Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1856-12-09

BANK OF EAsT observation-disclosures CLosEn.-
The upon the Bank of East Tennessee, has
been kept up unremittingly since the outbreak OF
the panic until now regretto say, its bills cling
TO the holder scioser than q brother" Until Sat
urday evening most of our merchants continued to
take the money at their counters, but on Monday,
there seemed to be general letting down OF "cons
hdence, until, at noon. there was not business
house, in the place. believe that did not reject
it The brokers would not buy it at any price,
On Tuesday, the Branches at Jonesboro' and Chat
tanooga were closed, and the specie remaining in
their vaults transferred to the Office in Knoxville.
The bills Oh these branches viii not be redeemed
st the counter in Rockville, noS though the Bank
contemplates 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 OF knowing
further than the verbal statement OF the Bank oil
Gals. The Knoxville Office is redeeming its issues.
It is to be regretted that the Board OF Directors,
If satisfied that the Bank is secure, did not, mme-
dately upon the origin of the panic overhaul their
assets and submit an authentic statement OF the
condition of the Bank to the public. Such pro,
cedure would have stopped all further distEust OF
the Banks soundHess. But this has not been
done, and the consequence is, the biisholders, ig'
norant ofthe Banks condition and earfui OF loss,
have poured in its paper upon it, until It has been
forced to a suspension at both the Branches. We
authority that the circulation of the Bank, at the
time the panic brok out, was about $500 900, OF
this bills to the amount of about 1925 600, have
been taken up,-leavng over S350,000 yet unre.
deemed. What basis the Bank has, upon which
to meet this circulation, do not know. We will
say, however, that the Officers of the Bank state
that sufficient amount of its assets will be DUE
within the time allowed by the Charter, to ens
Bile them to meet all out standing bills. Assuming
that the Bank has done strictly legitimate bust
ness. we see no reason why the money may not
all finally become good. OF the standing of the
Bank 10 Knoxville at present, we will state that,
as currency, its money is worthless. Our mer>
chants are "hands Off and the Brokers refuse it
at any price The highest sale we heard of on
Monday, was at 10 cents, while on Tuesday 1--WE
write Tuesday night it was selling on the streets
at fifty cents, and as we learn, no one was pur.
chasing, except those who had way" of using it
to advantage.
We give the foregoing an impartial statement
of the facts as they exist. We certainly have no
disposition to do the Bank injustice, while at the
same time we will give version in its behalfcsl-
culated to deceive our readers Our individual
opinion, unsupported, would be comparatively worth
less. and we, therefore, give no advice-make no
predictions If the Bank has done only legiti
mate business, its money must eventually be good;
if not, we can only trust that the money sharp
ers" rather than the people, will have to bear the
brunt o. the disaster.-Rnor. Register.