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bonds with approved security for the faithful performance of his said duties, in the sum of $5000, conditioned as the law directs. All of which is respectfully submitted.
H. FREY, Chairman. The foregoing report was read and concurred with. Ordered, That it be transmitted to the House of Representatives.
Mr. Coe, from the committee on Banks, to whom was referred the communication of the president of the Bank of Tennessee, together with Mr. Yoakum's resolution of yesterday in relation to the late Bank suspension, made a report thereon, which was ordered to the table.
Mr. Speaker Love presented the following communication from the president of the Bank of Tennessee, to wit:
BANK OF TENNESSEE,
, Der. 19, 1839. To the General Assembly of the State of Tennessee:
In answer to your resolution of this morning on the subject of specia payments, the president and directors of this bank are of the opinion that the principal bank at Nashville can redeem all its notes now in circulation, even if all the other banks in the State suspend specie pay. ments and remain suspended. But they are also of opinion that the bank must cease all discounts and accommodations, and call in on its discounted paper as heretofore. They are further of opinion that most if not all of the branches of this bank will be compelled to suspend under the circumstances mentioned in your resolution.
W. NICHOL, President. The foregoing report was read and ordered to the table. Mr. Laughļin submitted the following:
Resolved, That the clerks of the several chancery courts of the middie division of the district chancery courts, be requested and required at as early a day as they may find it practicable, to report to the Senate the number of suits which were transferred from the circuit courts, and stood upon their dockets at the re-organization of said courts under the act of 1835, ch. 41, the number of suits which have since been decided in said courts; the probable amount in value of property or money which have been adjudicated in said suits respectively; the number of parties to said suits respectively—the number of suits still remaining on the hearing and rule dockets of said courts up to the 15th day of October, 1939; and that the clerk of the Senate forthwith communicate this resolution to said clerks respectively.
And the rule being suspended, said resolution was adopted.
Resolved by the General Assembly of the State of Tennessee, That the two Houses meet in the Hall of the House of Representatives on Monday next, at the hour of 2 o'clock, p. m., for the purpose of electing an Attorney General and Reporter for the State of Tennessee; and also an Attorney General for the second district.
Mr. Marshall introduced
U. OF ILL LIB.
Mr. Yoakum introduced a Bill to amend the several laws now in force in this State concerning bastardy, both of which were severally read a first time, passed and referred to the committee on the judiciary.
And then the Senate adjourned.
MONDAY MORNING, Oct. 21, 1939. Mr. Terry submitted the following:
Resolved, That the principal clerk inform the Senate, whether in order to furnish the public printer with a copy of the journal, and to expedite the public business, it is necessary to employ an additional assistant clerk.
The message from the House of Representatives proposing the appointment of a joint select committee to take into consideration the propriety of giving legislative aid to the growth and culture of silk in the State of Tennessee, was taken up, read and concurred with.
The Speaker appointed Messrs. Reneau, Terry and Gaines to be of said committee on the part of the Senate.
Mr. Terry's resolution of Saturday last, proposing an amendment to the 10th article and 4th section of the constitution of this State, was taken up, read and adopted a first time.
A message from the ilouse of Representatives, by Mr. Crockett their clerk.
Mr. Speaker: The House of Representatives are now ready to receive the Senate in their hall, for the purpose of going into the election set apart for this day.
And then he withdrew. Whereupon the Speaker and gentlemen of the Senate repaired to the hall of the House of Representatives, and thereupon the two Houses proceeded, viva voce, to the election of an Attorney General for the Seventh Solicitorial District-and upon taking the vote, there were
For Willie B. Johnsox:-Messrs. Aiken, Brown, Coe, Gillespy, Hardwicke, Jones of Lincoln, Laughlin, Smith, Turney, Warner, Wheeler and Mr. Speaker Love-12.
For Join MONTGOMERY— Messrs. Balch, Jones of Hickman, and Yoakum-3.
For NATHANIEL H. ALLE— Messrs. Anderson, Ashe, Frey, Gaines, Marshall, Rencau, Sevier, Terry and Walton-9.
There being no election, upon the second call the vote stood as follows, to wit:
For Willie B. Johnson-Messrs. Aiken, Balch, Brown, Coe, Gillespy, Hardwick, Jones of Lincoln, Laughlin, Smith, Turney, Warner, Wheeler, Yoakum and Mr. Speaker Love--14.
For John MONTGOMERY-Mr. Jones of Hickman-1.
For N. H. ALLEN-Messrs. Anderson, Ashe, Frey, Gaines, Marshall, Reneau, Sevier, Terry and Walton--9.
The call being continued in the House of Representatives, it appeared that the aggregate vote of both branches of the General Assembly
was, for Willie B. Johnson, 56; for John Montgomery, 3; for Nathaniel H, Allen, 38. Whereupon the Speaker of the Senate declared Willie B. Johnson duly and constitutionally elected Attorney General for the Seventh Solicitorial District of this State. And thereupon the Speaker and gentlemen of the Senate returned to their own chamber.
Mr. Gillespy submitted the following:
Resolved by the General Assembly of the State of Tennessee, That the joint committee on banks be instructed to enquire into the expediency of so amending the 6th section of an act entitled An act to establish a State Bank to raise a fund for internal improvement, and to aid in the establishment of a system of education, passed 19th Jan. 1838, that the Legislature of Tennessee shall elect by joint vote of both houses, Directors of the Principal Bank of Tennessee and its branches, and that they report by bill or otherwise.
Mr: Turney introduced the following:
Resolved by the General Assembly of the State of Tennessee, That the Governor suspend the further issuance of Bonds for internal improvement until further notified by this General Assembly.
Mr. Gaines introduced
A Bill for the relief of certain purchasers of reservations in the Hiwassee District.
Which was read a first time, passed, and referred on his motion to the committee on claims.'
And thereupon the Senate adjourned.
TUESDAY MORNING, Oct. 22, 1839. Mr. Speaker Love presented the memorial of the Agricultural Society of Maury county, which was ordered to the table.
Mr. Reneau introduced
A Bill to exempt guardians from making annual settlements in certain cases,
Which was read a first time and passed.
Mr. Gillespy's resolution of yesterday, directory to the joint committee on Banks, was taken up, read, and adopted:
Ordered, That the Clerk acquaint the House of Representatives therewith, and ask their concurrence therein.
Mr. Turney's resolution of yesterday, directory to the Governor, in relation to the issuance of State bonds, was taken up, read, and referred, on motion of Mr. Gillespy, to the committee on internal improvement.
The resolution to amend the 10th article, 4th section of the Constitution of this State, was read the second time and adopted.
Mr. Wheeler submitted the following:
Resolved, That the President and Directors of the Bank of Tennessee report to the Senate as early as practicable, whether it received all or any portion of the one million of State bonds negotiated in gold or silver coins; if not, what was the arrangement on that subject; what is the actual capital received in said Bank since it commenced operation;
what amount of said capital has been placed in the respective branches, designating the particular branch, with the amount at each branch, and the time or times when placed there. Also, the location of each branch, together with the counties composing each branch district; the amount to which each county was entitled, under the Bank charter, and whether the notice or notices has or have been given in conformity with the provisions of the charter. If so, in what newspapers were they published; the amount loaned at the principal bank and each respective branch; to whom loaned, and how much to each individual, together with the name of the county or State in which he resides or resided at the time of such loan, together with the names of their securities and their residences; the number of officers employed at the principal bank and each respective branch; the names of the respective offices filled by such officers, and the compensation allowed each officer; the number of town lots purchased by said bank or branches, by what bank or branch purchased, the cost of said lot or lots, and why purchased; if to build a banking house or houses, what amount has been expended by such building or buildings, and by what authority was each building or buildings commenced, and what amount has been paid for rent by the principal bank or branches, together with all other expense which has been incurred since the Bank went into operation.
Mr: Yoakuní submitted the following:
Resolved by the General Assembly of the State of Tennessee, That the joint select committee on banks, be instructed to make the president and directors of the Planter's Bank of Tennessee, and the Union Bank of Tennessee, the following propositions, to wit:
Ist. The said Banks will resume specie payments, fully and in good faith on or before the day
2d. The said banks will respectively declare no dividends for six months next after the day of resumption.
3d. The said banks will accept the following as a part of their char
Amendment Ist. From and after the 1st day of June 1810, said cor- poration shall not for any period of sixty days, cease to pay specie for all dues against it; but should it suspend the payment of specie and not resume the payment thereof within said period of sixty days fully and in good faith, said corporation shall forfeit and pay the State of Tennessee the sum of one hundred thousand dollars, upon failure to pay which upon demand of the Treasurer of the State, the charter of said corporation shall be forfeited, and held as void for all other purposes except for the winding up and settlement of its concerns.
Acceptance of these propositions by the said banks or either of them, the further time of twelve months shall be allowed for the payment of the surplus monies which said bank or banks may hold for the State, and that said committee report thereon as soon as practicable.
And Mr. Gillespy offered the following:
Whereas, Honesty and punctuality in complying with her engagments are indispensably necessary to maintain and preserve the character and credit of the State, and whereas the bank of Tennessee and its
branches are under the control and direction of this General Assembly, and for the correct and judicious management, this legislature may be justly held responsible; And whereas, a failure to comply with their contracts, and redeem their pledges, is well calculated to impair public confidence in these institutions, and to create distrust of the integrity of the State and of her ability and resources to meet her engagements, And whereas, the late suspension by the banks of Tennessee of specie payments, is not only a breach of public faith solemnly plighted, but if persisted in under legislative encouragement, must inevitably produce great loss to the honest creditors of the bank, and a total prostration of the credit of the State both at home and abroad, And whereas, any action of this general assembly approving of the late order of suspension by the bank, besides being fraught with the most pernicious consequences to the character and credit of the State, would, by impairing the obligation of her contracts, be a direct infraction of the 20th section of the 1st article of the amended constitution of Tennessee. And whereas a silent acquiescence of the general assembly in the late order of suspension by the bank, might be construed into an approval of the measure,
Resolved by the General Assembly of the State of Tennessee, That it is with feelings of the deepest regret, that the general assembly has learned that the Bank of Tennessee
has recently suspended speccie pays ments.
Resolved, That said bank is hereby ordered and directed forthwith to resume specie payments, and in all cases to observe a strict and honest compliance with her contracts.
The following message was received from his Excellency James K. Poik, by Luke Lea Esq. Secretary of State, and read at the clerk's table, to wit: Fellow Citizens of the Senate,
and of the House of Representatives: In communicating with the General Assembly for the first time, it does not fall within my province to review the course or advert to the action of the State Government, under the administrations of my predecessors in the Executive office, further than to bring to the notice of the General Assembly such subjects for Legislative action as the public good may seem to require.
Amongst the subjects which will doubtless claim your anxious attention, is the condition of the Banks of the State, and the state of the currency.
There has been for some time and continues to be a considerable pressure in the money market, affecting chiefly and more immediately the mercantile and trading classes. Before an adequate remedy can be provided the causes which produced it must be ascertained.
These it is believed are to be traced mainly to the revulsion in currency and trade which occurred at the suspension of specie pay. ments by the Banks in the spring of 1837. In 1836 we were apparently in the full tide of prosperity.