Newspaper Page Text
by their withdrawal will be supplied by the capital ists in furnishing exchange for the commercial wants of the community, and money in the proper sense of the term, sufficient to purchase all the sur plus product of the country. This will follow as naturally and as certainly as water will find its level or the surrounding atmosphere supply and 11 up a racnum when created. The strongest objection now urged to the wind lag up of the Bank of Tennessee is, that it is nec essary as a fiscal agent for the State, to receive its revenue and disburse the same, to pay the interest on the State Bonds that have been issued, or may hereafter be issued. This objection when examined and reduced to a practical test ceases to have aiiy force or solidity in it whatever. I would most re spectfully suggest that all the duties nov performed by the Bank of Tennessee as a fiscal agent in re ceiving and disbursing the revenue of the State and paying the interest upon Stats Bonds, can be per formed by the Comptroller and Treasurer, the finan cial officers of the State proper, wi.h equal conven ience and safety, and at a far lees expense than it now costs to carry ou the machinery of the Bank of Tennessee. It is a matter of great importance to the people of Tennessee that our State should be free from debt. If the policy I have recommended should be adopted, the debt which accrued under the acts of 1835-6, and 1S37 8, would be liquidated in a veiy fchort time. We should then have no interest to pay in the eastern cities, except on the Bonds loan ed to railroad companies, and would therefore need no Bank or other fiscal agent to make payment at any place, other than at the oflice of the State Treasurer. Under the act of 1851-2, by which the State credit was leaned to various railroad companies, provision was maee that the interest accruing on the Bonds loaned, should be paid into the Bank of Tennessee, fifteen days before it became due in New York. Surely any President of a railroad company having the money to pay the interest on the Bonds issued to his road, could in less than fifteen days, by buying exchange from a Bank or Broker, or by shipping coin, transfer the amount to New York, or any other point in the Union. This is often done now, as many of the roads have issued bonds which are endorsed by the State, and the interest has been promptly met, without any agency on the part of the Bank of Tennessee. Our Merchants and Manu facturers must neceisarily have frequent payments to make in the Northern and Southern States. These payments are made by purchasing exchange from Banks or Brokeis, and 6o Ion: as capital is employed in any pursuit which requires the trans mission of money from one point to another to pay for articles purchased, there surely will be, even in the absence of all Banks, exchange brokers or fac tors, ready to supply any demand for exchange. In no event can there be any necessity fur a fis cal agent, other than the Treasurer or Slate (Jump troller. Both of these ollieeis should be well qual lied for the important positions they occupy, and as competent to manage the finances of the State as a Bank President or Cashier. The Constitution of the State provides for the election of a Treasurer and culiusts to him the receiving and disbursing the entire funds of the Suite. It may be said that a Bank is better able than the Treasurer to tell the condition of other Banks, and would not receize the notes of such Hanks as would likely become insolvent. Sueh an argument would only prove that some former Legi.-Iature had char tered corporations fur Banking purpose's, without requiring suflicient indemnity to protect the note holder. In granting Banking privileges to a com pany, the people have a right to expect of their re presentatives, that they should be fully protected from Iraud in the circulation of any Bank notes. If the Legi-Uture would grant no Banking privileges except w hen the note holder was secure beyond any possible contingency, it would be simply discharg ing a duty which the cleetors have a light to de mand id their representatives. Within the period of about four years, a-? before rcmui ked, many ot the Bank, char tered by our Le gislature, have entirely failed, and the money put in circulation by some of them w ill prove to be al most worthless to the note holder. I am of the opinion that this evil might have been prevented at the time the charters were obtained, and I am clear ly ol the (.pinion that yon have the power to guard against any farther fraud which may possibly be pr acticed by any of the Banks thai leied by a pre vious Legislature. It will certainly not be contend ed that any former Legi.-Iature can take out of your hands the power to cor rect any evil, or prevent a fraud fiom being practiced on the people you repre eut. Our State, very properly, requires security of ail its officers having ch.iige of any of the State money or property. Individuals require security of each other in their daily money transactions, and there is no rea-on why a corporaliou, chartered by our Legislature, with the privilege of issuing uotcs, checks and bills of credit, should not be required to give ample security to the note holder. The integ rity and bu-itmss capacity of Bank oiliecrs is ufi.cn the the piincipnl capital of Banks. Pa-t experi ence has taught us that this is not a suilicieiit guar anty to the note holder, that he will be paid when lie presents to a Batik its own issue. It becomes, therefore, a matter of first importance for the safe ty of the funds of the Slut', the security of the people, and for the prosperity of all branches of iudu-try, that in gi anting char ters of incur p. ratioh, when special privileges are guarantied to the few, a ciedit should tot be given such cor poralior. until it is depi ived of ail power to do injur y. I Cannot See the necessity if our State creating a Bank, or con tinuing one already in existence, with "power to emit bills of Credit," on the ground 'hat we require a fi-ral agent to receive, disburse and keep more safely the funds of the State. The looses su-t.'iincd by the State on account of depredations c I ollieeis, in the Bank of Tciiue- e, are large, compared with any lo.-s sustained on ac count of our State Treasurer. In my last Biennial Message, I recommended the passage of a law suppressing the issuance andciicu lation of It ink notes or bills vt a les denomination than five dollar. An act passed by the la.-l legis lature, "To regulate Banking," the third set lion of which, it seems, was intended to accomplish that purpose, has wholly failed to do so. It merely pro hibits the issuance of small notes, by the Banks, but docs not suppress the circulation of those already issued, and it Is believed that the amount Li circu lation on the passage of the law haj not been mate rially diminished. The law has, no doubt, in u.any insUnos been evaded and violated in getting note back into cii cuUtion, which had bceu rciumeU to the Banks by their holders. It is hoped that the Legislature w ill so amend the present law as to pre vent the isuauc ot inialler notes than five dollars by all of the Banks, and, after giving a reasonable notice, to suppress ths circulation among the po ple, of all lhoe which have heretofore been issued, an 1 especially those which have beeu issued by other States, and find their way here lor cii culaliuii. Tuj Tuouuii created by tho withdrawal of these i barge b.lN, which have beeu thrown into circula tion by the numerous Bank throughout the State, will, at once, be supplied wuu gold and ailvcr, the currency inter. Jed tor the great luaia ot the people. Bar I which cannot furnish the community with a, gold and silver currency, from five dollars down, ar ttvl tuL'J.c-1 to puthe tondieoce, and ought to be wound op, and the sooner it is done, the better . for the public good. In fine, let the law be so amended as to suppress the circulation of all Bank ., paper of a less denomination than five dollars. The propriety of the passage of a law like this, is so clear and obvious to all, that it is not necessary again to repeat the arguments in its favor. WEIGHTS AND MEASURES. . By a joint resolution adopted March 3d, 1654, the Gov ernor of the State was authorized to appoint a suitable person as Superintendent of weights and measures. In obedience to this resolution, Mr. John IIerige8 has been appointed Superintendent to take charge of the weights and measures, as furnished by the Federal Government, under a resolution passed June the 14th, 1636. Since his appoint inent as Superintendent, the weights and measures have beeu received and are now under his control, and by him have been deposited iu one of the rooms of the Capitol net apart by the Commissioners for that purpose. The weights and measures are all in good order and are now subject to inspection by both branches of the Legislature. The resolution authorizing the appointment of Superintendent of weights and measures made no provision for any compensation to him, for the time and labor neces sary for their preservation. It cannot be expected that the Superintendent can lose bis time and labor without some reasonable consideration theiefor. The resolution also authorized the Governor to have made under the direction of the Superinten dent a set of standard weights and measures for each county in the State. Not without some dif ficulty and trouble, the manufacture of a set of weights and measures for each county in the State, has been commenced, and five sets have been com pleted, which in workmanship will most favorably compare with those furnished by the Federal Gov ernment. The five sets completed are deposited in the same room with those furnished by the Federal Government, and both brauches af the Legislature are respectfully invited to txamine and compare them with those furnished by the Government and determine for themselves as to the accuracy and woikmanship with which they have been piepared. Before the Superintendent con nicnced the manu facture of the weights and measures, he visited Washington City, where the originals were made, ami several of the States w hich had prepared weights and measures, by the slAidaid furnished them by the Federal Government, for the purpose of getting the best pattern and tiscertainirg the most econom ical terms upon which they could be made. It was then believed from the most reliable data that could be had, that it would cost two hundred dollars per set to manufacture them. After taking eveiy ttep for the purpose of obtaining accurate information in regard to the cheapest and t est mode of supplying alt the counties iu the State, as contemplated by the resolution referred to, it was believed that the weights and measures could be manufactured hi Nashville of equal quality as to woikmanship and material, and upon as economical teims as those which have been manufactured in any of the other States. Entertaining this opinion, stt js have been taken and the experiment has bectif.iiily made in the five Sets already manufactured, which lias prov en that the average cost will not be more than one hundred and fifty-nine dollars per Set, whereas all foi mer estimates made them to cost not less than two hundred dollars per set. Tliewoikhas been co I'lnenced and the experiment has been made, and in the course of the next twelve months it is believ ed that every county in the State can be furnished with a complete set of standard weights and mea sures, which will favoiably compare with any in the Union, at a cost of not more than one hundred and fifty-nine dollars perset. Sound policy and the urgent demand of almost every county and the best interests of the State require the completion of this woik at the earliest day practicable, thereby bring ing about uniformity in the weights and measures throughout the State. It is regreted that it has not been in the power ol the Governor to have provided every county iu the State with a set of standard weights and measures as authorized, before this time. I will add that there t-hcu'.d be a law passed, or the laws now in force should be so amended as to fix definitely and intelligibly what is the standard of weights and measures, mid to annex such penal ties as will most certainly insure a compliance with its position. TAX OS MFl'.CHANTS. In my message to the last Legislature, the atten tion of that body was called to the subject of mer chants' tuxes, and as no action was then taken upon it, I again submit that portion of my message to your consideration : "Theie is some complaint with the mercantile interest, in consequence of il.c unequal and dis criminating operation of our revenue lav. s regulat ing merchants' license. The complaint is r.et with out seme foundation and good cau.-e on their part. The law, as it now stands, requires all wholesale und retail dealers in merchandise in this State to fiist pay into the Trea-uiy of the State one ha'f of cue per cent, on the invoice cost of all goods vei d.d by them. The main cause of complaint, as 1 under stand it, is that, in the first place, the win I sale merchant, by the revenue law, is required tofiisl pay into the treasury the half of one per cent, or fifty cents on the hundred dollars. After the tax is paid by him into the treasury, the retail merchant then purchases the same goods of him and takes them to another establishment, in or out of the county where purchased, us tne rase may be, and vends them again; for which he is nqtihtd to j ay one half of one per cent., or fifty cents on the hun dred dollars, into the treasury; which is one pt r cent, paid to the Siate for the goods thus sold. By this process it will bc peiccivcd that the Slate lays a double tax on the goods purchased from the whole sale dealer w ithin the limits f the State. The busi IitVss retail dealer has no difficulty iu understanding the operation, and finds it to his interest to go be yond the limits ol the State to make his pun base, and thereby save the one-half of one per cent, in the purchase of his goods, or fifty cents on every hundred dollar. It must be obvious to all bu-incsa men, that if the wholesale dealer is requited first to pay the tax into the treasury, that whin the retail merchant buysof him he mii-t pay it backhand then w hen he makes sale of the goods, hj mu t pay a like amount into the treasury; which is practically compelling the country merchant to pay a double tax to the State on the same good.-; which, as a matter of course, makes it hi interest to go beyond the limits ol the State to make Ids purchases, ar.d become the customer of the foreign wholesale dealer, instead of the wholesale dealer at home; and to that extent operates against our own commercial cities and commercial men. "It is most manifest to my mind that the practical ttTect of the revenue law, as it now stands, regulat ing merchants' license, is to discriminate against the merchant at heme and iu favor of tl e one abroad. The subject is, thin fore, tuhm.ttcd to your con aide ration, with the hope that the law will be so modified as to place the mercantile interest of the State on an equal tooling and in a held of fair com petition . ith a hke interest of the other Suits of tho Union." rrtiLic Reaps. In again calling the attention of the Legislature to this subject, I can do nothing more than aut'Jtoi tiah'y repeat what I have heretofore Mated to preceding Legislatures. Our hole tyttera of putlio roads u exceedingly di.fi.caTe, uore to tLaps than in any of our sister States, which detracts materially from the facilities of travel and the transfer of the sur plus products to the main channels of commerce, both as to the rivers and railroads which penetrate the country, bearing off the great staples of the State to distant markets. The condition in which our public roads are now kept depreciates materially the value of all property, real and personal, which is not situated immediately upon our navigable streams or line of railroads. Besides, the expense and burden of keeping up wjur public roads fall mainly upon that portion of our fellow citizens who are least able to bear it, and who have the least use for public roads after they have been put in re pair. Many of our fellow-citizens are compelled to perform manual labor on the public roads, a num ber of days in the course of a year, who have net the time to spare from their other pursuits without pay. Their own condition and the necessities of their families are euch, as to require the proceeds of their entire labor for their support, while on the other hand there are many who are exempt by law from working on the public roads, who are either able physically to work or pecuniarily to pay for having it done, and in fact who derive the greatest benefit from good rosds when they are made, by the enhanced value good roads always impart to pro perty. There are many of our fellow citizens who deal in thousands, and own in value large amounts of property, w ho never pay one farthing to keep oar public roads in repair or to open new ones, while there are others who own no property and whose pecuniary dealings are confined to their absolute necessities and who have not even a vehicle of any kind, nor one single pound of sui plus product to transport on them, but who under our present laws are required to toil many days in the year iu repair ing roads which are of little or no use to them. In view of changing or modifying our present system of public roads, I must respectfully invite your at tention to the systems adopted in the States of Ohio and Pennsylvania, where property and other taxes arc levied for the purpose of keeping them up, and thereby establishing and carrying out the prin ciple that all persons who derive the greatest bene fit fiom their being kept in repair and iu propei con dition for the travelling public shall pay correspond ingly out of their mentis for the benefits thus con ferred. All persons should contribute to the support of the government under which they live, in pro portion to the protection which they may receive from it. It is the physical power in a government, under the direction of law, which gives security, protection and value to all the property owned by the citizen. The owners of property constitute but a very small portion who make up what is common ly denominated the physical power of the govern ment; the non-property nolder constitutes not less than three and perhaps four-fifths of those who make the aggregate of physical power. This is the population that is called upon in timeof danger and need to suppress insurrection at home or to repel invasion from abroad. It will be perceived, though they aic not property holders, they constitute one of the most important elemeirs in the government; hence the conclusion, against oppressing thet por tion of the community which gives protection and security to all whoown property, real and personal. Our present road system, it must be conceded by all w ho are reasonable and just, operates unequal and oppressive upon the great mass of the people, and it ought to undergo a radical and thorough change. I therefore most respectfully recommend to your fa vorable consideration the propriety and justice of so changing or modifying our common road system as to conform it to the requirements of the public judgment and wants of tho country, and that it be done during the present session ot the Legislature. LAW REFORM. On two former occasions I called the attention of the Legislat ure to this all important subject, so deep ly interesting to the people throughout the State, and earnestly pressed tho adoption of a system which has been so unmistakably indicated by the public judgment in the popular elections which have recently taken place, and will again refer the Gene ral Assembly to my views as then expressed upon this subject, with the earnest hope that the Legisla ture will conform their action o the popular will, in carrying it out at the earliest day practicable. I am advised that Messrs. Cooper and Meigs, who have been appointed by the Legislature to prepare a I'i gest of the Laws of this Siite, have with great care a'ul much labor performed that service, and will a: an early day submit their Digest to your inspection and consider-anon. If our system of jur isprudence is so modified as to conform to the requirements of the public inter est, during your present sitting, I Bin advised that the Digest which has been prepared, can tie suited or adapted to the change which may bn made in our system of jurisprudence, with but little labor and verv sl'ght alterations. These are subjects that w-i'l merit your cre and attention, which I have :.o doubt they will receive at an early day of your session. Avr.icn rrn.iL vxr.F.xv. Under the act of 1 S 13, establishing a State Agri cultural Bureau, chattels have been granted to Agi icultui al Societies in lliitysix counties, Six i:i Last Tennessee, fifteen in Middle Tciiuesrw, and fifteen in West Tennessee. Of these, about twenty-five, have complied with the law in ngardio annual reports, thus entitling themselves io '-he bounty provided by the act, liom the State Treasu ry, of two hundred dollars each. Fairs were held last year in twenty one Counties, in addition l the State and Division fii.s. Reports of the.-e U.ir, with specific statements of the manner in which the bounty of the Sute lias bceu applied, will be laid befoic you in the Lieiiuiul Report of the S.eictaiy of the Bureau. The opening of works of Internal Improvements in ditX. refit sectors of the S ate, ailbiiiilig mean for the more rtipid arid cheap ti anspoi t nioii of the products of the field to market, and consequently enhancing the pi ice which the pioduccr reali'S lor his investment of labor and capital, hasawj'acii cd a new interest in improvid modes of caltivaUo.n and iu those labor-saving machines by which har vests of large fields are speedily gathered and pre pared for market, as well as in improwd and more valuable breeds of domestic animals. A lago por tion of the soil of Tenners -e is of exhaust!.' lertil i:y when carefully and skillfully cultivated. Asso ciations like those contemplated in the act estab lishing the S;ate Agricultural Bureau, when wi-ely managed, are of vast importance to the State, by stimulating competition and constantly provokii g comparison of methods among enterprising farmer. I am satisfied that the bounty of the State iu this UKtctiou has been wisely bestowed. Many o! the wisest practical tgiiculluiis'-s aje heartily engage I in the scheme inaugurated by the Legislaluie of ISSt, and 1 confidently look to constantly increas ing benefits to the people of the State as the re ward of their tabor and a return for the appropria tion male from the Treasury to encourage them. Ttie development ot the mechanical and manufac tunng resources id the State, is an object altogether worthy of your consideration, and which should en gage the attention of every citixen, and a:ou the riicr'e of every eapiuhsl, and surh assistance ought to be giveu to aid in further devcloprr.ciila at may be found eotislflent with judicious legialaUoc. We are pue ssed of natural eloBenU, if properly developed and ui cetsf ally directed, which would give us a commaadicg foaiiiou aiiiorj oar tie it r States, by supplying them wi;h articles of manufac ture and implements of husbandry. Instead, bow ever, of furnishiog supplies, the product of our na tural resources to the surrounding States, we are to day dependant on them for the ordinary articles of mechanism required by the farmer, the merchant, the mechanic and housekeeper. The "Mechanics Institute" of Tennessee has done much, it is believed, by its annual Fairs, to stimu late the mechanical and manufacturing interest of the State, and to develope much talent peculiar to the successful prosecution of these branches of in dustry. The leading principle upon which this in stitution is established, is paramount, in directing the -mechanical genius of the young mt?n of the country, in that branch of mechanism to which it is best adapted. In brief.it is designed to stimulate and bring out the latent mechanical talent and ex cite a laudable ambition among mechanics, manu facturers, artizans and inventors, to excel, to foster and to encourage the arts in every way, and ulti mately to establish a school of design for the bene iit of the youth of the State, whose opportunities are limited for the want of pecuniary means or otherwise. The institution is not established upon such a basis as desired by the Directors; though they have been struggling against many difficulties, it is believed they will ultimately succeed in its per manent establishment.- They desire to erect a Hail suitable for the institution, and have already leased a lot of ground convenient and favorably located for the erection of euitable buildings. The Legislature with great liberality has aided other important interests in the State, such as Rail roads and Agriculture. Will it not, therefore, ex tend similar aid to manufacturers and mechanics, and in so doing, place these great interests on an equal footing with the other industr ial pursuits of the country, and thereby exonerate the Legislature from the charge of invidious and partial Legislation? If you legislate fvr oae, Ifgitlatt for the uholf. HE EM IT AGE. It was made the duty of the Governor, by an act entitled " An Act to purchase the Hermitage," passed by the last Legislature, to purchase for the State of Tennessee, live hundred acres of the lata residence of Andrew Jackson, deceased, iucluding the Mansion, Tomb and other improvements, knowa as the Hermitage, and said act authorized him tt issue six per cent. Coupon Bonds to the amount of lorty-eight thousand dollars ($18,000) iu payment of the same. In compliance uith this law, the purchase lias been nrade, the fielundred acres, including the Mansion, Tomb and other improvements, known tn the Hermitage, has leen run out aud platted by 4 competent and skillful surveyor, and a title unen cumbered has been made to the State, which titlo has been registered in the Register's oflice of David son County, and is now on file in the oflice of tho Secretary of State. It w as also made by said act, the duty of the Governor to tender the said proper ty to the general government of the United States, upon the express condition that it be used as a si;-s for a branch of the Militaiy Academy at West Point. This tender has been made by the Governor in per son to the Federal Government, through the Presi dent of the United States ; the President t.'an.-m:t-ted the tender, as made, to both branches of Con gress. The subject was there taken up and rcferrctl to the appropriate committees. In the Senate it was referred to the committee on military afi'airs, which committee, after consideration, made a favor able report, accompanied with a Bill, accepting f the five hundred acres, upon the terms and condi tions authorizing the tender to be made. The pr o position at the time, so far as it could be asccr iaii.i d, gectned to be favoiably entertained by both houses of Congress. But it being the short session, and much important business remaining to be disposed of, Congress adjourned on the fourth of Maich, without having any definite action upon the propo sition, and it is still pending before the Federal Government for its final determination. In the event the Federal Government should re fuse to acecpt of the property tendered by the State, would it not be better to set it apart .is a permanent residence for all future Governors f the State? ! to doing, the propeity would be preserved from misuse and dilapidation, and the State hereafter saved from a heavy expenditure in the erection if an Executive Mansion. Would thus, furthermore, preserve as the property of the people, thesacrid spot of earth which contains the mortal remains t f her most gifted and disiir iruished son, w 1 s.e i cnowrv as a patriot, as one w ho loved the people and ti e Union, as a statesman a;id a soldier, is co enlens4e with the civilised world. His deeds, civil and mili tary, are the property of the Nation, his Tomb t. t longs to the people of his adopted State, who ven erate his name and .-till love and cherish his memory, and wiio will witness the. transfer of its ownersi:i, tf other hands w ith deep regret and much dissitli faction. FTXTF CAPITOL. It has been more than twelve years t-inee tl corner stone of the S:ate Capitol wih laid, and tSi woik is still dragging along, and the Capitol in an unfinished condition. Progressing at this slow rat.-, it has already cost the State, including appn p.ik tion directly fiom the Treasury, lubor performed ly the Penitentiary convicts and i-suance of Sunj Bonds, ic, one million, two hundie.1 nd four tho j and and seventy-two dollars and twelve Cents. (il,2ol,M7-- 1") To raise this amount, ia part, there has been is-ned eight hundred and for ty or. thousand do lar, (f S-il,us) of til per cent. Slat Bonds, the principal and interest to be paid out of of the State Trea-uiy. These Bonds constitute a part of the State debt, and must, ultimately, bo paid out of the people' taxes. It would seem that the time had ariivd wherj the Capitol should be completed, and this source tf expfiiditure have ati end. It is believed if tho wo:k h.ad, from the becinr.ing, been pressed with vi.rtyy and economy, lint it would have been complex I long iK'tore thi liui", ar.d at a much less cost to lh-; people. It is hoped that the LepitUture will adi pt some means br which its completion will be brought about at an early day, and this continued issunno.? of State Bonds, "year after year, and the psjuien'. c f interest thereon, be brought to a Fpecdy and finul close. I would suggest the propriety of adding t the present board of Building Comiuiesioner, tho Secretary of State, Treasurer and Comptroller. These officer are, in most instance, from d.jTcrent portion of the State, and would feel themselves r sponsible to rhe people of the Sute for the maimer in which they discharge their duty ; and further more, their oriicca are ail in the Capitol, convenient to the work cow being performed, and also for con sultation io reference to the best mode of Laving it done, and as to the most vigorous ujcaus ia iu pros ecution., I bave now laid h-for you such subjects for your consideration a the public interest scfius to require arid will, therefore, conclude this roriimuiiic.tioii w tth the sincere and confident hope that your labor will be distinguished for their harmony, prudcuw and idon, and that retreuchrnei.t, reform, an.t rijrid economy may, by your legislation, be carried into every department of tho Government, ia aoth wanner as ws!l advance the best h;tere.-t asi toie of the State. ANDRIIW JOHNSON. Why is a chickea-pie !Ik a jruosmitVj atore Ecc&use it cvbtaiLS fyw.Mt pieevs.