Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-03-25


the amount that she now loans and make as good
debts as can be made in the State without leaving
Sparta The great complaint over in our part Of
the district is that she can't furnish as much as de-
nanded and the greatest complaint among US Is
that there is and then little faVortism 10 let
ting out its accommodations. But, suppose there
were greater opportunities for lOini8g in MeAlinn--
vile tbau in any other county, could that county
gain any thing by locating it in MeMinnville
Does not the Senator recoleci that the different
couuties of the entire bank district entitled 10
their respective partsi For it IS the duty OF the
Board to divide or appUrtiOn the funds or accom-
modatous for the various counties IN the district,
and, consequently, Warren would receive no more
than she now receives When the question recuTs.
what ia to be gained by this remoVsl-Will tie
branch gain anything by it? 1t will gain over the
left shoulder First and foremost, it wiz be neces
ssry 10 build new clearinghouse at MeMinnville,
which will cost from ten TO hfteen thousand dollars
that will conc out Of the funds Of the bank, Of
The banking house Sparta will then soldj
and what will it bring? Why, about three thousand
dollars: for it is not fttei any other business
than that of banking, and although it coat about
nine thousand dollars 10 build and furnish II, one
third of that amount would be the utmost proceeds
of its sale Its counhng-room IS IN froLt, believe
and there is q great ohasm or vault IN the middle
of the house. an1 in fact, it is unit for any other
use than that OF banking. If you were 20 buy
bureau and then sell it to mule-driVer for " feed
trough your loss would not be much greater in
proportion than would be that Of the tfanSactitn
oroDoseG by this bill. But the Senator from CRL-
non osens the bosom Of lberality and ofers Us an
inducement TO remove IT, He says and so provides
in the hill that the citizens of MoMinnVie will build
or fnrnisb bauking-h no 4se in MoMinnVllie Hnlthe
house at Sparta be Opposed Of Isn't that liberaE
Isn't that a strong indueementT You propose
To take the little bank under Jour roof until it can
sacrifice six thousand dollars BY selling its house
in Sparta, snd then you will turn 1t out Of doors
IN do the best it can, when it will be necss
ssry to spend some fifteen thousand dollars to build
a new house For the prices Of labor and material
are much higher now than they were when the
nrese1t banking house was built But that i9 not
all The sacrifices that will insTts bly, and incidental
y result from this removal; there Is large amount
Of outstanding debts now due and OWING ths spar
tA branch, which is to be paid at Sparta. IEose
debtors are entitled TO the right 10 pay a. Sparta,
and after YOU remove the branch to MeMinnVills It
will still be necessary TO leave receiver at Sparta
IN collect those debts aud many Of those debtors
would grow careless in consequence Of the removal
of the bank and suspend the payments BY litigation
perhaps from one 10 two years, and then the eX-
bense of two uotsries public at Sparta and ore
At McMirnville, aud thus running two shops a. the
ssme time, with various fees snd salaries, would
create an expense calculated TO enbarrass the bank
for wears to come. Now, sir, if the Bank Of Ten
nessee is not sustaining itself It IS losing
money-the better policy would be 10 WIND II up
and lot to put the little branches into wheel Jar
row and 20 rolling them round from county 10 coun
tv until its furds are entirely exhausted Il building
and rebuilding houses and winding up promis-
euousIv scattered business. Now, sir, If as some
Senators insist the State Bank ought TO be wound
M We would do well not to scatter the transactions
or engagements Of the branches, when 1t IS so ob-
yious that it would be more difficult 10 wind them
m But am n ot prepared to say whether the STATE
n IL, ba mn or &
ades all that the Dote-holders are interested IN this
matter: for if we pursue such policy as wall eX-
bsust the funds Of the Bank Of Tennessee, the note
holder or holder of bank bills on said bank Will be
left without indemnify. Il is a mistaken idea mat
the State Of Tennessee is bound for the liabilities OF
the Bank of Tennessee. There Is no act within my
kpowledpe making it So Senators will remember
that the capital of the State Bank IL three million
six hundred and seventy-nine thousand and sixty
eight dollars and thirty cents which IS derived
from one million of State bonds eight hundred ana
three thousand three hundred and seVenty-three
dollars and ninety three cents Of School Fund, nine
hundred and thirty-tWo thousand eight hundred
and seveuty-nine dollars and nineteen cents Of the
Surplus Revenue six hundred and sixty four thou.
sand four hundred and ninety our dollars OF Union
Bank Stock two hundred and thirty-tWo thousand
seven hundred dollars Of Planters Bank Stock, and
forty-f7e thousand six hundred and tWenty-one dol
lars and eighteen cents CT Common School Funds.
Whenever these resources are exhausted the note
holders indemnify is gOne for the Legislature sim
ply picked up capital from the aforesaid resouI-
ees and chartered it rs bank, and threw the pail
in motion under the control Of certain officers and
regulations and while it provides that the state OF
the State institutions shall receive the prohts,
the Legislature forgot to say that the state
| should be liable for its failures Hence the
| importauce to note-holders in saving aud guard
inc this institution with all its branches, from
such sacrifices and losses proposed by this bill
| The Senator from Cannon thinks that they desire
| this Bank at McMiunvlle not for the cake OF Dor
rowing bet for the purpose Of depostlng money IN
it. why, there is already one Of the best Banks
| in the State in MeMiuvile. Bucks Bank is there
AMI according to the late at Of this Legislature
the Union Bank is entitled TO the right TO establish
| Branch at McSlinnville, which we msy presume
she will do, if it is as importsnt commercial
| poiut es the Senator describes. Then does the
| Senator want still third Bank there and 70 leavt
Sparta without any bank! vii! 1t require thre
Ranks TO hold the deposits Of McMinnville!
anv depositor 10 gr0aning under the weight Of nj
surplus fnnds, / suppose that Bucks BANK VII
lake the load of his shoulders until ne can rest
And certainly when the Union Branch shall nav
beeu located there, It will also sympathZe free
with any depositor who may be Wearied or fatigue
with oyerloads cf specie Does the Senator desir
a greater number Of Banks at McMiDnVille tha
tWo9 Why the Senator from Cannon has bee
| voting against everything ia the shape Of Ban
ali this session aud he is dead out against Bank
t in auy shape He takes the position that they ar
: evils and plaques to the country Then an gu
! prissd that the Senstor is trying to infest b
constituency with those pestiferous institution
, ahich he thinks are monstrous evils. And as
he intended 10 inhiot upon his constituency som
Ihing similar to PharIOh's plaques, he IS trying
send three Of these curses as ne deems them, upC
D one county within his Senatorial District. Wou
= sunnose that from the manner in which the Senst
/ .l,rlf llna al
= institutions las they are by some calledl TO Il
: peeoue of his District, that if they were reliab
e informed that another Of these hideons m0nste
: was 10 be located in their midst al least one-ha
= of tht ID would sell their farms and prepare
- fee from the wrath to come"
h should be glad to do anything 10 advance the j
erests of Warren county without at the time lmpai
n ing the interests Of my own Senatyrsl Dinrict;
- am acquainted with Of the citizens OF Ware
"a and know them to be gentlemen and wLrm-heart
nt NEIL But the Interests Of my own District a.
n iustice 10 surrounding couuties, and the tr
. poli,v upon the Pari Of the State, forbid Il
N change and therefore oppose 1t with The belief th
M tits my imperative duty 10 do 50 deem II due
Al Sparta Bran, n to say that the report aud cacu
= ton exhibited By the Senator from Cannon Is inc
:, rect and does net do the branch justice, becal
- il does not embrace the Lotes and protested ii
= nor debts in q state Of collection, muc5 of VIII
: would lave come into lhe last dividend if it /
IL been promptly psid or successfully collected by
~ IS, of last January. an informed by the Pr,
~ dent of that branch that upon fair calculation
!. rrofl of the Sparta capital IS a fraction under
- ~ per ceptum instead Of aud fraction, as the S
T. stor tries TO show. Now, the Senatcr from c
he | non sad myself are left 10 conjecture sc TO Wh
it. Of the two reports correct, whether that Of
an, mother officers or that OF the President Of
m Sparta branch. Now, how can the SeuaiCr q
Ien Cannon establish the fact that the Sparta bra
nd has done less good than the other branches, n
his Of the branches loan at higher Per cent tha
an and none Of them ever have much surplus
hand gnlosned. Then, We presume, they have
,65s nau 'nel' 0aPi'e' Ouv ~ ~ - tbe =,
,g34 therefore, must maze some'nlns HeeL
. per cent of profit unless some have bad luck
-5sa way of losses And haven't | shown that
1899 S.,o LroDcb bos la lsss than ary OF