Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-10-17


nessee. have taken step Of 81 much importance e
the Institution and to the interest Of the citizens Of
the State, as to make it tLer duty TO communicate to
the General Assembly, the grounds upon which they
acted.
On Thursday morning last partial suspension Of
specie payment, was with great reluctance, ordered
by the BOard they had resisted steadily for weeks,
the most urgent approximations Of many leading
citizens and business men, to The propriety and
the necessity Of a suspension under the confident
belief that the Banks of New York and New Or
leans, with which very extensive business had for
years, been transacted, would be able to meet and
successfully resist the pressure existing in the
money market.
They learned on yesterday morning, that not only
the Banks in New York and New Orleans had sus-
pended, but that the leading Banks in New England
and several of the Southern States, had done SC
likewise, which will probably lead to general sus-
pension of the Banks in the United States.
Such course may operate very seriously upon
the interests Of this Bank Most Of the bills matu-
ring between this an the first of the year, pay
able, and now in their possession, how and when
they are to be paid, cannot be aseertained. If
promptly paid at maturity, as we confidently ex-
pected they would be- this Bank would not have had
the least difficulty in meeting any demand against it,
heretofore stated in letter addressed to the cli
zens and business men of Nashville.
If these bills when paid can only be made svaila-
Bile to us in the currency which may be adopted in
hose cities, it must be apparent to every one that
we could not deal with them upon such terms, and
- A.
collect the other dues of the Bank from citi
zens, to meet its liabilities. Without the amount
due on those bills, the Bauk would still be able to
meet and pay every demand againat it in a reason
able time.
1t did not appear to the Board prudent to stand
still, and pay its liabilities in gold when the Banks
in other States refused 10 do 80.
By the suspension in the principal Cities the value
of gold has been sOmuch enhanced that the Brokers
and other spectators in money have already made
it their especial business to hunt up the notes in
every section of the country of Branches, which
constitute our principal circulation, and demand
their payment in the precious metals for shipment
to other sections
The interests of the Bank. as well as the State,
therefore, seemed to demand the course adopted by
the Board.
The interests of the individual citizens not
less involved than those of the Bank itself If the
Bank mad declined to suspend and paid out their
gold as demanded, it must be apparent to every one
that it could have granted no accommodations to
any interest whatever, not even to its debtors and
its best customers, its currOacy would have been
withdrawn, its debts collected as rapidly as posi-
ble and the debtors left pay with the present de-
ranged currency of the State, reduced Onehalf
in amount.
The partial stoppage Of specie payments adopt ed
by the Board, will enable the Bank go on with its
regular business and maintain its present crcula-
lation When the citizens see tn present conditi on
of the Bank and recollect that the faith of the
State stands pledged for its Liabilities it is conf
IDENTIFY believed that its value as a currency in the
State will not be diminished 1t will be enabled to
continue as heretofore its usual accommodations to
its customers, and relieve, to some extent, under
proper circumstances, many of its debtors; and,
under the supervision and control of prudent md
discreet directors without danger to the intere SITS
of the institution OF the State.
Without some such relief as this, it cannot be
doubted that the present state of currency and
the arrangement in commercial affairs, the ctizGns
would have been greatly embarrassed in the trans
action Of their ordinary business
The Directors have always considered it not orly
their duty to watch carefully the interests of he
institution which they were selected to control, but
to protect and relieve the citizens from the revIl
sons in trade and the coutractions and expanslo
in the currency of the Banks which often occur,
to their great loss and injury. During the last
season much was done for relief by keeping up its
circulation and continuing its discounts, and mu:h
more is expected TO be done during the existence Of
the present embarrsss ment in our trade and COM
merce by aF0rdng tle necessary facilities for the
shipment of the pro ducts of the State to their ap
propriate markets.
That the citizen may have confidence in their own
Bank, as well as in the prudence of the Directors
who control it. submit the following statement of
its means to meet its liabilities and pledged by the
State for their payment:
In Notes and Bills Si,29O,94O "a
Union and Planters Bank Stock, So, 194 90
Sfotn 61S I23 33