en- The table.
Disk OF TEssEssEE- r-s4T ~
a. AZ, apRAzgLToN,5 molten his resolution
sss7ne5 ;nat before the recess Of day befsis yes
erdsvI vas AIKEN from the files, and read
Mr. HEBB made an Intellectual motion 70 LAY II on
De abs 4es,uxsoy of red resolution ia lieu as f.
i R4a5fvs5 That the President and directors VI
- %, 80 tennessee furnish to this House
slaiemeut showing what portion Of the dep1 eus
n Rank On the first day Of July last, desig aateo
Al Is ,ls and 0 es " in SUIT, 1913 zS4 w pas oeeh
aatsd ;,-tSs last six years--dss guatng snch ~
ions = nav he con sidersd ge0d, doubtful or bad
ala ms me auoant so considered at the Princapsl
& INV and At each Branch sevsriiiy.
, 6s,olpsd That they report to this House Tue
ienotb osetine which notes ususliy nave 10 run
~, d;so.unted a, the Principal Bank and branches
and on what term on the pay
oat 80 vSat npr ceutum of Ill, such notes ere re-
sswsj ~ he Princpsl Bank or its BrAnehes-
afiug the course usually pursued at eaoa place Oh
Rs,olOed. That they report to this House whIt
portion 0 the profits stats' o nave Oeen maze oy
10 Rask in the years Is 80 was recelstd Tor
,4;v;sands on s,oek in the Uoion and Planters
R,nks d.siqaating the am lnnt go resolved from
aach Rank in each year, and stating What part OF
The nro6.s reported to have been IN sde IN these
years was nomia4l or extraordinary II nominal
sba+ fuiurs additional profits or loss wi /, in the
onin;oD IF the Board of Directors, be made or sus-
And nv ths traussction, which the nominal
o-o6t annears on the books Of the Bank; If extra
ordinsrv state the circumstance under which the
extraordinary profit was made
T. RESOLVED That they report 70 TINS house vhst
sYm in addition to the S492, 1868 heretofore re-
,o-,od will in the opinion of the Board Of Direc-
mrs have to bs taken from the present capital OF
The Ranks to cover Gloss the debt now due or
under discount
aroft, OF loss, win in their opinion, be made. or
sustained en- the Item OF rear estaie-S-oi''I00 W
nefd by he Banks "
Mr. JOHNSON. Mr. Speaker: These Resolu,
ffons ask for information which may be regarded
AZ essential to correct understanding Of the pres
ent condition ami future prospects OF the bsnk 0i
Tennessee. ., IS -,
Tne FRS, resolution asks for information in regard
10 he condition OF the debt, now in suit, and the
rime at which said debt was created.
The second is intimately connected with the
| first It asks for Information touching the terms
IN which discounted paper is, or car be renewed a.
| III spyesal OtlceS OF QleC0uot. IL 10 y
knov If a large portion Of the debt, now IN suit,
| could have been renewed on the payment Of small
| call on the debt and fer reasonable time. FUR
Their it is requisite to know if the debtors referred
TO avail themse OF that privilege, If 1t was ten
dered TO tbem, or could have been obtained at the
Rank. A full statemtIt of the course and policy
of the institution in this report, may enso,s US 10
form some opinion, 10 the degree OF conn lence'
| vhich NAV be placed N that item OF its assets.
Much has been said regarding The profits OF the
i Bank for the last three years In the annual re-
port to this B-dy, they are stated 70 nave pen
pncb Jaeger during tSe years Of '57-S than in 49,
| In the 6rst AID second years named they exceed
all former example in the history OF the int tu-
ton. a.
If we view The proportion of capital since the
Banks comm nce1eBt the profits OF this institution
for the year so fell to- if not below the averages
| all former years a.,
7 wish to probe aud understand this matter. Th'
resolutions call on them 80 slate what portion o.
their profits were received for DIVIDENDS on sIocs
in the Union and Planters Banks.
These Banks, one of them at isas', may nav
made not only large dividends, but extra DIVIDEND
! Inv disiribuiug amongst the stockholders pr
ton of the reserved profits Of former years. AGAIN
from the peculiar situation Of the county loL In
last three years, and particularly for those OF 100
and '5S profs may have been made that Wer'
either extraordinary or nominal. :.
In the first instance, such an opportunity 10
maxipg large profits may not occur again for years
Ia the latter the prof; msy be only nominsi-eAlss
inc merely On the Books of the Bank under tn
head of discounts received, and which may resui
in no profit whatever or in total loss
To illustrate Suppose the ank. during the Te
vulsion of 1857, made or were compelled TO make
in order to protect its own in crest large invest
mems in the Bonds Of the State, when THESE seeu
rites we're selling at a large discount, ana were
from their rapid rise, which took P'aos IN Ne'
Ynrk abuut the end of 1857, or the commencement
| nto1 10 aaU atQ N qdFaQce
or fifteen per cent on the transaction.
7 do not say that auy blame would be att4eaed t
the Bank but tae profit would certainly have bee
extraordina and not likely to occur again 10
years, in the probable and regular course CT Ousi
| mesa transactions
nominl ray a. pear. Suppose, for example, tn
bank were to purchase $500 OO0) three huodre
thousand dollars of Stale Bonds at ninety cents
the bonds are charged on the books at their pa
value, while the discount, S3O,ODO Tor the time
goes to ths credit of discount accounts, and appear
If NAV nsysr be realized the Bonds may neVe
be sold for profit they msy be sold at loss
and then that which was at one time targs prog
noyaindlly results in an actual loss.
In addition to this, extrsordlnary Prohts ma
have been made by the rise in va'Ce, and sale {
real estate. which the Banks had been compelled i
for ner years, to take 10 payment OF deOt' ines
EXAMPLES show the importance Of more precise III
on pVSSSo7iOh
! means of enabling TO form an opinion Tor oui
selves as to the true profits which the Bank ma
made in its ordinary OF business for the la;
few years. They may enable US 10 form an opln
ion for ourselves whether the counter note system
has been the exclusive cause Of the small prohts 9
1859 IS compared with those of 1857 snd B.
The fourth resouliun simply asks for the requ
site information TO enable to see what additions
amount will have TO be taken from the capital {
the Bank to replensh its present dead debt
The fifth, relating exclusively to real estate, n
: qures no explanation.
formation deemed highly necessary TO the PeOPl
and their representatives, and trust thst they wi
d. | p4ss without any objection.
Thu amendment vas adopted.
Mr. JONES propo.ed to amend by striking gu
sstw I've months" and inserting 'tWo years."
This motion was agreed TO-
Mr.. BARKSOALE moved to reconsider the vol
adopting Mr.. Johnsons amendment.
; The motion vas agreed to by yeas Al, nays H.
Mr. JOHNSON had leave to Withdraw his amend
mcnt promising to offer it as separate proposlto
at some future lime.
: Mr. WILLIAMS of Hickman, moved to amen
the resolution by inserting after the words ''Ban
of Tennessee" the words "Union aud Planter
Banks and Branches"
Mr. JONES 9r Speaker: am for the resolU
ton Of tue gentlemen from Jefferson, Mr. Braze
| toni as amended by myself. lie says 1t is currents
: and repeatedly charged that the moneys of sal
% Bank of Tennessee, have been loaned for politics
purposes. He says be does not believe the chsIg'
/ sir believe said charge to be false. sir, as
Democrat will vote to smut out investigation
: this Bank is the peoples bank they have right
ask for information through their representative
= trust the Democratic party in this House will vol
: unanimously for the adoption of the resoutio'
# We as Democrats ought to court investigation b
cause the Bank of Tennessee has been sir, und'
/ Democratic rule for the last two years. We sir,
t ere has been anything wrong done in discountin
notes and bills of exchange by the officers Of ii
o principal Bank Branches ought to let it be show
and if untrue the officers are acquitted of Il
l. charge and the Democratic party is entirely Wind
Gated If these charges are trae, the party follow
: ipg glorious principle can turn out the offsndin
e off er. BY unanimIy, we the Democracy, can g
g lenee the ides and crush the hopes of the Oppos
d ton They, believe, expect US to defeat this re-
II olu,ion and then upon every stump, and in ever
n public thorcughfsre they could cry out that IL
D mocracy were opposed to giving tue people info
nation how their moneys were managed, thai the
shunn ed the light of truth.
Thus, they expect to distract aud divide the TO
d ces of Democracy. / an, sir, in favor OF perser
d iue the Democratic party intact aud depriving Il
II Opposition from having the pleasure Of rolling tn
? sweet morsel under their tongues. Let Informs
t;on in avarv in-tapee when it's legitimatelY sskt