The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1865-12-07
NO. 2I7.

obligation 80 b 90. and 10 nos believe thew
viii ever 81 determine Oh 10.
Here, Mr.. Speaker. I might rest the a.
guiaeut, but the genileman froul Marshall.
sud others. have read the charter of H.
Bank upon us, aad gwen Learned sxDos-
tons of &C. Z ask the Indulgence Of The
use Cor q few moments, Co reply. The
House has gwen me a patient hearing. .1-
Which Z thank you gentlemen, one aud aII.
vii not weary your patience mueh longer.
But 90 the charter
"SEctI1x q. Be 81 claric3 3D. tit GsrraE
Assca5,f Of tic Sfaic af Isiussssr- That
Sank shall be and is hereby ESTABLISHED, .u
the name aud ior tha bencit 90 the state.
O. - known gnder the name and style o.
me tank of rennessee, and the faith anf
I credit OF he STATE aro hereby pledgei for
I ne support of said Bank, aud D. supply any
/ deficiency n che funds be einaaeT speria-
/ eaiiy pledged, and b. give Indemnity Or al
losses arising from ssch defcicncv'
I'm this section, the faith and creiitol ths
s'gte are pledged Cor three purposes frsi.
Tor The support of he Bank second. o. SUP
I ply any tedcieucy On che funds here
matter spec hcally pledged and thiri.
q give Indemnity Tor an losses arising
nom such deficiency. TIE argument
IS has The iaith and credit Of the Siats urt
pledged 90 redeem the issues OF the Bank.
There IS no such pledge 10 This or any other
section of che charter hut chs is Che sec-
e1a uFun which laa atVccaies OF red Isiiau
rciy. There b. nath.ng SAID hcrr ,u regard
g the redemption of he issues OF che stack
Of the Bank. and Why sech couatruciiau
should be givea 10 the Language here usej.
except Tor purpose, 30 IA not caay lo con-
ccive. But there ueiid De- n1 DILIGENTLY In
.|H o.. D.
the State were pledged. TO il strange that
question should 10 raised n regard o. s1
piain a matter. The language OF the charter
=, $50 supply any deficiency iu the fuuia
hereinafter speciailY p.cdged-' Can We noe
look into the charter and see what funds are
specially pledged. and must thar noe end
Toe coz troversy The Grst specific pledge
Which dud 10 the charter, Is found iu Ssc.
s. Mars The i.nsuase '.rhas % the
BY the Bank, one hundred shausaud
dollars ,Sled.)oo.l shall be- annually sec
apart Cor commou schools, and che tiih oi
the Slate is hereby pledgcd mark IT,
"tae alth oi che State Is hereby pledged
Cor an annual Appropriated Of aa1d aluuuut
90 common schools.' The second pledge Isl.
an auuual appropriation 90 eighteen tuous-
and dollars tslo,l11.l t1 couuty acadcmIcs-
The third specific pledge t found n section
provided that che President and Directors
of any company Incorporated fcr che pur-
pose of Internal impr. vemout. NAV urEu-
tate bonds; and the pledge BE- thai tlo
President and Directors shall provide iar
the payment of che interest 0ut tl the DIVE
deuda Of the Bank.
These, Mr.. Speaker, are an The uuts
specifically pledged iu The charter. end
the pledges are al "a keeping with che OBJ
H|H HHar| i
as sot forth in Jhc title of che ntl, which was
''to establish State Bank, to raise a fund
Tor Internal improvement, and to aid iu tho
eatablishmcut ol o. system of education.
There is uot syllable iu thc act from be-.
ginning o. eud u regard b. shc redemption
Of the issues of che Bank.
The third purpose ior which Che aitb auI
credit OF Che state is pledged IS 'io give u-
dcmulty ior u.l losses arising from tueh Do
hcicucy.' Mud Won. BE- b al indemnity Er
al lusscs lrom q dclcieucy iu she muia
specifically pledged. Toe funds sneeidcaIIv
pledged are DiuH, 900 OBJ common ssItuIIr.kI-..
900 90 county academic, and the raymrul
of The interest GA the internal rmrr1trmant
bonds. II the earnings of che bank. sitter
pal ing oil necessary expenses, wtre IusulI-
cient 90 meet these pledges the nith end
credit Of Che state were properly FhghirI
% supply the deficiency. ia suupI.mau
dends oi The Bank arc insufficient I6 meet
BE liabilities, the manner iu which thr do.
hciency shall Be supplied BIZ pointed aaf.
These pledges made upon the .aith nnI
credits of the State we intend. AR. spcaLer.
90 keep inviolate. We propose 90 paw uu
the interest on an our bouis. and fuaiIf 70
deem The bonds thcmselvrs We hnur be-.
lore the "a ouramcnt of shes Lerisiuiuf.. 81.
supply Che dclcienry iu the faud i1r an.
HlN .NH III .N.arH.
children of tho State. auI o. we DO uut. NO
shall iail 90 meet a s1lamn oblirat'an.
MT. Speaker. tlink Z have aFlsricutIv
elaborated thia question oft plghlsd aGu
aud credit. 10 b. plain audsimrIc. aud eas.-
ly comprehcnded, and on attempis ta OBJ
tcure Do viii fail
But, Mr. speaker, suppose Che notes OF
che Bank were issued, according o. toe theu.
y oi the gentleman, upon The falth and
credit al the State, then these notes would
Be bills of credit ADD their emission bv the
Bank would be- unconstitutional auf there
would De no obligation any where. Gn.
Bank cuuld NOT collect n debt. rur could
the State be made lo redeem "a note. This
plighted i8ith and credit argument BE- f.-sI
to their purpose. Toe simple truth BE- Chat
The President and Directors of Che Bank of
Tennessee are made boty polite and COZ.
porata By a Law of the State. but the Stat.
has no where made itself responsible for lHr
acts Qi she corporuii11, end tho State never
intended % Do any such thng.
The lZth section ef the Charter has been
quoted to show that thr people have "a ii.bt
90 pay their taxes ;u theac tennessee BAN.
notes. Ny answer % this g. l siuelf quota
zion from The Code
Section COS, ''Iha collector shall receive
in discharge Of public taxes and other Iuas
Co che State, besides Che Constitutional and
lawful currency Of she United stnlds, such
bank notes a. ere current aud usasIua AZ
par 10 this State. This, Sir. h. th6 law.
We are told, sir, that Che orig,r.al I'm in
wolves the idea of repudiati0n. Ia NOT
see how, SIR There can Be no reruIist
when there o. no obligation. But this brI
simply provides for winding up the Bauk.
10 neither proposes % redeem the ulies. nor
Fepudiate them. Do leaves it au onru 4ues-
tion. cir, BE- I thsught the bilI Cor which
shall vote, favored the doctrine of r-pudis-
ton, could noe give % Be- the support 1f my
humble adVocney. The population oft auv
lust claim up1n The State, would Inrrfrar-T
taint iis credit This. s.r, would be- 4 uTb
hc calamity. Destroy thc credit 81 . siat..
and public prosperity isngui8hts. 10 iswIfl
states a. Do IS with indivduslr no man b.
the private walks of life can prosper ,sItF-
out credit. AZ a business man yrafrhr. over
and protects his credit, so q statssmau SHOULD
labor 20 maintain Che public faith.
But, sir, this cry of repudiatidu is O. faIss
alarm Let na not be- startled by a---huu-
bug. % has been raised by fecuIaiors. aHf
they viii continue 10 shrek usI tha Iaaf
shmmer Of hope has iaded AWAY. lut
sorry, sir, that they Ind disciples unar ff.s
noor- Ruin the credit of the slaief THs
state b only stockhalder iu tins rarr..s
tlon- She is not only liable beyond H.
amount Of stcck put in. This ar.mrf ts
LINK diahonor with ths name aud lari. af
tennessee, u she should refuse o. redeem.
me worthless issues of "a broken corpora l.aH.
viii not tuccecl Mr. Speaker. en-. I.r..