Clarksville chronicle. (Clarksville, Tenn.) 1857-1865, 1858-06-18
MlSCELLAMY.
EARLY BANKINe IN TENNEssEE

l.
\. Under this head correspondent of the
ST. Louis Republicans tells a story illustra-
tive of the embarrassment which the old
Bank Of Nashville encountered, aud the
circumstanceswh hichforced itinto linquida-
tionsf .sissF s-tH-s .af9 Fsea
Upwards of.forty years ago the Legisla-
ture Of Tennessee chartered the Bank Of
Nashville, and in due course of time the
necessary organization, under the charter,
was effected, aud the notes, beautifully
engraved and properly signed, were ready
for circulation. AT this point however,
the Bank encountered an unexpected and
formidable obstacle. The people of Tenn
essee at that day we're a self-relying and
practical people, and had but little con-
fidence in Bank Directors or paper money,
and could not realize thet piece of paper
was as good as silver dollar. In short,
they positively refused to receive the issues
of the Bank in payment for the surplus
products of their farms. The Bank was
in trouble, andunless this foolish prejudice
of the people could be overcome it would
prove a still-bo affair. At this period
the merchants of that region bought up
the surplus cattle of the farmers and drove
them to Philadelphia and Baltimore and
sold them and laid in their annul supply
of goods At this time Joseph johnson,
(now an old and most respectable citizen
of Clarksville, Tennessee,) was a leading
merchant at Lebanon, some thirty or forty
miles from Nashville. He. dealt in cattle
more extensively than any other man in
the country, and was more generally
known in his own and the surrounding
counties than any man in Middle Tennes-
see. And no man in the State enjoyed
the confidence of the people to a greater
extent than he did. 1t occurred to the
President Of the Bank that johnson was
the very man to inspire the people with
confidence in the institution, and if his
cooperation could be secured, there would
be an end to their trouble, and the people
would soon be brought to understand and
appreciate the beauties and advantages of
paper currency. He communicated his
views to the Board, and they were adopted,
and he was authorised TO open negotiations
with johnson at once.
81. 81 tha
President set out on his financial mission,
with good horse and pair of saddle
bags, well filled with Bank notes under
him. He reached Lebanon that night and
called ON Johnson next morning A salts
factory arrangement was soon made
Johnson was to pay out the notes Of the
Bank for cattle, and the Bank was to
provide for their redemption at Johnson's
store, in Lebanon. johnson supplied his
agents with both silver and paper, and in
strueted him to pay out the paper money
TO those who were willing to take his
guarntee that it could be converted into
specie, either at his store or at the Bank
in Nashville. Johnson's pledge that it
would be redeemed with specie at the will
of the holder, induced many of the farmers
to take it in payment for their cattle
Esq, Fitzpatrick, of Smith county, sold
one of Johnson's agents ten head of cattle,
and received one hundred dollar bill in
payment. After helping to start the cat
tle, he went to the house, and found din
ner waiting, lie took seat opposite to
his wife. A large bright pewter basin,
allied with rich hot soup, occupied the
centre of the table, and near the table on
the Esqur's right, favorite dog was squat
ted on his latter end, with his mouth open
ready to receive whatever his kind master
might throw him Whilst the Esqur's
soup was cooling he took the bank note
from his pocket, and handed il to his
wife.
She unfolded it, and after examining The
pictures and figures on it, asked the
Esquire what it was. "Tbat is money
said the old mana hundred dollars. -
Money !" exclaimed the good Woman
eyes responded the husband 81 took
II for ten steers that / sold Joe johnson +"
swell did | ever hear of such fool y
put in the old lady, "Neyer mind" said
the Esquire "Joe Johnson sent me word
that can get hundred dolos in specie
for it whenever l want it, either at his
store or at the Bank, snd his word is as