Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-12-08

pa8ies and they recommend a bill in lieu of said
bills, srd recommend its passage.
They have so had unler consideration Senate
bill No. 1872 for the relief Of eerieiu securities
The Committee are OF the opinion that the OBJ
jects of this bill fully met by section 665
Of the Code, and hey recommend its rejection.
NATIONAL TYPoeRApHIcAL UNION.
Mr.. TRiMBLE offered resolution rendering the
use oil the Capitol to tae Ma iona typographical
Ueion in which to bold their meeting in May,
1860
On motion of Mr. TRnIBLE, the rule was
suspended, and the resolution Was taken up and
adopted.
BILL INTRODUCED
BY Mr. TRINBLE : No. 1G0-To amend The ''act
to iacoT perate the BldIng Company of the eitv of
Memphis, &C., and the New Orleans and Ohio Tel
egrapA Lessees, and for other purposes" aud to
change the of the latter corporation to that Of
tae Southwestern TeiegraphCOmpany. Pissed first
reading aud referred TO the Committee on Isternal
Improvements.
SENATE BILLS ON SECOND READING.
No 1870 repeal sections 1924, 1925 and
1929 of the Code. Rejected.
Senate bills No. -, provide for the payment Of
stock killed on railroads, No to relieve railroad
companies and NJ. 147, TO protect life and property
on railroads and ID define the du;ies and response
bties Of all railroads in che Sta'e and their OIL
GERS having been read, the bill in lieu recommend
ed by the Committee on the Judiciary was read aud
adopted. This bill progide4-lst, for the repeal
of so much of SECTION ! l67 Of the Code az makos
the engineer, agent or employee Of q railroad com
pany an incompetent Titnass IN certain cases, pro-
yided they shall not be rendered competent where
they are incompetent at common law; I'd, that 1t
shall be unlawful for any person 10 use any railroad
track that is used for the running OF cars IS pub
lie highway, either for riding on horseback. for
walking or for any sort of vehicle except crossing
said road at the ordinary crossings; that 1t shall
also be unlawful for any person 10 feed or drive any
kind Of stock on the track of any road, except 10
GROSS the at the proper crossings and any per-
son who shall be guilty of a violation OF this act
shall be liable for all damages thai may in any an
ner result therefrom.
The question recurring on the passage of the bill
adopted in lieu on the second reading, it passed
upon division, ayes 10, noes 8.
SENATE BILLS ON THIRD READING.
No. lO9-For the benefit of the creditors of de-
ceased persona.
Mr. PETERS advocated the passage of the bill,
because it s;mplifed the winding up of the estates
OF deceased persons and afforded creditors facil-
ties for securing their claims
TIE question recurring upon the passage of the
bill the ayes and noes were taken, and resulted ayes
6. noes 10, as follows:
AVss-MessIs. Johnson, Mickey, Mcclellan, Nc
Nelly, Peters and Thompson-6.
Eoss-Messrs. Alien, Boyd, Bradford BumOass,
Horn, Hunter, Lane, MINIS, Nash, Payne, Rich
ardsOn, stokes Stokely, StovAl, Trimbe, and
Speaker Newman-l6
So the bill was rejected.
No. l16-To allow Notsries Public 20 take deposit
lions. Passed ayes q, noes l.
THE CURRENCY QUESTION.
The Senate resolved itself into Committee of
the Whole on the currency Question, Mr.. RICHARD
s1N IN tie chair.
The several bills in regard to banks and banking
being the special order for this day, were taken up
In their order.
Mr.. Thompsons bill, No SO, 10 establish Gen
eral Banking Law in this ate, having been read,
Mr. THOMPSON offered a bill in lieu.
Mr. THOMPSON said do not intend to make
any extended speech but simply to make synsp-
sis Of the provisions Of my bill. We have promis al
the people OF the State of tennessee reforms. DOR
present bankiJ system has been insdequsle to af-
ford us reliable circulation. We have hsd a sys
TEN Of stock-bsnks aud a system of free-banks !;
both of which have failed to afford US circulation
on which we could rely. In the last canvass the
questions of the security of the noe-holder, snd the
means by which security could be increased, were
discussed, and promises we're made by the candi-
dates that they would enieavOr to secure TO the
people a safe, sound and reliable currency. Has
the present banking system afforded US such cur
rency? We ere all satisfied that 1t has net We
have all seen fluctuations in our money market, Oc
cssioned thereby, which we are anxious TO see re-
moved.
The last Opposition and Democratic conventions
have both proposed reforms. The Opposition pro-
posed an inyAria6e redemption at the counters
where issued The position of the Democratic con-
vention was that gold and silver was intended By
the trainers Of the constitution as legirimste cur
rency. IA the Supreme Court has decided that We
NAV have s representative of the gold and silver,
they consequently proposed TO modify in some way
the present banking system. They do not desire TO
destroy the present system, but only to modify II so
as TO enforce redemption 1t the counters of every
bank where issued. They also proposed limiting
tn cir issue 20 notes Of larger denomination. In
this ;hey went beyond the Opposition. In my bill
| have proposed that reform. l think l have pro-
posed increased securi y TO the note holder; first
by requiring the oauk TO deposit with the Comptrol-
Ter bonds to the amount Of the circulation, aud sec
oud, by an individual liability, a position which
was assumed not only by Gov. Harris in his can
vlss, but by nearly every Democrat who spoke in
the canvass. have also proposed Supervision
another important reform, which has never been in
PRODUCED into the State of Tennessee and for
fixture of their charter for abuse Of their corPO-
rate privileges.
Whilst We do not contemplate direct return to
the gold and silver currency, We wish to approach
it as nearly The demands OF the country may I'D
nit We wish 10 cut off wildcat banks and restore
TO the country a uniform, reliable and safe system
of pager money ! look upon the present sys-
tenn of banking as an evil / am not strong
advocate of any system of banks ard bank
ing. l AN what may legitimstely be termed
hard Llsney man. But we have had incorporated
upon our body polite a regular system of banking,
and We have become SO accustomed to 1t, that it
Weuld be impossible to get rid of it at once. As an
old ulcer upon the human system, so is the present
system of banking on the State Of Tennessee Ii
we attempt 70 destroy il at blow, it would attack
some other vital portion of tie system. 1t must be
eradcated gradually.
With these views, l have presented my bill in
lieu have also introduced into my bill the free
banking law Of 1912, which WAS brought ia
to such discrpdt by the management Of the spence
Bank l say, without fear of successful contradie
tiou that with the exception Of that bank, we have
sustained less loss under that system than under |
any other system l think that in my bill have |
introduced such guards as will prevent the officers
Of banks from iefcauding the people l hope the
bill will be substituted ia the place of any other
bill before the Senate.
.zThe bill was sd pie in lien of the original.
The bill was thea taken up and con -idered by |
sections The third and twenty -second were re |
ected and the rAmaiu;ng thirty sections, having |
been perfected, were adopted
On motion Of Mr.. JOHNSON, the Chairman
was instructed to report the bill perfected and
adopted to the Senate, and recommend its rejection
On motion of Mr.. JOHNSON, the Committee |
look up his bill, No lGG to reform and regulate the
business of banking in this State Same as intro
lucsd in the House Of Representatives by Mr. CAN'T
IN the IOih of November See LEGISLATIVE UNIOS
AND AMERICAN, page l59
The bill having been read
Mr. NEWMAN moved that the Chairman be in
,iructed to report the bill - the Senate aud RECON-
mend the striking out Of tie euacQng clsuse.
The motion faCd
The Committee hen proceeded to the considera-
ion Of the bill bg sections
TIE first section having been read
Mr.. NEWMAN said be would like to know the
peration of this bill 10 asked if it graded any
privileges to any one, or If any company would 81
ntl operstion under Us provisions? lac thought i;
vas thing but abstract provisions Incorporated 10
secious He was willing 10 yield to
he opinion of he majority, but If Banks were TO
q chartered, be &c ired that the Planters and
Union Banks should be br u4ht up and something
efnite done. But he trough; the present bill
leant nothing il adopted
Mr. LANE said the bill ha been 50 long before
be Senate, that 1t was unnecessary to explain it.
he proposition for recharlernE the Un on and
Ian ers' Banks will come up in due time.
To- Arc and second sanfiaus were than adopfad |