Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-06-19

had purchased from Mr.. Hardeman, and that
the number of bonds in the Exchange Bank
was not lessened at all in giving him the III,
which be takes from the amount on deposit.
This, however, would not have answered his
purpose, if be had told the whole truth, as his
figures would not have accounted for the
amount he says bad. he also takes up the
ComptroIlers report in October, wherein he
states that bad l42 bonds, and proceeds to
account for that number. To do this, be
makes out that there was paid by the Bank
Of Tennessee, in notes and bonds surrendered
by the Comptroller, to the amount of $50 900.
This would leave me 80 bonds. as he says,
and bonds subsequently deposited, would
make up the whole amount of SO, which were
withdrawn when the bank went into liquida-
ton. The fact, however. is that in place Of
$50 200. (Which he states were withdrawn)
there were $4,000. His whole account Of
this matter shows his reckless assertions, and
that he has made them to fit the case; select
ing such figures as would answer his purpose
/ took no receipts for the bonds deposited
with the Comptroller; but l received the
amount in circulation. But when he made a
call of 10 per cent, took receipts, and these
show the amount to correspond with my
books, except as to two, heretofore alluded to.
But, recently. proof has been made that
told the Bank officers sometime ago, that |
only had SO bonds in the Exchange Bank
oae has been lately brought out TO close the
whole affair. Why not come out with this at
first, and end the matter at once? After they
say admitted this. they continued taking my
notes until they got as much as SIG 900 on
hand. Knowing, as Mr.. Morton pretends,
that | only had SO bonds on deposit, (Which
at the price they were giving for bonds would
only be worth S70,000,) they permitted me to
take up the whole amount, and then entered
into obligation to take S37 900 more.
Could any cashier have practised a greater
fraud than this if it was true? Giving credit
TO a bank. the circulation of which was out
to an amount double the value of securities
deposited-givlng me an opportunity to put
in circulation $4,000 which had obtained
from them, and still agreeing to give the mo-
ney credit by taking and holding as high as
S37 900. What if they did have. as they say,
bonds in their own hands as collateral securl-
ty, it does not make the fraud any the less;
for II their staten mt is true, 1t would have
been the duty of the cashier at once to have
exposed the fraud and let the people know
that there were no bonds to take up the is
sues. This whole matter has now assumed
shape which looks as if Mr.. Morton might be
able to furnish the committee with lnfOrma-
ton which might lead to the recovery Of the
lost bonds. IwillVenture to say that no other
cashier of a bank in Tennessee would have
agreed to take the notes of any Free Bank
if he had known the bonds on deposit were
in value SO far below the circulation The
following is a correct statement of the depos-
it and withdrawal of bonds since May, 1851
Amount on deposit with Comptroller in May,
Paid in bonds on Comptroller S call , 81 COO 90
sII4 ,458 50
Withdrawn after call made, lOl 600 90
1913, 450 80
Deposited after statement published in
July, ACKNOWLEDGEMENTS. 1Ol 900 90
S4l4.45s 50
Withdrew % bonds, of which sent 20
New York, Observation-Disclosures. 22,OoO %
1892 ass %
Wthdr ew and sent TO Bank of Tennessee, IS 900 90
s3l7 1853 50
Deposited in August $4,000 OO
s855, 5,
Withdrew and sold to Bank of Tennessee, 4l,Ooo 90
s3l2 ,l58 aa
Withdrew and deposited in Bank of Ten
1t ssee ....................... Ss,2Os 80
STA ,25o 90
Deposited in November. ................ II 900 90
s2s5, $50 90
Withdrew and sent New York. ........ IS 900 90
$50 $50 90
Withdrew u, of which 10 to New
York.. ................... p 900 90
s2Ig $50 90
Withdrew ............................ $3.50 90
$4,000 co
Withdrew after the Bank into liquda-
uoh..... .....-,.--.-.--.. S5,COD w
Which should leave .sI28 900 90
yet deposit and which ample TO take up the out
standing circulation. W. SPENCE.