Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-01-21
80 ANp RANnING.
nEdAREs or
Il On. j. j. BEATTY,

ar. BEATTY said-Ar Speaker, desire 20 oher
several amendments the bill lnder consideration,
uiih ;he view Of uerccting Is il such manner, as 70
enable me consistently With my views q public
policy 90 giYeit ny support cannot vote ior me
bill ia % present shapa because il is net ia acoord-
ance with these sound principles chat 7 conceive
should ever govern he system Of banks and bank
4 ing ia ihis country. Differing as I Do With mary
oil nay political friendg, regard 20 the questions
involved ia this measure, ana while freely eoncede
20 ihem the right to shink and act for taemaelses
I I must be permitted 10 claim for myself ne came
privilege 1t is apparent to The nest superficial OBJ
server that there IS and that there has been, Tor
naav years "a sirrepressible conflict" going on in
the Safe Of Tennessee 10 is not q Seward ire
pFessbe conflict between free labor aud slave labor,
buta conflict between banks and moaeyed moaopolies
On the and The productive labor Of the coun-
try On the other the former employ ing every possible
means to obtain undue advantages over The latter,
and II is hardly necessary 70 say they have been
I nBfEornlv euecezsfuL Thus, through the instru-
mentality Of partial and pernioi5Hs legislation cor
( poraions AMI monopoles have become omnipoteut,
and while Others manifest great anxiety as 10 what
the Legislature is going TO VITA ihe banks confess
feel more soleitnde as to Whas the banks intend
doing vita the Legislature. 10 looking over The
history Of political parties find thar the subject
Of banks has figured conspicuously 10 the anuss Of
party warfare 10 this State and especially SO dur
ing the last canvass for Governor and the Safe Le-
iarly known as the Opposition patty in Tennessee,
advocated Tie policy OF granting charters Of inoor-
poraton for tanks Feserying bat little power in the
! Legislature 10 control them. While on the other
! hand many prominent men Of the Democratic party
/ doubted the propriety Of granting such exclusive
I privileges under any circumstance and all agreed
that if granted there should be reserved 20 the Lee
gislature the right 70 supervise and control them.
Our candidates for Governor and The State Lsgis-
I lature proclaimed the doctrine all over the State
thst It was indspensably necessary for the public
goos that ia granting bank charters hereafter, in
all cases the Legislature should reserve the right TO
modify or repeal sush charters whenever d was
deemed necessary for the pubic Weliare; tais and
other restrictions upon charters Of Incorporation
! we're clearly aud unequiv0eauy laid down in the
plaffofm adopted BY he Democratic State Conven-
lion Of March LAST upon this platform Of principles
1 We elected Governor BY m1i9rity Of 5000 woes,
and nominal majority 10 beth branches Of cur
State Legislature.
The question now is, what prevents US from car
ryiug cut those prinsiples which adpooa ed dur
/ Ing the canvass? l take il for granted that every
member Of this house elected as Democrat stands
committed to the policy laid down IN our platform,
for presume no man viii claim to belong 10 poll
tieal party unless he is willing eud5rse ihe fan
dament a. principles Of that party; aud il so, why
/ not let the people ana banks know what they have
TO depend en- and relieve their anxiety and suspense
.at once?
But, Mr. Speaker. without wishing u prejgdes
I ly man, I can't divest my mind Of he suspicion
at least, that some Of Us are in the condition VI 8
distinguished gentleman 10 the ether end of isis
capitol elected to his present position as Demo-
orst, bat wha so5n after his cleo ion avow ed pab
licly that during tle CANVASS he was sometimes az
q loss 10 knoW whether he was on the platform or
of Of t. But / presume be would have bat 10 lie
difficulty IN determining now whether be would
abide By it aud carry cut the principles there
clearly laid down on not I believe there has been
no charge brought against him for attempting to
carry them our IS far as [ am advised on the sub
ject But this is a, matter Of lasts, and while
disclaim any intention or wish TO dictste 10 others,
l desire to define my oW1 position, and that is,
that win not accept a nomination for othse at the
hands Of any political party unless / can endorse
The Fundamental priuoiples Of the party; aud when
1 accept nomiaalioa uncer these circumstances,
AID am elested, 1 deem il incumbent on me SC
carry out the principles Of the party - Tie extent
Of my ability. This is the position take, leaving
every other man free to to think and act for him
self
1 now propose TO examine some Of tae provisions
Of the bill under consideration, and think il will
be clear 10 any unparalleled miud that in many
particulars It is not 0ny defective, bu. 10 otaes
there is gross departure from The principles
which we advocated IS Democrats during the late
canvass; conseq uently cannot support the measure
as IL now stands. am sure if l could 1 would do
SO with the greatest pleasure for there is nc gen
tlemau for whom / entertain a higher regard than
the author Of the bill Mr.. Gauttl L know that
it has cost him great deal q labor AID anxious
thought and gladly would grant il my support if
could; but obedience 10 the principles l advocated
before I came here imperatigely f5rbids it.
The Democratic party, if / an not IA stalker,
started out upon the distinct proposition that they
would restrict znd reform the business OF banking
in this slate Il has been admitted this discus
sion by tie friends of tie bill that very heavy
-. 81 49, Il. .-eTn
nessee, owing 20 the imperfect system Of banking
10 which they hare been exposed; AID sir, the hon
est industrious lab1Fing classes are those upen
whom these losses have chiefly fallen. ] stand
here as representing The laboring classes, eudeaY
cring faithfully aud houestyt) discharge my ah BE
duty toward them, knowing full well tn It he mon
eyed monopoiists Wiiltake care Of themselves.
There was one peculiarly about he arguments
of the gentleman from Maury, whica arrested my
attention; an his 1ourishes, al his logic, aud oil
his eloquerce was expended in showing the good
features Of hi. bill but he entirely neglected to say
anything about those features which ne must have
known we're Objectionable 81 least, 10 many Of hls
own political party Dut ! suppose he thought it
unnecessary 10 do SO, inasmoch as others would
probably attend to this for him still be did not ex
hlbit the ordinary tactics Of experienced gene
raj by making the greatest display at The points
where he vas most vulnerable.
will now turn 70 section 9th Of this bill audread
sections
SEo G. Bet further enacted, That no baak in this
State shall permit its issues exceed the proportion
Of wofor o8e Of its specie funds consisting OF coin,
notes of specie paying banks, ana sight exchange
Nor shall any bank issue two for one OF specie
fduds If the same exceed the amount Of actually
paid capital stock. Zach aud every bank shall own
aud have in its vaults for the protection Of the
noteholder an amcuut Of coin equal t. one fouth
of its entire circulation, aud shall own, and keep
hand an amount Of specie funds equal 10 onc-
third Of its entire liabilities And in the event gny
Bank shall permit its coin, OF coin aud specie unds
to fail low the proportions aforesaid for the space
Of forty days together, then al discounts by SAID
banks shall cease unJl said proportions are restored
And if any bank shall suffer its colt, coin and
specie funds to ruu below said proportions, ever
seventy-fge days in all, IN any enc year. sc.
But what are the penalties proposed In case
bank for forty or for seveutydve days SHALL fsilt
keep q sufficient amount Of coin or specie funds in
It's vaults 10 protect the nOieh0lder from lossg For
the first forty days the penalty Is that AZ dte5unts
shall cease, but for extension Of limo to seventy
FIVE days ever two months, The bill provides as fol-
flows at shall be the dutyof the Supervisor forth
With 10 oause pr0cee 5ings 70 be insu uted IN the
Chancery Court Of The district where such b4nk is
loca ed, in tee name Of the Supervisor, against
such bank TO have its subjected 10 The pay
ment Of It's. dsb,s, AMI IFS charter declared ioI-
feitedH
NOW, Sir permit ine 70 say lua5 mvutu ANt "aaA
any longer lease Of my natural life than he tine
that could be obtained under this bill for winding
up a bank that has violated the provisions Of lis
charter sud forfeited the confidence Ct the note
holder II / had q suit 10 the C4ancery Court, /
would not ask to live longer than during the pea
deucy Of such suit, and the gentleman from Maury
should be my attorney. The penalties are not SAT
icicuty strong; they do not promise prompt re-
dress Of grievances. When give t. banks exelu-
sive privileges thereby enabling them to profit at
the expense Of The honest labor Of The poor man,
shall at least require prompt redress for an iutrac
ton Of their contract Therefore, l propose the
following amendment TO this section Of the bill,
to-Wit: Strike GU; all after The word forthFith,
aud insert
"To notify the Governor, who she'll declare said
bank charter forfeited and appoint receiver, who
shall take charge Of the assets Of the bank and ap
ply them to the payment Of its debts, undcr The
provisions Of his act said receiver giving bond and
sufficient security for the faithful discharge Of his
duty, he being allowed reasonable compensation 4
for bis services 10 be paid out Of he assets Of said
bank"
This is tie remedy I propose, but shall not object
to any proposition that is more summary snd ezpe
djuous 10 its operation When We give 10 The YEA tay
capitalist The advantage Of doubling the profits