Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1857-03-26
fuses Among the Bankers.


d themselves, and the moral is ju:
n this, that the people would do we'll
i keep well posted as to the maeeuvre
r. of all sorts of banks these days
T They all need watching. Just her
| we would say to our readers that "
, will endeayor to keep them az vel
informed as we can upon such mat
tiers, though the rascally concerns
most generally contrive to make {
break Of it before one can snap hi.
finger:
Extraordinary Fnansd moDe, .:
MON Bank in a Sizing Brokers
at a discount. Neet.ng Of The
citizens. Committee appointed.
A large and respectable meeting
Of the citizens was held at the Court
House last night. Hon. Judge Nc
Kinney presided, and Judge Jones
WAS selected to act as Secretary
Mayor White explained the object
of the meeting. He said, we under
stand, that something was necessary
to be done by our citizens to prevent
an approaching monetary crisis, &c,
sc. Mr. Brownlow then stated that
the brokers had drawn from the
Union Bank at Knoxville, in the last
ninety days, news to US and start
ling to the community! some $780,
600; and if this skate of things ex-
listed long, it would produce most
appalling crisis among our people,
MIR. Kain theu took part iu the de.
bate, and said that the only way
20 relieve the monetary pressure APP
pretended, and prevent the brokers
from drawing coin was for the banks
to nuke their notes par, and not
expect to give man currency that
he conld not use at par
When Mr.. Kain concluded, on mo-
ton of Mayor White, a committte e
consisting Of the following gentle
men-Mr. Craig, ofthe Union Bank,
and Mr. Morrow, Of the Bank Of
Knoxville. aud Messrs. Shepard and
Wheless. President and Cashier of
the Farmers Bank-were proposed
to take into consideration the pro-
priety of drawing up and presenting
at an adjourned meeting some gen.
eral resolutions on banking and bro.
kers These parties ali declined to
serve and committee consisting Of
the following gentlemen, viz: r. nj. |
Mcpherson, Chairman, JOS. A. Nab
~, o. p. Temple, j. c. Moses, T.
]. Powell, Fl. Ault, A. NJ. Piper and
Mr. Browulow of the Knoxville
Wing, were appointed in their stead,
with instructions to report the result
of their conference this evening ut
half past seven o'clock. /
There we're some very interesting
remarks nude by NIL those who spoke
upon the subject; and it could not
be otherwise, for the theme was a
prolific one. Indeed we do not think
the Brokers. the ras:aks. from Mem
phis, ought to bring home the notes
of the In on Bank payable at Knox
vile. 1t is cruel, and besides it will
produce pressure and panic only
equaled by the suspension of the
Bank of East Tennessee, which was
caused by the s ,me impudsnt money
Brokers, who prey upon banks gen
orally. We agree that this matter
of the Union Rank losing SO much
coin is becoming a serious thing, |
and if i, is not stopped it must in
jure our whole community.
But the only way, gentlemen, that
you Gao stop the brokers from drain-
ing our coiniS to change your kiteiDg
policy. Pay out your notes payable
at Knoxville, at Knoxrille. instead Of
at Memphis, and send your Jackson
notes at Jackson and Memphis for
circulation. Then put your New
York Exchange down TO ! per cent,
and you will soon hear of poor OIL
thelIo's memorable wall. Remem-
Der, gentlemen, old time banking In
these days Of rapid communication
by steam will not answer. 1t Isl
only now about twenty-four hours
between Knoxville and Memphis. |
We are anxious to sac this thing
stopped. We see but one way to
do it-that we have indicated. For
Gods .ake Mr.. Broker, please do not
shut np the last Bank we have
If We thought it would stop the
brokers from drawing the gold from
the Banks and thereby make money
oo,, mo mould ha for Jo,po an oct i111e