Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-10-06

hnicn tney invested IS I0iAoWs.
20 Capitol Bonds, SOU eaeh, hue
lst Of April 1858, s5Ie09 90
Interest paid on l5 B
Sc Capitol Bonds, s9S each, dns
lat Of April. 1868. 1880 co
p Capitol B1nds $3.50 each, due -
LIST November ls59, SOFA 90
Interest paid On above 50 bonds $50 90
50 Capitol Bonds $1,000 each, due
Iuie1s.t on same. 5SJ o.
81 Capitol B9nis, $1,000 each, due
70 Capitol Bonds, 500 each, due - :
March, 1871, .... 1900 90
Total paid for the above si55,OOO Ct bOndsin-
GLIDING interest paid on them lSs.So4 10
which left to the ered. Of The Gevsrnsr and
Comptroller. % Ts
The above described bonds were cancelled by
Goverhcr Johnson and Comptroller Crozier, and are
now on Gle in my Office
The present comptroIlsr and myself received from the
Union Bank in 1855. the bllaDcs Of dividends and
bonus FOR the year 1871. the Of sl3I6sl tS
Crosisr, =. % 70
which ma, E, the total receipt. in 1a5S i3I-75 50
Bonds se5e each, and fourteen per eeut Bonds Of
sum Of ''''' '-' : - 49, : Ass %
Which lef, to our credit a baenoe Of s slss 50
w we ' received in Is5s amounting to 1855 IS
Premium received in exchanging ten bonds for ten
other bonds having less tine to run, HO'O
ro.ar receipt. in the year 1859. 1854 40
vi" the State Of 0So each ss Soc, scO 90
Which ,ef. to our credit balance Of 80 AGA 20
Add to this The proceeds Of the above described ree
Captol Bonds Of $3.50 sach, which fell due in 1853,
and we're paid, @ 100 eo
And it mike. the .umot b. 9l,ls4 az
with Which pdrchssei per cent Bond o; the
State, Of sloo0 at Doc, seO w
which leaves to our credit In the Bank OF Tennessee
balance Of s7Sf 40
The bonds thus pure based by Comptroller Dunlap
| and myself are deposited in Il Bank Of Tennes-
see, and the receipt Of the President of the Bank
| for them is on file IN the Ca-ptroller's Off e.
| The act Of 1856, Oh. 60, Sec g. requires the
President and Directors Of the Bank Of Tennessee
10 invest the interest aecrung upon the bonds Pur
chased WIththis fuud; therefore deemed il proper
TO deposit them there.
am unable to see any desirable object which is
| 10 be accomplished by keeping this separate
fund The stock owned by the State ia the Union
and Planters Banks having been sold, we no longer
receive dividends, and the only item composing
this fund in future. viii be the bonus paid By the
Union Bank, which. by the charter Of the Bank, is
appropriated to the Common School Fund.
| therefore recommend that the Acts OF 1854 and
1855, above referred to- 90 FAR as they relate 70
this fund.- be repealed, aud that the fund be paid
directly into the treasury, AID distributed as other
school funds
| BANKING.
| Currency being the measure by which the value
Of labor and properly is determined, its amount,
uniformity, certainty and character become mat
tiers Of deep interest and Importance 10 The Fhose
people.
that mo State shall coin money emit bills Of cred
it. or make any thing but gold and silver coin ten
der in payment Of debts"
The SUPREME Court Of the United States has de-
cided, that the States not prohibited from iueor
poratng companies to issue bank notes and conanel
the business Of banking. Aud upon the aatherly
of the decisions Of that COURT the States have ss
sumed the same power to incOrPorate companies Tor
this purpose that they have TO incorporate them 70
manufacture iron domestics, or any other comnoh-
ty. Yet they have no more power to give eHrTsHey
TO bank note than to the iron, demestics OF any
other commodity upon Itbe market; no PoHes, % %
make suy thing but gold and silver coin tender N
the payment Of debis" or 10 compel any man TO use
ANYTHING but coin in any Of the varied IansaosionS
between men: every individual being LEFT perfect
" free to use or reject paper currency, IS ne may
see proper the Constitution recognizing nothing ou'
cold and silver as the standard Of value and medium
of exchange.
The Constitution Of Tennessee prohibits your
90 passiuz any law for the benefit Of individuals,
Inconsistent with the general laws Of the lsnd o.
any law granting to any individual or individuals,
rights privileges, immunities, or exemptions Other
than such as may be- by the same Law, extended e
. bring himself within the provisions Of such iaW
proyided always, the Legislature shall have power
"a Grant such charters Of incorporation a. they mag
! a,sn erpedisHt for the public good.
!. This clause Of the Constitution forbids the pas
: SAGE Of any set Of Incorporation, except such q
. are % srpedisnt for ths public good"
| The primary, leading, and controlling ooJeet mus
he 70 promote the interests Of the Pabhehet moss
Of the fadiDi1tqIS incorporated.
Yet the effect Of the charter is, TO elotne the N
dividuas with powers and special privileges nsa al
highly beneficial 10 them and from which the oal
!, apce OF the community are excluded. Oneol WHICH
is Ia banking corporations, the privilege o. issolnl
two or more dollars in paper for every dollar
! | heir actual capital, with the whole amount Q
which they discount the notes Of indvionas ~ tn'
rate Of six per cent, thus rsslizing rom Twelve
n tWenty-fve per cent per snnun upon tneir aetna
capital in tbi,, the least profitable part OF thet
business for they realize yet much larger pronts
: the purchase Of bills Of exchange To iilustrat
which. take the case Of the planter who draws b
til upon New Orleans st thirty days; the bank DIS
: eount, the bill At the rate Of SKI per cent per an
mum. Is interest in addition 10 which It taxes co
a DER cent from the whole amount Of the bill 9
. exchange thus making the simple item OF exehang
N equal 10 Twelve per cent per snnam: add the item
= Of interest and exchange together, and i mak'
= eighteen per cent. per annum IS the Pront Welc
tne bank charges upon the loan Of its aotss, ana
il issues only two dollars Of its notes for one
b spseie, it makes the round sum Of thirty-sn p
/. cent per annum, which the bank realizes upon Il
= actual capital while individuals who 90 y
" enjoy similar privileges can only rea-s "a =
d cent per annum upon theirs- -. -.
It But the profits Of this Transaction 40 ~ 81
= - g = ..,..;t,- ths hill Of exchange 10 Pal