Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-11
TENNESSEE LEGISLATURE.
HOUSE OF REPRESENTATIVES.
WEDEEsDAY, November g, 1859.
AFTERNOON SESSION.

AFTERNOON SESSION.
The SPEAKER announced that a Senate bill Of
it's fl, st read ng in the House c1ntained the sam,
provisions of the House bill ~ which was made th
special order for this hour, and would take preee
denee under the Seth rule.
TIE COUNTER NOTE SYSTEM.
Senator Richardson's bill rs. 721 to authorize
banks to pay cut the nOtes of each olher was reaC
the first time.
0l motion By Mr.. EAST, the operation Oftbe 69ts
rule of order adopted by the House was suspended
for the purpose of considering Mr.. Wisener's bill
II. r. y and the Bank COmnltee's bill in lieu
thereof
The tao bills were then read at The Clerks desk
Mr. BARRSDALE moved to lay the Committees
bill in lieu en- the tsole.
Mr.. BENNETT hoped the gentleman would moi
insist upon his motion at this time.
A VoIoE. We would like 10 hear from the Chair
man of the Bank Committee.
| Mr.. BARKSDAnE Withdrew his motion.
| Mr.. BENNETT. Mr. Speaker: I desire on this
proposition before the House to make known
my views in regard to the question now pending.
This is proposition that believe to be right, and
believing he right, shall for it and endea-
vor 20 convine: every unprejudiced mind that am
not sUrrenderng or abandoning cherished pIiuci-
pie of the Democratic party, as has been already
| charged | am for the eounter-uote system, and
believe it to be principle that is correct. want
it understood here to-day that am not here to ad-
| vocate any party measure, nor am ] welded to any
party question that will prove detrimental TO the
wishes or that is ip opposition 10 the demands of
| the people ] think that l can demOnstrate TO
| members here that we are not suTrendeTiag prilr
eiple at aIl il we adopt the bill in lieu as recon-
| mended BY the Bank Committee. l want to read
the bill in lisa, and want 1t understood 1t is as
J follows;
Be enacted By the General ASssm5y Of The STATE Of
T,rltssee That the conuter note system as extends
TO the Bank Of Tnncssee be aud the ssme is hereby
repealed but shall be enort ed on the Bank Of Teh
nessee on and after the FIST day Of January, 1863,
or until The Union aud Planters Bank shall accept
the provisions of the Zsh OF January, lo5e, and
that this gct take tffect from aud sf its psssage
Now, gentlemen, suppose We Pass that bill, will 1t
| be surrender of principle! You are all aware 9t
the fact that the Opposition party as we'll as the
Democratic party adopted the counter note system
| as principle in their plsf.Fm; but would that be
sacrifice? That is the question. Nov, let it Do
borne in mind Mr.. Speaker, that when the Leglsla-
ture passed the counter note system on the 2oth Of
January, 1853 the very power that created that Law
said that the principle was right and correct, but
that policy dictates that the principle shall Lot op-
crate now and what did they dol Why, they ex-
tended the operation Of the principle to September
| lS59-one month ago. Was that sserihee OF
principle? l make the sppeal to every gentleman
upon this focP. The principle E&s sorfeet, The
principle was right; but policy said the principle
shsll not go into operation until two years hence
and is that a sacrifice Of prineipleY l do not un=
derstand that il Is. 1t is not, according TO my
view of it, September, 1859, has come along, Spd
now understand the principle is still correct, but
policy dictates that should extend it further;
and it is not a surrender Of priuGple to do 80.
am ready to meet my constituents at any day Or
hour upon the proposition, that this would be
surrender Of principle
Well, but say gentlemen. where is your Demo
cratic platform which was adopted here last spring?
Are you jumping of your Pistforme No sir. am
Standing to-day upon the pswocrsGic platform, and
can demonstrate that so clearly that no Democrat,
be he ever 80 hard, and very hard my self, will
dare deny that / sm standing upOn that platform.
Let us read it. But before read it ! want to show
what is the policy which dictates that We should
suspend the operation of the principle for still
further length of tim. If understand the Thing
correctly the Bank of Tennessee is the peoples
bank il is the peculiar crea ure u this Legislature
Now what do the officers of this bank tell to-day?
They tell us that they cannot extend to the people
the accommodation that is demanded 10 enable the
produce of our great and growing State TO be car
red off TO market under the present operation Of the
ceunter>nOje system Here is the Union aud Plant,
ers Bank standing by the side OF your state Bank,
and they will not accept of the restrictions IN the
act passed by the Legislature on the 2sth OF Janus
ary, 1858, while the Bank Of Tennessee ass bound
to accept it, and she has accepted it; and how Is III
Why here in Nashville the mother bank, the great
centre of trade and commerce, the money from
Knoxville from West Tennessee and all. points,
comes here and under the operation Of the present
system here stands the Union and Planters Bank
avowed enemies Of the State Bank, and they make
their runs upon her every night What chance has
the State Bank TO sustain herself when she is bound
by these restrictions aud cannot stand up and de-
fend herself! Sne is bound under the counter-note
system to redeem every dollar Of her branch issues,
she cannot pay out dollar of it, and there is now
pnl.Th HI IL h
Union and Planters Banks pay cut her branch issues
unfortunately. Now the eounter-noe system is
only applied TO the State Bank. Gentlemen may
say here is the Bank Ct Middle Tennessee and other
banks they have accepted of its operations Very
true. but they have branches, and so that argu-
ment is good for nothing.
l expect the bill to be killed, sir defeat stRres
it in the face; but tell yeu to-day if you do kill
ityour constituents will hold you responsible for it
l do not want to surrender cherished principle
of the Democratic party, but they say am Demo-
crst, who is going to surrender principle. Let us
see if ] am. What does that platform say? When
you come to talk about ''hsrd men," / sm just as
hard as any need be on earth. | want to do
right-that is my business here. | am not looking
to home, to 3 record that expect to make, but
TO my duty towards my maker. What is the Demo
cratic platform?
ResolUed That it was intended by the trainers of
the Constitution that gold and silver should be the
legitimate currency OF our people, and we deeply
repret that Banking institutions and paper circua-
ton should ever have been so deeply engrafted into
our pecunary relations; but beingso engrafed
compelled to legslate under the circumstances by
which we are suTrouned.
appeal to Democrats in the present circumstan-
ces We have the power, and we are responsible
to the country. l am looking for nothing from the
Opposition. ldont say, gentlemen, we don't want
you, for We do want you, and need you. But say
III apdi IA ha-
comes the duty Of the Democratic party to do some
thing to relieve distressed people. If Democrats
have determined not to do it, that is their own Pc
culiar province, but far as l am concerned, IS
Democrat | intend disehargs my duty aud my
whole duty, and l can then go home satisfied and
say 10 my constituents that | have discharged my
duties to the best of my abilities. Here ia the peo-
ple's Bank, the only bank that is making an effort
TO afford tGeities for the peopleto get of their com
neree, bound with fetters, chained hand and foot
with the counter-note system, while her two f0r@Id-
able enemies the Union and Planters Bank are un
fettered, the Bank of Tennessee-your own bank
stands in this position and you will not take these
res rictiOns off her. What are the circumstances
by which this Bank is surrounded
In view of which. as a remedy for existing evils
we will insist that our present banking system shall
be so reformed as TO enforce nYaFiable redemption
at their counters of their circulation by every Bank
in the State and limitation on their issues to notes
of large denomination, increased protection to the
note holder the right of supervision upon the part
of the State and forfeiture of their chartePs-for
abuses of their privileges by these and such
other steps as experience may demonstrate to make
as near an approach to Constitutional currency as
may be found wise and proper.
Now what is the principle announced hsrei Why
it says we will enforce the counter-note system
upon every bank in the State Of Tennessee. Very
we'll; now will you do il? The Union and Planters
Banks hsve vested rights and you cannot reach
them You cannot reach every bank in the Sta'e;
you can't get hold of them. They are superior TO
you and th y say, won't accept your restrletions
| Well, what win you dot Do you say, i will still