Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-03-31
NASHVILLE:
fHE rLASIERg AND UNION BAEEs--As q.


POUNDED CHARGE CORRECTED
The Memphis Express, and other papers o. the
State have endeavorsd TO impair the credit Of these
two old Banks By publishing statement to the sf-
feet that there vas due from the Planters Bank Of
Tennessee and Branches to the Z. s. treasury s2Tl-
$50, and from the Union Bank Of Tennessee Sz45,-
s05, balances former depostes Of The public mon
ey, and that the same was unavailable and could
not be collected With commercial people, familiar
with the standing and credit Of these institutions,
such statement bears the impress Of absurdity on
ITS faes but there are many less familiar with imam
eial matters who ready to credit It, Those who
FIRST originated the story might have known better
If they had only pressed their examination through
one entire page, 5s7 Of the secretarys Report, and
where they profess to have derived their informa-
tion. The contents Of this page are first, state
ment Of the balances due from Banks, formerly de-
positOries Of the public money, which are unavail-
able, and have been reported by the Secretary Of
the Treasury for a number Of years" In this list
are embraced the Union and Planters Banks Of Ten
nessee, with summing up Of the entire amounts due
Following Immediately under this, the same page,
Is deduction Of the aHlOuHts paid and held up for
payment in the following banks" here setting forth
the banks, the Planters and Union among them.
Six pages further on the report goes to state that
the statsmsats Of payment" Of both the Planters
and Union Banks had been preferred to the Audi
tor for settlement" and were nOt reported for suit"
thereby showing that the b" statements Of payment"
referred to were correct. We think it strange that
the editor Of the Express should not have examined
little more fully into this matter before making
such grave charges To depreeiste the credit of an
institution in this manner is public wrong and
should not be INDUCED in to crafty personal spleen
Ne are ready to join hands with anybody in oppo-
sing banks on fair principles and in sn honest way,
but no other
The following letter from the Secretary Of the |
Treasury is conclusive on this point and should be
copied by all those papers that aided in giving cur
rency to the false report:
TREASURY DEPARTMENT March "a, 1857
Sir:-In reply to your letter Of the 18th inst, I
beg leave 10 suggest that examination of the an
nua report Of my predecessor, is found to be true
that balance in statement n, page $751; is stated
against your Bank as well as the Union Bank-but /
the same statement shows the sums 70 be deducted |
which in the Of these two Banks is precisely
the sums charged The explanation on pages $40
and 543 show that the payments had been referred
for settlement which has been accordingly DONE and
the books Of the Treasury the accounts of these
two Banks have been balanced for some months past
On page 80 Of the report, you will perceive that
only the balance Of statement n is mentioned to be
due, that these two Banks were entirely acquitted
Of owing any sum to the United States.
These accounts should no doubt have been long
since balanced, and probably would have been but
from the circumstance that the sums were charged
on the Treasury books kept by the Register Of the
Treasury, and the payments made, were to be shown
In the office Of the Treasurer Of the United States
Phe debts and credits were not brought upon the
Treasury books in regular FORM until the reference
vas made in April last for the settlement Of these &C
counts.
Very respectfully, your Obedient servant,
HOWELL COBB.
To D. WEAVER, ESQ, Cashier Of Planters Bank, |
Nashville, Tenn.