Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-02-17
THE CONVENTION.
TfEIIsTY-THEAD DAX.

was reau anu appTONCu'
CHANCERY CLERKS.
Mr.. Jones, of Lincoln, offered the fol-
lowing which was laid over under the
rules:
Resolved, That the Committee on the
: Judiciary Department be anu are hereby
instructed to report q provision to be in
serted in section 13, article VI, providing
that Clerks of the Chancery Court shall
be elected for the term of four years by
the qualified voters of the counties or dis
tricts for which the several courts may
be held, and also providing that Clerks
of the Circuit Courts shall be elected by
the qualified voters of the several coun-
ties for the term of four years.
! COMPLIMENTARY.
Resolution of Mr.. Thompson, of Da-
wilson, giving freedom of the Convention
Hall to Judge C. F. Trigg, of the United
States Court, was adopted
COMMITTEE OF INVESTIGATION.
! Mr.. Campbell introduced the following,
which was laid over under the rule:
WHEREAS, 1t having been stated upon
the floor of this Convention, that extern
sive frauds and irregularities have been
committed in obtaining the bonds of the
State for internal improvements and other
purposes; that large number of the
bonds of the State have been illegally is
sued and appropriated; that other securi
ties of the State are now in circulation
without legal authority, and that irregu
larities have been committed in dispOsing
of the agricultural school scrip; it is
| therefore
Resolved, That the Legislature now in
session be requested to pass law creating
a commission of three discreet citizens of
the State, to be called the Board of Com
missiOners on Bonds and Public Securi-
| ties, whose duty it shall be to examine in
| to and adjudicate upon the validity of all
| bonds and other securities issued and now
| outstanding against the State, and TO re-
port upon any Irregularities that may have
been committed in the disposition of the
agricultural school scrip. That said Board
| of Commissioners have conferred upon
them all the power and authority and
machinery necessary to carry out the OBJ
| jcct and purposes of this resolution.
PROTEST..
Mr.. Gibson read protest against the
| adoption of the section of the present
\ SOIlSlitullDu III ItHdIu W CbDllllOu SILOOiSs
After some objections by several dele
gates, the Chair ruled that theProtest was
in order, and it was ordered spread on the
| journal.
THE CONSTITUTION.
Mr.. Turner Offered resolution that the
| Committee on Revision and Enrolment be
authorized to have 10000 copies of the
| amended Constitution printed at an early
a day as practicable, and in such manner
as to show the changes and amendments
Laid over under the rules.
BANK OF TENNESSEE.
Mr. Heiskell, chairman of the Com
mittee on Judiciary made the following
report:
The Committee on the Judicial Depart
ment have directed me to report that they
have considered the matter of the memo
rial of Robert II. JamisOn, and that they
recommend the adoption of the following
clauses to be incorporated in the COnstitu
| ton:
Article II section 1, as heretofore. Add
to it the following: But ordinances
| contained in any former Constitution or
| schedule thereto, are hereby abrogated.
| The time which has elapsed from the
| 9th day of May, 1861, until the lst day of
January, 1867, shall not be computed in
any case affected by the statutes of limi-
tation, nor shall any writ of error be af-
| fected by such lapse of time.
RATE OF INTEREST.
| The Convention now proceeded to the
| consideration of the subject of inter
| est:
The report of the committee was read
as follows:
The legal rate of interest in this State
| shall be six per cent per annum, and shall
be equal and uniform throughout the
State; but any rate of interest shall be
lawful which may be agreed upon by the
parties and inserted in a written contract,
not exceeding ten per cent. per annum.
Mr.. Baxter Offered the following:
The rate of interest shall be fixed by
law, and shall be uniform throughout the
State, but the Legislature shall have pow
er to provide by law for conventional
rate of interest.
Mr. Jones, of Lincoln, proposed by
adding for loaned money not exceeding
ten per Centum per annum.
Mr. Porter, Of Haywood, offered the
following in lieu:
The legal rate of interest in this State
shall be six per cent per annum, but the
Legislature shall have power to provide
by law for a conventional rate of interest.
Mr.. Heiskcll made strong appeal in
favor of adopting the report of the com
mittee. Hesaid capital went abroad from
Tennessee every day for investment in
other States, where the rate of interest
was higher If they could fix a perma-
nent conventional interest capital would
flow into the State and prosperity would
be the result. Ii would not do TO leave
this matter with the Legislature, for if a
conventional,rate Of interest should be es-
tablished by the General Assembly, 1t
might be repealed again in two months.
} | What they wanted was a permanent sys-
TEN.
Mr.. Kennedy was in favor of con-
, | yentional rate of interest, but he did moi
} wish it to be incorporated in the COnstitu
, ton. He thought it better to leave the
whole subject to the Legislature. Then,
= if a system which might be adopted
: should work badly, it could be repealed
He believed the true policy was TO leave
= the conventional rate of interest free ant
I | open.
# Mr. Thompson said the question wa
: not whether the Convention would ralst
7 the price of money from six per cent tC
Q ten, but whether they should reduce i
: from twenty or thirty per cent down t.
:, ten. The idea of getting money at 81.
a per cent was a perfect ignis .fdtups. Tn
d law looked you straight in the face ant
3 told you deliberate lie. Money was no
y six per cent, it was twenty or forty pc
cent to-day. You could not go out upol
the streets of Nashville and borrow none
l. for less than two per cent a monte. Max
"a the legal rate of interest ten per cent an
Al money would at once become easier
e, Nearly all the money loaned by Tennes
"a seeans was loaned abroad. If they cOul
~ raise the rate of interest, all of this capiti
!, would come back to the State.
IN On this as on every other question aC
lg dressed to intelligent men, the opinion
of distinguished men, whose eminenc
ar Law in the field of finance and Statesman
ship, should have a certain weight. II
Sc would ask the Convention which one {
such names was not recorded against IL
&c policy of usury laws. Is it Adam Smitf
.. or Jeremy Bentham, or Mill or Macal
D lay2 He would ask, had not experienc
made good the theory of these disiil
guished men, that all attempts on ii
part of government to restrict the Walt
Of money, was not only futile but hur
full. Where is money cheapest! l
les | Ar,etorJop, opd London where its Dri(