Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-07-16
BANK OF TENNESSEE, ]
July 9Th, 1859. !

BANK TENNESSEE,
July 9Th, 1859.
James 7, Dunlap Esq, Comptroller:
SRI herewith OF the condition Of the
Bank Of Tennessee and Branches the July compliance
with the acts Of the General Assembly.
The statement exhibits such reduction Of the business and
profits OF the Bank when compared with the preceding years
to make It my duty to give explanation OF the pro
ducng such results and impressions
the public mind as to scondton and management.
specie payments ordered
with the Of the Union and Planters Banks
other lean of the city It agreed, without
dissenting voice. that the interests Of the people, we'll
the Banks required be done The Planters and Union
Banks then invited to unite with this Baa address
the public explaining the necessity and proprety of TIE act
This declined then supposed, hope that in
following Bank Tennessee their conduct would be
really By public their chances for a
tepromo.ed.
The Directors Bank Of Tennessee having convinced
that necessary proper the
condition OF the country ordered the suspension the next day
consultation with Banks-they followed in
short time after This act onthe part Of the Bank violently
assaled in Of the leading public journals thereby creating
alarm in the public mind exciting apprehension for the safety
the Banks anu adding to the ebrrasmen then existing in the
business and trade Of the country.
The General Assembly then in session. passed laws imposing
newburhens and restrictions upon the Slnks severe penal
ties forfeiture Of charter for the violation any them
and required their acceptance by the Banks part Of their char
erswitan limited time Whilst thus condemning course
pursued by Them they refused the Banks esump
specie payment earlier than the November
they might haYe benefits which would arise
from the sale of their crops during the fall.
The of Tennessee accepted the obligations
stricon imposed upon the Banks part of its charter
became liable penalties for the violation any
In acord1nce with the policy OF the General Assembly its debt
ors favored by renewal Of their bills,
cases asseeme equreby keeping up discounts
-;
exchange higher price than before the suspension, and
ing price oneha per early year. Thus afford
n every aid in It's power consistent with its safety to
able community get the embarrassment in the trade
Of thecouury, the arrangement OF currency from the
Suspension OF the Banks.
The Union and Planters Bank declined accepting TIE resc
tons parts charters, determined the
Ist Of July four months the indicated by the
General Assembly, invited the Bank OF Tennessee unite
with them III doing.
those Banks refusing TO accept, the General
Assembly that the resumption Of specie payments by the
Bank Of Tennessee should be left the discretion Of its Directors
avoid giving those Banks any advantages the Bank Of
Tennessee being compelled adjust its business
to comply with Legislative reslcons whilst the others
claimed exemption from them.
The question they left involved other and
important considerations than the ability of the Bank do
ability time known to the Directors Re
sumption the time proposed would necessarily affect every in
tre and every section the State,
important get the information that could had its
operation mode prescribed the charter adopted and
convention OF Presidents called consider
aon for the regulation of the future policy of the
Bank.
The Convention met early in June The question was fully
and carefully considered and the the
cuson resumption the time proposed would necessarily
require speedy collection of their by all the Banks
and thus add rather diminish the pressure existing
money marks-that would lead to still further curamen
Of TIE currency medium of the Staethat it would mpae
some extent ability of Banks the
daons fer shipment the products OF State their
proper marxes-thlt the General Assembly
proper time resumption, AID the Bauk ought adopt
best calculated promote the interests of the people we'll
ts Banks. other Banks taking different Sub
| ject resumed the LIST Of July
This produced din,lty between the Banks to tn
proper setting their Idly balancethe Planters
insisting upon redemption Branch gold,
equivalent in Nashville which acceed TO- as it wa
paying gold the citizens generally and the geld for
payment OF the Branch in the vaults Of the Branche
and the control of the mother Bank
course require the gold silver of the Branches
concentrated in the principal Bank at Nashville contrary
hepocy the General Assembly placing the Branches
different sections Of the state the the people
Thesequssons whilst unsettled produced arrangement
business OF the country for weeks we'll bitter denuu
esors Of the Bank OF Tennessee by the opposing
the State well Of the leading newspapers and induced
Bank reject the Branch notes of the Bank
Tennessee for q time.
The Directors convinced that with such daily
the Bank AMI much dsoeit upon paper, lit
tie could the community by discounts
Otherwise contempt the Convention, in July
ved the Branches outstanding the decision the Corye
ton specie payments they had ample means to
So done early in August the belief and hor
that accommodations could be granted in that way tia
continuing in astste Of suspension until November.
The resumption Of specie payments and the settlement
controversy, daily payment Of balances not howeye
| silence the clamor aganstthe Rank of Tennessee.
twas represented riekety concern" unworthy pu