The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1865-12-07
9lashriIe 4luiba.
WIN. CAMERON q co.. PuSIisAeFs.
THURSDAY, DECRMBER :, 1855.
REMARKs MADE RY MR. WINES.



REMARKS MADE BY MIR. WINES
or MONTGOMERY,
,. IN tie HoEse Of Representatives NofeHi5cr q
1865, OF a motion 70 a6H-c0aear isith tie r,
port Of the Judiciary COMMITTEE, OBeril
a Bill IN hen Of "BiH 20 Be entitled q
Aetto l0ind up The Bank Of Tennessee p
ME- SPEAKER--In arising to address ID
House upon the question now under eOnsid
Grafton, do it under full sense Of its mag
nitude. OF all the measures which haT
been brought before this Legislature for il
consideration and seton, none, in nay judg
meDt, have exceeded it in importance
IS important, considering the amount o
mon y Involved and the number Of person
interested. No question can at this tim
more deeply interest the people Of Tennes
see Connected with this subject here is
= moreover, polticsl aspect Of y eR inter
est and grave Significance. Two cases hav,
been brought before the Supreme Court o
the United States for adjudication, involving
the same principle which is Involved IN
9 the question whether the State Of pennesses
is under obligation, under pledge Of he,
faith and credit to support the Bank Of
Z, Tennessee, TO make good its eirculaiien in
4 the hands Of the note-holders. One Of these
J, cases IS TINT Of Craig against the Stale OF
Missouri, the other that of BriseOe against
the Bank Of the Commonwealth Of Ken
; lucky. To show that ] do not over esti-
mate the importance Of the question,
quote from the opinions of the Court.
Judge M'Lean, in delivering the op'n mon
! of the Court, said Z" Important as nave
been the Questions brought before this tri-
bunal for investigation and decision, none
have exceeded, if they have equaled, the
Importance Of that which arises in thiscase.
The amount Of property involved in the
principle is very large; but this amount,
however great, could not give 10 the case
the deep interest which is connected with
its political aspect" 90, IL and Z Peters,
42Ql MS FE ~ IEE.
Chief Justice Marshall, in the case Of
Craig and others against the State OF Mis-
souri,, IN delivering the opinion of the court,
said
In the argument, We have been remind
ed BY one side Of the dignity Of a sovereign
State, Of the uniiation of her submitting
herself to this tribunal, of the dangers that
may result from inficting q wound on that
dignity; by the other, of the still superior
dignity Of the people of the United States,
who have spoken their will in terms which
We cannot misunderstand." "a AMI 5 Pc
ters, 1913 ASA
But, perhaps, the experience of the last
few years has taught US where the supreme
power Of this nation resides, in those cases
in which the Constitution gives it to the
! Federal Government.
But, Mr.. Speaker, to turn TO the discus
sion Of the question. My first proposition
is, that the Bank of Tennessee ought to be
| wound up as speedily as possible, and this
| is provided for in both bills. But the bill
| offered in lieu, does not seem TO me to point
| to such a policy, and the gentleman from
/ Marahnll r1ronuunaa he uuaefff.r, h.
| wind up the Bank at all % Wen, sir, there
are some very good, prudent, wise and dis
| Greet people who think it ought 10 have
been wound up years ago, and some who
/ think it would have been much better for
the State, if such a corporation had never
had legal existence. / am OF opinion that
the experience of the next few years will
not have tendency to alter or modify this
/ belief Perhaps | ought not to allude 10
the fact, but the venerable gentleman from
| from Davidson, Mr.. Lewis, said 10 me, in
| conversation, that this Bank eught to have
/ been wound up years ago; indeed that il
| ought never to have been created. That
such Institutions were Away corrupt and
used for improper purposes, no natter
| what political party might happen to be in
power. Is not this the universal expert
ence? Besides, sir, the venerable gentle
man is a man of great and long experience,
I r
| ties, both State and national. He was, for
| long years, the intimate friend and conf
/ dental adviser of the illustriOus soldier and
statesman, General Jackson. Against the !
purity Of his character, his patriotism, his
loyalty, and his devotion TO the cause Of his |
government, | have never heard:a whisper. |
Isn't his opinion worth as much as that Of |
the gentleman from Marshall?
Besides, sir, l am inf0rmed-I wfl not |
vOueh for the truth Of it-that the Honora- !
Bile Cave Johnson has long entertained the /
same opinion. Mr.. johnson is man Of great |
and varied experience in public life, and / |
undertake to say that he is a good and hon |
est man he was once President Of the |
Bank. of what value is his opinion in com
parison with that of the gentleman from /
Marshall Yes, sir, this Bank ought 10 |
have been wound up years ago. Ii il had /
been, il would have saved millions Ct money
TO the people OF Tennessee.
But this Bank has been a sort Of q MIRA
tory Institution fer the last few years, row
ing about over the land of Dixie, till ii has
become hopelessly insolvent, its assets
squandered or funded in worthless Confede-
rate securities; and still the gentleman from
Marshall asks, why wind it up at all ? WHY.
sir, is not this the ord nary course? When
a colnmon banking Institution Of corporate
stockholders fails, don't they wind Up the
concern ? When an Individual breaks. |
don't his creditors wind him up2 This il
my observation. The Judiciary Commit
tee, after due incubation upon the bill re-
ferre3 TO il, hatch cne of their own, which
they call " Bill To be entitled an Act to
Close and Wind up the Bank of Tennessee"
put in the capitals just as l find them.
They say the purpose is TO wind up the
Bank. But the provisions Of the bill seem
to me TO look rather to the establishment
Of the institution, and the question OF the
gentleman from Marshall diselOses the ami
mus Of the authors of this bill.
But the gentleman insinustes that the
Bank is not insolyent, and undertakes TO
tell Us what the amount of its circulation il
now. His figures are 81 ,se0, 0O8, or ST.
1000. When / asked the honorable
gen lemsn how he arrived at this eonelu
sion, he answered, "Upon Col. 6. G. Tor
belts testimony before the Bank Commit
tse-"i- But thistle not Col. Torhett's testi
mony. Let US see. "Quesiion bv Mr.
Steele-HOw much Tennessee money il m
circulation at this time3'
AnsWer-s'I refer you 70 the backs Of the | (
Bank for a correct answer, but think il 10 |
be about 81, 500, 000-old and new issues
There was about 900 issued at Chatta- !
nOoga since the Bank left Nashville. We !
issued no other notes than about this
$40 00O.''
That is Col. Torbelps testimony. Br, s
sir, l regard all this testimony as valueless :
I do not think you know any more about !
the affairs Of the Bank than you did before
you instituted the investigation, and s
think the men who had the infringement
of its shairs know just about Is much a. $
you do. All the testimony goes 70 show '
that the sfairs Of the Bank are in a state Of s
utter confusion, and in such snarl that mo {
hnancisl banking skill or ability can reduce !
this confusion to order, OF unraEel the an
gle 50 Is to make these mstters int-iiigibIe {
even TO men experienced and skilled In Q
banking business. Let US examine little !
this testimony OF Col. Torbeit. q
Question by Mr.. Steele. How much 1
did belong 10 the Bank OF Tennessee A. The 8
time Il was IN your possession in Georgia. {
"a. ] estimated from recollection ofI =
reports OF the cashiers, at S540, 000, while {
John A. Fisher, cashier, cOutended TINT ~ (
amount was S640, zee. or thereabouts. Tbsf S
difference was on account of neither Of 7,s
knowing the correct amount I
! ask the House il this does not shou that !
the two principal officers Of the Bank knew
nothing about - important 3 matter a. N. S
amount OF coin belonging 70 this net MAJ v
tuition. The President ESTIMATED a from
recollection Of reports Of the cashiers c
Yes, sir, from recollection. When thav I
come 20 testify, they are very careful 10 r. 2
fer Us % the books Of the Bank for iuf,T- d
nation. But "John A.Fisher cashier. conten- ]
ded that the amount was S640 ,0oe, or there. Q
bouts Upon what data We are not in /
formed. Here IS difference Of opinion 70 o
the amount Of slice, COS. WHY didn't thes. o
officers institrte an exaininstiou. ami In. a
form themselsss correctiy in regard 70 The ?
Affairs Of an institution over whose interest, .
hey had been appointed to watch But. q
sir, wish 70 state another fact in this con- q
neetion- In tue report of James Z. DuHiep. 8
Of the Tressurey, to The Ger 1
sral Assembly Of The State Of Tennessee. 4
October, 1913. M statement Of the eondi- 2
sen Of the Bank Of Tennezsee. gpIv ID q
1859, and the amount Of gold ana silver Z
put down az 81 ,ss2,s73 0s. In \ rerort AZ v
ne Bank Of Tennessee to the General A.
'em5ly, 1917, and signed bv e. @. Tor Q
Dstt, President, find the amount SCI down d
u SI4a, zee, July I, 1851. This, Mr.. sneak y
III. r III. q