Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1858-08-05
N. O. WALLACE, Editor.
Bank of Tennessee.

Presidcntsof tho Bank Of Tennessee
appeared in the Union and Ameri-
can, but escaped our attention. It
was written asian accompaniment to
the statement of the Bank made to
the Comptroller, and is intended as
an explanatory of that statement.
1t will be read with interest:
BANK OF TENNESSEE, July l9, 1853.
To the Comptroller Of the Treasury:
SIR: In compliance with the pro.
visions of the act Of the General AS
sembly of the 18th of January last,
/ have the honor to enclose O state
ment showing the condition Of the
Bank OF Tennessee on the LIST Of July,
1858.
The numerous attacks recently
made upon this institution, we'll cal
culated, if not designed, to bring it
into discredit among the people to
whom it belongs, make it necessary
that some exposition Of its affairs
should be made, which would be
more readily understood by them
than the usual Bank statements.
The capital Of this Bank and all
its means belong to the State, and
stand pledged, as well rs the faith Of
the State, for all its liabilities. The
means of the Bank to meet them, as
shown in the statement, amount to
SS,l3l,312. OF this sum over
four and a half millions are ia dis
counted notes and bills, mostly fall
ing due within four months, and
nearly the whole is believed to be
good.
OF this sum over sixteen hundred
thousand dollars, are in bonds Of the
State, and stocks of the Union and
Planters Banks-first class securi-
ties.
The cash means Of the Bank ex-
coed one million seven hundred thou
sand dollars. The remainder of its
means consists mostly Of real estate,
which is believed to be worth 10 the
market the full amount ns stated.
The whole liabilities Of the Bank to
all others except those due to the
State. on the lst Of July, amounted
TO S3,737.S4
1t can scarcely escape the notice
of any business man that the cash
means of the Bank, with the bonds Of
the State, and the stocks Of the Union
and Planters Bauks-nearly the
whole liabilities Of the Bank, other
than those 10 the State-would be
paid, without any material interfsr-
ference with the amount due 1T on
bills and notes, which exceeds four
and e-half millions, and that this
sun, when collected, would pay the
entire capital stock of the Bank, aud
leave a large surplus for the State.
1t is hardly probable that any very
serious losses will be sustained in
the collection of it's debts, when i'll
is remembered that the entire losses
of the Bank in bad debts, from its
origin, now twenty years, will be less
than half n million of dollars--a
smaller per ceutum, it is confidently
believed, than usually awaits the
most prudent.
The net profits of the Bank during
that time to the lst of january last
amounted to The sum of four millions
two hundred and sixty.six thousand
and lightweight dollars an average
of over Two hundred and thirteen
thousand dollars each year.
Should any losses occur from any
cause whatever, it will be the loss oil
the State, and not of the citizens
using its notes or having other deal
inps with the Bank. The efforts
made to discredit its paper among
the people must have had their ORR
gin in other motives than an appre-
tension of loss to the holders OF Its
notes. or an honest desire to protect
them against losses.
These statements are submitted
to enable the people to form more
correct opinion Of the usefulness
of their own Bank and The credit
for honesty and fairness to which
its assailapts may be entitled.
I am, respectfully. your obodient servant.
G JOHNSON.
Gen. j. I. DUNLAP, CoaptroAsr,9'e-