Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-02-08
fUnIIo LArs OF rENrnssEEl
III AuHaoairr.

FOnA'O Laws OF rENxEssEEl
BT ArEHoairY.
a & ss ZEE Banks Earthr time to r.p. . nav
c.. ~--oe item to sceonodsfe fAa ne~-ss -
Section l. Be 1t saact.si h, ~ -
- y assssses. That such Ranrs ~ nc 500
~ 81 Ell ~. - me provisions ef an oo+ r.ssa5
,s,.la.e ~, s A?oo, entitled an act r., ysf, and
are eondnrting ana o banking in Tennessee. and
business under the provisions of y thelr
by permitted to suspend and ss.nei are mere
suspension OF specie payment until he s'1ee OF
leoz' ana she provisions OF the 1I.h sect;o 80 ny
act, requiring said banks to paw nro ~ n OF sad
one-haf of one per cent per msnIh or arsasury
month while remaining In suspension be en ~. "
same is hereby declared imperative until ~ - ~ e
July, 1862: Provided that on and after the Ist " "
July. 1862 the provisions of said section shan ~
vve and continue in full force and effect; Provided
also that said banks may pay out the notes Of each
other and of their respective branches: PROVIDED.
further that nothing in this act shall be construct
to affect the rights of individuals against said
banks.
Sec. 2. Be It further enacted, That the penalty of
said Nth section already incurred by said banks,
be. and the same is hereby released TO said banks
from the 18th of November 1860, to the time tins
act becomes the law of the State.
Sec g. Be It further enacted That all of the 9th
section of said act be, and the same is hereby de-
claFed far said banks are concerned imperative
until the LIST of July 1862 except so much Of sal
section as requires that the issue Of said banks shall
not not exceed in the aggregate two dollars Of crcu-
la;ion for Of actual paid in capital stock: Pro
vided however, that from and atte the lst of july
1862 the whole of said section shall revive and con
tinue in full force and effect
See. 4. Be It f.gther enTcted, That it shall be the
duty of any bank in this State while ia suspension
to make weekly reports 10 the Supervisor OF Banks
of the amount of specie and specie funds on hand
of the discounts and renewals Of notes and bills and
amount of exchange sod and it is hereby made the
duty of the Supervisor to publish the same az least
once month for public information.
Sec. g. BE /. further eaaesd That so much of sec
ton A. of every above reeited act as prohibits anv
bank to commence the business Of banking with a
less paid in capital stock than three hundred thou
sand dollars, be repealed: Provided, however, that
no bank shall commence the business of banking
with less paid 10 capital than hundred thousand
dollars.
Sec. 6. Be Il further enacted, That the provisions
of this act shall extend to all banks that have here
tofore conformed their action to the Bank Code. or
will do so on the pessage of this act: Provided,
that the hoRds Of the free banks be taken at market
value as specie funds,
Sec e. lie u tiEEsser enacted, That the Bank of
Tennessee, be, and is hereby authorized to issue
notes Of the denomination of one, two and three
dollars.
Sec s. Be It further eHactsa That in order to more
State from their present peeunIary distress, the
Bank of Tennessee is directed, and the Union aAd
Planters Bank respectfully requested in extending
their line of discounts to equalize the acoOmmoda-
to the population of the different banking Districts
in the State,
W. c. WHITTHORNE,
SpeGLs- Of TIE House Of Representatives
TAI. W. NEWMAN.
Speaker q he Senate.
Passed January 81, 1861.
AN ACT relief Rsirosd Companies Receivers and
Others.
SECTION l. b enacted By the General Assembly of
the StGts Of Tennessee That so much of the act of
March 10th. 1860 chapter 3d. as requires railroad
companies to pay annually twos and onehalf per
cent the amount Of tAe bonds issued or endorsed
by the State as sinking fluid, be- and the same is
hereby suspended for the term Of one year from
and after the passage of this bill
SEC. 2. BE q also enacted, That the Governor of
the State be- and is hereby authorized and required
10 pay the receivers who have taken or may take.
charge of the roads and effects such salaries as lie
may deem just and fair pTouiled that the same
shall not exceed the salary paid heretofore 20 the
superintendent of said road by the PRECEDENT and
directors thereof and upon his order the Comptrol
Ter shall issue his warrant to h receivers for such
amouuts-said saisFy heing made payable quar-
tery.
SEE. 8. Be 10 further eaaeied That the County
Court of Blount county may. their discretion, ap-
prOprlate the fund heretofore collected by said
county as railroad taxes for county purposes pro
uided said county court shall hereafter when not-
fed by the Knoxville and Charleston Railroad Com
pany, levy tax sufficient TO meet the interest on
the bonds heretofore authorized be issued BY said
county, for the benefit OF said Knoxville and
Charleston Rrilroad Company according to the pro
visions of the act providing for the issuance of said
bonds.
SIC IF fsgthsr enacted By he General Assemblyof
tie Sdas of Tennessee That the Governor be Direct
ed to issue duplicate Bond No 1855 for one thou
the original bond Of the number, 10 2. Henue-
berry, of Virginia,
SEC i. lie Il .fsytaer enacted, That in all eases
where by law new counties are required 10
vote with the old counties from which they were
taken and said Old counties hare baeB Distracted
and under said divisions intro districts district
laid OFF in the oSanIies the voters of any fray
ment of the old counties taken off. shah vote in
the district laid off from said portion Of the Old
counties by tn county court of the new county.
and the officers required By law to open aud
hold elections, shall open aEA hold the same at the
places required in thiA act
SEC 6. Be = yasrthsr enucisd That this act shall
take effect from and after its passage.
W. c. WHITTRORNE.
Speaker Of the House OF Representatives,. 5
YAz. W NEWMAN.
Speaker Of the 6AsEae.
Passed February I, 1861.
An ACT directory the County Caart OF Hickman county,
and for otheI purposes.
1t appearing that larger amount of State tax
was assessed and collected than authorised by law
which is in the hands Of the COLLECTOR; thEe-
fore
SECTION l. Be enacted III the General assembly Of
the STATE Of Tennessee, That the County Court of
Hickman county, be, and they hereby authorized
to appropriate the money collected above in any
manner they may deem Necessary, whether to the
payment OF the state or county tax, or otherwise.
SEC. 2. Be i purifier enacted That the benefits of
this act shall apply to all counties in the like condi
ton. W. G. WHfrTHORNE,
Speaker of the House Of Representatives.
TAI. w. NEWMAN,
Speaker Of tie SezGts
Passed. Feb. 2. 1861.