Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1858-07-22
The, Citizens Bank.

AAO1 NaSAHUhS NAha'
We find ia the Memphis papers,
of the 18th, the following card from
the President Of the Citizens Bank:
On or about the 26th'of January
last, made a contract to purchase
an interest in the Citizens Bank, on
certain conditions based on showing
made by the contracting party, Of
the circulation of notes and other
liabilities o. The said bank, together
with the cash means and other assets
Of. the bank to redeem the circula-
ton. &c. / have remained here up
to the present time to have the agree
ment complied with. on the part Of
the other party. without success. l
have left the bank with every, Col
lars worth of assets, with the addi-
ton of about fifteen thousand dollars
profits. NV account on the books
Of the bank will show that l do not
owe one cent, nor has there been
any money lost or ,misapplied since
the date Of the contract. W. A.
Jones will remain in the bank and
pay all depositors: the balance Of the
money and other assets will be ham
9ed over to the owners Of the bank.
For The truth of the above statement
| refer to w. A. Jones, who will con-
firm what | have stated.
D. B. TURNER.
MEMPHIS, July II, 1858.
In giving place to this card the
Memphis Bulletin remarks:
The card will strike our readers
with the surprise which it excited
here when its substance first became
known yesterday afternoon, causing
an unusual degree of excitement in all
financial circles. On the streets, az
ter four o'clock. the rumor spread
with amazing rapidity that something
was wrong with the Citizens Bank.
and it was almost universally discred-
tied, though no one seemed to be
in possession Of any fact which would
warrant the i'll repute it had so sud-
IDENTIFY attained-the brnk having
transacted its business as usual during
bank hours.
Ignorant as we are of the grounds
of abandonment Of the Bank alluded
to in Capt. Turner'S card, announc-
| ing his withdrawal from il, We can
only apprize our distant readers, as
we have done above, Of The immediate
effect produced by it, and await the
developments Of time. 1t is proper
that, in this connection, we should
suspend the assurance given in this
paper Of the confidence extended
to it by our other banks and by the
mercantile community. Up to yes
terday afternoon that assurance was
literally true. What estimation the
isues of the bank will be held in to-
day, CT tomorrow, remains to be
seen.
The Appeal says:
We were unaware Of any difficulty
or misunderstanding between the
late and present owners Of that in
stitution until this card was handed
US yesterday evening. The effects
of this condition Of affairs cannot be
fotherwise than disastrous to the
credit Of the bank and to those hol-
ding its notes. In this condition Of
affairs time alone can develop the
result of this movement. We can
only reply upon the high character
tof the parties interested, and trust
that The public at large may be pre-
served from loss. We know nothing
Iof the real condition or past opera
tons Of this bank, except that its
ersdit has been good, that its notes
have been received On deposit by the
banks of our @ity, and that, from
the high character Of the late Presi.
dent, Capt. Turner, and his reputea
wealth, it has stood firm against
evil reports anil suspicious. We
can't therefore, only say that the devel-
opment Of the present misunder-
standing has created strong doubts
in which We >participate-of the
solyency of the institution, which
we can only hope may be dispelled
by the future action of all parties con-
cerned.
1t strikes US shat statement of
it's condition should have accompani-
ed the carl Of Capt. Turner. This
would have relieved the anxiety that
is felt upon the subject. We believe
the Citizens Bank did not comply 7
with fhe law nv making a return ofl