Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-11
HOUSE OF REPRESENTATIVES,.
THURSDAY, November 10, 1859.
he session was opened with prayer by Rev, Mr.

G0odlett.
PETITIoHD.
Mr. WHITE, Of Dickson presented petition from
certain citizens of his county, praying to be cut oil
and added TO the county of Cheathsm, which was
referred to the Commutee on new counties ana
county lines without reading.
| Mr.. CHEATHAM presented q petition which took
! the same course
Mr.. DUDLEY presented q petition from sundry
merchants and other citizens Of Clarksvihe, IN re
! gard to the merchants tax, which was referred to
! the committee Oh that subject without reading.
Mr.. HARRIS presented petition from the clerk
of the Bradley Circuit Court, asking return OF
moneys unjusiIy advanced by him; which was re-
ferred to the Committee on Claims without reading g.
HEW BILLS.
The folloyiur bills we're inirodu, ed read a1d sew
erellg passed the fret reading:
By Mc. SHIELD, 213 to amend sections tG4 and
Coz, of chapter 5, article of the Code.
By Mr.. C0WDEN, pa, to incorporate the New
Hone Academy in the county of Marshall.
By Mr. CHEATHAM 245, to incorr"rats the
society of nara Emes' Lover OF Truth of ishville
By MIR. FRAZIER, 246, to change the msnnsr o.
Keeping Up The roads III Henry coun'y.
By Mr.. RICHARDSON, 247, t. incorporate the
Forxed Deer River Navigation Company and for
other purposes
By Mr.. CRITZ. 248. to enlarge the capital stock
of the Bank OF tennessee.
By Mr., SMITH, 249, to amend the criminal laws
of this State.
By Mr.. EWISG, $50, en- act supplemental to an
act for the benefit of the Mechanics In titute snd
LitrIry Association.
By Mr. RURr PSI, to compensate certain news
RAJ ers for giving notice of constitutional elections
By Mr.. BUTLER, 252, to Incorporate the Bristol,
Shady and Taylor5vilie Turnpike Company
By Mr. BRICTON 2j3, to authorize Commission
ers Of Common S,nools to sell real estate in certain
cases.
By Mr. GORMAN. 25i, for the benefit of the
Sheriff, in this State.
RyM.. WHITE, OF Davidson, 255, to incorporate
t Church of the Holy Triairy, OF Nashville.
BY Mr.. BAKER, of Perry, 256, to repeal the first
secuon of e3l chap. of act passed 10Th March
1859.
By Mr. JOHNSON, 257, for thu benefit CT b
Gre neville I'd North Carolina r. ilroa
By Mir HEBB, 258, to repeal the nrst section Of
an act requiring surveys TO be made before any
change shalt hereafter be made in county lines.
By Mr. BUTLER, 259, to grant State aid to the
Virginia, Tennessee, end North CAROLINA Railroad
Company.
By Mr.. CAN'T, 260, to reform aud regulate the
business of bankrg in the State of Tennessee 1000
copies ordered printed
Before introducing this BILL Mr.. CAN'T said:
A strict adherence to the constitutional currency
of the country, as an original question, in the
Judgment Of Democrats, would have been most
ruinous, but n vide departure therefrom having been
made, AMI all indu trial pursuits having long been
accustomed to mixed circulating medium, re-
turn to the constitutional # ndard IS not desmed
opsn practical question for fesent legislative
action.
But whilst this fact, as well as our platform in
the ae canvass, commits US to the policy Of
mixed currency, we hold that the present sys EN-
sbounds in detects and demands reform at
hands
| regard it, as a Democrat, no surrender of alb
straet come atiOps OF views Of theoretical excel
lence, to strike for such reforms only as are OF
possible and practical adaptation to The present
stat, o. pablo affairs To reform and improve be-
ing, in my judgment all that can be done now' that
should be done with our whole might L beiie7e
VIC should so leEislate nov, if possible as 10 make
Banks honest and sound, and utterly rePudla'e the
idea that corporations may, with IMMUNITY, &c gun
tv of Is which would put individuals to the blHsh.
The measure which l propose does not strike for
the )retical excellence but the best practical good
nov attainable Other restrictions aud guards are
necessary to make banking safe beyohd the posi-
biity of loss to the public. These We no not sur
render or abandon, but reserVe them for the time
when il. shall be practical 10 apply them. Ia theory
maintain they arc right, but tae time for putting
them in practice has arrived This Dill does not
offer charter to any bank or company; it simply
aims TO e7sct such and many restrictions as II Is
now possible to apply banking. SUBJECT to these
restrictions, an sIiling to vote 50 many charters
as it may b 10 the interest OF the pugho 70 gram.
Whoever
will at glance see that the improvement upon the
sys EN- now passing sway is great, very great
cannot vote 10 re-chsrer any existing bank, because
g re-charter il again confer the sAme cooperate
names and powers unrest aimed even by the eour-
Ter note priaciple This cannot agree 20. But
have nothing Of hostility to names or capital, form
neither is there evil Therefore viii vote subject
10 the restrictions of this BILL charters to the capital
of the Union and Planters Banka BY this, how
ever, do not wish TO be understood as indicating
preference for the capital Of these institutions over
btler capila thai May seek investment N me ous-
ness of banking in this Stae
Sec l. Provides that all Banks shall be subjec.
TO the provisions aud restrictions Of this act.
Sec 2 Adopts the counter note principle.
Sec 8. Provides shat capital stock shall he paid
in coin and not equivalents that no part Of capital
stock shall be sold till the whole is paid in and
that no loan shall be made to any stockholder till
he has paid the Vhos amount OF his stock,
Sec. Provides that Bank shall commence
business " tn less paid capital stock than seven
bundlei and fifty thousand dollars, and that the
capitsI stock of no bank shall exceed two mil
lions of dollars.
Sec. s. Provides that no bank shall increase its |
entire liabilities beyond its solvent assets, or en-
ploy its means in trade or commerce, or hold real