Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1856-02-26
The Union and state Ranks Counter
Notes.

The following is the response of the Union
Bank TO tie resolution of the General Assem-
bly, calling upoh that aud the Planters and
State Banks for information rs To when they
intend to discontinue the policy of issuing
notes payable at other than their own coun-
ters:
To the Honorable the Speaker Of the Senate and
Of tie House Of Representations Of the General
Assembly Of he State Of Tennessee:
The President aud Cashier Of the Uuion Bank,
have the honor to acknowledge from the Clerk Of
the Senate, the receipt OF copy Of a resolution
passed by the General Assembly of the State Of
Tennessee at tie present session. enquiring OF the
Bank OF Tennessee, Planters Bank, aud the Union
Bank, "when, If az all, they intend TO discontinue
the Issuance OF notes payable at any other point
than at their counters, and that they be requested
Go indicate their policy in ;hat behalf"
The undersigned, in o,der TO present a more full
account OF their policy in the premises, take the
liberty of stating that the Union Bank commenced
operations in the spring OF 1881, and by the six
teenth section Of their charter authorised ITO
issue bills notes payable on demand at either of
said Offices of discount and deposit and also such
Banks of respectable standing ia any other State of
che Union as the Board Of Directors may deem eI
pedient aud proper"
10 pursuance Of such authority, and as il was
then thought, foT the convenience of the public,
the Union Bank issued notes payable at the princi
pal Bank aud Branches, aud also a very large por
ton Of notes at Banks in Philadelphia, Baltimore
and New Oheans. These notes we're paid out at
the Bank aud Branches without any regard TO the
point where they we're made payable, from that
time until the resumption Of specie payments ia the
summer of lS42. When that resumption took
place, il was deemed advisable 70 call In all the cir.
culation that made payable out Of the State,
and 70 issue only such notes as were made paya.
be at the Bank or It's Branches.
The policy then adopted has been pursued ever
since that time, aud the Bank and It's Branches
have paid out, without discrimination, such otes as
they might have on hand, without regard to the
place where they were made payable, except for
short time when they issued notes payable at the
counter. For many years past it must, however,
be understood, that the Mother Bank has always
held herself in readiness to redeem the circulation
Of its ranches in Eastern exchange, at the same
rates that they would have charged if The notes
had been payble at the counter
Many difficulties have hitherto interviewed 90 pre-
vent this Bank from only issuing such notes as we're
payable at the counter where issued, which il
would be too sediOus 10 cxplai. The several Banks
mentioned In tbs resolution Of your honorable BODY
have often consulted upon the pfopriety Of making
an their issues payable al Nashville alone, ahd tar,
nishing their Branches wiGh sufficient amount OF
circulation &c trAnssc, business upon, believing
that this course would De an eff,ctual remedy Tor
the grievances complained Of AZ yet, he.ever
they have never been able 20 come 10 any Agree-
ment upon the subject, and ii sil readily be per-
eeived that all the Banks must pursue one line Of
policy, and that no single one could take step By
ilself wbcb would Dot result Ia i,s own ruin OF
greatly % is disadvantage. The nnasrslgned would.
however, respectfully state 10 your honorable body,
that the Union Bank viii with pleasure, be wiling
70 make ell their issues payable AZ the eoahter 10
Nashville, whenever The Plantsrs' B4ak and Bank
O(vIenaessee vail. BY a mutual sgreemsBt twilh
eve