Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-12-09

would mske tn Capital Grounds equsre.
On motion of MIR. TRIMELE the memorial was
I referred tie Committee On tbe Public Grounds.
house BILL ON FIRST READING
No 2G7-F,r tae benefit of paupef deaf, du nab.
aud blind children in this Stata. PASSED. and re-
| feTred TO the Committee on the judiciary.
sEEATa BILL on sEooND READING.
No. I6O-To amend the ..act to incorporate the
Building Company Ct the ciw Of Memphis, Sc, and
the New Orleans aud Ohio Telegraph Lsssees, snd
fJr other purposes, and 10 change the nsme OF the
latter corporation that of the Southwestern Tele-
graph Company Passe and referred t, the Com
mite on Internal improvements.
SENATE BILL ON THIRD READING
No l5S-To amesd the charter of the City Hotel
Company of Nashville. Passed.
ELLIS INTRODUCED.
By Mr. HILDRETH: No. IGl--To give Circuit
Court Judges Discretionary poser in cases CT ulis-
demsanors. Passed first reading.
By Mr.. PETERS: No lG2-ro prevent frauds in
banking corporations Passed fret reading.
THANKS FOR FREE TICKETS.
The SPEAKER presented tickets &c the members
of the Senate from the Superintendent of Ihe Tea
nessse and Aiabama Railroad to ride free over that
road during The session
| On motion of Mr.. STOVALL, The tickets we're &C
/ cepted, and the thanks OF the Senate rendered to
! the Superintendent for the
On motion Of Mr.. BRADFORD. the thanks of the
! Senate were rendered the East Tennessee and
| Virginia Railroad for free tickets.
/ On motion of Mr.. BUMPASS the thanks of the
Senate were rendered TO the Memphis and Charles
ton Railroad for free tickets.
ORDER TO PRINT.
On motion of Mr.. STOVALL, it was ordered that
one hundred copies of Mr. ThomPsOn's bill, adopted
| Yesterday in Committee OF the Whole. in leu of
/ Senate bill No. 80, t. establish General Banking
Law in this State, be printed for the Of the Sen
/ gte.
THE CURRENCY QUESTION
The Senate resolved itself into Committee of the
| Whole Mr. RICHARDsON ia the chair, aud resume d
| the considerati OF Mr.. JohnsoHs bill to reform
and regulate the business OF bankingin Tennessee.
The twenty-third section having been read
! Mr.. STOKES offered an amendment TO De added
| to the section, as follows:
| "And if the Supreme Court declines TO give an
opinion il shall be the duty of the GoVernSr TO sub
nit the report Of the Supervisor to the Attorney
! General Of the State, and if they Think any bank
has exceeded its chartered powers, violated tae
sams i. thall be the duty OF the Attorney General
! TO 6e q bill in the Chaneery Court for the district
| where said bank situgted; and when 1t shall be
legally ascsrtaiRed IN thus Ssy that any bank has
exceeied its chartered powers violated the same,
the Governor shall report the same to the next
sion of the Legislature, and the Legislature may
the-eupon repeal slter or abolish the charter Of
any fuch bank
TBe amendment was adopted, and then,
The section, as thus amended, adopted.
The tWeniy-fJurth and tWelty-ii1th sections were
adopted
The tHenty-six'h section having been read
Mr.. THOMPSON offered amendment to be
added to the secIyn, as foliOws:
% BE Il further eaGc;cd II Re conditions Of all
charters granted under h 8 act such, that the
shareholders or members o. SAID corporation snail
be bound severally and il S0i55 for al; the babili-
ties and of said corporation, and for The conse
quences resulting therefrom."
The amendm ut was rel ,cted, and then,
The section was sd2 pted.
The twenty seventh section having been read
Mr.. PAYNE offered a section !" lieu. as follows:
Sec p. Be IL further enacted That banks aud
banking companies, subject TO he provisions OF this
act, shall pay 30 the State a bonus such tax upon
their capital stock The Legislature may from time
to time impose, provided the sane shall not ex-
csed the upOn the money of the citizens Of the
Stale"
The amendment was adopted, and then
The seciion amended was adopted
The twenty eighth section adopted.
Mr. PAYNE offered the following amendment to
the bill, additccai section.
Sec. % Be IL further eqactcd That hanks and
the business CT hanFIng IN this State shall be sub
ieut TO such general laws the Legislature may
from time to time enact, provided such laws shall
not have the effect impair or destroy the vest I'D
rights of banks chartered under tine provisions Of
this act"
Mr. NEWMAN moved to strike out the provso.
Mr.. STOKES doubted whether any one could be
found who would be willing TO bank under this act,
if the motion of tho SENATOR from Franklin Mr.
Newmsu) should prevail.
Mr. NEWMAN said that similar provision was
in the hill 10 incorporate bank of deposit, dis
count and exchange at Knoxville, which passed
by the Senate a few days since, and he then heard
objection TO it. lie COEteuded that if it was right
in that instance, il in the present. He said
that a similar provision had been incorporated IN
the constitutions of Pennsylvania, Massachusetts
aDe New York, where it worked well.
Mr. STOKES inquired of the Senator from Frank
lin (Mr Newmaul whether there oorpO-
rails guard in those States warning upon the banks
Mr.. NEWMAN could not answer the question.
He supposed the interests of the people demsrded
the incorporation of This provision i'll the COnstitu-
tons of the States referred to, or IL would not have
been adopted He thought such provision would
work well in this State and be was in favor of
placing banks upon an equal footing IN this re-
speci.
Mr.. PAYNE did not think that capital to organise
bank under the broad power Of repeal. as pro
posed by the Senator from Fran Kiln. Mr. Newmau,)
could be got in Memphis. Capitalists would not in
vest their means business liable to be cut off at
any session Of the Legislature. He argued that
when so broad power Of repeal was retained, the
banks we're ruined and the people were involved in
the ruin. He had studied enough about banks and
commerce TO learn that ne knew nothing shout
these subjects, and he was willing to follow the
light Of experience.
In reference to the laws of Pennsylvania and
Massachusetts, in regard TO repealabe charters, the
rights of interpretations were protected
Mr.. LANE should vote to strike out, because,
while he a friend TO banks, he would vote for
no bill which conferred vested rights upon banks
Mr., STOKELY regarded the whole amendment as
an easer tn ne democratic party 10 get rid Of the
issues of the canvass.
NJ tbn Of y-r-r ant
Mr.. MINIS was opposed 10 striking out the
proyso He believed very few capitalists would en-
gage in banking under this act i the provisiO 10
the proposed section should be stricken out lie |
opposed to striking Out because he believed |
that instead Of preventing l. would have the Il ct
of building up nounpolirs and thus place the bank
Jag and commercial Interests OF the Stare IN he
hands of a few reckless The seC,ion, as offer
cd by the S-ustor tccm Shelby, (Mr. PAlN&.l does
not prevent ths legislature from passing laws rrgU-
laing banks aad for the purpose Of securing !
SOM currency, aud he treserrtd it in its original
shape.
Tie question was furlhar discussed by AIessrs. !
LANE and THOMPSON, in favor of striking cat |
and by Mr.. PAYNE in opposition.
sir NEWM An withdrew his motion TO strike out, |
an off red al amen IN lieu Of the prOvisO,
follows:
Provided the Legislature shall not interfere |
with the constitutional ri gntI of such corporation,
bank company.
Mr.. NEWMAN did not suppose aoy one would
object to this amendment. =,
Mr. PAYNE objected lie was going to stand oy
Lis own gun
The question recurring ups n Mr Newman's amend
ment, II rejected.
Mr. STOKES, with view TO accommodate Sen
ators who seemed TO object to the term vested
RIGHTS" moved 10 strike out ali Of the pro7iso after
the words destroy iDpair,' and insert . tae
RIGHTS of any bAuk secured by charter under the
provisions OF To act"
The motion prevailed, and then
The section as thus amended, was adopted
MIR. NEWMAN offered an amendment to TIE DILL
as an additional section, as follows;
"Sec so BE IL further enacted, 10 case OF the
insolvency of any bank or banking association,
he bll-hoders thereof shall be entlued 10 preier>
ence in payment, over all other creditors OF sucn
bank association"
Mr.. BUMPASS inquired whether it was intended
10 give the note-holders preference over deposors
Mr.. NEWMAN said it was the object TO give the
holders the preference all creditors inclu-
ling depOsitOrs