Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-09-04
From the Memphis Eagle and Enquirer.
Another Chapter in the History of
the Citizens, Bank.

we pTOi0lS' Il SOME time ago 10 give
readers full and complete history of the Cit
liens Bank, from its inception to its final eX
plosion. We have given them the charter and
shown that it never was complied with, and
that il was swindle and a fraud from the
beginning, and have exhibited the mOits oper
andi I'D to the sale to Turner and JOnes-we
have even stated that this sale was no sale,
but mere copartnership, and that the GER
tifcate given Samuel p. Walker by W. A.
Jones, to the effect that Walker was wholly
disconnected with the Bank, wasaalse and
fraudulent. There remain but two points to be
disclosed to make our history complete, viz :
LIST. The condition of the Bank at the time of
the alleged SALE the terms of said sale, and
the transactions growing out of it. I'd. The
details of the condition of the Bank at the
time of the explosion.
On the 3lst of December, 1857, Messrs. D.
Turner and w. A. Jones purchased of Mr..
Walker two-thirds of the Bank for the sum of
$4,000; and Mr.. Walker guaranteed to them
by his bond that the liabilities of the Bank
did not exceed 100000. The balancing of
the books. counting cash. &C. was not COM
pleted until the 18th of January, 1858. The
condition of the Bank on that day was as fol-
lows:
walkers Check for Cash taken by him. 81 900
Deficit Of Cash in the Vault on count...... 5000
Due Depositors-about. .................... 1000
Total. ACKNOWLEDGEMENTS 1851 900
Thus the liabilities were found to be S35l =
900, irstead of $500, O00-an excess of $751;
900. For the redemption of the first amount,
Walker agreed to give Turner and Jones
In good notes. sl25 900
Cash. ..-.......... .....-...........'.'.' se,ooo
Bonus .....'....-- --..-..---..-..... S5,oOo
Total. $500 900
,aly no nf no has
with the liabilities represented, $500, 900. The
first S35 900 accumulated profits were to be
paid to the Bank, to return the bonus given by
Walker. Then Turner. Jones and Walker
were to share the profits between them. The
excess of SI5l, 900 Walker agreed to make
good with Jones, but never did. Turner left
Memphis about the 10Th of January and du-
ring his absence, Jones, having the written
contract between the parties, receipted on
that contract for notes bonus and money for
5000 900, stating that Walker had complied
but said nothing about the item of Sl5l ,00C
over and above the first amount named. Jones
however. says Walker did not pay the amount
reccipted for, but promised to do so. Wher
Turner returned to Memphis, in February, ht
asked Jones if Walker had complied, and wal
informed that he had not. 1t was then dis
covered that the contract between Turner
Jones and Walker was missing from the Bank
Walker denied having it, and all search fol
the lost instrument was fruitless. During this
absence of Turner, Walker transferred all hi.
stock in the Bank to Turner and Jones. before
he had complied with the terms of the con
tract. OF this transfer aud the receipt giver
Walker by Jones, Turner was wholly ignor
ant; and the whole transaction was consum
mated without his knowledge or consent
| Turner returned to Alabama, and determined
| to retire from the concern. and wash his hand
clear of it; but finding the circulation haC
| increased to $3.50, 900, 10y purchase of bills o
exchange on New Orleans, he concluded Il
wait their maturity. reduce the circulation {,
or below the point at which it stood when h
entered into the speculation, and then leav,
the concern to take care of itself.
| Thus matters stood until early in July
| when Turner was called TO the death-bed Of
his son in-law in Georgia. While there h'
received u Geographic dispatch from Jones
which caused him to return 10 Memphis o,
| the 9th of July. On that day Walker fur
nished him with copy Of the contract witt
Jones' receipt, stating that the terms has
been complied with. and the stock transfers.
onthe 29th or 30th of January. This was tn
first intimation Turner had received eithe
| of the receipt or of Walkers transfer of hi
stock, and he then entered his protest agains
| il on the stock book of the bank, alleging
Noncompliance with the contract ON the par
OF Walker. as the grounds of the protest. o.
| the 18th of July, Mr.. Turner published hi
| card withdrawing from the concern. Durin
| these six months of Turner's connection wit
the Bank, the net profits amounted to Slj
900, and although IL was shown that he wa
not indebted TO the bank one dollar, yet whe
the settlement was made between him an
Walker, be agreed to pay bonus of $1,000
| in Citizens Bank notes-or as We understan
It. redeem that amount. This, IL seems, wa
10 pay his way out Thus il would seem tha
Turner hal made for the bank the sum G
5000. without pocketing a cent himself
| These facts, which we have from SQUIRE
of undoubted authenticity, disclose systeI
of fraud unparalleled perhaps Ia the history {
banks-atr,eious as that history H. The
disclose also, on the part of Mr.. Turner
desire To clear himself as honorably Us po
sible, and are conclusive that he WAS ''mor
sinned against SHINING" IL afford. u piles
sure TO be able to show even this much In NJ
Turner'S favor. 1t is very evident that
was completely hoodwinked by the snperit
craft of Mr.. :. r. Walker; aud in the absenc
of any eyidsnce TO the contrary, We are di
posed To acquit him of any intention
dcfraud. Had Mr.. Turner come out bold
and honestly and disclosed these facts a. sou
rs be became aware Of the game attempte
10 be played OF upon him, he would has
come out Of the IRE unscathed. AS il wa
he lent himself, by keeping silence, TO scree
the guilty parties from just public indignl
ton. The consequence was easily to be for
seen. lie came In, whether justly or al
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