The true Democrat., 1856-12-23
From the Knoxville Register. bahk oi East Tennessee-AH Branches ClOSpA

The sun upon the Bank of East Tennessee has been kept up unremittingly since the out break of the panic, until now, we regret to sav It's bills cling to the holder "closer than broth er." Untli Saturday evening most of our mer- chants continued to take the money at their counters, but on Monday there seemed to be general letting down of contidence,, until. at noon, there was not business house in the place, we believe, that did not reject it. The brokers would not buy it at any price. On Tuesday the branches at Chattanooga and Jonesboro' were closed, and the specie remain ing Ill their vaults transferred to the office in Knoxville. The bills on these branches will not be redeemed at the counter in Knoxville 'aoto, though the bank contenplates taking up the paper due at the branches, so soon as it can. Whether 1t will ever be able to do this. we have no means os knowing further than the verbal statement of the bank officials The Knox viIle office Is redeeming it's issues. It is to be regretted that the board of directors if satisfied that the bank is secure, did not immediately upon the origin of the panic, overhaul their assets and submit an authentic statement of the condition of the bank to the public. Such a procedure would have stopped all further dis trust of the banks soundness. But this has not been done, and the consequence is. the bill holders, ignorant of the banks condition and fearful of loss, have poured in its paper upon It, until 1t has been forced to suspension at both the branches.
 We understand (and we would not say so without good authorty) that the circulation of the bank, at the time the panic broke out was about S6OO,OOO; of this, bills to the amount Of SZ2o,OOO, have been taken up-eaving over SooO,OOO yet unredeemed. What basis the oahk has upon which to meet this circulation we do not know. We will say, however, that tue oiiicers ot the bank state that sufficient amount of Its assets will be due, within the tnhe aitoWed by the charter, to enable them to meet all outstanding bills. Assuming that the oahK has done strictly legitimate business. we see no reason why the money may not all finally become Sood. Oi the standing of the bank in Knoxville at present, we will state that as cur. rency, its money is worthless Our merchants are " hands off" and the brokers refuse it at any price. The highest sale we heard off on Monday was at 75 cents, while on Tuesday (we write Tuesday night) it was selling on the streets at 5O cents, and, as we learn, no ono was purchasing, except those who had way' of using 1t to advantage.
 We give the foregoing an impartial state ment ot the facts as they exist We certainly have no disposition to do the bank injustice While at the same time we will give no version in its behalf calculated to deceive our readers our individual opinion, unsupported, would be comparatively worthless and we, therefore, give no adVicc-make no predictions. If the bank has done only a legitimate business, its money must eventually be good; if not we can only trust that the money "sharpers' rather than the people, will have to bear the brunt of the disaster.