Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-09

4 cent for he wear ending ] July, LBS, las abOve1
The average rate per Cent made is sic toS- 1
| On motion of Mr.. STOKELY, il was ordered that
| three hundred copies of the communication and
companying statement be printed for The of the
Senate. -Fr ssF-
| BILLS INTRODUCED.
By Mr.. PETERS: No. $50 prevent the mar
riage of cousins of the first degree. Passed first
| reading.
By Mr.. BRADFORD: No. s6-To extend and
explain actions of replevin in certain Passed
first reading, and referred to Committee on the Ju
| dietary.
| By Mr.. PETERS: No. 87-To tx the compenss-
ton of State Librarian and for other purposes
T Fixes the salary of State Librarian at $1,000
year and allows the Comptroller $500 year for
clerk hire Passed first reading. q t-
By Mr. NEWMAN: No. $50 insure sheriffs
their fees in certain csses. Passed first reading
and referred To the Committee on Ways and Means.
By Mr.. NEWMAN: No. $50 eyste uatise the
railroad sinking fund paid by the companies for the
liquidation of the Stale debt. Passed first reading
and referred to the Committee on Internal Improve
ments. --a-a
By Mr.. Mr.. PAYNE: To authorize the taking of
Guardians Administrators and Executors bonds
by the Clerks during vacation. Passed first read
ing and referred to the Committee on the judiciary
HOUSE BILLS ON THIRD READING.
No. 22-To repeal the first section of an act pass
ed March Goth, 1858, entitled an act TO authorize
form certain duties of the Secretary If State and
for other purposes. Passed, ayes 81, ncesO s-,
No. 74-TO incorporate the Adelphian Society of
Murfreesboro'. Passed
SENATE BILLS ON THE SECOND READING.
No. 15-To regulate the collection of claims
against the estates OF deceased persons. Passed
No. 79-TO give the Wolf Rivers:and Kentucky
Turnpike Company, in Fentress county, further time
to complete their road. Passed. - vr
No. S2-For the benefit of the Louisville and
Nashville and the Edgefeld and Kentucky Railroad
Companies and other companies. Passed and re
ferred to the Committee on Internal improvements,
No. $50 protect the wool-grOWing interest of
Tennessee. Passed and referred 10 the Committee
on Agriculture and Manufactures,
STATE 0FOLoGsr.
Senate bill No. o. to abolish the office of Geolo-
gist and Mineraogis of the State being the special
order for to-day, was taken up aud read.
On motion of Mr. TRIMBLE, the further consid-
alton of the bill was postponed to Tuesday, the
22d inst
TENNESSEE HOSPITAL FOR THE INSANE.
message was received from the House CT Rep
resentsives transmitting the fourth biennial report
Of the Superintendent and Physician Of the Tennes-
see Hospital for the Insane. .rrr
On motion of Mr.. TRIMBLE. the report was re-
ceived and it was ordered that 900 copies be prn
ted for the use of the Senate.
THE CoUNrER-EoTE SYSTEM. a
The special order being Senate bill No J6 for the |
benefit Of the Bank of Tennessee, was taken up, |
and the bill having been read,
Mr., RICHARDSON offered his bill, No. p, Tin |
troduced on the I'd inst. to auhorse The Banks 10
pay out the notes of each other, in lieu.
Mr.. RICHARDSON said he offered his bill in lieu |
of that recommended by the Committee ON Banks
for this reason: 1t is well known to Senators that
under the operations of the bill passed by the Leg
islature two years ago, the Ranks have been Grip
,Iod -, thair partia " h.
case with the Bank Of Tennessee, and he thought
the restriction ought to be removed
The act Of two years ago only allows those Banks
that had accepted its provisions, to pay out the bills
of the Bank Of Tennessee and if its branches Now
the bill is then partial in its effects and operations
and will prevent great many solvent banks in the
State, at least some solvent banks, from aording
the facilities to trade and commerce, which they
could afford, if the provisions of the act extended
to them. Now the bill of the committee only aids
the banks which accepted the provisions of the act
of two years ago. 1t only permits those banks to
pay out the bills of the Bank of Tennessee and Of
It's branches. 1t does not permit even the Bank of
Tennessee to ray out the notes of the other solvent
specie paying banks. l would inquire whether that
is not an objection TO the bill? think there may
be, and in all probability, other banks that are
just solvent and just as able to redeem their cir
culaoD, and that afford just as great facilities 10
trade and commerce the Bank of Tennessee.
Don't understand me, Mr.. Speaker, as saying that
those provisions should not extend to the Bank of
Tennessee,-thet it should not be relieved Of those
endorsements. ! believe that all specie-psying
banks in the State, which solvent, should be
relieved in the same wsy-not for the banks in par
ticular care not for them, but for the advantage
of trade and commerce. The bill then is partial in
its effects. Il does not permit the Bank Of Tonnes
see even to pay out the bills of those banks which
accepted the provisions of the act of 1885, Il does
not unite ths hands of the banks at all, IS to sf
ford increased facilities TO trade and commerce.
But again, why make this distinction In favor Of
any one bank? 1t is q distinction which appears
to be unfair in ITSELF and will have the effect OF pro-
ducing bad state of feeling on the part Of some of
the banks ia the State against other banks in the
State which have been allowed privileges. by an {
act of the Legislature, which privileges {
are not common to all. The bill of the Committee {
does not even permit the banks which accept trc i
provisions of the act of two years ago. upon which
much stress has besn laid to pay out the notes of
notes of the Bank of Tennessee and its branches, {
but it does not permit those banks which have {
in every particular to the act pay out
the notes pr eGeh other, Why make DISTINCTION c
against those banks which have faithfully complied
with the act and in favor of only one bank in the
States Is not this to be considered, and is it not
partial leg;slslion in relation to banks? The bill
offered by the Com mites does not relieve the evil
which has been inflicted the country by the oct
Of the last Legislature 1t is ouly partial remedy.
The act OF 1905 prohlblied the banks from pay
log out the notes any bank, except its :
branches and after Siptember, 1859 they could t
only pay out such poles as we're payable on demand
At the 0 unter where Issued OF paid out Thought
At the me and still thinE that it was not the in
ention of the Legislature Of two years ago, TO c
couple the issuing of poteg with the paying OF them
mt Now the b Il which offer in lieu Mr.. Speak s
ar after providing for the repeal of Inconsistent
nray1sous enacts that hereafter any bank may pay
int The notes Of auy speeiepsyiug bank chartered
Nv this State. The bill does rot conflict with the
PROVISIONS Of tbs got Of two yesFs ego RhOpt issuing
notes There Is difference between issuing notes
and paving them out. The eouuter-note system has
been adopIed in our State, which is that no bank il
shall issue any note not payable at the coun- ]
Ter where issued NJ bill does not at all interfere
with that PROVISION II only eRsbles banks TO pay a
out such bills as are issued under those provisions
It does not conflict With the cOunter-note system,
nor change the law upon the subject. have been ?
IA advocate to some exept Of the eounter=note sys
.em. The time was when it seemed to me that such
legislation vas of importance in Tennessee u may
not be SO necessary as the same reasons &c nI'
now exist which existed several years ago, though i
am not inclined to oppose it, The facilities oil
nter-eommunication are so greet now that 1t makes
but little difference to q at what point IN the
State his bank bills may be redeemabie. Before g
railroads we're established ii was different matter