Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-12-13

elect Boa OF Directors frem their number co,
sisairg OF nve mem beFs " IN kha elect .. sid
anu ISshier OF said corporation. Said Presider
and Cashier shall give esc'f q md with sufferer
security 10 tho SUN Of 500 600 each, 'coud .tIoh
iof the faithful and honest discharge of tn duti~
which may, devolTe upon them which bond. shai
De held and preserved by the D IA ctcrs Ssld D
rectors and tbs President and Cashier ehall 10
tDelr cthces for one year from their Qualification
or eBti their respective successors ere elected Rn(
quAlh=d, ard the corporate mentioned in the frs
section Of this act, their successors shall hGr,
power to elect Few ofieers ZACH year.
Sec Be il further enacted That ssii Director,
and other CfhIers shall receive such comps nsatioi
| as shall be fixed by the cOrp0rstOrs, AM each Of
them msy be II moved at the pleasure CT the said
corpo atOrs
Sec. 5 E6 It .firt5er enacted That upon TIE
election of th,ir Cfictrs said Association
shall have power to rent or lease buslssss II use
10 the city of Memphts phsre they may transsc;
! tue rpslness OF their association aud said soca
uon may thereupon prepare to i.sue and circulate
az hereinafter specified js notes OF certificates i,
sncn fJFm a. msy be agreed upon in the slmiltude
u bsnk notes TO be circulated as money. AMI Whc
shall De received by the Revenue Coil c:ors of this
STATE Ior the Psy Rent CT taxes dues 20 he STAT
! or counties
| SIC Be i further enacted, That said association
SIKH pay cur lis issu for circulating Tas5iinm
f02y 10 planters and fsrnIers of Tennessee as here
matter prescribed, aud in payment Of the current
"-N oNSOSS1iy tAFSLsSs EbG luut D.COHSsS OF Sdll
association, and il any of the officers of said associ-
alton shall violate this provision ne or they shall be
held to have violated the conditions of his or their
oondS, and shall be liable % an action for breach
thereof, and shs be subject TO such punishment as
his or their crimes shall merit under the Ia Sset
the land. ---.'ee s-e+l
SAC T. Be Il further enacted, That said association
Is created for the purpose Of aiding the cotton ard
tobscco farmers and planters of Tennessee. and Il
shall be the duty thereCf TO advance Us Issues to
them IN the manner ard upon the terms fu Owing
to-Rn: when any cotton or tobacco farmer Or plan
ter OF this State shall produce to the directors of
SAID association his affidavit subscribed and sworn
TO before Clerk Of any County Court of this State
with his seal OF office attached, stating that III
stiant is the absolute owner In his own right of
any number of bales OF merchandise cctton Of the
average weight OF given number Of pounds or of
hogsheads OF meIehanGsble tobacco. OF an average
weight specify ing the msrks thereof and the pisce
and county where the tame is situated, and TIA |
the same Is unincumbered, aud the certificate OF /
such clerk that be believes the facts stated in such
affidavit are true alss, policy OF Insurance. issue
oS solvent company Of this State, ms afiGE such
cotton or tobacco tor the period of twelve months /
or such shorter time KS may be agreed upon, and |
will transfer such policy ID the association, then
such association, If such directors are salts ded
shall have poser to loan TO such planter or farmer
an amount of its issues eqaR to the value # sueh |
cotton or tobacco, esumRung the cotton st SIS per
bale sDd the tobacco s. 8 per hOgst cad, taking |
from him his note with personal or, proper |
~ security for the payment OF such sum, |
adding thereto a reasonable premium payable |
thirty days after The raising of the blockade nf the
Southern ports and thereuPOn the title to said cot
ton tobacco shall rest absolutely IN said asso
citation, but sub sct 10 the provisions OF this char
ter.
SIC g. Be il further er7cted That the discount
taken from each note recel cd by sail assocIA-
lon shall be only such ss may be considered ths |
OF the expenses Of the association /
which such person should bear and said notes shSi
1rsW No interest, and said assOci atom shal not |
have power to receive depo. lis or make discounts
kept as herein prescribed.
Sac 9. Be It further enacted That in the event
Iuch cotton or tObAc. o Is destroyed by IRE. upon
he settlement OF any OF suCl notes the sssccl tIuu
hall colea tue insurance money and having re
aimed enough TO pay itself all DE- N .uds sgaIE-t
my Auch Iarmer or planter, the balaBce. il auy
hail tie pad 10 hlm or item, and ii IN BY case IL,
,Chcy OF insurance sh4A expire befo ( th~ pay
nent Of the Dc:e, Ihs association shall renew tn
insurance and snail Charge the premium to IL,
'IantAr, which shall be paid III the setleuient OF
ccount
% TO- Be il ft,r.bsr enacted. That cotton and to-
Is, CO 50 ADVANCED Ii snail be surj ct 10 The con
rol OF the sssOylation. oaL - !oDs remains 4
be possession IF The 14T.ner o." p,lnteP he sal.
Re the agent OF sC2h association, bound G. take lod
sIe oi IT, and for dIvertlng 1t IRON Iis itgIum4te
UrpOsss or dlspJslDg OF It to auy pefs N or cor.
GrGtlon, or for refusing to give 1t up when Z
handed, and for any other breach OF trust he Shat
Y subject 10 punishment uGdsr the geue=al lave
or breach OF trust a.
Sic. IL. Bet fuhsT enacted That whenc ver
here may BE- a mark I Tor the sale of cotton and |
obscco BY the opening OF the ports OF thu S 5uIb
= otherwise II stall De the dug OF The assoc suun
give notice b. publication Or otherwise 30 far
lsrs and planters To cause :he cotton AMI Tobacco
the association 10 be shipped to the city ct n
his within thirty days thereafter, IN the msunel
IhH1l n sn.h and ~.
&c SANE, the sssoci LtIOU hall within reason b
me cause the same to b. Id and receive the pru
seds, and conduct each account with the nett pro i
-eds Of each p snters' cotton or tobacco ard upop
emand thereafter to the planters and farm r,
le balance due them over and ahoge !
re amount of their notes. and any other eei In &c
Epenss incurred by the association, an G
lereupon within reasonable time said sssocis>-
On shall call in and take up its cIrcu alton by re
eeming Il with he funds so collected BY it-pro-
ided that such funds shall be sOld or silver CT :
lie current notes Of good solvent B MA If Ter~ c
essee and said sssocia ion snEll b. Ruuad up in .
,asOnAble tIme-Gnd IER powers herein CrsDled
ssse :
S, C. II. Belt further enacted That the II inter or
rmer shail bear any losses or damages HhIch gBy :
lttOn or tobacco may sustain by reason Of failure
collect from Insurance compauies Of in srN
her w3y-EGd IN that event, the farmer or plan =
r. and his personal or property security gwen to
Ich Rssoci IOn IS here provided shall be lisblr y
r the payment Of 81 notes AID dues ia the psr;ic-
lar case.
SEC IS De Z further ea1c!ed That the directors j
: this association shall have power to make sry
esdtul rules aid regulations which may be Geces-
Try or proper feI carrying the d. tails Of this
ssociston; provided, hist the same does not con
ct with the lass the State; aud the offers Of c
le association shall keep correct record of their
roceedings and books OF their traI sections
SIC Il Be L fUTihsF CRGC!td That The produce
I'D capital of sad Gsso i.tOn shall be free from
xstion, snd this get Eba!. take effect fro snd If
Z lis passage. n
By Mr. BUTLER M este araerd tie sd
Illustration laws.
RsEcLUTI0y. n
The following resOlution vas offered 4
By Mr. BUTLER: No. 95-To pay for tie Nash
lie daily newsPaPsrs laid upon The decks Of MEM
sEG. Lies over.
HOUSE E'LIs o. THIRD KEiBC.G q
The following House bills were read ath:rd tine r
j disposed of IS indicated: =
No. 1910 change the time OF bold NJ the 4
lancery Court for the couaaes Of Perry and n
ec1!ur Passed,
No. If0-To change the time Of holding The =
Isncery Cour; for the county Of FIyette. Passed n
No l42 To establish military org,ng stion n ! .
by c.rafv IN Ia rslIaI Cb.lbv Z .