Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-01-21


uebt7, and as the same time exempt this particular
class Of m0uopoles from the same liability
It's true. under me pressure Of surrounding cir
curestaEces my friend from AIaury has certainly ia
Foiuled new, and ~ the same lime very novel
argument against individual liability as applicable
TO baoka ia speaking ca this subject, be gave IS
reason fer oppasiug this amendment, that sccuTi~
ty made The debt less safe aud illustrated the fzct
By showing fhat the currency in Illinois, where the
hanks were required 70 give security, Was not as
SQUAD as in some other STATES Were 20 such secu
riy was requirea; and tho only inlcraAce 4 eoald
make from tie arguniens was. that he regarded Sc
cnrity rs tending to impair the validity OF debt
This idea Is certainly original with lie gentleman
from Maury. and am willing thai he shall have
all the benefit arising therefrom.
But there has been another ebjeetiou urged
agaast lie adoption Of be principle enbodisd in
this amendment. The advocates Of banks sag lhat
capitalists win notaoeept charters FtL tais proyis
l ion. I woald ask, vnyg II the business sf bank
ing is profitable, Is al sdfait il IS and must from
i the very nature Of things &c. why viii not capita-
ISIS accept charters emsodsng his provision? Are
shey etSald o. the la5,lii5 Surrey not. Il they
Intend 10 do a legitimate lsliaess; and if they do
not 50 intend cefteinly tbs people should not trust
! them
There is NJ good reason Why well regulated
bank should fail aud no capitalizt sho desires to
invest his means bank stock could reasonably OBJ
Jqcl ID his amendment; aai believing it il right
ter any bank without this provision in its charter
knew that seme Of my friends think that my
emendml a. does not 80 far CROUCH, and sAat sleek
holders should be held liable general partners,
and without controvetting the business Of the posi-
tlons viii simply remark thai l have offered this
amendment as q compromise between two extremes.
I trust it will be adopted.
The gentleman from Haywood, (Slf. Lea ia his
speech this morning, called the attention Of the
House to iae tWensy-ainih section Of this bill, and
Ia.
say whether sanction his amendment or aos, as Il
Is 10 me rather ambiguous But if 1 understand
this section Il stands in the bill, il mems this,
that the Legislature nay have poSer to regulate
I but not % repeal. Il reads thus:
SEo. %. Be q further enacted, That bsnks and
the business Of taakiagin this State shall be sub
ect to such general Jaws regulating the samc as the
] Legislature may from time 10 time easet
Nov, want 70 ask Ia gentleman from Maury il
/ he understands from this twenty-uinta section
that the Legislature would have the power TO repeal
acts Of incorporation passed in conformity therelOl
4 Nj. CAN'T. Does tue gentlemen desire an
answer nov
Mr. BEATTY Yes sir
] Mr. CAN'T Mir. Speaker, DO understand that
bank charter could be repealed under the prosi-
sions Of this section. do not understand that it
/ was put in the bill ~ih view TO that But do
understand that this section gives the power 10 the
Legislature TO regulate the business Of banking as
the public good may require; and under that pro-
vision if any future Legislature thought the public
good required that no cote under $4,000 should
be issued thai could be done, if the publieeOOd
required, notes Of the denomination Of $500 could
be issuei almost any alteration thst has been
suggested By g .u.lsuca could be made if required.
That is as far as it goes. shall BE- perfectly
did
Mr.. BEATY Isimro the gentleman's osndor.
/ knew that would DO bis answer.
Now, this is the -only section in the bill giving to
T,as i-Ar4 ~ hr.n nd
gentlemen from injury admits ihat there is no pow
er reserved the Legislature BY this section 70 re-
peal bank charter. you'd further ask il this is
in conformity with the principles advocated BY the
geotleman from Maury during the last canvass? In
order TO determine this question, propose to read
the sixth resolution Of the Democratic platform.
Here It is;
Pssoiped. That ii is essential to the welflre Of
the STATE, that 10 sll charters ,of incorporation,
grated by the Legislature, that he poaer should
be reserved in all cases to change, modify abol
lish these private and privileged interpretations, as
the public good shall demand
Nov. if l am correctly informed, the author Cf
this bill endorsed the sixth resolution OF the plat
form in every particular aad egen wen. step fur
Their and advocated individual liability. would
now ask how the gentleman from Maury can recon
ellie his present views with the policy he advocated
before his constituents? coacede to him the right
70 change his opinions but II be has changed il is
but right no should let Us know is Ho Told TO-
dag there ware two wings to he Democratic p2rty,
one was the commercial wing, and tie other the
agricultural wing If am 20 mistaken, have
discovered two cher wings in this gislaiure, one
is the hard wing aud the other the soft. Nov
don't care if you All me IA hardest Of the hard,
but | do obi CT to being olassed among he softs.
tell gentlemen on this Jor that was eleced as
c Democrat. told my constituents that endorsed
every word syllable and letter in she Democratic
platform Of May last, aad upon those principles
was sent here, and let others do as they msy, iu
tend 10 slaud by them and defend them 70 the last
know not how it may eoBport With the views aud
feelings Of gentemea 10 advocate principles befors
the people and ignore then after they elected
office. I desire that every shall be left free to
shape his course, but for myself have only
remark net feel bound upon every principle Of
honor to REDEEM the pledges l male ny coastitu-
eajs 10 the letter.
In conformity to these views shall os compelled
10 vote against this BILL unless the power ID reserT
Cd to the Legislature TO alter or repeal ali charters
of Incorporation granted for tie purpose Of banking
This principle mas been adopted by half Of me
States CT this Uaion Ii has been canvasse1 before
the people Of Tennessee, aad they have endorsedt
l believe it to be absolutely necessary protect the
noie-holder, and 1 don't feel az liberty a5au-
don it
As have before stated, believe the bill under
consiierati9n TO be gros departure from the poll
ey advocated By the Democratic party, and if adop
ed By Democratic votes will tend materially di-
miDish the confidence of the people in the leader1
Of thst party.
hold it to be trle that political party is as
much bound to keep its pledges as an individual /
But told By the friends Of this bill that it is
the best we can do.
Why is 1.-THE best we car do? We have ma
jority, at least a nominal one, aud dictate our
own terms to the banks
And further hold it to be the imperative duty |
Of the Democrats in this Legislature to give to the
people sound and convertible currency, and tell
the Democrats here that the people will hold re-
sponsble if we fail to do H.
know these things are unpleasant to some of my /
political friends But can't help it. It is not M
fault, an sometimes told that am too rigid that
Fe must compromise. In answer l hsve only to !
say that 1 am perfectly wiling 10 compTomise in /
matters Of expeliency But cannot compromise |
principles. Il Is necessary that we have distinct
understanding among ourselves, add in order TO /
test the sense of this House and particularly Of my
own party, offer the following amendment, in lieu
of the twenty-ninth section Of the bin under con-
sideralion.
Be Il further enacted, That in all charters Of in
corporation hereafter grauttd the Legislature shall
reserve 10 Itself the right to alter modify Tepssl
the same whenever it may be deemed sxpediens for /
tho public good
This amendment goes no farther Than wo all con
teuded for during the oanvass, and desire TO see it
engrafted upon every bank hereafter chartered in
To Sta;e !.
have been frequently told that this vas no bank
charter, anG consequently, that We might vote for
this bill without oVmmitsing ourselves to vots for
bank charter With the sane If So it Is as
my friend from Haywood Mr.. Leaf very properly
remarked, blank sign board hanging out at the |
cross roads without givingths traveller any aOrma-
ton as to tae ROAD be should lake, now appeal to
every gentleman upon this hoor, AID ask if in vo
ting for this ELL we would not De morally bound 10
vote fer bank charters contaiuing the same pros
Wis ons.
Several voices, oertainly, certainly.
l think So aud il It is not the special aud only
purpose Of The bill 10 commit the Legislature 20 the
enactment OF bunk ohar.ers upon its express pro
visions, what can be its purpose, and Whero the ne
cessty of consuming the important tine Of the
house in its discussion. What is The Of passing
q general banking law, if we do not intend to be
governed BY it in granting charters fer one can
q stutiiy myself ia any such manner; aud in con-
cluson. permit me to say, that ! have offered these
suggestions more With the view Of defining my own
position this vezel question than in expectation
Of influencing others.
This much Mr.. Speaker, deem doe to my con.
stitueBts, well as myself
TENNESSEE LEGISLATURES.