Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1858-07-27
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TIE following letter from the President Of
the Bank Of Tennessee appeared in the Unioa
and Emerioan Of Thursday, bat escaped our
attention until yesterday. It was written as
an accompaniment to the .statsnen. Of the
Bank made to the Comptroller, which We pub
lisbed several days since, and is intended as
explanatory Of that statement. It will be read
with interest:
BANK OF TESEEssEEs July Is, 1855.
T5ths Comptroller offhs Trsasuvys
SrR: In compliance with The provisions Of
the act Of the General Assembly Of the is b Of
January last, / have the honor to enclose a
statement showing the condition OF the Bzlk
Of Tennessee on the LIST Of July, 1855.
The numerous attacks recently made upon
this institution, well calculated. II rot design
ed, to bring it int discFedIt among The people
10 whom il belongs, make il necessary that
some exposition Of its affairs should be made,
which would be more readily understood b.
them asn the usual bank statements.
The capital Of this Bank and all its means
belong to the State, and stand pledged, az well
az the faith Of the state, for ali its liabilities.
The means Of the Bank to meet them, as shown
IN lhe statement, amount to s. 1882. OF this
sun over four and a half millions are in dis
counted notes and bills, mostly falling due
within four months, and nearly the whole be-
Ievsd to be good.
OF this sum over sixteen hundred Thousand
dollars are in bonds Of the State. AMI stocks Of
the Union and Planters Banks-hrst class Sc
c%urities.
me cash means Of the Bank exceed one
million seven hundred thousand dollars The
remainder Of its means consists mostly of reaI
estate, which Is believed to be worth in the
market the full amount az stated. The whole
liabilities O. the Bank to all others except
those due to the State, on the 1st Of July,
amounted 20 So, 737 .s45.
Il can scarcely escape the notice Of any
business man that the cash means Of the Bank,
with the bonds Of the STATE, and he slcoks Of
fhf UniOH and PiGaters' BGnks-EeaTly the
whole liabilities Of the Bank, other than those
to the State-woald be paid, without sEy ma
tsrizl interference with the amount due It on
bills and notes, which exceeds four and one-balf
millions, and that this sum, when collected.
would pay the entire capital stock Of the Bank,
and leave a large surplus for the STATE. Il IL
hardly probable that any very serious losses
will Be sustained in the collection Of it's debts.
when il is remembered that the entire losses Of
the Bank in bad debts, from its origin, now
twenty years, will be less than half a million Of
dollars smaller per centum, j. is conf
IDENTIFY believed, than usually awaits the most
prudent.
The net profits Of ths Bank during thattims
to the LIST Of January last amounted 20 the sun
Of four millions two hundred and BixtY-six
thousand and eighty-eight dollars-sn average
Of over two hundred and thirteen thousand dol
lars each year.
Should any losses occur, fs0m any cause
whatever, il will be the loss Of the STATE, and
not Ct the citizens using its notes or having
other dealings with the Bank. The efforts
msde 10 discredit its paper among the people
must have had their origin in other motives
than an apprehension Of loss to the holders OF
its notes, OF an honest desire TO protect them
against losses.
These statements are Submitted to enable the
people to form a more correct opinion Of the
usefulness q their sWn Bank, and the cresit
for honesty and fairness to which its ssssilsnts
may be entitled
Ian, respectfunr, your ohedisnt servant,
C.. JOHNSON.
guJ Z DUNLAP. Cem9fr0lu. &c.