Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-03-21

vsars mo 70 Gov Harris, which was 81, lz3,Sl2,
Won win hsve So 636 OPS. making only small eit-
frarcs rsm the capital IS stated ia the astrepOr,
October. 1889 70 this General Assembly Here
tbsr vou see a loss Of nearly half q million, and
n Won viii examine the report critically, and Try it
bv the analysis made in ls47, you will becOnvinced
that the loss is nearer one million than half mil
lion.
The history Of State banking in Tennessee shows
eouclusigeY that it has always been impoliti5 for
the State to engage in banking at all. Not one Of
the experiments has succeeded and it has been the
opinion Of nearly every Governor whom we have
had since The present Bank was chartered that it
would not and could net answer the purposes for
which it was created. Almost oil the Presidents Of
the Bank have recommended the Legislature 70
wind iJ 10 The late President H0u G. Johnson)
has been decidedly of this opinion and only oppos
ed it in his report TO the Legislature Of 1851 &C
count of the then monetary crisis which existed in
tae country. His opinions, as | understand him, is
that The State should do all the banking for the
State or doaOne Aud as the present Legislature
has renewed tie charters Of the Union and Pan iers
Banks-ehartered new Bank in Memphis, one Ia
East Tennessee one at Clerksvlle, besides several
others Of minor importance, there certainly can bs
no necessity OF reuewing the charter Of the Bank
of Tennesseo-snd if it TO 20 out Of existence at
tie expiration OF It's charter, it Is time that Bill
was passed 20 put it into gradual liquIdstiou do
not propose now, nor will | 60 into an exami-
nation OF the manner il which JAe Bank has eeea
condusted by the different Boards Of cthcers which
have hal control Of its affairs 1t Is enough ior ne
10 know, AM TO announce TO the Senate and the
country that the Bank and It's management have been
bone of political contention almost ever since ita
organization. Il has been under the control from
/ time 10 time first Of the one political party anJ
then Of the other-not long az Tine under The
control Of either, and he party oul Of power inva-
/ rIably complaining al lis management, and eharg-
ing those power with using the funds Of the Banh
for eeetioneering purposes in order To perpstuatt
their own existence. Whether those charges have
had any foundation in truth, 1 know not IL !.
enough state them, and every Seestor will eudors'
! the truth o. the assertion.
No man Will for 8 moment contend that the Stat,
has made any money By banking l; will not b
contended by any one that the bauk has made more
than per cent on its capital, while many belevi
0he present Governor inoludel) that il has no
/ made 80 much.
am frank 70 confess thst I 10 not believe ta
! Bank has been either wisely probably con iuci
! ed nor Do believe It caa be While organized as 8
present. l DO not believe any set Of officers wout
us, the same precaution and care IN Tue manage
ment Of a Bank 10 which they have no pecuni ar.
interest as they would Of one IN which they had a
interest
It could scarcely be expected that they would
and When we see the policy Of the bank continual.
changing, according TO the Whims and notions o
the Legislature-making Laws for its government u
one session and changing them at anO l-c1ltin
the Branches loose from ali control Of tie psren
Bank, as fas as they possibly exchanging the OF
oers almos, at every session. or oftea as the on
psrty or the other may have the majority some
times selecting men for pOlcal purposes az officers
rather than from any other considerations, L a.
constrained to believe that the Bank is corrupin
rather than beneficial TO the people.
The capital Of the B snk of Tennessee, reporte
to The present General Assembly, consists OF