Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-09-17
BANK OF wEsr TENNESSEE.

BANh OF EST ENNESS@
We publish below the semi-annusi state
mens of this bank, which viii no doubt De
gratifying to the stockholders, who are COM
posed almost entirely Of toe leading ner-
chants and mechanics of our city together
with a number OF our most wealthy planters
in the adjacent country.
The bank was recognized last year, Oy d
large increase in her capital stock, the SUD
scriptions TO which, When paid in full, will
amount to over $500, OOO. Tie installments
were being called in, on subscription, when
the panic produced by the election OF Pfesi-
dent las. fan, caused the directors, very prop.
erly, to cease collecting subscriptions until a
change takes place in the monetary condition
of the country.
1t will be seen thst the capital stock paid in
amounts to S305, 676.1I, besides the profits OF
the past six moEths, which amount to $780,
$50 Sc. The statement will show the great
acti dty with which Ii. capital has been used,
and that the directors have not been unnlnd-
gul OF meeting the wants Of the people, and
assisting the Confederate government in means
to meet tie present heavy expenditures, vi ioh
is "~cssting bread upon the waters" 20 be re-
turned, with independence and prosperity,
csfter many days"
The sctusl liabilities are, circulation and
deposits, 1927 ,351.59 while the immediate cash
means on band, including The smouDt due BY
The government, lie S243, 723 %, besides the
bills Of exchange Ind discounted notes running
-AgA - ., eAHV E1n u
This showing must be gratifying to the stock
holders. as we'll as to those who hsVethe mad
ag.msnt Of its affairs. No bank in the coun-
try is more Justly entitled to the confidence OF
the people. TIE stock being owned almost
entirely here, it cInRot fail OF a successful ca
reer while in the hands OF ouch geEtlemen as
the stockholders will select, from time to time,
to administer It's affairs.
The operations Of the bsnks Of Tennessee
contrast strongly whit he movements and poll
cy OF the New Orleans banks. There, tLey
have adopted TIE policy, since the war pro-
clamLtion Of President Lincoln, to eT.eEd
almost no accommodation to the merchants
and planters, out Of whom they have resred
large profits, thereby almost pros'ra'ing heir
best and truess friends, for the sake Of kdring
L said that they rsrs paying specie, while other
bssks were in a state Of suspension. They
have refused to receive Confederate treasury
notes, thereby failing TO contribute to the credit
and necessities Of our government, the pros
perlty Of which Is, to some extent, dependent
on them,
It makes but little difference, In times like
these, whether e bank has much specie in her
vaults or not, while In a state OF suspension ;
for it is only so much dead capital, and bad
better be contributed in loans to the govern
ment. or TO such merchants and planters who
are entitled to It, to carry on the legitimate trade
OF the country. When the propsr time arrives
for a resumption OF specie payment, by the
suspended banks, the sale OF the produce Of
the country will soon bring q sufficient amount
Of coin into their vsults to Teplsnish them.
Suppose The policy Of our banks had been the
same as New OflesBs? The result would
have been that our merchants would have been
Frustrated, the necessary smouHt OF produce
for the feeding Of our army and people would
uut udFc uCch lt lhC NgHhNAtS ~ 1ENN oH@
Confederate governments would have been
crippled for the want OF means, sad our army
would not be in that comfortable and prosper
Gus condition in which they are now placed,
ready to meet our Ommon enemy.
The banks Of Tennessee pursued = wise pol
icy in suspending specie payment. and thereby
enabling them to invest their means in good
notes and bills Of exchange, and government
bonds, and determining to receive and p'y out
the Confederate States treasury notes. They
deserve the thanks and confidence OF The peo-
pie, and will not be forgotten when trade as
sumes its regular and legitimate channels.
They have not only sustained, By their wise
and liberal policy, our own people. but have
largely contributed to the vans Of New Or
leans merchants to enable them to supply their
Gust ,mers with meat, etc. This the banks Of
that city should have done, but their policy Of
taking care Of themselves, and le ting their
customers Do the sane, forbid It.
sEMI-ANEUAL STATEMENT OF hi BANK CT
WEST TENNESSEE, 3IsT A OF AUGUST,
1861.