Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-07-09
sos sm 5Hok ASb LHrEluAr.
rhe bank Of Tenneusee and its u1andge-
Vuernf.

The currency Of our State il in bad repute with
ur own people sud these OF adjoining States. No ;
eople are 50 cursed, and the immense tax and loss
ustainsd By the citizens Of Tennessee in oonss-
uenoe cur banking system isfuiy sufieient, we're
not for the rscuperatve energy Of her industrious
classes, to render the State al impoverished, ruined
Whilst ii is undsniably true, that
BAD LEGISLATION, in creating By the wholesale, tho
irresponsible kiting, shaving corporation with
which our currency has been inflicted is primarily
liable for all the abuses incident and consequent to
{. Wild Cats and Pigeon Roosts," yet it has been
in the power Of the Bank of Tennessee to have saved
the psople, much Of the disgrace and ruin thar haS
fallen upoR US. The management OF the bans Oi
Tennessee by its present Cashier, propose TO emo"
von Mr. Editor has been in conflict with the inter-
ests Of the people, and has been such IS 70 arrow
disoredit upon the currency ofthe State. rs wen
Known. how much the cashier Of bank has 10 90
with its control. It is we'll known that BODY Oh
Direotors engaged in other pursuits and not beng
familiar with the details of bank, are forcea 70
rely upon the supposed superior Information anu
knowledge of that ef6ce he ID the oheer "hOm
the public justly hold responsible, for any aouSes
that NAV exist in its management. am not 'here
fore in error in holding the present cashier o. inc
Ron of FAnussgss accountable for error ana niscon
du,t ebaraesble 10 the Bank Of Tennessee an
plsip man, Mr. Editor, not given to writing ana
therefore proceed 10 state, in what conceive 's
Bank Of Tennessee has done wrong
1st Instead of protecting the people from kites
in tbsir currency. she has kited them. ID Instead
Of nro,ectioe the people from the issues Of weak
snsHe ed and
giving circulation their valueless paper. od' IN
stead of 80 conducting the bank as to atfordaocoTmo
datious to the people, she has SO managed as 10
have on hand large amount OF dead capital
,b,t ont from active use. 4th. Instead Of paying
I l.. dobts ss she promised, We find her to-day,
II 1ass amount of circulation than her capital,
! .,,.,s,5ad condition 9Th. Instead Of eOnstru-
,be Law of lS55-6 literally, or for the prOtec-
- 81 be poteholder and banker, we fud her after
uniting her construction on it, so permitting tue
Con,ntroer and others TO use the bonds as 10 oeca-
s;on loss botb to the noteholder and banker.
allegations betrue they demonstrate the net
siosncv Of the tresentcashieT; sndWhjlst calling for
bi.-rsnovaI make manifest the necessity Of reform
in the administration of the bank But are the al
legations truei Let US enquire as to the first! How
has the bank of Tennessee kted the people Of the
satef Wbv BY the issuance If about threefOurhs of
million of dOlsrs payable ather branch at Rogers
vile. and ouly about one-tenth Of one quarter OF
million, payable at Nashville, and why? Beesuse
RoUersville being q more inaccessible point than
Nashville. the holder of Bank of Tennessee note
finds If iuconvenient to make demand upon her
for pavment; she thus escapes or defers payment
and creates the necessity of that which she affects
to hold in horror, broker. For instance, to illus
trae. your merchant at Nashville, has the note Of
his customer in Lawrence county, discounted; he
uays interest or discount to the bank for their pro
mises to pay on demand but 10, behold when he
proededs of his discounted note is handed to him. Il
is her branch notes payable at ROgersville-he mus
therefore for what he really needed, exchange, g
10 Rogersyille. ct cost to himself pay the broker
as his agent to do 81 for him. Another customer
from Hardin county RENTS to your Nashville mer
chant, proceeds of his account in Bank Of Tennes
see paper this too is payable at Rogersville. II
realize upon which, the broker with his discount, il
again brought into play Look to the fact that you
bank at Nashville discounts over million, yet ha
not enc tenth of one quarter of million payable
her counter in circulation. The property Of you
fellow-cit is under the hammer; he has Banl
Of Tennessee notes to pay Withsl some neighbOr
friend has loaned it but it again is payable at ROg
ersyille no other circulation to be had, and for tn
coin demanded, he is forced to the broker, or nj
property is suffered to Co. The deleterious inhu
euoe which this course of the Bank, has upon on
currency, in discreditiDg at home and abroad, IS
admitted palpable fsct-neither its existence OrcOn
- sequences can be denied
therefore pass to the ID. Has she aided an
abeed in giving circulation to the valueess PaP'
of weak and worthless banks? ask you, if tits M
notorious that the Bank of Tennessee was sustann
all the free and smaller stock banks in "a, 90 an
sc, with here and there probably an exception
How happened it, as the information runs that tt
# Rank of Tennessee was receiving and paying OIL
: Bank of East Tennessee notes up to the day Of h
/ suspension? How happened it that the Bank
e Tennessee was receiving the notes Of the E1chanl
Bank upto the recent meeting of committee Of Il
Legislsture, at Nashville? But strangest of a
i how happened it. that in the instances have me
IT toned. whilst the people suffered immensely, Il
q Bank of Tennessee lost n0thiHgF The great body
: the psouIe are accustomed TO look to the fact tn
= the Bank Of Tennessee is taking this or that Bal
lie paper, and giving their confidence sccOrdingl
Seeing that the Bank Of Tennessee is taking Ban
% Of East Tennessee paper, the poor man permits
last horse to 20 in exchange for Bank of East Ten
essee notes; and when he is informed that tne Bal
Sc is broke whilst he may feel disposed to cOmplime
" the shrewdness of the Cashier Of your State Bank
he exclaims, " l have a guaranty over the way,
collateral security which amply secures my bank
yet in his poverty and desOlatiOn, curses the ma
e agement which gave currency and circulation to
- instrument of his ruin. But for the fact that t
Bank of Tennessee received the notes Of the E
i change Bank, who believes that Mr. SPESOR's ms
" tuition could have flooded the country with hio d
vaIueless paper 2 Yet whilst the Bank Of Tenness
was aiding Mr. SPENCE in securing the cOnhden
-, Of the people, she demanded for our prOteotiC
~ security. The Bank of Tennessee is, in one ser
of the word, the agent of the people, and when
NC officers deemed it necessary for their protection,
% demand security of Mr. SPENCE for the paper of
~ :. they might take, knowing as they must, that
= people would be governed by their conduct and Il
- such was SPENcB's object, good faith, good mora
- demanded of them to have advertised the public
the facts Again, in this connection, If the rect
" statement made public, be true, that the officers
the Bank we're aware sometime before the publ
that SPENCE had out circulation, not represented
- bonds, and that failing to make it public, they s.