The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-07-09
BANK OF TENNESSEE - LETTEF
-. FROM THE PRESIDENT.


The Memphis Appeal publishes the fol-
lowing letter from Hon. Cave johnson, writ
ten in reply to Undergraduates as TO the rea-
sons existing why the Bank of Tennessee
| did not resume at the same time the Union
and Planters Banks did
Bank OF Tennessee, June &c, 1858.
| DEAR SIRs: received yours Of the 22d,
inqulrlDg OF me the reasons why the Con-
Sentions OF the officers of the Bank of Ten
nessee, lately assembled in Nashville, did
not resume specie payments, and when it
was probable that this would be done. In
reply, have the honor to state that on the
| 9th Of january last the General Assembly
passed an net imposing important rules and
certain restrictions for the future manage
ment of the Banks in this State, which were
believed TO be necessary to protect the cit
liens against the contractions and ex-
pansions of the Stock Banks, which
were then heavily pressing on the people,
! To enforce these restrictions, very heavy
penalties were imposed. First, n violation of
either Of them was made forfeiture of the
charter of the Bank Second, no contract
made by such Bank could be enforced at law
or in equity. Third, the officers of the Bank
| ,,ar,, ,,oda I.Lio 4. l;,,,,,,t orJ oo,,,,
,;nes ;mnosed CO.. nv ~ ,.ans..,;on .of INV hns;i
meas of,er y;o,.t;o, as anv Of Tho yss,r;e.
lions Fonrtb !, was ,naJe tho du,v If Tho
Governo, a. nrooaa5 ;n,nsd;,taIv .no;nst
ony Rank v;o,.t;nr ~. rastr;et;ons and ,bsir
ns:e,s a. ha nI.oad y. ,ha hands n ,,ns,nns
cor ,hs;r ,o,iJa,;o. ~ Ri 81 Tannos
see, being under the absolute control of the
IeusIature Wns bound nv these Restrictions
and I;ohIe ~ ,ho nonai,;as 70, ,bo ,;o,at;,.n nS
The law tbus nIocing all tho Ranks of ,be
| Sto,aa mon n roo,ioa Of oorn,;,r in III
,rons,ction Of business and snbie.tsd 70 ths
same penalties for violation Of the duties
| imnosed upon them The Ieuislatprs learp.
inc that many of the state Ranks rs well ns
! Free Ranks. ;yonId not nrobabIv ,ecant fba
nrovisons Of the law "a tn n mart If their
| charters. and that thew set nm clo;m If
| avested rights, and thot tho ona.tion would
| have To he settled IN The Cour,s. determined
not IN olive tbem sucb ADVANTAGES over the
| R,nk If Tenressee, 40 ,hcv would bov.
should their aaim of rssiei riahls be sus.
,oined NV the Courts. and missed another law
ON the 18th bf March giving them three
months 10 oeca;,s its provisions. and Mt the
s,ma time fortbc nrotect;on of tbe Rank of
| To,noosoa d;nctad thai n sbo,ld not h. com.
nellad 10 ,esrne snec;e noymen,s d., nil Tho
Imam and pIon,ers, Ronts sboU SIe ,be;r
accen,ancs of,be s,,or;s;o,,s If ,b;s mr., - md
H. f.o 81 ,.n,.lr g., , r. h., A. M, 80.
s"u, 'ho ,,ro,;s;o,,s ~ sa;a g.,s * J,. n ~.
. s,n "o r. XII ne In ~ me- J;scr.,;ny NJ hs
I p."i;Son, ,'J D;r..;o.s Ell, n Inno az
d.a o hoth 90 49, n.nts IA
'oo,;n,' !, N"ahY;,,a and rsso,,.d no, 60 a..
- '''~ ~ NV ~ -
w a,o;n,;n, ~. LII, ~ AZ ,rs;
10 80 ,ho;r ala eb.rtars 90 formorIv and
noas u"'o' :, = ad".".n5 ha.a,s ~ az
sanor;,, of Tho non,l,ios ;mnosed nv ,boss
49, v,.'''' ", " Wv '"' r'''''~
lid. srot .;r.,m.,,noos tho conven,;on
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p Ioms S p'an.Lo. ia eaI, !. ,ha;. d",u -,
"'," sun n;"s',Ia,;s"s go, - go e.,
~; ne'P " e' - n.a,"., H. r"onio o"o;ns,
.ts solu, 80 20 w $3.50 :no psopo p
su1 I -. va ,n.' a AP"n - 80 ..,h;a
ahu " ~ ' ,. ea III n uuo a
w.; on "" IT,, n,;''i.t ro.,s ao",a 81 t,S.
R,arobas 70 a,on snec;s novmenis se.ond
$50 lib ~ H. ~, iars ,,o,,,J La
carsa;,n. 81 ;,s oh.r,or md ,ho ,;ob, ~ oil
,o., ;,s d.hts ond ;,s ,ssots ,nS nlseod !, ,ho
I'd 81 T,rs,oas Co. ;,s I;on;d,t;or Srsb
= com S;nat;on tho convention saw. could
onIu ho ros;tad hv cn,ta;Iro,t or The cir
oni,,;on ~ ,ho ri ond R..n.h.s on 90 10
haua noid Joli,r in ,ha;r uoults for svsrv
r"no, Ill, =, o;,ouI,t;o,, ,.h;.h rru.t mo-.
ppassar;ly oJd 20 Nh. s,,;Oaanov of,hs monev
ma,L -, onJ ;m,oso snoh Som hnrthons mon
,h", nan,Ia ,md U.e,,on, AZ ro.s;h;i;tv of ;,s
"o I'LL 49, W." ra p S;.;d'd o e.. ,h ST. 90
,m"oh soad.S y, ,h;a ,,u,a Go. ,ha n,vn'ant of
,h, ;n,osos, 90 H. S,ato Az,
Js A. ",oa,,ha,i. 80 ~. Irr;or and
p,.n,a, ps"i Sao,;n,a o,;nn ,ho nro.
,;""ms ,r "~ .a eI. "m. ae' .p."n, Of tho
"",,, rona an; nov ;aa o. ,,;ni.t;on Of
,a ps h Us ,niPcse. io' ens,s ~ ,ba
n' s"y .u nv ~, ~. a. o I.,as " liz
D""" y. V.."e.o h," ~, Ts;.,s,,.a ~
:e'y m,a"s p'oV'ueu W 'ne n t,.;a H., IT,
70 HI'eI.on Ss"'n:' "'y oou 1s .nhsa ~"
eou'a 70 ' ,, "ga.s: ~. 10y 10. 80
c' u'aou ~ !. "'o .".e y, '"'' '"w' wv ay -
lo c ny "na'evet menus o1'"" - I;o,;
" .ne p'a,o"es' "nu .he n"nA Pus ; ~ W."
u"uon ny Tue Oo'eIuors Tue tesPone'o"y VI