Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-11-28

beea collected. but much remains to be done.
I Another reason for not having brought these
| suits is the State has already brought sun
| against the directors and officers Of some Of the
branches. The important principles In these
suits will probably be decided at tho next term
l Of the Supreme Court In NASHVILLE. lhe9se
principles viii govern all other like cases, ana Il
1 decided in favor Of the bank, those that are
willing and able TO pay will undoubtedly pay
] without suit; V hiIe those who are neither ape
| nor willing to pay cannot be forced to DO so
Since the appointment Of Mr.. Watson as
Trustee, he has selected agents in each
bank district TO aid in winding up the
bank; and since the organization of the
present board of directors, there has been
collected Of debts due the bank the sum Of
1856 789.4l. We add the following para
graph from the report:
"The banking houses and lots in Memphis,
Trenton, Knoxville, Athens, and Columbia, ard
a lot in Brownsville have been sold, bringing
$50 200 90. The remainder Of the real estate, out
Of Nashville, will be sold as fast as we are adj
vised that 1t eau be sold without a sacrifice.
$4,000 paid over to Gov. BrOWnlOW on ac-
count Of Thomas A. Cleage, has been paid over
70 the Trustee, and under an order Of the
sary for current expenses, has been deposited on
interest secured by United States bonds. This
fifty thousand dollars was Teceipted for by GOV.
BrownlOw as a payment on account Of the
liabilities of Thomas A. Cleage, Cashier of the
Athens branch Of this bank. The receipt does
not relieve Mr.. Cleage, or any other party. from
any other further liability; This transaction was
q very faYoIable one for the bank, and II has
assumed without hesitation, the responsibility
Of Gov. BrOwnlow's act.
" The Bank Of Tennessee commenced the col
lection of its debts many years after other banks
and creditors had been collecting their debts
and also when the condition of the country was
very unfaYOra6le for payment. 1t has also been
met with decision OF the Courts In regard 70
Confederate money. that may interfere seriously
with its collections. With these difficulties to
contend with. we have thought 1t for the best
interests of the bank, to deal literally with Its
debtors, employing all persuasive arguments iE
the collection of its debts and resorting as
| little as possible to cOerciVe measures. Ana we
think that il Is in consequences OF THIS policy,
that debtors, in that class Of cases, where they
are released from payment by virtue OF judicial
| decisions, have almost universally manifested a
Willingness to pay what was the value OF the
Consideration Of their debt when made
At the FIRST board in New York on the
oath inst, $4,000 Tennessee bonds, new
issue, sold at csc.
The exports of specie from New York on
the oath inst, amounted to 500, 652,
The New York JounaI of Commerce Of
the afternoon ofthe 18th inst. says; fWe
do not look for any settled feeling in the
market until after Congress assemblies,
when we hope for conciliatory policy and
a recovery from the present depression in
trade"
The impression is very general among
business men, says the Philadelphia Ledg-
er, that there is to be financial crisis, but
there is seemingly much uncertainty as to
how a. sno Il. There is also
some q. fa.aace o oapion as TO whether
the distrust OF the 1uture arises from appre-
hension of political differences threatening
the stability of the government, or from
some underlined financial trouble, OF the
former we do not speak here. Touching a
money crisis the record Of the past is INF
form on one point, and that is, that an ex-
banded currency and an immense load OF
debt, has been invariably followed by a
financial crisis, more or less severe; and it
is known that the currency Of the country
is more expanded now than ever before,
and the funded debt Of the nation, States,
cities, companies, etc, incomparably great
er. Taking the past as criterion for the
present and the future, ii seems to many
quite impossible for thu, country to step
from the stills on which it is lettering to
terra Grma without a stumble-perhaps
prostration. But there is this difference
now from what has characterized
any previous expansion. The debt
of the country is mainly due
from the nation-that is, everybody, accord
ing to what lie is worth, is liable for it.
The tax payers, except the little owed
abroad, owe it mostly to themselves, and it
is paid and received in sums so small as to
be scarcely felt A financial revulsion can
scarcely come from the national debt
certainly not with the Frustrating cOnse-
quences to all business that were expert
enced in the years 1887 and 1857. Then
debts were largely between individuals-
merchants ard merchants clerks gave up
their legitimate pursuits almost entirely to
the negotiations Of bills receivable, which
were not based on goods sold and delivered,
or other property, the product Of labor and
enterprise, but on notes made by supposed
solvent parties at fixed per centage for
endorsement, which we're hawked through
the streets at discount Of from one to
three per cent. a month, Mercantile and
manufacturing interests were for the time
abandoned for that of banking. The bust
ness men ofaImost all the large cities were
engaged in discounting paper. Credit and
kiting, in their worst forms, ruled rampant.
Eachbig house and firm was resting on his
neighbor and little Of value could be found
among them all. OF course the banks
were involved in this same business. They
caught The infection Of the hour, and were
loaded over head and ears with the inse-
cure, because baseless evidence of ex-
changeable values. There was little
Of value in them; and when the
fact was tested by forcing one