Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-07-17
O. III m&rtfal.
Monetary and Commercial,

Tennessee bonds sold New York on the 18TH 9ec.
Memphis pap Of the 18th throw light the condition
of the Citizens Bank. Nothing definite be known there
in regard to either liabilities assets any
known forts failure The BULLETIN says;
This institution financial ep}osoa Ii apprehend,
complete and total failure, The Of its being
ent and the past mans cement under s Of which 1t enjoyed the
popular confidence. Precisely he6 the blame is has
been made known in ans definite and distinct shape.
Captain Turner'S card published yesterday morning. states TOO
much etoO much, if the failure originated in his
agementi little, if it uabe exclusively to his predeces
sor Under h2th oil these gentlemen te baA toush known 70
possess large capital enjoyed degree OF public confidence
State for people had implicit faith ia the personal integrity
and financial ability Of the presiding officers under both admin
An honest unuspecng people who have been damaged by
its failure desire to know, and will desire to know o has failed
To Justify this confidence private
Turner aud Mr. Walker, the previous President, in
gard to bargain for the sale Of the the
wOrthessnes which they find its issues suddenly prepaed
great wrong has the public serious loss has
endured b the community and the people desire 70 know and
the right vague limitations Of unhfuness
fuflment of bargain to which the public not made
parties and particulars which they nothngbut
lcH0 is the pepeaor Of this wrong e0 the author Of this loss
The Appe1l says.
truly remarked, in connection with the late failure
Of the Citizens Bank that the banks OF tennessee themselves are
furnishing strongest convincing arguments their
opponents and enforcing them in the most practicable and Papa
bic manner possible their frequent failures and the heavy and
wholesale they entling the community. This
consideration the failure after failure which the people Of
Tennessee have been called upon to bear within the past few months
enaei upon the business community by the failure Of the
by its late President Captain Turner The card of
Captain TurHer issue between himself and its former
which the subject Of general comment and which the
community curious uurye. After having extended
generous confidence the Of this Bank which them
and und0ubtad Cr is but fair it is but
decent explicit development Of its affairs, business,
operations and than has been furnished by Captain Turner,
should Such expose demanded alike by the Tepu
this community and the future security Of the people
Tie conviction growing in the public mind that the whole
banking system the radically wrong and essentially
rupt confidence the people all banking institutions is we'll
nigh destroyed. Up the very day Of the departure Of Captain
Turner for Huntsville and his Of his abandonment
Of the bank and its its former the best
banks this city receiving the Of the Citizens Bank
on deposit This gave thorough confidence in the public mind
to the solvency institution, quoted all fears and relieved
all suspicious and rumors.
The publication Of Captain Turner'S card startled the banks
the community the general public and in brief every
body VERIFY anti hank arguments multiplying thick and
strong and cry begins be heard from all parties for the
eNtirpation Of the banking system Of Tennessee.
The Ledger says the circulation Of the Citizens Bank es
mated at orsr hundred Thousand dollars and that paper
nfers that after denct institution pays its depOors all its
assets will be exhausted leaving its large outstanding circulation
total loss to community. This is decidedly bad for bank
that enjoyed unlimited confidence up the very of its exPlO
son and which, according Captain Turner'S ard had cleared
fifteen thousand dollars in the last five months.