Clarksville weekly chronicle. [volume] (Clarksville, Tenn.) 1865-1867, 1867-03-08
BANK OF TENNESSEE.
Shall the State be Permitted to Repu.
dlatc her Contract with Notehold.
ers.s...The Question to be Decided
BY the United States Supreme
Court.

The decision of the Supreme Court of
Co., VS.. p. L: Nicbol, Clerk of the County
Court Of Davidson county, involving the
question as to whether the State is bound to
receive the notes Of the Bank of Tennessee
In payment Of taxes, has already been laid,
in full, before our readers.
Under the impression that this decision
amounts to final settlement of the point at
issue, and that the notes which they had 70
long boarded and relied upon as effectually
secure, by the pledged faith of the State,
were now little better than worthless note
holders have been but too eager to sell out
at whatever rate OF discount was offered
Now, we are convinced that the misappre-
hension and alarm on this subject are entire
| ly unfounded. The State Is morally, legally
and by every other consideration, bound to
avoid this stigma of Reputation which it may
effect to believe expedient, and even essen
tial TO our financial salvation, but which no
honorable man would dare TO uphold as either
honest or just. II is not to be supposed that
any mere plea of expediency, or the ques-
ton Of collapse of the State Treasury, in
case these notes were decided to be receiva-
bic for taxes, would have any weight with
the Supreme Court of the United States :
and to that tribunal mn appeal, we are happy
to announce, has been taken. The necessa.
ry forms have all been duly complied with
and but one thing remains. 1t is this
Messrs, Furman, Green 4 Co., on whom
have fallen the entire trouble and expense o.
max ing the recent test, should not under the
circumstances, be expected to assume, also
the risk and responsibility of the second and
final effort. Even with the full assurance O
success, they would not be justified in push
ing it further unaided and alone. What
then, have the noteholders TO say to this p
Are they willing that these promises to pay
shall become, in reality, mere waste paper
uncurrent worthless? Or by systematic or
ganization and effort, will they not max,
common cause and furnish the means neces
sary to complete recognition and satisfac
ton of their claims?
From small percentage on the notes II
his possession, from each holder, might b.
, formed fund large enough to employ tn
ablest legal talent Of the country. As 4
the real merits Of the case, as to the RICH
and justice Of the thing, as TO what woul
be the decision Of the Supreme Court of tn
United States, there is hardly any differ
ence Of opinion, whatever, among lawy ers G
Tennessee.
We do not at present. suggest any partic
ular plan by which the fund alluded TO, is t
1 be raised. Can not our contemporaries of tn
country press take this matter in hand 2
Let them urge upon their readers, hundred
and even thousands Of whom are holders q
: this practically repudiated currency, the in
n portance of early and decided action. Th
inducement is as plain and simple as poss
ble-if they carry their point the notes {
!, the Bank Of Tenn. will be as good as greer
# backs; and success, in case the appeal
prosecuted, is certain
:, As for the statement so frequently made
u late, that the greater portion of these not
: are in the hands of SPECTATORS, we have Il
n best authority for saying that the very r.
,s verse is the case. In every county in I'll
State, in almost every farm house, sums VI
> rying in amount from $50 to S., 900 are, ar
n have been for years slowed away. No, e,
ir cee&ng $3.50, 900, at most is held by specul
tors Why, then, should these notes be quo
ed by the brokers, at only Is cents on Il
dollar? Let the noteholders answer Il
question, and the sooner they do it the be
ter for their pockets.
}. We again urge our country cotemporari
to bring this matter to the attention of the
readers.--Ndsh. Tanner.