Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-05-30


Under this head correspondent Of the st. Louis
Republican tells story illustrative Of the eubarrass
ment which the old Bank Of Nashville encountered,
and the circumstances which forced it into linquida
ton:
Upwards of forty years ago the Legislature of
Tennessee chartered the Bank Of Nashville, and in
due course Of lime the necessary organization under
the charter was effected and the notes, beautifully
engraved and properly signed we're ready for cir
eulstion At this point, however, the Bank encoun-
tered an unexpected and formidable obstacle. The
people of Tennessee at that day were self relying
and practical people. and had bat little confidence
in Bank Directors or paper money, and could not
realize that piece Of paper was as good as silver
dollar In Short they positively refused to receive
The issues Of the Bank in payment for the surplus
products of their farms The Bank was in trouble,
and unless this foolish prejudice Of the people could
be overcome it would prove stillborn affair. At
this period the merchants Of that region bought up
the surplus cattle Of the farmers and drove them
Philadelphia and Baltimore and sold them and laid
in their annual supply Of goods At this time Joseph
johnson, (now old and most respectable citizen Of
Cisrksvihe, Tennessee was a leading merchant at
Lebanon some thirty or forty miles from Nashville
lie dealt in cattle more extensively than any other
man in the country, and was more generally known
in his own and the surrounding counties than any
man in Middle Tennessee Aud no man in the State
/
tent than he did Il occurred to the President Of the
Bank that johnson was the very man to inspire The
people with confidence in the institution, and If his
corporation could be secured, there would be
end to their trouble, and the people would soon be
brought 10 understand and appreciate the beauties
and advantages Of paper currency. He commune
Gated his views to The Board, aud they adopted
and he was authorized to open negotiations with
johnson at once.
Bright and early next morning. the President set
out on his financial mission, with good horse and
a pair of saddle-bags, well filed with Bank notes
under him. lie reached Lebanon that night and
called on johnson next morning. satisfactory
arrang cement was soon made johnson was to pay
out the notes ofthe Bank for cattle, and the Bank
was to provide for their redemption at Johnson's
store, in Lebanon Johnson supplied bis agents
with both silver and paper, and instructed him to
pay cut the paper money to those who were willing
TO take his guarantee that 1t could be converted
into specie either at his store or at the Bank in
Nashville. Johnsons pledge that it would be re-
deemed with specie at the will of the holder indu
eed many Of the farmers to take 1t in payment for
their cattle ESQ. Fitzpatrick, of Smith county, sold
one Of JOhnson's agents ten head of cattle, and
ceived a one hundred dollar bill payment. After
helping to start the cattle, he went to the house,
and found dinner waiting. lie took seat opposite
to his wife. A large bright pewter basin, filed
with rich hot SOUP occupied the centre Of the table,
and near the table on the Esqr's right, favorte
dog sQuatteQ on MS latter END, with MS mouth
open ready to receive whatever his kind master
might throw him. Whilst the Esqr's soup was cool
ing he took the bank note from his pocket, and
handed ito his wife.
She unfolded it, and after examining the pictures
and figures on it, asked the Esquire what it was.
THAT is money" said the old mana hundred
dollars" money" exclaimed the good woman.
''Yes" responded the husband 81 took it for ten
steers that l sold Joe Johnson" 'Well did ever
hear of such fool" put in the old lady. "Never
mind" said the Esquire. "Joe Johnson sent me
word that l get hundred dollars in specie for
70 whenever l want it. either at his store at the
Bank, and his word is good as gold. well, take
good of it until you 60 to town, said the wife,
and then folded it up very careful y and reached
across the table TO hand it to her husband, but by
mishap dropped il into the soup basin. Quicker
than thought the OLD mans right hand was up to the
knuckles in the hot soup he instantly grasped the
note aud withdrew his hand, smarting with pain,
and threw it out in the direction of the dog. The
folded note slipped out, in the twuklng Of an eye
it was in Roses capaciOus stomach. The old man
sprang up and seized Rose by the throat, but
TOO late. 'Ien steers at one swallow, Joe johnson
nor Joe DamnatiOn, will never make me take any
more paper money" rOared the enraged Esquire.
Poor Rose, unconscious of the value of the mOrsel
that he had just swallowed, and being unable to
account for the sudden rage of his usually kind
master, made precipitate retreat from the house
as he escaped from his masters grasp. As
soon the Esquire's anger and pain subsidized
little he took down his old fit lock rifle and went
out into the yard and called up his faithful cid dog,
well old fellow your time has come it is too I'M
certain to wait" said the old man addressing Rose
He then wiped his moistened eyes and drew a bead
on Rose and pulled trigger A post mOrtem exam
ination was soon made, and the note found Between
midnight and day on the next morning, Mr. Johnson
was awakened by atremendous knocking at his door.
lie got up and found Esquire Fitzpatrick with the
unfortunate hundred dollar bill. He related his
misfortune and demanded its immediate redemption
with silver dollars. Mr. johnson insisted upon his
remaining until morning. but he sWore that he never
would eat sleep or drink until he got home with the
specie for that internal note. The fate Of poor Rose
spread like wild fire. and in forty-eight hours there
was not a note on the Bank Of Nashville in Smith
county That sealed the fate of the Bank This is
a true story The people of Tennessee have got
gorOusly over their foolish prejudices against
Banks.