Staunton vindicator and general advertiser. (Staunton, Augusta County, Va.) 1858-1860, 1858-06-26
Early Banking In Tennessee,

Under this head correspondent of til
St. Louis RepuJtican tells story illustra
tive of the embarrassment which the Of,
Bank Of Nashville encountered. and tn
circunst anccs which forced it into liouida
ton:
Upwards Of forty years ago the Legisla
turc of Tennessee chartered the Bank O
Nashville, and in due course Of time tn
necessary organization, under the charter
was effected, and the notes, beautifully en-
gravcd and properly signed, were read
for circulation. At this point, however, til
Bank encountered an unexpected and for
midablc obstacle. The people of Tcnnes
sec at that day were a sclf-rclying an,
practical people, and had but little conf
dcnce in Bank Directors or paper money
and could not realize that piece of papo
was as good as a silver dollar In short
they positively refused to receive the issue,
of the Bank in payment for the surplus
products of their farms. The Bank was il
trouble, and unless this prejudice of the
people could be overcome it would prove
still-born affair. At this period the MGR
chants of that region bought up the surplus
cattle OF the farmers and drove them tc
Philadelphia and Baltimore and sold them
and laid in their annual supply of goods. =
At this time Joseph johnson, (now an ole
and most respectable citizen Of GAINESVILLE
Tenncsscc,) was a leading merchant al
Lebanon, some thirty or forty miles from
Nashville. lie dealt in cattle more extern
slvely than any other man in the country
and was more generally known in his owl
and the surrounding counties than any man
in Middle Tennessee And no man in the
State enjoyed the confidence of the people
to greater extent than he did 1t occur
red to the President of the Bank that John
son was the very man to inspire the peo-
pie with confidence in the institution, and
if his cooperation could he secured, there
would be all end to their trouble, and the
people would soon be brought to under
stand and appreciate the beauties and ad-
vantagcs OF paper currency. lie com
munlcated his views to the Board, and they
were 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 pair Of saddlc-bags
I well filled with bank notes under him. He
reached Lebanon that night, and called on
johnson next morning. A satisfactory ar
rangement was soon made. johnson was
to pay oft the notes Of the Bank for cattle,
and the Bank was to provide for their re-
demption at Johnson's store in Lebanon.
johnson supplied his agent with both silver
and paper, and instructed him to pay out
| the paper money to those who were willing
to take his guarantee that it could be con-
vcrtcd into specie, either at his stcrc or at
the Bank in Nashville. Jchnson's pledge
J that it would be redeemed with, specie at
'hc will of the holder, induced many of the
farmers to take it in payment for their cat
tie. Esq. Fitzpatrick, of Smith county,
sold one of Johnson's agents ten head Of
cattle, and received, a one hundred dollar
bill in payment. After hcl ping to start
the cattle, he went to the house, and found
dinner waiting. He took a scat opposite to
his wife. A large bright pewter basin, I'll
led with rich hot soup, occupied tie centre
Of the table, and near the table on the
'Squirc's right favoritc dog was s1uatted
on his latter end, with his mouth open rea-
dy to receive whatever his kind master
might throw him. Whilst the 'Squirc'ss
soup was cooling he took the bank note
from his pocket, and handed it to Lis wife.
She unfolded it, and after examining the
pictures and figures on it, asked him what
it was.
THAT is money" said the old man ia
hundred dollars''
"Moncy - exclaimed the good woman.
Eyes" responded the husband II took
it for ten steers that sold Joe johnson"
"Wcll did ever hear of such fool"
put in the old lady.
"Never mind" said the Squire ''Joc
johnson sent me word that l can get hun
dred dollars i'll specie for it whenever |
want it, either at his store or at the Bank,
and his word is as good as goll' ~. =.
"Well, take good care Of it until you 60.
to town." said the wife, and then folded it
up very carefully and reached across the
table to hand it to her husband, but by
some mishap dropped it into the soup ba-
sin.
Quicker than thought the old mans
right hand was up to the knucklcs in the
hot soup. He instantly grasped the note
and withdrew his hand, smarting with pain,
and threw it out in the direction ofthe dog.
The folded note slipped out. in the twink
ling Of an eye it was in Boscs capacious
stomach.
The old man sprang up and seized Bose
by the throat; but it was too late ''Ten
steers at one swallow, Joe johnson nor Joe
Damnation, will never make me take any
more paper money!" reared the cnragcd
Esquire. Poor Bose, unconscious of tie
value of the morsel that he had Just swal-
lowed, and being unable to account for the
rage Of his usually kind master, made
prcclpitatc retreat from the house as, soon
as he escaped from his masters GRASP. AS
soon as the Esquirc's anger and pain sub
sided a little, he took down his old flint
lock. rifle, and went out into the yard, and
called up his faithful dog, "well, old fellow,
your time has come, it is too uncertain to
wait" said the old man, addressing Bose.
He then wiped his moistcncd eyes and
drew bead on Bose ard pulled trigger.
A post n1ortqm examination was soon made,
and the note. found Between midnight
and day on the next morning, Mr.. JOHN
son was awakened by a tremendous knock
ing at his door. He got up and found Es-
quire Fitzpatrick with the unfortunate hun