Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-07-23
The Hank of Tennessee.

We have already published the very salts
factory statement of the condition of this in
stitution on the first of this month, made by
the Cashier The President of the Bank,
Hon. CAVE JOHNSON in submitting this state
ment to the Comptroller, accompanied il with
a letter which we find in the Union and Amer
lean of yesterday. This letter is Of such gen.
eral interest we transfer it to the columns of
the PATRIOT. 1t is brief, but very conclu-
sive and satisfactory exposition, establishing
the soundness of the Bank, and dissipatng
the slight fog which had been gathered about
it by the winnings of the apprehensive, and
the reckless assertions and innuendos of de-
signing and interested parties:
BANK OF TENNESSEE, July 10, 1858.
To The Comptroller Of The Treasury:
SIR: In compliance with the provisions of
the act of the General Assembly of the lSth
of January last, / have the honor to enclose
a statement showing the condition Of the Bank
of Tennessee on the LIST of July, 1858.
The numerous attacks recently made upon
this institution, well calculated if not design
ed, to bring it into discredit among the peo-
pie, to whom it belongs, make 10 necessary
that some exposition of its affairs should be
made, which would be more readily under
stood by them than the usual Bank state
ments.
The capital of this Bank and all its mes Ms
belong TO the State, and stand pledged, as well
AZ the faith of the State, for all its liabilities
The means of the Bank TO meet them as
shown in the statement, amount to SS.l3I,-
3l2. OF tiis sum over four and half mil
lions are in discounted notes and bills mostly
falling due within four months, and nearly the
whole believed to be good.
Of this sum over sixteen hundred thousand
dollars are in bonds of the State, and stocks
of the Union and Planters Banks-first class
securities.
The cash means of the Bank exceed one
million seven hundred thousand dollars. The
remainder of its means consists mostly of real
estate, which is believed to be worth in the
market the full amount as stated The whole
liabilities of the Bank to all others except
those due to the State. on the LIST of July. a.
mounted to 1878. S45.
1t can scarcely escape the notice of any
business man that the cash means of the Bank.
with the bonds Of the State, and the stocks Of tie
Union and Planters Banks-nearly the whole
liabilities of the Bank, other than those to
the Sta;e-would be paid, without any mate
rial interference with the amount due it on
bills and notes, which exceeds four and one
half millions; and that this sum, when cOllcc-
ted. would pay the entire capital stock of the
Bank and leave large surplus for the State.
1T is hardly probable that any very serious
losses will be sustained in the collection of
It's debts, when il is remembered that the en-
tire losses of the Bank in bad debts, from its
origin, now twenty years, will be less than
half million of dollars--a smaller per cent
um, it is confidently believed, than usually
awaits the most prudent.
The net profits of the Bank during that
time to the LIST of January last amounted to
the sum of four millions two hundred and
sixty-siX thousand and eighty eight dollars
an average of over two hundred and thirteen
thousand dollars each year.
Should any losses occur, from any cause
whatever. it will be the loss OF the State, and
not OF the citizens using its notes or having
other dealings with the Bank. The efforts
made to discredit its paper among the people
must have had their origin in other motives
than an apprehension of loss to the holders Of
its notes, an honest desire to protect them
against losses.
These statements are submitted to enable
the people to form a more correct opinion of
the usefulness of their own Bank, and tn"
credit for honesty and fairness to which its
ASSISTANTS may he entitled.
am, respectfully, your ob't serv't,
Gen. j. 7. DUNLAP, Comptroller, &c.