Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1859-10-20

ted to issue any note Of lass deuom-
nation than twenty dollars. This
will secure a specie currency for all
smaller business transactions Of the
country, and at least a partial exemp-
ton from losses by bank failures and
a deprecated currency Of that class
of the community who are least
benefited by bank accommodations,
and yet are generally the most seri-
Gus sufferers by their failures or de.
probation. And the large amount
Of specie necessarily retained in the
country in constant circulation
under this policy, would 60 far
TO relieve, if it did not prevent The
commercial revulsions and financial
arrangements which have been Of but
too frequent recurrence.
Fourth.-That no bank or branch
bank in the State shall issue or put
in circulation any note or bill that is
not payable in specie at the counter
where the same is put in circulation.
FItth.-The individual property
of each stakeholder TO be liable for
the debts Of the bank. but as between
themselves, their liability to be in
proportion tc the amount of stock
taken by each, and this liability to
the creditors Of the bank to contin-
ne for four months after public notice
Of any transfer Of stock, SO that the
creditors may proceed against the
original stockholders, if he prefers
doing SO to relying upon the so!ven-
cy or management Of the purchaser
of the stock. This will prevent sol.
vent stockholders from relieving
themselves from liabilities to credi-
tors by transferring their stock to
insolvent parties.
Sirth.- Require the registration
and countersiguing Of every note to
be issued by bank, by the Secreta-
ny OF State or some other officer Of
the government; by which means the
public can, at all times, know the
MAXIMUM circulation Of every bank in
the State, and if would go far to pre-.
vent over issues.
Serenth.-The creation Of a Board
of Supervisors, consisting Of three
competent men, who shall have the
power to enter and examine the con.
dition Of every bank in the State, at
any time, and whose duty it shall be
to do SO at least quarterly, and re.
port, through the columns Of some
newspaper at Nashville, their true
condition, so that the public may
know the real condition of the vari
GUS banks, and to what extent they
are worthy of confidence.
The only information the public
has as to the condition Of banks, un
der the present system, is through
the reports Of their officers, who are
interested in making the most ia
yorable report possible, and whilst
in a great majority of cases, these
reports are honestly and fairly made
yet, in some, they are not; and tht
people are deeply interested in, and
have right 10 know, the true con
dition Of every bank in the State.
/ Eighth Make the suspension o
specie payment for the term Of TWEEN
ty days,or the violation ofany provis
, ion of the &C: Of incorporation for
. fixture Of charter, and give the su
pervisers the power, when they shal
, be satisfied by full examination
, that any bank has thus suspended o
violated its charter. and that the Sc
r curity Of the public interest de
; mands it, to attach the assets Of to-
bank for the benefit of creditors
, and to proceed as once to prosecute
the bank TO a judgment Of forfeiture
, Make it also their duty to report 4
each session of the Legislature, ant
, to recommend such reforms as the,
may deem necessary to the perfec
{ ton Of the system.
Ninth. Such penalties and for
forfeitures as will insure a strict Oh
servance of, and conformity to, al
, of the above, and such other restrIe
t lions as you may see proper to i'm
3 pose,
Il With these restrictions impose,
upon the banking system of tn
, State, our currency must becom
much more uniform, and reliable
than it has been heretofore unde
the present banking system. and I'm
/, der these restrictions, stakeholder
have au ample margin for Legitimate
and highly remunerative profits.
The BANK OF TENNEssEE.-Th
. lNro, ohaa ~ do,,ht that HI