Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-10-20
To ne General Assembly Of Ii. stat. Of Ten.

nesses.
The President and Directors OF the Bank Of
Tenns ssee, have taken a step Of sc much i'm
portanee TO the Institution and to the ~interes,
Of he citizens Of the State, as TO mske it their
duty to communicate to the General Assem-
bly,, The grounds upon which they acted.
On Thursday morning last a partial suspeTA
sion Of specie payment, was, with great reluet-
snee, orderedb By the Board they bad resisted
steadily, for weeks, the most urgent represen-
~tstiOns Of many leading citizens and business
men, as to the propriety and the necessity OF a
suspension under The confident belief that the
banks Of New York and New Orleans, with
which a 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 Or
lsans had Suspended, bet that tue leading
Banks in New England and several OF the
Southern States, had done so likewise, which
VIII probably lea to a general suspension Of
| the banks in the United states.
Such a course may operate very seriously
upOn the interests Of this bank. Most OF the
bills maturing between this aud The first Of the
wear, are payable. aud now In their possession,
how and when they are TO be paid, cannot nov
Be aseertsiued. II promptly paid st maturity,
as We cOu6 ientiv expected hey would De, this
bank would not have had the least d~tficuity h.
meeting any dems"d sgainst It. as heretofore
-fa.ed in a letter addressed 20 the citizens aud
business men Of Nsshsiiie.
n these bills when paid can only be mads
a. silable to US OF the currency, which may be
adopted IN those cities, it must be apparent to
evsIy one that We could not deal with hem up
o. such terms, and pay in gold and silver, am
time may be required to eoilret the other dues
Il the bank from our own citizens, 10 meet its
/ liabilities. Without the amount due on hos.
| bills. the bank would still be able 70 meet and
paw every demand against it in a reasonable
time.
Il did not appear to the Board prudent TO
stand still and pay its liabilities In gold, when
he banks ia o,her States refused TO do 20.
By the suspension in he principal cities, the
value or gold has been 30 much enhanced, that
the brokers and other spectators 10 mon. !
have already made 1t their especial business e
hunt up the notes IN every section OF the cOan.
try, Of our branches, which constitute our prin-
efpsl circulation, and demand their payment ir
the precious metals for shipment to Other sec.
lions.
The interests Of the bank, as well az th,
State, therefore. seemed TO demand the couTss
; adopted by the Board.
The interests of the individual citizens arr
not less involved than those of the Bank itself
II the Bahk had declined to suspend and paie
out their geld as demanded. il must be apparent
70 every one, that It could have granted no &C.
commodatious to any interest whatever, moi
evet to its debtors and its best customers, il.
currency would have been withdrawn, it,
: debts collected as rapidly as possible, sRd h.
debtors left 10 pay with the present deTangss
currency of the State, reduced near one-hsl
an amount.
he partial stoppags Of specie payment
" adopted by the Board, will enable the Bank L
20 on wiih its regular business. and maintain
its prfseHt circulation. When the citizens Sc
the present condition Of the Bank, and recol
lect that the faith Of the Safe stands pledge,
/" for It's liabilities, At is confidently believe.
that its value as a currency in the State Wil
not be diminished. Il will be enabled to con
tnus, as heretofore, It's usual accommodation
10 itf customers, and relieve 20 some extent
under proper circumstances, many OF its debt
ors !; and, under the supervision and control o
prudsnt and discreet directors, without darge
to he interests Of the institution or the State
, Without som such relief as his, it eanno
be doubted hat the present state Of our cur
rtncy, and the arrangement in Commercial
affairs, the citizens would have been greatl
embarrassed in the transaction Of their Ordina
y business.
e Tue Directors have already considered it no
oily their duty to watch carefully the inter
8 etls OF the institution which they were select
e 70 control, but to protect and relieve tn
citizens from the reyulsions In trade and tn
8 ecntraetions and expansions in the currency
q the Banks which 90 often occur, to thsi
z geat loss and injury. During the last seaso
much was done for relief by keeping up its cir
o citation aud continuing itsdiscOHnls, and mucI
uore is expected to be done during the exis
tnee OF the present embarrassment in ou
tqde and commerce by s~ffJrding the necessari
e fa'ilities for the shipment of the products 0
tbe State to their appropriate markets.
: That the citizens may have confidence i
tfEir own Bank, as well as IN the prudence O
tie Directors who controlit, | SUBMIT the fol
.e lowing statement Of is means to meet It's Tia
d btities and pledged BY the State for their pay
+msnt: