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

As would render II acceptable he tn0ught there
were some hard propositions in the bli but he was
anxious if possible 10 s, amend it that be COLD |
vote fer Il; that be found it would then be with /
q tight sqaeezo But even if the amount were liked
at $500 COO he did not wish to be understood as |
pledging himself certainly to the support OF the /
bill But the proposition conld do n" harrl, as II
would s,ili he under the control of the Legislature
Mr. PAYNE was aware that the provision would |
still be u"der the control OF the Legislature, but
thought $500 600 would be good msdium ground
to take The Legislature could afterwards consider
the application Of any particular individuals, aod
1egisla'e es the CT might demand lie was In Ia
v6r Of the sum of $500 O00
Mr. MINIS VAS in favor of the proposition Of
the Senator from Wilson, (SIr Stokes,) because ne
wished to PASS bill that til would not be compete
ed TO continually make infractions on As soon as
that was commenced there wa5 no owing when 1t
would end While il woul be possible to charter
bfnk to 10 business with $500 600 capital, even II
the limit of S50J000 was aiop ed 1t would stiil
be nroad the law. But # paced At SOU, OOO'
aud it sbou ne deemed uaEiss to charter bank
under $500 00 capital, that could be done with out
any infringement # the provisions Of the TIL he
desired a uniform currency, and at The same time
was against any proposition that would lnJure Inc
| business of the State or drive capital from 1t.
| Mr.. slcNElLLY said that the more banks there
| were the more drones there would be 10 the com
muaity. Each bank had to build banking Rouse
| aud support its officers. Competent o1ncers de-
/ mapue0 large Salaries. Inc Danhs ohVGtN nav
| large capital 10 pay them. II was not the NUMBER
| of banks but their soundness, that made goOu
| currency IL hoped the larger amount would be
adopted as the limit.
Mr HORN sad that the pan Of banks with
! small capital had proved Insecure. They had blown
| 10 in every direction. Ltrge c4pua. u III lever
| banks would secure @ueh ssisr currency.
! Mr. THOMPSON WAS opposed to tae co0cy ntTR-
| ton o. mopitd power. To ccncen capital in
cities and llrse towns woud dep i've the country
places Of the fIcilLIes which banking an Jrds. lie
wished the capt. distributed thr uglous the 90
manity He would evel prefer $40 O0J 10 $780,
0O0; but unless security was giTen 10 no.e holders
ne would not vote for the bill al all.
| The question was IN taken upon the motion to
strike Gus S750.0O0, ami the motion prevailed.
Mr. STOKES thought the friends OF tle bill! we're
cnd4ngering It by Tie persist.n;y with winch they
| held out for the noun; Insisted upJ1 He could
see no dagger in adopting his proposition. Ii tne
| BILL after IL has passed ones tTenched upon, II
would soon be regarded as of very litLe force. lie
| did not consider the amount as 100 small. a Dank
with a capital of $500 600 was ss safe as one
| with $500, 900; and by adopting the latter as the
limit several nlinJr loo IliLes would be deprived OF
! bank ,ng privileges. The bank is to It's
J customers the De ter could the officers judge OF
! their SO vcncy lie would not pretend 10 ssay VIVA
would be the effect Of these geaera PROPOSITIONS; but
il seems that they not stringent enough TO sat
isfy the Senator from Smith, mir. ThomPson.) He
Iy TO gentlemen who did not believe that there
could be any safely for note holders, except under
a syst m OF penalties. The $500, 900 limit might
suit the cities of Nashville, Memphis, aui Knox
vile, but IL wou.d MT do for ths smaller toEns
He desired 70 put It 10 the power of the General
Assembly to grant charters to such small places,
without encro4ching upon the general law.
| Mr.. THOMPSON said he concurrei WITH the
Senator regard to the amount of the limit but no
| farther. He asked the advocates of the bill to
show single feature Of the bill which gave pro
lection to holders He was bound to vote for
no bill which did secure that and his friends
we're committed to the game measure.
| Mr. BRADFORD did not desire to discuss the
question of hard money, but could not see why 1t
| would not be safe 10 allow charters Of banks with
6 capital of 100000 The banks in rural districts
! would be safe such capital The city banks
could not give sufficient accommodation to rural dis
trcts, and ne hoped tie provision would be adop ed
Mr.. LANE said that the Bank Of Tennessee, With
a capital OF three millions, had not been any safer
than the Union and Planters Banks, vita capital
| of two SO that the srguDe1t for Increased safety
by large capital did not hold. He believed :hat Ia
dividual responsibility was, to eXten, the plat
form Of both parties, though he had never read
! either of them. But he believed that a iue to be
paid 10 The State, for any infriDgmeat of charter,
would be be-ier guard to note-noiders thsn any
| individual liability.
| Mr. MoNEILLY said that his obi ,ction to banks
WIN SHati ca pliAi WAS tHaJ EOUlu DAnFS
and tsa! would multiply officers who BE- fed by
the people. Banks produced nothing He
willing 10 support few droues, hut uid no. want
| them multiplied 10 excessive degree. A few
good, solvent banks could furnish all the currency
demanded, and he did not care v here tiey
! ca,ed
Mr RILDRETH said that the exps ,ses of build
IN houses and paying the salaries of It officers
ma cut Of the profits of the banks and not out of
the people He thought, however, mad BAD
hanks enough now. Still, if the pill was to pass,
he was Ia favor of the amendment
Mr. THOMPSON said that If it was necessary
that bank Presidents should be sustained IN luxury,
a hal been ntimGted, it certainly should not be
thrust upon the people of Tel nessee argument
az tinst small banks. II banking is advant Ige,
the whole community should share in its privileges
We n culd not force t. 90 to large cities for
banking facilities. W should establish banks in
every viIlsge aud cross road where such f.cties
are demanded, AMI where the propsr capital can be
obtained. This the Democrats doctrine
Mr.. LANE said he did net regard IT a ne 2essary
consequences that bank Presidents should live in 6
very luxurious style, but probable result
Mr.. BOYD did not want to c,mDt himself 10 any
bank by voting for this proposition now. When
any charter came up, he should SOte as the case
seemed TO demand of him.
The question was then taken upon Mr.. Paynes
motion 10 insert 100000, and il was rejected.
The question then required upon this motion Of |
Mr.. Stokes to insert 100000, and the motion IRE
vailed.
The section as thus amended, was then adopted !
The fifth section was adopted.
The sixth section having been read
Mr. PAYNE offered au amendment 20 be inserted |
after the words sight exchange" as follows:
Each and every Bank shall own and have in its |
own vaults, for the P:otectiJ n of the householder,
amount Of coin equal to One-fOurth Of its entire
circulation, and shall own and keep on hand au
amount of specie funds equal to one-thrd Of its
tire liabilities And in The event any Bank shall |
permit its coin or coin aud specie fuuds to fall be-
low the proportions aforesaid, fer the space of for
ty days together, then all discounts by said Bank
shall cease, until said proportions restored.
And if any Ba shall suffer its coin or coin and
specie funds to run below said proportions over
seveniy-fve days, in all, in any one year. it shall
be the duty Of the Supervisor forthwith to cause
proceeding to be instituted in the Chaucery Court
of the district where such Bank is located in the
name of the Supervisor against such Bank, to have
its assets subjected to the payment of its debts and
its charter declared forfeited"
The amend cent was adopted, and then,
Ghe section thus amended, was adopted.
The seventh, eighth, ninth and tenth sections
were adopted after striking out fifteen years"
and inserting twenty years" in the ninth.
The eleventh section having been read
Mr.. PAYNE offered an amendment to be inserted
after the words capital stock" as follows; "For
every month or fraction of a month";
The am andment was adopted.
Mr.. NEWMAN moved to amend the section by
striking out lone half of enc per cent and in
serting Z" one per cent"
The amendment was rejected, and then,
The section amended was adopted.
The twelfth, thirteenth fourteenth, fifteenth, and
sixteenth sections were adopted.
Mr.. PAYNE offered an amendment to be added to
added to the section. as foows
g But nay receive it in payment of bad and
doubtful debts, or 70. the purchase of real estate
and in such case the stock shall be conveyed to a
third party in t4us, to be sold by him for the bene
ct of such Bank"
The amendment was adopted, and then
The section thus amended was adopted.
The eighteenth and nineteenth sections were
adopted
The twentieth section having been read
Nj PAYNE moved to strike out sky days and :
insert one hundred and twenty days.
Mr.. STOVALL demanded division of the cues
ton upon the motion t. strike out lnl insert which
vas ordered. !
The question then taken upon the motion to
strike out " sixty days" and the mo ION prevailed
NJ. NEWMAN inquired whether, if the proposed t
amendment to ex'eUd the time to one hundred and
twenty days, should prevail, Bank could not sus-
pend specie payments for period of one hundred '
min d. ID hon Z