Year: 1860

I AAA1la-AAtAA9 VI


w w GU "
: : REPRESENTATIVES OF HARDE,nN COUNTY,
e IN the Tennessee Legislature, Thursday Ee5urarg 24H


1860, on the foIol5iag amendment offered by fimsel


to the Senate biz to rs-eiorter The Union and Planters


BGnks.


E am, sir utterly unwilling to commit myself t,


any such mOnstrous suppositon, and equally un


willing 70 admit that there is any peculiar merit il


these banking institutions for which they should b,


placed above the people, the peoples Legislature


their Constitution and their laws 1t is fact famil


lar to every gentlemen upon this floor that the su


preme law Of the land itself is subject to alteration


end amendment, and every right and interest that


we have and hold, under its protecting egis, is 4


legitimate subject of legislation. And why should


we seek to place these banks upon a footing even


more secure and inapproaehable than the COnstitu-


ton which we have all sworn to support. Why
seek to make them stronger than the government


from which they derive their corporate power, and


of which they are but an incident, as an abcess or


tumor that appears upon the surface of dsOrdered


system, and that continues TO grow and spread and


difuse its vile impurities throughout al the channels


and streams and fegiYing sources Of the body poll


tic, until by slow, bat progress in the lapse of


time the vital element or spark itself is assaed and


all we ask is if your political doctors viii not ap-


ply the keen edge Of the scapel and eradicate root


and branch Of this running ulcer, this eating and
/ cOrfOuln9 Eungusg Lilab IS COnLnOally BuhWln4 aL


our very vitas, that you will, at least, cauterize


and restrain the disease and for a while delay the


fatal moment? But to return, what is there about


these institutions of such peculiar sanety Are they
to be placed upon "hOiy ground that they may not


from time to time, pass in review before the Legis


lature, and be subject to the same Improvements
and reforms. all other great interests of the
| try subject when suggested by accumulated
wisdom and multiplied experience for the public
good. They are but creatures Of law springEg
into existence to serve real or imaginary public
! necessity, and should not be elevated above the
creator, but held subject to the controlling power
! from whence they emanated, and directed and
governed for the specific purposes Of their charter
And it does seem to that the friends of the bank
! ing interest in this House have been and are now
pursuing a suicidal line Of policy, in opposing this
amendment in their extreme anxiety and indiscreet
zeal to shield their pet Institutions from the breath
Of public sentiment, they would exclude as it were
the vital air. so essential to their healthy and
vigorous operations.


Whose mental vision is so Obscured as not to fore
see that by holding the banks in subection to the
4egisature, and through the Legislature in state
OF dependency upon the popular viii, the very su-
pervision incident thereto, and its attendant
sancy with the internal affairs and machinery of the
| bank would do more to stimulate a public conf
dence and increase the facilities for successful bank
| ing operations, where such confidence was justified,
| than ali the exclusive and special legislation with
1 which it is possible to surround them. The lite
giving principle of a bank is its credit, without
WHICH exist Iul DlOOlll prosperity
| for hOur and while this has beeen true as
regards all banks it is apparent now and viii
continue to be more so, than heretofore. The time
was, before the introduction Of railroads in Pennes-
see, when bank note paid out east Of the noun
tains, would be many months working its way
back for specie payment as will now require days.
Banks could then accommodate longer time, and
discount much more freely than now, their notes,
when taken to the different sections Of the country
and paid out for its surplus products would ncces-
sariy have to perform quite pilgrimage in the cir
cult Of trade before 1t could return upon the specie
paying counter. Not now; it may be taken to-
day hundreds Of miles from the city and tomorrow
paid out, and the neXtday returned upon the bank;
and such the increased facilities of travel and
transportation, that even an abandonment of the
counIeFnoe law could give but little assistance 10
bank circulation 1t must be sustained, If at ALL |
uDOn the credit and character Of the institution.
Their notes must be made equal at ali times to gold
and silver and every vestige of doubt and suspicion
TO its solvency must be removed; all legerdemain
and trickery must be abandoned. and the cloak Of
mystery so long worn by them must be thrown of |
and The people must be made to know that there is
power behind the throne greater than the throne
itself Those vague ard indescribGbe fears and in
detinabe apprehensiOns that have long held un-
disputed sway the public mind, as the pO- !
teLcy of the banking power, must be dispeled; all
feelings Of jealousy and envy between the citizen
and shareholder must be set aside, and terms OF /
equality established and understood between them
Then, any measure that has for its object such an
improvement III system as
and result in diminusion Of danger to the cred
itor of the concern, and as q necessary sequence
the consequent elevation of its credit, should be
hailed by the frienCs Of every honest institution
an additional guaranty Of its success And so, by /
receiving from time to time such improvements the
developments Of succeeding years, and the new 1
lights of long continued exertion may throw !
upon it, it may be, that at distant day, degree
Of perfection will be reached that will render the |
system acceptable to all who believe in It's cOnstitu
tlonality, which, taken together with its general CON
venience, would do much to disarm al opposition |
to it.


And l, therefore, invoke the friends Of the mea-
sure to come up and accept the amendment, and /
evidence their attachment to the BILL and the class
of legislation to which it belongs by placing upon
the high grounds which have been proposed.


Again, sir, there is a serious question in my mind |
upon another point as TO whether any other than /
repealable charter can be made to harmonic with !
the letter and spirit Of the Constitution of Tennes-
see. Art lst, See. lst, of that instrument reads |
that a power is inherent in the people and all free
governments are founded on their authority, and |
instituted for their peace safety and happiness For
the advancement of those ends, they have at all |
times an unalienable and ndefeasble right, to al
ter, reform. abolish the goyeepment in such
ner rs they may think proper. If the power of /
the people, to alter. reform abolish as stated in
the foregoing section Of the Constitution commonly /
known as the Declaration cf Rights" is unalienable
and indefeasibe, and extends without Limitation to
every department of government in other words /
uCCldEdllOn means aIlyLllilg. II the words
not empty sounds, then II must mean that all power
in the government is suspended and held in abey- /
ance to the popular will, and in an exercise of that
great sovereign right of nherency nculcatedn in the
Constitution, the people may alter reform or abol-
ish, as their peace, safety and happiDess NAV re-
quire and if they may so alter reform or abolish I
the fundamental principles Of constitutional govern
ment, from which every act Of legitimate legislation
must devise It's authority, then by what system /
OF analytic argument logical conclusion is it TO
be cOltpUdQd fl,,k ,,ot,,,
arbitrary legislation az will set defiance the poweP
OF the people, and the peoples representatives is
IN strict consistency with the spirit ave even the
letter. OF mat Constitution which, repeat sir, we /
haYesworn to support Other and more obstruse /
intellects than mine may be able to reconcile it. and
hush TIE angry mutterings of an outraged consti-
tuition by the power of elOgUence and the houeved
words OF studied sophisry but l am utterly un-
reasoning,


Again, the 22d section Of the same article saws. !
that perpetultes and mOn0pOlies are contrary TO /
the genius Of free State, and shall not be allowed
Now SIR 90 not wish to be understood as saying |
that TINS Dill proposes 10 establish perpetuity or
perpetuities in the literal meaning and broad ac
ceptauOn OF the term. know sir that the standard
lexlcons nave defined the word % mean a thing [
ot endless duration, everlasting eternal (
And while these charters NAV be limited 10 fifteen I
years, yet, believe in the meaning of the Consttu-
tlon tney are, to all intents and purposes. perpet !
uites because the power and the right the people
70 govern themselves at all times and upOn subjects
OF general eoncernment is the great fundamental |
idea upon which all free government is based IL Is
the substrata upon which our State and Federative
arches have been built. and whenever torn away BY
sacregiOus and impious hands. this proud edifce /
of free institutions and all its hallowed memories /
must, also pass OIL ike the happy illusion Of q sum
mer's dream. In my humble Judgment it was the 4
view of securing 70 the freemen of Tennessee at /
each advancing stage Of her history the natural i
and unrestricted exercise of the sovereign right Of
selcontrOl and government that led the trainers Of
her Constitution to incorporate this last mentioned
clause. If the present session Of the Legislatma /
may charter banks for fifteen years without reserv-
ing the power TO control or abolish, then may we /
not in an exercise CT legislative discretion grant