Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-03-25
REMARKS OF
S. s. STANTON.
On the Bill 70 Remove tho sparta Branch
of the Bank of Tennessee TO
McHIiunville.

S. S. STANTON.
On the Bill 10 Remove tho sparta Branch
of the Bank of Tennessee TO
McHIiunviIle.
DELIVERED IN TIE SENATE OF TENNESSEE.
MIR. SPEAKER: The Senator from Cannon (Mr.
Wood) takes this Senate by surprise by the intro
duction Of a fresh report from the Mother Bank,
showing that the profits Of tie Sparta Branch for
the last six months amoHnt only 10 about AZ cents
TO the dollar on the capital stock. rhs report thus
introduced by the Senator know nothing about
not having time TO have examined IT, from the fact
that it has never been shown to me until this mo-
ment see that it is scarcely dry, and only signed
.Iy the Deputy Clerk Of the Bank, and not by the
President Cashier or other officers Of the instilu-
ton; l am not prepared, therefore, to lake issue
upon that repcrt-but will show that it is quite in
consistent with the general reports Of the Mother
Branch, as well as with the argument which the
Senator bases upon it. II the report be true. it
only goes ID shoR that the Sparta Branch has not
mA e such pr1fts during the last six months o. she
had done generally Prlor to that time. Now, slr,
il the last Board have mismanaged the interests
Of the branch for the last six months is that good
reasor for the removal Of the Bank? Is the fault
in the location Of the Bank Or is it in the
Board? And is i: not easier 20 remove the Board
thar 10 remove the Bank? If, as the Senator from
Cannou charges. the Sparta Branch has been i'm
providently and inefhciently conducted, why did
tho Mother Branch re-Rppoint the same dlrecto-
ry? For l understand thst a majority Of the old
Hoard have been re-appointed. Then we find the
Senator from Cannon bringing up q report, or, in
other words, the Mother Branch sending up q
reoort or statement at the special instance las
nrssume1 of the Senator from Cannon in order to
convict The very officers whom they have reap
POINTED SC recently Of inet1ciency. Why dld lot
the Mother Branch lake the responsibility upon
-, I'd and q
new one, il they are so incapable as is intimsied
Has the Mother Branch shrank from the RESPONSE
bitv and left il for her friends in the Legislature
10 virtually remove the Sparta officers, by taking
the Bank from their county Are there net other
good men in White county who have heretofore
made a good and successful Boardf And could
not the Mother Branch discharge her duty with less
,rouble aud less expense than to remove the
Branch entirely from the county l an prepared
to show that generally the Sparta Branch has
been as safely conducted rs any branch IN the
State and that if she has lost any material
amount under the late administrations, the
conduct of former Boards must not be impeaehed,
and a general unfavOrabe reflection east upon the
capaeiIy intelligence aud honesty, Of the entire
people Of White county, by taxing from their midst
the Branch upon the ground Of lne1cleney OF the
Bsard and as though there we're no persons IN lhe
cogntv Of White capable OF hlling the oinceS, Trans
locate the entire institution IN anolher county
he
his own party has appointed, and calls en- me 70
inin him in his abuse against them. He asks me II
! | did not in my canvass mske serious charge'
| AGAINST them; and then he reads certain answers
which the Board have made TO certain inerogat2rIes
propounded BY this Legislature, and he says lha'
those answers convict them Of tOGl play anu mis-
! oouduct He intimates some pretty hard thing;
! aroinst them. Now, I demur TO al that, as not
| worthy Of an issue in this proposition, from tht
i reasons lust mentioned. For, as l said, II they
are guilty Of corruptious, as he seems to intimate
! that is no reason why the Branch should De femo'
| ed hut only reason for removal OF that PaIHcu
| lar Board, and the appointment oil ano'her' vii
say in answer to the question he puts 70 me- ina
he misunderstands the nature CT the attack "hIcl
I made on the Bank of Tennessee in my canyass
! CHARGE hat during those hard times OF banl
| eonlrsctions the mother Branch was granung loers
accommodations to some portions Oh the ne 0sH'e 6 {
while At the same time she had from Sl1I,VOO W .
$4,000 90 within the Vaults oi the mother DranSi
that legilimately belonged at that time TO In
Branch At Sparta; and that property was being sac
i6cad under the hammer of the officer In my dlstrlc
for The want of the very funds which were then re
tanned bv the mother Branch and, that, instead o
reperishing the vaults ofthe Branches ana sIreng'h
ming them for the necessities OF the people, IN
motber Branch was then fsvoring the PROJECT Q
taking the funds Of the Bank to pay on the maj
contracts of sn improvdent federal Administration
ard thereby shield the responsible party from IN
goadiBg tortures of indignation likely TO De nesPe
upon them by an impatient and outraged multituo
of mail contractors in this State This isthe eharg
which made and l sustain 1t; and dld say oc
casionally, that the Sparta Board were nlame@ol
for not insisting strenuously for every dollar this
| belonged to that Branch, and think so vet; for
have nothing to retract that l have ever said o
that subject Bot are the people of White OVertoI
Jackson, ard other counties 10 blame for the Da
. polioy of the mother Branch Or, are they eve
/ 70 be blamed for the timidity and neglect OF Il
Bosrd at Sparta in failing TO demand their rights
e ,bo ,notbar Branohf And are such radical stel
+ sc this to be taken to DO that which mig
! he done bv proper course upon the part OF u
mother branch Their term will expire after
while. and another Board can be substituted
to the answer Of the Sparta Board or the ofneer
that hank TO the interrogatories prop0undsl
them by this Legislature, | have not read thel
20 and therefore not prepared to say whether
convicts them Of anything wrong or not. The Sc
ator from Cannon thinks that 1t does place them
an awkward position. But / still insist on my
murrer to that allegation, for 1t is OF no lmportan
TO the proposition under confederation for anoth
Board could be appointed II the present one Is !
doing its duty Now | propose TO show that |
Sparta Branch has lost less than any other Bran
in the State from the time they were all set IN n
tor By reference to the report Of the PRESIDE
and Directors Of the Bank Of Tennessee, Of Octot
lst. 1859, we find the loss and debts Of each bran
deducted from the capital thereof as follows
Shelhyyille Branch with i capital Of S24O,
sbovs a loss as aforesaid Of Sl4 55363. Som
Vile Branch, with capital of S25O,OOO, loses -
757 "a Trenton Branch, with capital OF SZ4
900. loses S3I, ,l32.4l Rogersvillo Branch, Wit
osoital of $3.50, ,OOO has lost $45 1882. Clar
ap willie Branch, with capital Of Sl95 600, lost 80
oe3 lG Columbia Branch, with a capital of SIS
600, lost S6S, ,257 49, Athens Branch, with ca
tai Of Sl6O, ,OOO lost STA, 952.S9. Nashville or
. Mother Branch, with capital Of 81, ,494, ,O68.
lost 1924 55l 9O while Sparta Branch, With c.
ING ital of 5000 OOO only lost Sl3, 174lO-a much
amount than any other Branch IN the State
now. sir if under the oounter-note system WI
has lately been established, the profits Of the 81
IA Branch have been cut down, are you goinl
n7ve it on that account? Don't you know that
Ky oounter-note law, requiring the Sparta Branca
veil rs other Branches, to redeem their issues
their own counters, necessarily caused this BRA
to contract its circulation 50 as to be always
nared 10 redeem its notes at any time? And v
1ou coriract the circulation Of a bank, dau't
know you contract or lessen its profits! But y
advaniage is to be derived from q removal to
SJipnyilief Is it because you think that you
= cot hotter or more competent officers in Warren
y IN Wbite9 Are the people of Warren any more
NOR telligent or capable than those Of Whits3
nose that they are aiI equally intelligent, ecu
honest and capable. But the Senator from Car
;nsists that the bra ch would be thrown nearer
re, ,gcaltb and trading facilities if at McMiunV
Let's examine that for moment. Now, the
tor will not conterd that that the removal to
II. Miuuville would bring it any nearer any OF
- counties now in the nix district, except Ware
. self and Marion, while it does move il farther
bsstt Overton, Fentreas, Cumberland, Jackson, Put
lIIng DeKalb, B,edsce. Morgan, Sect aud White
;ivate l ,,ora thu wealth cf the counties left be
o,. with these approached by the removal Ct
ed to. branch BY refereuoe'to The report Of the Y
II. | trOler We see that
HE Warren county has, OF taxable property
Marion has,. .-''''''-'''-' IL
lpete ,,.,,.-t..,, ...... 4.
while oysr.oB has ..-...... 4