Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-04-04

II. y. WOOD
ON the Sin 10 Remove tho sparta BrancI
Of the Bank of Tennessee TO
HICWflaugflIe.
OF CANNON COUNTY


DELIVERED ~ TIE sEEATE OF TENNESSEE
BI.. srEAkEE: The removal of the Sparta Bank
was not q question In my canvass last summer but
it is evident from the numerous petitions received
here, from the counties Of White, DeKalb, Warren,
Coffee, Grundy and Van Buren,, that a large and re-
spectacle number Of my constituents, well as
portion of the constituents of the Senator from
jackson, (AIr Stanton) desire its removal to Nc
Minnvile, and it is my duty to make effort to
have the prayer of the petitioners granted There
fore have introduced the bill under consideration
The opinion has been entertained for some time,
upon the part Of others well as myself, that the
Sparta Bank has not been making large profits as
some Of the other branches but since the question of
its removal has been presented to our consideration.
have examined the subject, and am now fully sat
isfied that it should be removed to & CONNER
cial point or wound up. And Mr.. Speaker will
give you briefly the facts and figures which have
brought me to such a conclusion and they are the
only arguments necessary to present to reasonable
minds to induce them to act upon any proposition.
Beautiful imagery and graceful defamation NAV
captivate the imagination, but they never convince
the judgement There is as much difference be-
tween the high sounding phrases and Oratcrical
hourishes of the Senator from Jackson and facts
and figures as there Is between the beautifully tin
ted colors Of autumna sunset, and the strongly
marked and striking objects, which stand out in
bold relief upon the face Of nature-the one pleases
the eye and eXcites the imagination for moment
and then disappears forever while the other i'm
presses the mind and never fades from the memory.
And now sir, for the facts and figures upon which
rey-facts and figures that cannot be controversial
or miscOnstrUed, and which the Senator from Jack
son will not attempt to cOntrOvert though he may
try to dodge them.
By reference to the report Of the joint select
committee appointed to examine and report to the
last legislature, the condition Of the Bank OF Tenn
essee YOU can ascertain what per cent has been
made by the Bank of Tennessee and each Of her
branches for the last ten years
From a careful examination Of that report and
others made since by the Bank find that the Sparta
branch has failed to make as much as the mother
Bank and other branches, by a large amount The
mother Bank and branches have made upon av-
craze from LIST of January 1850 to LIST Of January
1860 90 per cent. upon their capital stock, while
the Sparta branch has made but ] for the same
time. The difference between 81 per cent. upon
$500 600 the amount Of the capital of the Sparta
branch and q per cent is a considerable item to
tax payers who have to make up the deficit
Nine and half per cent upon 100000 amounts
/ to $4,000 Fer annum, and q to $4,000. Subtract
/ 900 from $4,000 and you have $4,000 as
/ remainder. Thus you see that the Sparta brancl
has failed for the last ten years. to make as much
/ as the mother bank and Oth3r branches, by $4,000
! per annum, which is loss to the State of $40 600
for that time Then, suppose, (Which is very rea-
sOnable sCpposidOn) that the Sparta branch has
failed to make as much for the other ten years OF
her existence and you hayeSS0,000. to which add the
Sl3.774IO charged off her books as hOpelessly lost
and you have S93774lO which the State has lost by
! locating a branch at Sparta; and which would
! have been saved by locating it at more CONNER
cal point or by distributing the capital among the
other branches. And, besides this actual loss she
has bills and notes in suit to the amount Of S64,
! 064l0, a large amount of which, no doubt, will
finally be lost.
And from the last report made to the mother
bank by the different branches, statement OF
which / hold in my hand, you can see that the
Sparta branch has made less upon her capital than
any other branch and from that statement 1 find
the profits Of the following branches from LIST July
1859, to LIST Jan, 1860, to have been:
Shelbyville, Capital Stock S24O,OOO) IO,SOOOO
| which is per cent per annum
GAINESVILLE, Capital Stock Sl9j 00) S6l39 which
| Is the rise Of 10 per cent.
Somerville, Capital Stock S25O,OOO) SIO.55L9J
which is about per cent.
Sparta, Capital Stock S200,OOO,) S4,62SOO which
is not 4 per cent
cent, GAINESVILLE TO- and SomervIlle 9, Sparta only
makes about 4 5-S. That is a capital business fol
| a bank, j-S per cent And any branch of the
State Bank which makes no more than that for any
/ period of its existence, should be removed OF
! wound up. The Sparta branch Is making less, as
| will be seen from tins statement, than any other
! branch, and not half much as those above nam
! ed. But the Senator from Jackson endeavors to
avoid the force of this statement. by telling YOU
| that il is lust fresh from the bank and which he
l.
know the statement to be correct, as [ have exam
ined the books of the bank myself. and the report
from the President and Directors of the Sparta
/ branch to the mother bank, is as found in this
statement and neither the Senator from jackson or
any one else can avoid Its force But the Senator
! says that the reason why the Sparta branch has
not made per cent upon the capital for the last six
months is that the interest which has accumulated
/ upon the suspended debt has not been collected or
counted Well that is very likely and that is not all
ohaI 10
principal will ever be collected 1t is well known
| to persons familiar with commercial business that
/ good and solvent men seldom suffer themselves
protested, much less suits to be brought against
! them for notes due to bank. Such a course
would Immediately destroy their standing and
credit with all banks. And, more than that when
ever any bank-with small a capital. has notes
and bills in suit to the amount OF S64064 10. there
must of necessity be large amount that cannever
be collected. Even il they al good, the ex-
cuse of the Senator from Jackson Is not valid, as
the amount of interest rarely ever pays the cost
and commissions for prosecuting and collecting
such debts.
And the reference of the Senator to the report of
the President of the mother bank, 70 this General
Assembly TO prove that the Sparta branch had lost
less than any other branch does not amount to any
thing its favor, when properly understood. For we
lind IN that report he correctly states that the
branch at Athens, with a capital Of 100000. has
lost or charged off her books. SIIIg52 50. while
I
charged of or lost only Sl3I7I TO- The difference
Is only tins while the Athens branch has charged
off all Of her bad debts, and has no bad debts
nOtes and bills in suit the Sparta branch has for
some or other charged OFF only part of her
bad debt, and retains the remainder under the head
of notes and bills in suit But do not find fault
with the Senator from jackson for trying TO avoid
the force Of these statements, which he does not
neither can he COntrOvert, for they bring to light
facts which cause the people to think Of the impO-
! 0Nv md of at ut
such cost to the entire people of the State. and
they Will hereafter rise up in their power and de-
mand Of their representatives its removal with
drawa If we fail to do itnOw. Neither do ! intend
to cast any reflections upon the officers of that in
SututlOn, as the Senator from JacksonhaS endeavCr
ed so assidEously to make you believe. | am per-
sOnaly acquainted with the President and know
him to be a Of undOUbted integrity and ability
and the other officers are known to be such from
putati0n. But think understand the eager desire
of the Senator from Jackson TO make the impression
that find fault with the officers of that institution
when ! so distinctly and emphaticay disclaimed
any such intention. He did in his canvass last sum
mer as ! learn, make declarations impu1gng the
motives and impeaching the conduct of tie officers
of that as well as of the mother bank and low if
he could make the impression that a Senator upon
this floor doing the same thing. he would have
something to sustain him in his grOundless charges
ard unjust warfare upon those officers. This |
think accounts for the eager desire to mScOnstrue
1t Is not the fault Of the officers that it Goes not
make large profits the other branches, but Of
the location. You had as well build mill upon
dry land where there were neither steam. water nor
any other kind Of power to run it, and expect to
live by the toll, TO locate bank where there is
but little or no commerce, and expect it to declare
large dividends In fact Mr. Speaker. a bank Is Of
but little advantage to any other than commercial
people, and it is only at such points as a bank
discount bills buy and sell exchange, and have
large amount Of deposits to operate upon, that large
profits can be made. Such being the case Nick Bid
die and Stephen Girard could not make as much
money out of bank at Sparta at McMinnYille, or
any other commercial point And therefore, think
it should be removed wound up. And as / do
not desire to deprive the people Of the Mountain
District of all banking facilities by winding the
Sparta branch up. propose to move it to MMinn-
VILE where it will be almost convenient for the
Spartans and the people beyond there. as M'Minn-
vile Is the commercial center OF that district and
where it would make more for the State.
But the Senator from Jackson tells us that the
Bank would do no better at McMinnville than at
Sparta and sustain his position he refers to the
Report made to this General Assem- |
bly, to prove that his district possesses much wealth
and taxable property. That was unfortunate |
reference for him and his position
BY reference to that Report find that the Sena I
tors own district does not present as many evi- |
lences of wealth and commercial prosperity As he /
would have you believe. That Report shows the |