Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-01-10

ihnfsd az next preee ting tho 25th Of December Of
the same year
The resolution lies ever undsr The Taie
HE-cHaRrsn on THE UNION Asr PLANTERS BANKS.
1lr THOMPSON offered the following rosolu-
items.
NHEnEas, The Directors Of tbe Union and Pisns-
ers' BAnks Of Tsnnesses ve p,dtiope thi- Geaer-
a. Assemhly, 20 extend or reaeW The charters Of
thace ilsfi u-i0ns. aHu 10 order that may have
eli ihs mfsmuIoa IA regarl 10 said hauEs. Al
bel viag that the Directors will most eillingly ani
ohaeriuuy give as such infJl nation may o. Of
Iuolic interest," and TIA they desire the representa-
tvsto the people 10 gfaniiag tae privileges they
ask should be possession Of every fact 4ecled
with said banks therefore
Rssoirsi By tn Ssusfe that the Directors Of
said banks be, aad they hereby respected TO
furnish he Senate Esh ihe following information
Let. Whv Jill ths D,reo ors refa.e /, accept the
progisi rs Of aci Of The Legislature Of Tcnues-
see, pa SCI Janu ~ % D., 1853
2ld DID the "a t.ri siosshol ier5 give hem d.
reetiens IL rsgird 40 susa &C ! L 50, VIA we're
those direc ions
Bird. How much stock is owas1 b. sand banks BY
eastern Stockholders, apdhos much by Tsonesse ans
and whether tse eastern oeshoders eintr0litd The
nc len If the Dfse ors 10 regard lbe referred
%, by insracsi nls resJlu loo otherRise
IA Tue smauat Of circulation OF SAID bsDks on
tue Isl day Of Jsuuary IN each year, fr.m January
is $50 10 January lst 1860
/ -
Seaase, all The instruct ln- they have received from
eastern stockholders IN rssaed ID the eur aimen Of
hei circulation flr ihs last three years aad up %
this da'e
6ta Why is it that said banks hare refused u
dscouu. bills wsll endorsed for persons en-
gag 4 ia slave trading in TenLessee aud whether
10 81 refusing they not asti9g uader the drec-
iion aud Iusrnc ions Of their sss ern stockholders
ResOt0sd. That tAe Speaker Of the S mate furnish
copy OF these resolutions 70 the President of taOse
banks
Ga motion Of NJ. THOMPSON, ihe rule was
suspended and tae resOiu ious were taken NJ.
Nc PETERS said:
Mr.. SpetEer, these resolutions are gsrmaia t.
the several Back Bills before the nate aud I
take this opportunity t. eutsr my protest ag l,nst
the ohlreriog Of any huge monopoly.
d. not iutenj q fsvor nOe assist ia The etteups
70 cree enc OF twi large banks vita branches
! throughout The Stts. ANY at empt 70 make the
no'e= Of larger banks payable aioae at Nashville
aud 10 gise the entire circulation renders it
uecessGry fsr every t. come TO Nashville 10 get
/ specie exchange. TIE noies sWill be saAVsd
aud It will be necessary TO have sst sbliskel bro
kers' Office 10 send sheir paper acme and get eE-
| chgpgs " Id Tor tie people he Waole mJnryed
eooe,ras OIL ths Sate you'd be 10 t1e hands OF
| sums few S1srds Of dreo'ors aud they W0u have
| he pJRer 10 rendsr other sections Of the Stale
| tributary % them II 10 far better to have i've
banks Of sou, 900 CAPT al eaca tlGu Que huge es-
!
li5n tbk becomes I nnlelg d0minsery1y mo 20 y
| oily, ah1 directors m5ney bsrons. Thcy can 1T
| any ume destroy multitude Of mers4ulils houses
th4t are InIcr dependant IN bank soc nmOadt,Uns.
Their unseen veugeunce fats heavily on the trader
but whic1 destroys him sad lies his lands
| cannot be seea. they can At any tme fill the
streets OF the larger towns where paper cireu-
lates with excessive u4ury. They VIII d. busieess
| largely bank credit become me siay.s Of bank
direotJIs aud tremble their frJwu Tneg can
oftrn lines raise dimlnlsa III prize Of pro p,rty.
they sJmeumes produce speculation or put
down nearly all trade rnese ars son, VI INC
frightful powers Of mJno yyy Of N JLty, the maiu-
spIIng Of Irade.
Ii tae Prendeats aud Cashiers Of lhese large
banks in Nashville shCui1 chooss FOR any parpose
to clGtriVe aud CO operate together 10 pr0dUss
pressure, they d. IL Ia Jnth 80. aud free
Iut0 suspension nearly all the trades who are de
pendeDt largely bank aocJmm Iiaii1ns. They
can ind many excuses for their conduct and eve1
effect a heroic lad On ltton - such an ImDut1tion
AS dad the directors VI the old lifted States Bauk
Tney can say tat they won't loaa On accOnnO1A-
ton paper, bat only bills; that i. ID impOssibl,
for hem to make money p!euty when there IS potl-
ing in the oJuntry 10 answer tor their no es issued
that banks cane create capital; tast they c1rnvI
relieve She country, il ;aere be produce 70 NOV,
by bills This is valid excuse when il is true, bu
the trouble Is nobody but th0se benin the
ever is able arrive at ths truta. 1t may
b 50 or it may no: be 80 TO the exteHI s.leged
Tee fact is, they have the power By continuation Il
enbarrass aud destroy tne credit a4d private Tor
tunes of many persons, WITHOUT The probability Of
beiug brOugh! to justice. the fluids OF the oang
are private property, AMI in making sudlea cen
fractions Of their circuiatiJn they 4thUut IL.
power Of their charters The Union Bank ngs a
capiJalstock Of 50O OOO d0ias Rith right 70 IS
sue 60O QUO dollars Of n.tes, and has circu Anon
of only about 59G 0O0 dollars. GolJ ami silver AS
76I dollars (see repOr. II tho PsssiI ~ rhe
Planters Bank has cG,isIl VI 80 0O0 dollars
With right 10 issue no OOO dollars with circu-
l4ton OF 565, 0J0 dollars Gold sad silver 425, 0OU
dollars l. vii be perceived taat there is a very
wide raoge for expansion AMI con rIeiiod all SUN
cis2t enable taemif they choose IL so to 0 =
press the commuuity u Jst grevousy. l maze these
| slageuents 10 shOE ike poser II N lnopo'y anI
not t. IN Ike imp ali ns ains bank OH ;sr. SLch
wish expressly disclzin. TIe5s are The re 4sUus
( Why tle trainers Of he constitution cleared that
there should be monopolies, and Why Cecil
Jack opp lsed AID put dOTI tie gr,a cst m0u0p-
oily tha- has EXISTED IA tie Uai.ed Aies Tuat
bank dceR $500 900 IL specie II, IN Ohio ia snort
tiue suI placed az Jihcr poIn : +; aay Que c ~
eIsIiy tel! ahIt fe;t lat mJvemsu: LaI Ia OaIJ.
! IL here were d7e mss O, 200 wv dollars each a
combination JuIl b. IA hs nature Uf thiugs dith-
cui. and Ide=d impossible if lne Jaw alIUEed the
free aimiss,on ci capital ghea 1t IVES needed
] These banks would Dc competitors for the best
! business aud tley wou extend mJre difu.ed fae-
liues to tue cOmmun ties, aud fsF men W1uld not
/ be likely nave large accJmn0dA'Ious aud tae
! others TueJ s0uid rare y, If ever have sry
| N JtiVe TO JmoIHatlon. T1ry would we no nte1
fsr great eonts. 10 snYul5e the country aoout u
charter as CAPT al WOIlI be free eater ILIo e.m-
petition. Thts monopoly Is greater, because the
legislature has chosen prohibit that when is free
Ia every othsr ale, I0elieTelhe establishments Of
/ d-p)sIs and dscOuu.. They have mJIOpJly OF Ihc
= lmina dsposit'.
But it is said that few arg, m9a5polies are
] safer IN III SIN all INKS rais Is a mistaks The
81 ETY. Of TIE pubic depead, nO.e th= securit Z,
furnished against frauds, by tn jail a-d peui-
tentisrY sa1 GU property pledged tam N the Sc
Of the bank. Large 0anks furnish greater securi-
" against small frauds, bu' not against wholes.s
frauds They may MT CONS 50 eilea. but wh n
they d. fail sclief results.
Tue frauds prac.iced ~ the Une S.a:es Bank
in 1918 we're unsurpassed ~ institutions
in the country and tIe Conduct ia the same ia
1897 AZ Al AMI s aie instJGt,jn n4s 40 par
eIleI il rhe hjitgry OF bsuk, Il her ia regud t,
fraudulent VIOLATIONS VI it's charter, iosses t. tie
stockl Ter. o. The commaaiy. Lsrge Safe suks
have been cV, rywhere he fret t. suspend aud tue
last 10 resume, and have generally, u.Ldiog "a
exaibued q beggarly account OF TN ~ bsIes.
And 50 much have large STOCK bsnks been ca u
by Irresponsible Dir,o,urs, that II several VI the
Sta es they have solar,d that The dIrtc.O:s sbgIi
b. individually responsible for The Whole OF TIE
de9ts OF tle bang. Egsrywhers banks are mat
age with most safety 10 t1e plbc aud eco.0my
ant pr fit u the 0wHcr, Waere The OFners are re-
sponsibs 10 the public for ala ITS eug & IN aad
contracts A large bank thzt makes ~ is ekac-
lions cu The reopls 10 or Is per CEN ai declare
dividend uf FIVE or six per cent; the balance l.
consumed by the l1s,es arising r)m tue frauds
ucgects mistakes and saut Of Iaere,t iathe direc-
tory, ! an oredibly informed tnal the UuiO. h NIX
a. nns Of It's brsnches has /, ely list 4b $500
900 on tW firms 20 Waym thej hal AIVaLc.1 2JGeJ.
Now the capital Of the pasJn L SAX IS so ,uL 81,
IT'S 600 sircu alion about Sl0U,OQQ j. this / s.
has occurred, they have lost about iEe pr6!s of
capital for TAO yelrs az six per cent. R4o.mJu5 /
pr5dls come ,u. Of tue people chiefly dealing in |
exchange ahere the grOssest usury Is prtclo;d, /
but The stockholder never gees it. Tbs div:deLds |
declared by 4 directory Uf large bank Is test |
Cf the exao ioas on tle people. believe the people |
pay 10 toe banks ca tao wnole ABOUT What taey ~ /
/ ne Il, ,uey leaIers tbs streets
SIR. rio AiPSOS said ne stsnUd 10 learn ShO aie /
the stockaoldef in The U-ioa and 2 an .er's b .uk
aYd hat enoIut OF Ock IS owned WIbIu IL S.ste,
aaI Whtt amount in the eastern causs.
A resolution had cfe. el sstnctiue sin5e
inakinz these Inquiries, bu- 10 yes, had yet