Year: 1860




Gated at AGshUi0e.


Mr.. MoNEILLY said:


Mr. Speaker: Before I vote on this bill, deem
it my duty in Justice 20 myself to give briefly someoi
the reasons that induce me to vote against it.


It is known to you, EIr Speaker, and to Senators
on this floor, that 1 was friend to the measure
known as the General Banking law, passed at this
session of the General Assembly l 40 not wish 10
be understood as saying that that law came fully
up to my views upon the subject Of banks, or that
it has all the restrictions IN it that desired TO
be thrown aronnd the banks Very far from it, as
Senators on this floor very well know But iq or
der to render The bill acceptable TO Senstors. aHd
insure its passage, ia spirit Of compromise made
many concessions, and submitted to many inrJads
upon my own peculiar views, in order to secure the
passage of the measure, believing that il was my
duty to do all in my settle the Vexed question
of banking, and give the people whatever advantage
or relief there might be in banks properly guarded
and restricted; believing that it wss my duty as
a member on this floor, to do all could 10 secure
the passage Of some measure to protect the people
from abuses OF privileges by the banks After found
that could rot secure the passage Of laT en-
bodying all the restrictions that 1 had hoped to
throw around the banks, l lelt II 9 duty that
owed 70 my constituents 10 compromise with those
VINO did not agree with me IN my opinion upon
banking, and make some progress in the way OF re-



tlement OF the question 10 be made or effected by
those whom might style the peculiar friends OF
the banks, or leave the matter entirely unsettled, to
the prejudice Of the interests Of my party aud the
people Of the whole State.


These were the motives that aetuated me in my
support of that measure, believing that upon that
measure both sides Of the Senate would stand to-
gether and that that neasUrs would be regarded
rs g compromise, and that the provisions Of that
bill would be strictly adhered in the ehartering
of all the banks applying for charters at this ses-
sion of the Legislature With these hopes and for
these reasons, | gave my support 70 that measure.


But to my aslOuishmeBt, the third reading of
the bills chartering the Union and Planters Banks
an amendment was offered and adopted whilst l was
out of the Senate chamber, that struck down, as |
conceive, one OF the main pillars Of the general
banking law, tO-Wit the counter note system; and
had have known a. the time that / recorded my
y5te on the hnal passage Of those bills, that that
amendment had been adopted, l most certainly
would not have voted for the chgIer Of these banks
but the ndmest being offered and adopted whilst
was out of the chamber, voted for them on their
final passage, and it vas not until their transmits
sion vas ordered to the House Of Representatives
that learned that such a provision bad bees en-
grated In their charters. But upon learning thst
fact Immediately went to the House of ReIresen-
tatives and informed the peculiar friends Of the
general banking law of the adoption of that amend
meut--the seventh and eighth sections Of the bill
and requested them to have it stricken out in the
House Of Representative While those bills
we're pending in the House Of Representatives l
was called home by sickness in my family, but
learned that there effort made TO strike out
that amendment, which was voted down; and then
there was an amendment offered to construe the
seventh and eighth sections as not to allow the
banks to depart from the general banking laW-nOt
with a view TO mutilate and cripple the bills, but
with view to make them harmonizs with the gem
eral banking law; and to my astOnishment find
that the amendment so constructing those sections
was promptly voted down, and that by the assist
ance of some of the peculiar friends of the general
banking law.


The general banking law, as it was finally passed.
| regard as a very decided improvement in our
banking system, and had the banks been chartered
strictly in accordance with its provisions, think
the peop!e-Would have been to great extent pro-
tected from fraud and oppression, and should not
have felt it necessary tO make any explanation
whatever in regard to my vote, believing that the
measure would have commended itself to every one
as a wholesome reform.


But, Mr. Speaker, l must ccnfiue myself more
strictly to an explanation Of the vote that l shall
give upon the bill u9w before the Senate. There
have been already five banks char cred at this session
of the Legislatures: The Union and Planters Banks,
with greatly increased branching privileges; the
Bank of Frarkland, at Knoxville; the Merchants
and Planters Bank of Memphis; and the Bank Of
ClarksviIle. These banke, With those heretofore
chartered and which are in successful operation,
will il my opinion, afford all he necessary banking
facilities that the State of Tennessee requires at
least for the present l shall therefore, entertain
ing these views, vote against this bill; not that
find anything very Objectionable in the bill, but on
the contrary it has many things in it that would
commend it to me, both in the persons to be incer
porated by it, and its strict adherence to the pro-
visions of the general banking law, but as l have
L. Il ko-l
as the wants Of the people now demand. have
deemed it nee, ssary to make tbs explanation in
der to place myself in true position before my
constituents.