Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1858-06-24
Opinions Of the Press.

UpIulUuS vi tnC lICSS'
Our exchanges generally are dis
cussing with much interest the sub
ject of the liability of the State for
the payment of the notes Of the Ex-
change Bank. For the information
of our readers we copy the following
from the Chattanooga .AdDerassr:
EXCHANGE BANK. We are fire.
quently Intercepted as to the law and
the facts 10 relation to the Exchange
Bank of Murfre esboro. AS we
charge nothing for our opinion, we
do not guarantee its correctness, but
give it for what it is worth. The
Exchange Bank was established un-
der the Free Banking law of 1852.
This law requires: That wheneverany
association of persons, formed for the
purpose Of banking under the pro-
visions of that act, shall legally trans
Ter to the Comptroller bonds of the
State, or bonds endorsed by the State,
lin amount not less than fifty thous-
and dollars, such association shall re-
ceive from the Comptroller an
equal amount Of their notes counter
signed by him, and also by him
numbered and registered in proper
books, to be provided and kept for
that purpose in his office. The act
, fur ther required the Comptroller an
nually to enter into bond to the
State in sufficient securities, con-
} ditioned for the faithful performance
} of the trusts and duties imposed up.
on him BY the act. a. ,.~a,
The 18Th section of the act O.
1856, amendatory Of the Free
Banking law, required the Comp,
troller to keep in bis Office a vel
, bound book in. which to enter. the
/, number and amount Of all bills is.
, sued under the Free Banking law
, which may be filed with the Comp.
: troller for .fnal settlement, Ii tn.
: Comptroller had complied faithfully
: with. this provision Of the act o
: 1856, aud also with the provision o
4 The act Of 1852, which requires hin
to number and register in prope'
books, kept. for that purpose, there
!. certainly Can be no difficulty in tel
) ling by the number Of bill .whethe,
or not it has been fraudulently pu
; Into circulation.
q The Nth and 18th sections o
l the act Of SO are as follows:
"Sec. IA. BE 1t further enacted
q That the bonds required to be de
: posted with the Comptroller by vir
K tue of this act and the act which thi
. is intended to amend, shall be place.
: upon deposite in the Bank of Tennes
: see, and that no notes shall be coun
tersigned or issued to any person
q bank or association until this is frs
= done. ''H q. III - - ~'ri =
"Sec. Is. Bell further emacted
5 That the bonds SO deposited shall b
9 subject TO the order of the Comp
troller only for the purpose Of carry
. ing into effect this act and the ae
which this is intended to amend
: Ii If the Comptroller had not coon
T tersigned any bank notes until b
had deposited in the Bank Of Ten
> nessee the bonds of the Stats-e
I I the bonds endorsed by the State
= : and If the Cashier of the Bank o
Tennessee bad not permitted 3th'
bonds $50 deposited to have beer
> taken from the bank, except upor
! the "order OF the Comptroller" ant
! then "only for the purpose Of carry
. ing into effect the free banking Law,
the people would not have been Sc
. Foutrageously swindled. 1t is sale
!. that there is not a dollar Of the
! bonds to redeem the outstanding cir
cuIltion of the Exchange Bank, and
thus another very heavy tax is te
g be levied upon the bill holders, il
: the depreciation Of this money te
!. support one system Of banking in
f this State. Taking a common sense
J view Of the subject, we thing thai
: the State, or the securities of the
/ Comptroller, will some day have to
: foot the bill al,
I A lady engaged 10 giviDgiustruc.
lions in pearl painting at Nashville
III enn., recently received an insult
. ling anonymous letter, and the sus.
) pected writer having acknowledged
the authorship, the determined lady