PLANTERS' BANK.

"Bonus.—One half of one per centum, upon two millions of stock, will amount in twenty-seven years to $270,000.

"The bonus has been calculated for twenty-seven years, because the Charter requires that the bonus shall be paid upon that amount, at the expiration of three years from the time the Bank commenced business, whether the whole amount of stock shall have been paid in or not. The sum thus to be derived from the Planters' Bank when added to the sum which it is estimated may be derived from the Union Bank, gives the sum of nine hundred and ninety thousand dollars, all of which your Committee believe, may, and will be hereafter realized.

"The Common School funds which have heretofore by law, been apportioned among the different counties of this State, so far as your Committee have been able to ascertain, are under the control and management of a Board of School Commissioners in each. The Commissioners for the several counties of Carroll, Henderson, Madison, Maury, Shelby, Sumner and Williamson have subscribed for stock in the Union Bank of the State of Tennessee, in different sums and proportions, but making in the aggregate, three hundred and forty-seven shares, upon which they have paid, in the aggregate, the sum of nineteen thousand, six hundred and fifty dollars.

"The portion of said funds allotted by law to the counties of Davidson, Rutherford and Bedford, has by authority of law, been vested in stock in the Nashville, Murfreesborough and Shelbyville Turnpike Company.

"The portions allotted to all the other counties throughout the State, your Committee believe, has generally been loaned to individuals upon personal security and bearing interest; and as your Committee believe, is at the present time well secured; but under such a system, they believe the final safety and security of the same, to be doubtful and precarious, and that unless a different system is adopted the greater part of said funds will ultimately be squandered and lost.

"After having examined the subject with all the care and attention, which your Committee have been able to bestow upon it, they have come to the conclusion, that the only practicable way to secure all the Common School funds and resources now appropriated by law in the State, or which may hereafter be appropriated, and to render the same perpetual, will be to place the entire funds and resources under the general superintendence and care of some responsible and vigilant officer of the State, or of a responsible board of commissioners, who shall have a controlling authority over the said funds and resources, and see that they are always secured whenever placed out at interest, and with power to withdraw the same, or any portion of the same, when not adequately secured, and to see the same revested in some other profitable manner by loan or otherwise; and that such officer or board. of commissioners, shall make a detailed report on oath, to each regu

lar session of the General Assembly, of the true condition and situation of said funds.

"From a document drawn up with great care and labor by the French Government, and recently published, it appears that in Russia, only one child is educated out of every three hundred and sixty-seven inhabitants-in Portugal, one in eighty-eight-in Poland, one in seventy-eight-in France, one in twenty-in England, one in elevenin Bavaria, one in ten-in Prussia, one in six-and in the United States, one in four.

"Your Committee have taken leave to quote the above facts, as bearing flattering testimony to the rapid advances which the cause of universal education has already made in these States, leaving far in the rear (in this respect) the oldest and best regulated governments in the old world. It is believed, however, that even this estimate, favorable as it is to the United States, when contrasted with the condition of other highly favored countries, does not do justice to the progress which the cause of education has made in some of the States. It has been made in reference to the entire population of the country, without making any allowance for the slave population of the south and west-a population from whom the benefits of education has been purposely withheld in the States in which it abounds.

"To the enlightened body, to whom this report is submitted, who agree unanimously, that education-and especially a system of common school education-should be fostered and protected by the parental care of the Government, and who with one voice will agree with your Committee, that universal education constitutes the surest pledge for the perpetuity of our liberties, it might perhaps be deemed an act of sepererogation on their part, to submit any remarks of their own, by way of argument, to the attention and consideration of the Convention.-Living in a country where the people are ardently devoted to civil liberty-rich in intellectual resources, and where they are noble and generous in all their public and private enterprizes; where the highest gems of genius are as often found in the humblest cottage as in the abodes of wealth and splendor, and where it is acknowledged as a universal truth, that intelligence-that moral intelligence which education alone can impart is the palladium of freedom and the 'ark of safety' of the union of the States-your Committee cannot forbear the present opportunity of felicitating the people of Tennessee upon the prospective benefits and blessings to the present and future generations, which they anticipate as the almost certain result of the measures which they are about to recommend to the favorable consideration of the Convention, and which they hope to see matured, improved and adopted.

"Influenced by these views and hopes, your Committee recommend that the following provision, to be amended as the wisdom of the Convention may dictate, be incorporated in the Constitution.

1. "Knowledge, learning and virtue being essential to the preservation of republican institutions, and diffusing the opportunities and

advantages of education throughout the different portions of the State, being highly conducive to the promotion of this end, it shall be the duty of the General Assembly in all future periods of this government, to cherish the interests of literature and science, to encourage all seminaries of learning, and all public and private schools. And the Fund called the Common School Fund, and all the lands and proceeds thereof, dividends, stocks, and other property of every description whatever, heretofore by law appropriated by the General Assembly of this State for the use of Common Schools, except what has been legally appropriated otherwise to Colleges, and all such as shall hereafter be appropriated, shall remain a perpetual fund, the principal of which shall never be diminished by legislative appropriation, and the interest whereof shall be inviolably appropriated to the support and encouragement of Public and Common Schools throughout the State, and for the equal benefit of all the people thereof; and no law shall be made authorizing said fund, or any part thereof, to be diverted to any other use than the support and encouragement of Public and Common Schools. And it shall be the duty of the General Assembly to appoint some officer of this State, or some one board of commissioners, who shall have the general superintendence and care of such fund, under such rules, regulations and restrictions as may be required by law."

2. "The above provisions shall not be construed to prevent the legislature from carrying into effect any laws that have been passed in favor of the Colleges or Universities, or from authorizing heirs or distributees to receive and enjoy escheated property, under such rules and regulations as from time to time may be prescribed by law." 3. "The General Assembly shall hereafter, appropriate

per cent. of the annual nett revenue of the State, until the year cne thousand eight hundred and sixty-three, to the support and encouragement of Public and Common Schools.

"All of which is respectfully submitted,

WILLIAM LEDBETTER, Chairman." Mr MABRY moved to strike from the foregoing report, the following; to wit:

"Also the taxes arising from licenses authorized to be issued by the act of one thousand eight hundred and thirty one, to persons permitted to retail spirituous liquors."

Mr BURTON moved to lay the report on the table until Monday next; which motion prevailed.

Mr LEDBETTER moved a reconsideration of the vote, adopting the resolution of Mr NELSON, of the twenty-fifth instant, providing for the appointment of a Committee after the basis of representation is finally settled, &c.-which motion prevailing, the said resolution was taken up and read.

Mr SHARP moved to strike therefrom the words, "One from each senatorial district," for the purpose of inserting the words "two from each congressional district."

Mr. SENTER moved a division; which motion prevailing, the question was thereupon had on striking out, and decided in the negative.

Mr. BURTON then moved to strike from said resolution the words, "so soon as the basis of representation is finally settled;" which motion was decided in the affirmative.

The resolution was thereupon read as amended and adopted.

The President appointed Messrs. Nelson, John A. M'Kinney, Robert J. M'Kinney, Garrett, Roadman, Whitson, Senter, Smartt, Allen, Douglass, Porter, Cobbs, Webster, Childress, Cheatham, Gordon, Purdy, Marr, Huntsman and Robertson, the said Committee.

Mr. STEPHENSON submitted the following resolution, at the request of Mr. GREENE, who is absent from indisposition; to wit:

Resolved, That new counties may be laid off by the Legislature, to consist of not less than four hundred square miles; but no such new county to approach the court house of an old county or counties nearer than twelve and one half miles, or reduce the size of the older county or counties to less than six hundred and twenty-five square miles, except a memorial be presented to the Legislature with not less than eight hundred signers, who are qualified voters and actual residents within the limits intended for said new county, setting forth a special grievance under which they labor, either by being separated from their court house by impassable rivers or unreasonable distance. And no part of an old county or counties shall be taken off to form a part of a new one without the consent of a majority of the qualified voters of such part of the old county or counties.

The Convention then proceeded to the consideration of the second article of the Constitution as reported by the Committee of the Whole. And thereupon the first, second, third, fourth, fifth, sixth, seventh and eighth sections thereof were severally read and concurred with. The ninth section of the same article being read,

Mr. FoGG moved to amend by striking from the fourth line thereof the words "the Legislature," and inserting in lieu thereof the word "they," and by striking therefrom the words "by the Governor," at the end of said section; which motion prevailing, the amendments were thereupon made.

Mr. WEBSTER moved further to amend the said section by adding thereto the following:

"And such other business of a public or general nature, as the Governor may submit to them by message."

And thereupon the question was had, "will the Convention adopt the amendment?" and determined in the negative; ayes 14, noes 43. The ayes and noes being demanded by Mr. WEBSTER,

The affirmative voters are,

Messrs. Bradshaw, Cahal, Cross, Fulton, Gillespy, Gordon, Hill, Kincannon, Kincaid, Robertson, Sharp, Ury, Whitson and Webster;

14.

The negative voters are,

Messrs. President (Carter), Allen, Armstrong, Alexander, Burton, Blount, Cannon, Childress, Cobbs, Cheatham, Douglass, Fogg, Garrett, Gray, Hodges, Huntsman, Humphreys, Kelly, Kendall, Kim

brough, Ledbetter, Loving, McClellan, Robert J. McKinney, John A. M'Kinney, Mabry, McGaughey, Montgomery, Neil, Nelson, Porter, Purdy, Roadman, Richardson, Ridley, Stephenson, Senter, Smith, Smartt, Scott, Walton, White and Weakley; 43.

The said ninth section was thereupon read and concurred with.

The tenth and eleventh sections were next read and concurred with. The twelfth section being read,

Mr. HUNTSMAN offered the following amendment thereto :

"Provided, that if either the Speaker of the Senate or Speaker of the House of Representatives, shall be called to exercise the office of Governor, then his office as a member of the General Assembly, shall be vacated."

And the sense of the Convention being thereon had, the said amendment was rejected.

The said twelfth section was again read and adopted.

The thirteenth, fourteenth, fifteenth, sixteenth and seventeenth sections were severally read and concurred with.

The first section of the third article was next read.

Mr. WEAKLEY moved to amend by inserting the word "white" after the word "free" in the first line of said section, and thereupon the question was had and determined in the affirmative; ayes 33, nes 23. The ayes and noes being demanded by Mr. HUNTSMAN,

The affirmative voters are,

Messrs. President (Carter), Alexander, Bradshaw, Blount, Cannon, Childress, Cahal, Cobbs, Cheatham, Cross, Douglass, Fulton, Fogg, Garrett, Gordon, Hodges, Huntsman, Humphreys, Kendall, Kimbrough, Ledbetter, Loving, McClellan, John A. McKinney, Marr, Nelson, Porter, Purdy, Ridley, Senter, Sharp, Whitson and Weakley; 33.

The negative voters are,

Messrs. Allen, Armstrong, Gillespy, Gray, Hill, Kelly, Kincannon, Kincaid, Robert J. McKinney, Mabry, McGaughey, Montgomery, Neil, Roadman, Richardson, Robertson, Stephenson, Smith, Smartt, Scott, Walton, White and Webster; 23.

Mr. JOHN A. MCKINNEY moved to amend the said first section by inserting the following after the word "reside" in the fifth line thereof; to wit:

"Provided, that no person shall be disqualified from voting in any election in this State, on account of color, who is now by the existing laws of this State, a competent witness in a court of justice against a white man."

And the question thereon being had, the foregoing amendment was received.

Mr. Scort moved further to amend the said section by inserting after the word "upwards" in the first line thereof, the following; to wit: "and every white man subject to military duty," and thereupon the question was had and determined in the negative; ayes 20

37.