Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-05-13
REPLY OF THE UNION RANK.

To The Honorable the Speakers Of the Senate ard
House Of Representatives Of the General As
sen1bly ofhe STATE Of Tennessee:
Tie President and Cashier of the Union
Bank have The honor to acknowledge from
the Clerk of the Senate, the receipt of copy
OF resolution passed by the General Assem-
bly, of the State of Tennessee at its present
session, inquiring of the Bank of Tennessee,
Planters Bank, and the Union Bank, .'when,
If at all, they intend to discontinue the issu-
ance of notes payable at any other point
than at their counters, and that they be re-
quested to indicate their policy in that be-
half"
The undersigned, in order to present a
more full account of their policy in the prem
ises, take the liberty Of stating that the Union
Bank commenced operations in the spring of
1888, and by the 10th section OF its charter
was authorized ito issue bills or notes paya-
BILE on demand at either of said Offices of dis
count and deposit, and also at such banks of
responsible standing in any other State of
the Union. as the Board of Directors may
deem expedient and proper"
In pursuance of such authority, and, as it
was then thought, for the convenience of the
public, the Union Bank issued notes payable
at the principal Banks and Branches, and also
very large portion of notes at Banks in
Philadelphia. Baltimore and New Orleans
Inecc hOteS were pau out at the Bank ana
Branches without any regard TO the point
where they were made payable, from that
time until the resumption of specie payment
in the summer Of 1912. When that resump-
ton took place, it was deemed advisable to
call IN all the circulation that was made pay
able out of the State, and to issue only such
notes as were made payable at the Bank or
its Branches.
The policy then adopted has been pursued
fha Ran6 i,.
Branches have paid out, without discrimina-
ton, such notes as they might have on hand,
without regard to the place where they were
made payable, except for a short time when
they issued notes payable at the counter
For many years past it must, however be
understood that the Mother Bank has always
held herself ready to redeem the circulation
of its branches in Eastern Exchange at the
same rates they would have charged if the
notes had been payable at the counter.
Many difficulties have hitherto interviewed
to prevent this Bank from only issuing such
notes as were payable at the counter where
issued, which it would be too tedious to ex-
plain.
The several banks mentioned in the resolu-
ton of your honorable body have often con-
suited upon the propriety of making all their
issues payable at Nashville alone, and fur
nshlng their branches with a sufficient
VI CuSuldIiOn lTdusdCG business
upon, believing that this course would be an
effectual remedy for the grievances complain
ed OF. AS yet, however, they have never
been able to come to any agreement upon
the subject, and it will readily be perceived
that all the banks must pursue one line of
policy, and that no single one could take
step Dy itself which would not result in its
own ruin or greatly to it's disadvantage. The
undersigned would, however, respectfully
state to your honorable body, that the Union
Bank will, with pleasure, be willing to make
all their issues payable at the counter in
Nashville, whenever the Planters Bank and
Bank of Tennessee WILL by mutual agree
ment with this Bank, decide upon the time
when they will be prepared to pursue such
course.
The Union Bank will cheerfully act in con-
cert with the other Banks at all times, in
adopting line of policy that will be condu-
Give to the financial interests OF the State.
The undersigned are very respectfully your
obedient servants,
G. NJ. FoGG, President pro tenn.
j. CORY, Cashier.
UNION BANK OF TENNESSEE, Nashville Feb. IS, 1856.