Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-07-25
A STATE BANK FANCY vs.. A CON
sTsTUTIONAL FACT.

poraries, in their eagerness TO sneeze
as soon as the State administration
takes snuff. have gone off half-eocked
on State Bank proposition, and are
discussing it with ideas as ready made
as their patent outsides, and as if it
was a live issue, and the next Legisla-
ture had nothing to DO but set up the
new faro bank as soon as 1t meets next
wear. The Banner has already called
attention &c the fact that the State
Constitution distinctly prohibits such
a bank in Tennessee. The COnstltu-
ton would have TO be amended
before the Legislature cOuld do
ANYTHING with the matter. To remove
the obstacle, the Legislature would have
first to call Constitutional Conven-
ton. That convention would have to
amend the section affecting State bank
prohibitions. The action of the con-
vention would then have to BE ratified
by the people. The following is the ex-
act language Of the Constitution of the
State, article ,, section 81:
The credit of the State shall not be
hereafter loaned or given to, or IN aid
Of. any person, association, company,
corporation, or municipality, nor shall
the State become the owner, Ia whole
or in part. Of any bank, or a stock
holder with others in any association,
company, corporation or municipality.
We copy the above, heading and all,
from the Nashville Ra-.ss OF yester-
day. We hope this proposed measure
will be thoroughly discussed pro and
con. That is the best way to avoid
such fruitless contention a. the fthd-
ing law has ecsasiUned, which was ad-
vvcated by all and opposed by none
during the canvass of 1872. Since the
Comptroller has determined 10 .rgsest
a State Blnk to the aeGt Legislature,
he has only done his duty in announc-
ING the matter beforehand, SO that 1t
may be discussed and acted on by the
people. Radical usage ~otld have
been to keer dalk until the Legisla.
ture was elected, feel their pulse, and
then spring the subject. As it stands
the matter is submitted direct 20 The
people, who should sle"e decide.
The remarks concerning our STATE
exchanges We must leave themselves tC
answer in their own way. The talk o.
new faro bank" is no argument, IN
less it be insinuated that such t!eh as
Hon. Cave johnson and VIM. Ledbet-
ter run a faro bank" when they MAI
aged the affairs of the old State Bank
We find, in fact, but ore argument =
the above ARTICLE, and That is no
esaihai The need and usefulness of tn,
proposed measure, but an allusion to
the length of time required to put II Is
operation. Our contemporary has pub
lisbe5 may articles to show that the
present State Constitution needs mate
rial amendments. Even its js-r. q
yesterday contains oGch communica
tica, questioning the exemption o
church property from taxation. Yet N,
amendment has been proposed that cf
fers such direct e-d positive relief t,
the people IN various ways as Stat
Bank. AS to the time required to eff
feet the necessary notifications in tn
organic law, we need but repeat tina
the act calling cur hast Constitutions
Convention was passed Nov Is, 1869
the election occurred Dec. Is, 1869, anC
the Convention met Jan. 10, 1870.
The question is a live ere because
the coming Legislature is Gale to &C
upon it, because the people need al
help that is possible in relief Of taxa
ton; because they need a currency tina
will stay with us; because they neeC
more and cheaper banking facilities
because they need lower rates of inter
est; because they need home capita
for home development; because they
want to be more independent Of Jay
Cooke panics than last fall caught
them; because, in a word, they want t.
help themselves.