Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-12-15
-rENNEssEn LE0lsLATURE.
SENATE

THE cuRRENCY eUEsTIoN.
The follosiuy remarks Of Dr.. PETERS shO1ld
have sPpcarsd in oar epcrt Of Saturdays proceed
iDgs-REPoTsER. ]
Mr. EIERS said: That discussion on repeslsz
b;Ii;v and individual iisbity had come up when he
was not exactly prepared for it,; that he had writ
IN out his views at length, aud should publish them
that he did not question the integrity Of any Demo-
crat who differed with him in opinion; that he |
had taker the Democratic platform last summer fer
his text and he intended that his constituents
should know that when he we- here voting under
the shade of monied mosopOlies, be was true TO the
promises he made then on the subjects under DIS
cussion He said: was elected with the positive dec
laration on my par, made in every speech durlog
the canvass of las, summer, that would vote LOT
the creation of no bank over which the power was
not held in the hands of the Legislature to control
This was the emphatic language OF the Demoersuc
piAtform 1t WAS the platform of the party from
Usrter TO Shelby, and upon which youF Governor
Is elected by a ajJriy Of over OOO Nov, sir.
do not much care hoE the power Is retained, Woe'h
er IL be to repeal charters or t. pass general laws
regulating all of them; but do want the La
Qisla,ure to hold in lis hands the power to regulate
banking Ian not williag TO make any contract
with apy set Of men in this State, much less in New
York aad Pennsylvania, as TO how they sRail loan
their notes for fifteen years TO COM am not wise
enough 10 make such contrast How am or you
t. know what ought to be done With paper money
est set Of Iaen in the whole world a3sembleI here
! [, undertake to fix matters about currency IN the
way that they should stand Il teen or tFentY years
Il is an as stunned power 10 Iivet on tde people OF
this Stale for period Of 'riy whole eneratloh
| q set of bank charters aud power, he enec- OF
which no human sag Getty can fJ:eiell, II r can any
/ man foresee end know whether they WJui be de
sirabla or suit the ps1pla Eve years hence, much
less twenty years hence. l. is fUres al ing the viii
of the next generation, and shall vote for no bank
measure which does not leave the next legislature
which occupies places here Tree 10 set rlgnt any
bluader may make. Sir, mean to leave the peo-
ole as free as found them, to put things right If
| put them wrong do net consider myself infalli-
Bile in my Judgment, and shall leave my successors
| in these legislative halls with as much power 10
legislate for the people As have All power IS
according TO our constitution in the people, ana
intend to leave it there not sold out and rariered
away by my vote l shall not violate the pledges
| gave t. a generous constituency By voting away
the righ of those that follow after me- here am
not afraid the people will injIre themselves If tbs
Legislature is left 10 act banks hereafter, as
the members will be compelled to ref ect the Will oil
their constituents. Dem erscy exults In the free
dom of the peOple L. ia federalism and eristocr1cy
that wants to tie up the hands Of the Legislature
and Of the people for 6fe cen or twenty years iC
c,me. distrust of the people s the foundation o
federalism. | shall not be fright1n into sale o.
the rights of the people, aud of my successors n
these halls, to men ia New York aud Philadelphia
for fifteen years, by The cry now got up that they
will take away their m9ney. This cry has no ter
rors 10 me. know thIt it is yet two years before
the charters of the prize psi baaks expire, and thes'
threats nav held out long before hose charters
expire are intended to brighten this Legislature intl
making contract with them for fifteen years more
| The very States in winch the most OF the stooEhOId
ers live, New York and Pennsy lvanla, make nc
contracts with banks as to how they shall de-
They de subject TO the laws of hose states. There
are now some four hundred banks in those States
md in VIrgioia Illinois, Miss Juri, ladsns, Ohio
Florida, Connection, Massachusetts, and others
old rates ard new Stl-es, not having much capita
that deal in bank trade, according 10 the laws o
those States. and have contracts with the States
as to how they shall deal IN m Iney l believe tn 4
! plobably half the 1890 banks in the UnttC
ates are regulated by law from time to time,
the idea that banks will be created IT they are
be subject general regulation, is too rid'cCleIs Il
deserve serious notice Every body Ihat has lake.
pains 10 inflTm tn ems elVes know that the expert
euce of the country proves that there is no founds
] ton of truth in that statement am in favor o
bank reform an Aot bank ennihlatton, AMI the ad
vsatagss necessity of the power is 70 improve tn
syst .m and its evils when We see them show
in the operation of the law l. IN the platform
of my party L was elected on this issue will
others, was your Executive, and do not iEten'
] TO rob the people OF the power to put right an.
error or buudsr may commit
The bill before the snate con aimed originally tn
following clause: SSeC. - u. De ufIHtF ehaCteu
That banks and the business Of banking IN IN;
State shall be SUBJECT to such general laws as thu
| Legislature may from tina t. time enact This wa
intended to the control over rporations
conformity with our platform, bu' tde Senator from
Shelby saw proper 20 put on the following amend
meUt to-wi' Provided, such laws shall not haV
the eec to impair or destroy the right of any bal
secured by charter under the provisions of thi
act"
This proviso exemp's airy bank charter create
from all Legislative rot It decllres IN effect tina
every bank chsrter hereafter Granted shall be fire
of all legislative coutrO; tlat it Is contract d
stand fifteen or twenty years unaltersJ and untOuch
ed Tee Senator fron Shelby is determined shs
the people shall no. alter amend what he does
here on the subject If the currency. II know
what he does IS perfectly rjgh. g al lnfauIble, an
shall not BE- changed or anne 'l-a il any manner D.
the people of Tennessee for AZ cen year..
l see rep lrts from Governors, Bank Commission
ers aud other pIoiic officers ia ions Safes sug
Costing alterations anne dmelts and improvement
in their banking systems VIA, sense IS there II
this, if there be poser in the Legislature to car
| ~ into eff scL tn 3se Improvement. Some new Leaf
is SEEN some invasion detected aud the public Of
fsers standing on the poet u duty ssy TO the Leg
islature legsla Ion Is required protect the peop
here
What folly to make ouch suggestions of In
provemeut If III halls Of legislation be c'osel up
The Amendment of the Senator from Shelby shut
the people out of the capitol for fifteen years
The bill did not prop use 10 hold IN the hands o.
the Legislature any more power over banks than i
does over the lives, libsry and properly of oeer!
| other N IN and every other trade in the State. Bat
the amendment wishes to declare that Banks shall
be placed above the law, above legislation and abov
the people.
l say, l consd, this amendment at this day al
insult the intelligence and outrage to the right
Of the people.