Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-10-07
FETDAY- oCEoEEaEs I. 1859.
rhe Governor.s Message.

We laid this document, in ful, before read
ers yesterday. and I. has been read by many Of
cur subscribers. Rstber as az index than for the
purpose Of naking an abstract Of document so
clearly arranged IS 20 require no suck labor, we
prepare the following:
TIE FIsoA+ CoNDITIox OF THE STATE Is sound.
The bslsnce in The Treasury Is $3.50. sos; and the
receipts OF the lat tao yerrs have exceeded The
expenditures SI4S,S0I The sggrcgate taxable
property of the State Is 1917, eos64l being an
increase since The Isl Oc.obeF, 1857. Of $40 49,,
$780,
THE Actual INDEBTEDNESS oF gHE STATE is
1924, 6O6 OF this sun s., DPS, 35g Is for stock
in turnpike rosds, which is pro baby worth but
small fraction Of the eess; $3.50, 25O is for stock
in railrosd companies, worth probably half THAI
sum; Si,I25, 600 is for stock in Banks, worth st
least this SUN; and S655, 600 Is fer boE9s issued
for the erection Of the State Capitol, and for the
purchase Of the HeTmiisgo. The stocks and
property held By the State are therefore worth
more than half the ectsal il3abts3ness Of the
State; and the rsmsinisg iaaebiedHess does nos
eausl the revenues for two years These ere cur
OWE estimates, the Governor only gives the figures.
The cher liabilities Of she slse being principally
fer endorsements Of bopds Of railroad companies
amount 70 So, $4,000 OF this Liability the Gov
ernsF says:
"Itis gratifying that sn able to state TO you
that Up - tais tiae Railroad Companies
haVe raid esch i1stslment Of interest upon
their State bonds l,rouply at maturity. The fact
thst they hsve bser shle 10 do Sc Through period
of eOmnerciNl TayutsiOn and general financial de-
Management throughout the whole country, while
most Of their roads we're in progress Of o0nstruc-
Il ~ a - H.. =
operation, necessarily earsing very nttle com
psred VITA what heir earnings must be when com
pleted and Important commercial connections are
formed, End through trade established, encourage
the confdsRt belief thst nov, as the vSriOus roads
are !hciBg completed, penetrating every CONNER
msfciRl locality within the Atlantic States, greatly
increasing their business and profits, that they
will in future be able 10 pay, as they have done
heretofore, ll OF their liabilities promptly IS they
fall Cue 4"
The Governor recommends Legislation to secure
uniformity as TO she tiae when the sinking fund
shall be paid. Il the oompsniea continue to pay
thehasnting fund as they have done heretofore, Of
which he has tsu6t, She present mode CT invest
maHt viii suishsd The entire Railroad debt of
the State befors r1stuFity.
The Governor recommends thai the liabilities Of
The State DO ROt increased; thst the stock owned
by the State in al iutorHsl Improvement companies
be said; and tina. lie bonds Of the State In the
hands of iniigiduals be exempt frO0 taxation Such
legislation would und1ubtstIy appreciate the value
Of abe bends.
In compliance with the provisions Of the act Of
1854 the div:lSad5 sa5 bonus en- the stock owned
by the stats in the Union Baak have been Invested
is she bonis Of The Sat. to the amount OF near
$500 O00 Further legislation IL regard to .hisfnnd
eIcoomnsuaed
DASKiSa-A considerable portion o; the meg
sage is devoted to isc subject Of banking, and ne
portion will be 7esd Wiih moro iHtsrsst By the peo-
pie. Oar ova opinions this part Of the message
were expressed yesterday We new copy the re-
commsadations which The Governor makes 70 the
Legislatsge:
First The power reserved TO the people, through
the Legislature, T. amaId repeal she charter
schega dcESss eJPe3sst for The psbe good" 10 do
sSeeoRd.-Taa NJ hazk shall he permitted 10 issue
than two dOilaIs Of paper for Of specie or
70 psrmlt IL entire habiiies 20 notehoders dcpos
sOrs and others at Say tins, 20 exceed the specie
in the vaults more than three for enc.
Tbird.-Tbat bank 30 permitted 70 Issue any
mole OF less denomination than twenty dollars This
will secure specie Currency for all the smaller
business transactions vt the country, aud at least
a partial exemption from losses by bsak failures and
q appreciated currency u list class OF the commu-
nifty Whs are least OsReiiLtej by bank scOOmmOds-
items, aud yet arc generally tue most serious SUI
feTers Jy their failures or depreciation, And the
large amount OF specie necessarily retained in the
country in constant CiTcuistiJn under this policy,
would 20 Gar &c relieve II it did not prevent she
commercial reyulsl0ns and financial dersngemGnts
which have been OF but too frequent recurrence.
Fosrth-IhaJ no bsBk or branch bsnk in the
State Fhsl issue pat in circulation any note or
bill thst IS act payable IN specie at the counter
where .hC came is is,sEtI or pas in circulation.
FJfh.-Ihe in3ivl3ual properly OF each stock
hclder 20 be liable fT IRE debts Of tho bank but 81
beszeeG IN smseTsE, their liability TO be in proper
tion 10 the smount Of stock taken by each, aad
this liability 70 ho creditors Of the bank to oOnta-
ue Tor the term Of four months after public notice
of sny trsnsfey OF stock 20 that the creditor may
proceed against The original stoUkholdor If he pre-
fsrs doing 10 relying upon Che sOlyeney or man
agenent of she purchaser Of the stock This will
prevent solvent stockholders from relieving thsm-
selves from liabilities 20 creditors ~ transferring
their stock to iEsolvoEt parties.
SlEA-Reyuirs the registration ana oountorsign-
ing of every note 20 be issued by bank, by the
SocTetRTy Of STATE, Some ether officer Of the gov
orRment; 10y WEi1a mssns she public can, at all
iiRSes, know tho mailman circulation OF every
bank in the State, and il would 60 Gar to prevent
oSer Issues.
Secsstk-The creation Of Board OF Supervisors,
consisting OF three competent men, Uhs shalt have
The power 70 cater and examine tho condition Of
eEerF naHk N koB CbAtC b any hA1net dh0 WnObC
5ay Il shall be q 30 10 least quarterly, and 70
port through tke columns Of some newspaper at
Nashville, their Lrus condition, that the public
may know the real condition Of the various banks,
and 70 shat e1tsnt they Gre worthy Of confidence.
TIE only informstion the public has TO the
ce1dit,on Ct hanks. under the present system, 10
Through the repoTis of their officers, who inter
esled IN making She most favorable report possible,
aRS whist, in greet majority Of cases, these re-
ports IRE honestly and fairly made yet, Ia some,
they are EoG uul he people arc deeply Interested
IN and have a right 20 know, Tho true condition Of
every bank in me cJG.0.
Rgth.--Aiake th7 suspension Of specie payment
fer the % twenty days. the violation Of any
provision o. - OF Incorporation forfeiture OF
charter "a give aho supervisors She power, when
thsy shall be sasdeib y 'lil examination that any
bank has tRus SUSPENDED ~ violated its charter, and
that tle sosuritg cf tac public interest denauds it.
40 attach &c nsscs Of tho bank Tor the benefit o.
creS;tors aaG 90 p-oces3 81 once 10 prosecute the
bank 20 q jgtgm,zt ot forfeiture Make II also
thHr duty b report % eacl ses6ion Of The LsgEls
ture and to FecouIm M such reforms ss they may
deem useessat7 10 the perfection Of the eysteR.
Ntgh-Suoh penalties aud fJTicitures ms wilt in-
SURF strict observance Of and conformity to, sll
Of che above, and zach ether sriotiOns - you may
zee proper 90 impose.
With these restrictions imposed upon the bank
ing system Of the STATE, our caFrouoy must become
much more g2jtlr5u and reliable, than il has been
beTetgfore uassr The present banking system,
and under these res.rictaDs, stockholders 4sge an
ample margin fer legitimate and highly reffEiHsrs-
tive profits.
THE BANK OF TETEEssEE.-The Governor So has
doubt that the true policy OF the State will be
found in winding % the Buak Of Tennessee at the
expiration Of its charter, ard leaving the business
Of banking 20 private enterprise under such guards
and restrictions as the Legislature may, from time
20 time, see proper 70 throw srouud IL"
In tais connection he earnestly recommends the
adoption of resolutions, proposing 10 amend the
Constitution of the Stste, TO prohibit the Legis
Iature from chaSteriug banks or ocher speculative
corporations, without reservng Che power to amend
modify, or repeal the sans
THR PsEIyEETTARY.-Tbe Governor recommends
an enlargement Of the Of the prison walls, an
enlargement Of che shops subterranean sewer, and
the leasing Of the labor Of the PeuitentAyy. For
the financial condition of the prison, the Legisls-
ture is referred to the report eS the Inspectors and
Ageat
FHE STATE AGRlcuJTURAD BuRBAu-A great
improvement III the agriculture Of the State is
noticed as amOas the benests inaugurased BY che