Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-11-27

Contingent Fund =
Due to Depositors .--....-........ IaTs5 d
Circulation .-.. as GO an
Other Liabilities, viz:
Time Checks or New YOrk...........-. saOOo 90
a2OsSSO q
By analysis Of these statements II will n. ss ~ h
Bank Of Tsnnessee Is = - '-- '
Due Da: S sSss a aid n5a sss %
D.. Treasurer, 'IR! s.IPI g
ro...,u,,.,,,.. sls57.siO %
Specie and Exchange 81 O72 oQs 90
stzte Bonds 100000. $500 90
Dno.5 Mo, gee sos %
O'7'Oun''a N''e'''''''' lsSos0 %
e5lsO,laS 90
Due DeposisOEs and Note HOIders.... Al SO 80 On
ga 90
To meet which It has 0iS@ "
Soio S1a nehsnSe''.' sI9s7i1 90
domestic bllls..
OS'00h'es l,3Os s5s 90
s5,i;S1318 90
Due note holders anddspOsOrs. ,7O Os0 90
u,.... sl,asII00O %
Seeeie and Specie CO.. SIS 90
Domestic .-..........-..... lSO2 594 90
ss,s@6ai %
Due Nce hsaers and DepOsitOs-.~- .....S a I23 90
Due Banks and Bankers 70 90
r,,.. 47,ac5 81
Specie and Specie 7s3 q
Domestic I3s 46s 81
Discounted 9sl2 70
BANK OF MIDDLE TENNESSEE '''s''' y
Due NOteholdess and DepositOrs SICs2s5 40
Due ...--..-.-.-.-.-.-.-. 763 80
si07 ,0i9 20
Discounted Notes and Domestic FilIs...... - 1854 So
State Bonds..-----.-- 1000 90
SIN s75 a
A still fun thar analysts will show another fact
that the people are indebted to these Banks on bills
and uotes more than ten millions of dollars while
the Banks are only indebted to the people in
the shape Of deposits and Bank notes, something
over four millions of dollars, showing balance of
indebtedness in favor of the Banks of more than two
to This fact is made prominent in order to show
the holders the notes OF these Banks that they can
not and should not suffer any loss upon them in any
event. the law making it obligatory upon the Banks
to receive their notes in payment of debts due
them.
The above statements put you in possession of all
the facts of which I am cognizaut, and your own
judgment win lead you TO conclude whether the
Banks can live through the existing monetary
storm.
1 DOW come to consider the remedy for the evils
which have been previously referred to. 1t cannot
be denied that the disturbing causes, whether
rightly or wrongly, have destroyed public conf
dence and IS driving home the notes not only Of our
Banks but Inc Banks of all the other States, for re-
dem2ion. The result IN most of the chief empor-
ums Of trade has been Bark suspension. Again,
let it be remembered that every dollar of specie
fund taken from our Banks makes it necessary I'M
der law for the Bank contract its circulation
three dollars, thus absirsctug from the circulating
medium, already TOO sman at a ruinous ratio which.
if persisted ia, inevitably result in the total
bankruptcy of the county,.
Is there any method then, by WI ch this great
evil can be averted? bave considered the subject
in eve~y point OF view that nay mind is capable of
it, and do not hesiaats to give It as
my opinion, that the only remedy is to be found in
the immediate bus temporary suspension of specie
payments on the par. OF our Banks
If they do NOT suspend all they can do is to con-
tract their circulation until every note they have
put is redeemed, and in order to do tins they |
must, in sedefense all discounts and what is
still worse, add tenfold the already distressed
condition of the country by collecting n
he ten millions of Indebtedness due them from the /
people. Is the country in condition to stand such
pressure? Who will be benefited but the fortu-
late few who, happening to have their fortunes in
money, will be enabled to purchase the property Of
heir neighbOrs at one-fourth is real value If,
however, the Banks suspend temporarily a I'd with
he bO"ade intent All pu'. Oss Of rslisving s eoun
ny. the good they caa do is iacalcuIabIs.
The Cotton Planter can find sale for his cotton,
be Banks can discount the bills of the cotton MGR
hant aud he having time to send his cotton to the
oreign market, can bring back the Gold with which
he Bal IS redee n the notes loaned him for the
IigiaaI purchase The Planter with his local eur
ancy thus obtained, can pay his merchant for sup
lies, his me hanic for the implements Of labor man
featured by him, and these / thew turn can meet
leir Indebtedness. The same thiDy wiz obtain with
eference to Tobacco, corn and all the other staples
f the country. This too vii enable the Banks to
xend the ten millions of Indebtedness, hanging like
n incubus upon the people Of the State and in so
Ding benefit themselves as well as the people. By
,rcing collections at this time, many of their
reditors would be unable to pay, who, if allowed
me and easy instruments, could readily meet
leir liabilities Thus would result two fold ben
it. the Banks getting their money which they would
herwise lose, and the people the relief which they
much need. The remedy in my humble iudg-
ent would be immediate and would reach every
ass of society and every public enterprise in the
tate.
No one is mtre opposed to Bank suspension in
rdinary times, than myself, but extraordinary
Emergencies require extraordinary remedies. The
lspension of the writ of Habeas Corpus, and de-
aration Of Martial Law, are remedies resOrted to
times Of anarchy and revolution in governments
mere is a stlte of anaechy and revolution in the
onetary world, and it seems to me that remedies
prompt and extraordinary character are per-
nptorily demanded. The remedy must be speedy
the evil to be avoided will have been consumma-
d. If it were otherwise, would suggest that the :
hole question be referred the Legislature for its
ton, but repeat, there is time to wait for ibis.
le Banks of other States are acting and relieving
cir citizens. Why should not our Bankers listen
the appeals OF 4 distressed and almost bankrupt
untry, and apply the remedy? trust that they
III have the patriotism 10 raise themselves above
cir money bags, and act for the people IN these
pony days OF political and pecuniary revolution.
lis true, there is penalty placed upon them by
W, in case Of suspension, hut what is this penalty
impaired with the great good they do, the great
il they avert, and can they doubt that the mem
RS of the Legislature, fresh from the people, full .
aware of the necessity for this course Of action,
d the relief to the people resulting from it, would
state TO release the penalties!
70 recapitulate- First, l propose temporary =,
spenson.
Banks so suspcnding to act for the
ief of the country, by pursuing line Of Jlbei al
+ prudent discounts and renewals
rhird-To check at 4 maximum rate Of One-half
one per cent. u
7ourth-To furnish in exchange for their notes
all sums of coin sufficient for the ordinary wants
the community
'ifth-A resumption as soon as the causes ope BY
ing to render their temporary suspension neees.
y, are removed.
hese views are given. gentlemen, with much diff
30. s,oo,,;Do "a do that ana Addressing Der- ~