Year: 1860




and is it not enough that we do have them but mus


we say, in spirit Of arbitrary dietaton to the pee


pie Of 1863. not only shall you have them. whefbe
/ you want them or not, bn5 you shall have them 81
[ such terms as v may tnnk proper 70 impose, an
not such as your own Judgment and experiences mich
! approves Upon this point, let me submit the ian


guage Of Mr. Clay, en- an occasion almost enti-el-


similar for the reflection Of my Opposition fre ads
J who affect so much reverence for the memory an,


respect FOR the character and services Of that rul


illustriOus and great man. Il was in the spring 3


1850, while delivering address before the Ne


chanics Association Of Cincinnati he said, in refer
ence to the re-charter Of the United States Bank
Whether the charter ought to be renewed or not


near six years hence IS question OF expediency &


be decided by the then existing state Of the c0un


try. RIt viii be necessary at that time to look care


Bank fully at the condition Of the and Of the UnoI


TO ascertain what viii be our then financial con


dlti0n, the state Of our commerce, foreign and do


mcstc as well as the concerns of our currency gen


orally. am therefore not tnOwprepared 70 say Wheth


the charter ought or ought not to be renewed OF


the expiration Of its present term. The bank mas


become nsolgeut and may hereafter forfeit an pre-


tensions to a renewal. The question is premature


1 may not be alive to form an opinion upon it. Il


belongs to posterlty, and if they would have the


goodness to decide for us some Of the perplexing


and practical questions Of the present day, we might


be disposed TO decide that remote question for them


as It IS It oughtto be indefinitely postponed These


were sentiments breathing patriotism ard wisdom.


and uttered by one OF the most far-seeing prudent


ana sagaclous Statesmen that ever adorned the couI-


cll chambers Of your nation, and not one word of


which does not apply with equal appositeness to the


pending question of renewal; therefore commend


them to the favorable consideration Of this House
and especially TO our Opposition friends who, of
course VIII regard anything that the historian may
have compiled. as having fallen from the lbs of the
great apostle Of Whiggery as faint echo7coune mn
from the home and tomb of "Clay, bearing upon
its balmy wings the genial sunshine Of a ripened
opinion.


By engraftng the proposed amendment the OBJ
lection alluded to viii, in measure, be obyiated
and the people at each succeeding stage Of the coun
trys history viii be left perfectly free, through
their representative 20 nnOCulate such changes
and improvements as new lights and experience of
increased wisdom may point out, well calculated
to promote the greet ends of a wisely regulated cur
rency. And if banks are instituted for the public
gooc and it is only in this view that we NAV create
them all for the 9TH section Of the I1th artce OF
Tennessee Constitution declares in the most explicit
language, "That the Legislature shall have no DOW
er to suspend any general law for the benefit Of
any particular individual, nor to pass any law for
the benet Of individuals inconsistent with the gen
eral laws of the land, nor to pass any law granting
70 any individual individuals rights. privileges
immunities or exemptions, other than such as may
be by the same law extended 10 any member of the
community who may be able to bring himself with
IN the provisions Of such law Provided. always.
the Legis ature shall have power 20 grant such char
ters OF corporation as they may deem ezpedient for
the public good" Then if banks are for the pubic
good and owe their existence TO the fact that they
are so designed, and presume, sir not a member
of this body will contrOvert the proposition that
unless we do legisate them into existence upon the
idea Of their public usefulness and general convgn-
lence, that we have no right 10 do it at all This,
is the only ground of merit which brings
them within the specifications Of the Constitution
Then how can we better make them subserve tLs
-.Fr-
which they are created than by keeping them with5
in the control and under the jurisdiction of the Leg
islature! 1t is strange idea of some members up
on this floor that while they admit banks have their
in authority Of law based upon cOnsid-
eratOns of policy and utility yet they must be made
absolute and Independent in their power to DO as
they please; in other words while proper regard
for the good Of the country demands that should
speak them into being, yet the same obligation to
promote the public veal does not extend to their
government and control after they have been so
treated We must warm them into life, and after
having done so, they may turn upon US and drive
heir poisoned fangs into the bosom that nurtured
hem and we shall have power to extract tho
venom; there shall be no 'baIm in Gilead, no ply
iiciau there Certainly the Repeal Power can
nave no other effect than compel them TO a strict
with the terms Of their charters and
promote the public good. By making them
dependent the Legislature you necessarily enforce
IN honest and responsible system Of bank action.
Heretofore they have been amenable only to the
courts and before they could do anything case had
70 be made out, and what has been every mans
business has been no mana and the result has been
hat they have gone violating The law in divers in
stances with impunity whereas if they had been
Kept wChin the purview OF Legislative CONTROL and
through the legsture held to strict accountability
% public sentiment, they would not dare thus TO
outrage it. but with the warning words that Truly
he way of the transgPessOr is hard, plainly deci
)hered in living and flaming letters upon the wall
hey would, from considerations of safety and mo-
ives of interest, have gone on in obedience to the
aw Of their creation dispensing such benefits as
'anks may confer upon the community; meeting
he demands of trade aR1 commerce as best they
0uld, and quickening into new life the young and
Ounding energies of our people, in all the diversi
led pursuits and walks of industry, with which the
Ilimtable resources Of our country so happily I
bounds, instead Of feeding and fattening they /
ave done, like vampires, upon the best blood of the
and, whenever. through their own instrumentality |
nd by their own seeking. we have been c0nvulsed,
nd the best interests Of the country sacrificed bya
nancal crisis.


Again sir believe it to be impossible for the wis
ON and sagacity Of any body of legislators how /
yer learned and intelligent, and however familiar
hey NAV be with the present necessities Of the Z
OuntFy, to anticipate fully its future wants and
Girements. We are but entering upon the path Of 4
ur career as a State and our history is yet but
mbryo secret hidden away in the vowel5 of the fu-
ure, and must be brought out and developed with /
he priceless treasures of mind and matter which it
gill unfold by liberal and enlightened system of /
that locks future progress and improve
lent: and he who would close the doors of legisla-
ion to such improvement would hang about the
ecks of his peopIea milestone that must bow them
own in sorrow and shame. While the march OF.
Intellect that characterizis the age viii sweep by,
savng not a single memento TO mark its passage.
ur discussion here to-day, as to the property Of
aiming this repeal power, ldOubt not viii appear
iIiv IN fba svounu AmpvicanH uOstpritv % 1900 Z
does the plodding imbecility and slOth of our an
estOrs before the days of railroads and electric
slegraphs to US. It is in the order and nature Of
lings to advance and you might well try to
hahn the rushing Of the water Of the eateract to
S perpendicular rocks and command it cease its
oaring OF turn back the tide of time and follow


1.-THE wake Of its mighty rulnsas city after city, na
on after nation, empire after empire, human theory
fteP human theory, would crumble before its mys-
C touch and amid the crash and spendor Of fallen
reaness take up each effect and trace it back to its
idden cause as seek tc bind the spirit and genius
the times to the slowly revolving car of old fogy
whether in the science and phiOsO-
by Of government, it applies financially
r politically. This Is emphatically an age cf pro
ress and would have the currency concerns Of
ennessee keep pace with her ever increasing and
arying interests and tC do this, / would retain in
le hands Of the Legislature, the power to alter,
mend or repeal all charters OF banking nature,
henever in its judgment the public good demands
:
ere. This body is composed Of members elected
nee in two years whose sworn and solemn duty it
, not only to support the Constitution Of Tennessee
nd Of the UmOn but to actin all things for the good
the people without favor, prejudice partially.
nd is it not contrary to every correct principle and
lea OF human reasoning to suppose that they would,
eth full knowledge and appreciation Of the great
aspOnsibiity and OnerOus duties devOlying upon
len, as the peculiar and legally constituted guar
ans Of the public interest. seek to alter single
revision, abridge a single privilege or abolish 9
nge integral and constituted element Of one Of
ese Institutions unless demanded by some sufficient
sasOn,Of public concerny And in that case submit
r. if these corporations which are but excreseen-
Is at best should not yeld 10 the higher claims Of
le public welfare It is only for its advancement
lat we may grant them at all, and to argue as some
aintain that an abuse Of this power would result
trough the Vaccinations Of party craft and in-
igue, in great financial and commercial disaster to
le country, is to suppose your future Legislators
apabe of the greatest baseness, when for the'mean
nd paltry considerations Of party aggrandizement
r political effect, they would prostitute the high
motions os the law-giver and soil the proud
rhine of legislative dignity. Then SIR they
Ould furnish a sweeping condemnation against
I free institutions. and give the go-by 10 the great
merican idea Of the peoples capacity Of self gov
tent and We would be driven t0 the hunliliatirg
nd degrading necessityof confessing that our en-
re plan of government, with all its nice and deli
ate complications of machinery, was based upon a
Use theory alike untenable and impracticable for