The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-11-05

their chartered rights, adopted dIiefemt'
policy from that OF the Bank of Tennessee,
and determined to resume the payment OF
specie four months in advance OF the time
indicated by the Legislature, which necessa.
rily required q still further reduction of the
paper currency and more rigid collection
of their debts. In self defence the Bank of
Tennessee was forced to adopt n similar poll
cy of collection and Withholding their usual
accommodations. 1t furnished additional
grounds to those opposed to all banks for
assaiing the Bank of Tennessee. 1t was
denounced rs rotten, unsafe and unworthy of
public confidence; and for some time the
Planters Bank refused to receive its paper
These attacks upon it have continued from
time to time, regardless of the great interest
OF the State in its preservation and proper
management, and without any foundation in
truth; and after the sworn statements Of its
officers had been published and verified by
an examination of the Legislative committee,
and with full knowledge that the State
stood pledged for the payment of its liabii-
ties, us if it was the settled purpose of its
ossall"nts by destroying public confidence, to
produce the ruin which they had predicted
To such an extent was the public confidence
impaired particularly in the adjoining States
where it enjoyed n very large circulation,
that S6l7,995 of its notes were returned
for redemption, to the principal bank in Nash
Vile, between the LIST of July and the LIST
October, they were paid and now remain in
the vault Of the Bank.
Under such circumstances, tho Branches
finding that no business could be safely
done by discounts for the public, and know
ing their ability to meet all demands against
them, in August voluntarily resumed the
payment OF specie, and have since continued
it. The principal Bank ut Nashville having
but small circulation, ut no time, even du.
ring The suspension, refused payment in
gold OF any demand made upon it.
| The resumption ofspecIe payment by the
Branches in advance of the time selected by
the General Assembly, was made from a
thorough conviction that less evil would re-
suit from 1t to the Bank and the people, than
from pOstponement until November. 1t
would afford also satisfactory answer to
the INSCRIPTIONS assaults made upon the
bank by It's ASSISTANTS. II would restore pub
tic confidence in its ability to meet all de.
mnnds, and it might enable them the earlier
to resume their legitimate and customary
business.
The discredit thus brought on the Bank,
| together with the policy pursued by most OF
the stocks and free banks, of returning lis
notes for redemption from all parts Of the
State, have prevented il from granting ac-
Communications to the extent it had formerly
done, which was greatly desired by its Direc.
tors, and so much needed by the community;
whilst this wnnt of confidence continues and
Its notes put in circulation in any part of
the State shall be at once returned by some
banker OF broker for payment, it must be
apparent to every one, that but little business
can be done other than collecting their debts
and reeeeming their notes, and that net
profits OF the bank must be greatly reduced.
Many OF the evils to which the State has
been subjected from want Of uniformity
and regularity in its paper circulation have
grown out of the unwise organization of tho
three old banks, and the competition in bust.
ness and for public favor which necessarily
result from II.
When II was ascertnined that the United
Suites Bank could not be re-ehartered, il
was apWehended that there would he de-.
tciency Of paper circulation, and tho Union
Bank was chartered TO supply its place, and
the State became a partner, subscribing half
a million Of dollars; complaints soon arose
that It was under the control Of a few favor4
ties, who managed !, for their own advnn.
tnge, and the next session of the legislature
was called upon for another TO counteract
its effects, and the Planters Bank was char
tered, and the State became its partner also,