Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-12-21

Want of space has prevented Us heretofore
from republishirg the following letter from
Col. JOHNSON to a committee Of citizens OF
Pulaski county, Ky:
BANK OF TESsEssEE, Nov. 10, 1881
". NJ Fish6acE and others, Of the Committee on
behalf of the citizens Of Pulaski county, KY
GFKTLEMES: 1 received your communication OF
the 18th lsst evening and in reply take the liberty
of enclosing you Quarterly Statement OF the
condition OF the Bank o. Tennessee on the lst OF
October last. | also enClOse you my statement TO
the Legislature st the time OF tn suspension OF
specie pay ents, showing the sblitv of the Bank
Of Tennessee to meet all liabilities Of it.
You will see from the statement that we bad bills
maturing within a short time for over two millions
of collars which if paid at maturity would have
been ample TO meet the circulation OF the Bank
without resort to the discounted notes of our own
citizens which exceed sixteen hundred thousand
dollars-when il was ascertained that the Banks Of
the Atlantic coast had suspended specie payments,
the Directory could not tell neither our bills would
be met OF how they would be paid, and conse-
qCeDtly if specie payments were to be continued
here, they would have been driven to collect the
discounted in gold and silver to meet the de-
mand; which would have, been very oppressive to
our citizens. Their suspension created such de-
mand tor the precious metals in those cities, that
it seemed probable that the whole amount IN the
Stat 5woul5 have been shipped to supply the very
institutions which had suspended specie payment
themselves
Under such CT cumstances, the Banks of our
State would have been unable to afford the least
cOmmodaiion to the citizens give any aid for the
removal of the products OF the State to their proper
markets.
To accomplish these objects and not from any
apprehe tension of the inability of the Bank of Ten
nesse to meet its liabilities the Directory thought
IL best for the community well the Bank
itself to suspend the payne ut of specie, until the
mOnied affairs of the country shall be better settled.
It is hoped and confidently believed, that with
tie return of the crops now being shipped from the
State, and the favorable ports of the financial
condition of The northern and southern cities that
the Banks of Tennessee will be enabled to perform
their accustomed dut to the citizens, without In
convenience to themselves or oppression TO others
You enquire also my opinion as TO the " best
remedy for the present monetary crisis" 1t seems
to me that liberal course on the part OF the Leg
slature and the people towards the Banks would
hasten the restoration of specie payments and re-
new the confidence of the people in their own III
situations, which think they are justly eDutledi
| and the business of the country would soon nod
| its accustomed GRANDFATHER that the remedy is
with the people themselves-tO produce more ana
! buy less.
In looking over the statements have furnished
! you cannot fail to the most ample means To
I meet every liability of the Bank, and also to see
that there is not slightest grounds for the wick
! ed attacks recently made upon this Bank by one
of the lie ding journals of this city-these attacks
| upon the Bank and its Directors have not the
slightest influence upon the credit OF the BANK OF
The character OF the Directors, in this city, where
| the parties are all known aud the course of the
Bank properly appreciated. regret to learn that
in some of the adjoining States these attacks have
created appreheBsions to the sOIvency OF the
Bank and diminished the value Of its paper in other
markets. and caused It to be sent home tor redemp-
ton. In parts Of your own state, learn, II
is selling for about half the price of the notes OF
other Banks of this State. 1t has therefore afford
ed me pleasure to have opportunity for furnish
ing you the accompanying statements, which VIII
enable you to assure the people Of your section
that there is not the slightest ground for any fears
as to the ability of this Bank to meet every LA
bility.
very respectfully,
Your Obedeut servant,
c. JOHNSON.