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

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estate exsep. What il necessary to carry On lis bu
siaess or what may be conveyed 70 It by mortgage
or ass;gansat TO secure pre-existing debts.
Sec g. Provides that Issues shall not exceed two
for one of specie funds; that no bank shall permit
lis coin to be reduced below one-foarth CT its i'm
mediate cssh lahilites ard that each bank shall at
ALI times have seecie funds equal to oDe;hird Of
its entire liabilities.
Sec. T. Provides that no bank shall employ in
it's business dividends due its oekhoders unless
the same are madepart Of permanent paid capital.
E Sec. 8 Provides 10 guard capital stock against
des truction by bad and doubtful debts; that div
idends saal ever be declared except out Of the
cess ever bad and doubtful debts; il other words,
what is lost Q capital stock By bad and doubtful
destl. stall be made up BY profits.
c. Provides that chariers shall not be granite
for asIonger period thsn fftsen years.
Sec 10. Provides ior monthly statements, under
oath Of bank afieres, showing true condHioa of
bsaS to be published by CompIrollcr.
Sc. II. Provides that no bauk shall dealin uu-
current money, pay ont the notes Of other banks,
or take more than enc per ccut exchange, when
"a suspension, and whilst in suspension shall pay
tn State half per cent on capital stock.
See II. Provides that no bank shalt procure an
other to give credit TO its circulation by means Of
security or indemnity for doing, unless the al
rsngement Is published
Sec 49, Provides for the registry of bank notes
to prevent over Issues.
&c IA. Provides that no part of capital or as
els of and bank shall be Withdrawn from its le
gisImaic business.
Sec. IS. Provides that at least one-fourth Of the
directory of each back shall not be stockholders,
and that no person shall De director in any bank
who is not citizen Of the state.
Se,. IT, Provides that ascon notation to stock
holders shall be upoa same terms as other custom
era Of bank.
Sec II. Tat nc bank shall pay interest on de-
posts.
Sec IS. Provides for the appointment of bank
supervisor TO examine and report quarterly the true
condition Of tho banks of the State.
SEQ 10. Provides that bank sAall borrow and
exhibit to the supervisor assets which it does not
own, while under examination by the supervisor.
Sec. 20. Provides that if any bank suspends spe
Gle payments for go days, the supervisor shall in
stilute suit against such hank in the chsncery dis
ict where l0eatei TO subject assets its debts
and declare its charter forfeiteduuless stayed by
tbs Governor from time 10 time till the next Legs-
| lat0F ihereslter meets. -Er
/ SECS q and y Provide for the payment Of SAL
arg Of tsree thou aad dollars to the supervisor by
/ : ak on banks.
See. %. Provides for the reservation of the re-
peal power 20 be exercised for abuse Of power or
ylJ'a:ion of charter.
Sec. II. Provides for the cancellation of old is-
sues.
! sec. %. Provides for the discount of notes and
bills pay sb;e iu at six per cent. bills cut
of the state a. ELK per cent. VITA reasonable ex-
| change.
Sec. 26. Provides that for ffaud and willful mis-
management the directors shall be individually Ii
able, ard that stockholders shall be individually Ii
able till their stock is paid in full.
| Sec. % Prosides that baking companies shall
pay same tax upon their stock as The cIIzsn1 of the
| State pay upon their money.
Sec. %. Provides that the banks shall be subject
to be SisItedand examined By legislative commItt-
| tees.
By Mr.. FRAZIER, 2Gl, to change tie name of
| Caledonia Academy, 10 Caledonia College.
By Mr., GUY, 2G2, to amend the road laws.
LEAVE CT ABsEScE
Was obtained fer Mr.. Swell till Tuesuly.
THE ooUNTga NOTE SYSTEM.
The SPEAKER announced the order 10 be the III :
finished business OF yesterday, which was the Com
mitee on Banks bill, in lieu Of Mr.. missner's d..
| R. 721 to r-J cal section 1914 Of the Code.
Mr.. BENNETT being emitted to the floor, re-
| suued He had no desire to b. always upon the
floor; it would more congeniai to his feelings TO
listen TO Others buG as he had Introduced the bill in
lieu from the Bank Committee, he had thought il
| proper to say as much as he did on yesterday.
Since last July 81 500 GOO has been taken from the
State Bank by this counter note system, and uulets
| the restriction be removed, she VIII have to be
| closed in eighteen months. He is counter note
system man, but if he cannot put all banks On the
| grea. priaciple Of equality, he would sqspend the
operation until they all could be brought upon q
| level.
| MIR. JONES desired posponemsnt of the ques-
| tion in order to give gentlemen time to infor n
themselves upon he QUESTION.
| Mr. BARXSDALE UJecGed TO postponement
:. fha va Chonld not II
now. He called For the yeas and nays,
MIR SHE'D would vote for this bill in lieu. Ee
| had never entertained any other principles han
those advocated by the Democratic party. Every
State q Off n the Stale OF Tennessee was In
favor of it, SO FIR as heard from. lie favored his
proposition from a sense Of duly, You take from
he Bank of Tennessee her facilities for bInking
and you 5epriVe the people Of tie accom- modstious
| W ,,ch Ia institution was created TO extend We
Ia 70 found that the oOuater system has proved de-
riment4 to the Interests Of The state Bink aid her
branches The country dsmants that this bill should
| h. pas,s The State Bank aud her branches are
W Il manged, and al that is asked BY that commit
Zee oil !, TO put her upon a egel with the Union
| and Planters sCks. He would vote for this bill
WITH all his heart, nov or next week or any ether
time
| Mr.. JONES moved to postpone tho further con-
| sideration If this subject tjil'this day week
Mr. FULLER was in favor Of the postponement.
|
lould consider well bsfors We act upon it. aud if
il ia to the interest Of the people, let platforms and
parties give way.
Mr.. MAYFIELD. If measure is for the inter
est of the country that measure is Democratic AID
if it is no. it ia not Democratic. Ii thus bill in
lieu is for the best interests of the country 1t is
Democratic measure, and if he so believed he
should vote for it.
Mr.. LEA. Alr Speaker have no intention to
debate this question, but arise merely to place my
self right with the gentleman from Sumner Mr..
Bennett. 10 his speech on yesterday he said thai
heexpeced this proposition would fail because there
we're members of this House who favored this bill
at the commencement Of the session, who are now
opposed 10 il. | recollecl TO have told the gentls
man from Samner that I was in favor Of gtf0r4ing
relief, accessory to proper aud profitable banking
TO the Bank OF Tennessee, if relief was necessary
AMI If were give my vote ag unst this bill VII =
out an expls lstior, h. mjglt thilk that my n nd
had u de gone a cnaDge.
But ~. So | nj ght now favor O propos iticn to
permit the State b IEk to pay out the not 0 It's
branches and the branches to pay out the uttss 0.
the State BANK or some proposition gift a. nature
But SIR waa does this bill propose. l. proposes to
abolish the counter system, 90 far "a the Bank
Of Tennessee is concerned, .ntil the s day OF au-
lary, 1863, or until tie Union and Planters Bllks
accent the cJubter-loie restriction proposed 81 the
last LPgi 'ls!ure.
The effect Of this bill is to allow the Bank to pay
out the bills OF any OsRk, whether IN the oste or
out of IT, whether they be no 60 Ct the Banks OF
this State, or OF Norm Carolina, South Carolina,
Georgia. Alabama, or any other State. For such
proposition, sir, l can nsver vote The people OF
Tennessee, or at least the portion that have the
honor to represent and for whom am authorised to
act and speak desire a circulating medium upon
which at ell times they draw The specie, me
dunn convertible at their will into the precious me-
tails medium rot The representative merely but the
equivalent of gJld,
But, sir, 1 am met by the argument, if might
dignity il by that term that the Union and PSuters'
Banks have not accepted the counter note system,
and therefore it is wrong t. compel the Bank Of Ten
nessee to do so until they accept the restricio1s
proposed by IAe last Legislature, or at least the
oouni er mote system. NoS, sirs, Io friend o.
the UGion and Planters Ranks. l canaot and wI
not give couat nance to any institution which se's
at def lace the laws of the land if not at defiance
at least disregarls the expressed wishes Of those
for whose good they chartered; and shall, If
application be made at the present session Of the
Legislature, vote against their recharter because
am pledged to my constituents to do so, and not
merely because am pledged but BECAUSE believe
Ii to be for and for the interest Of the penoe
Of Tennessee But in making kn Wn nay opposition
Il the IJnien and Planters Bank, l WOaIG NOT have