Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-03-26
THE ..SACREDe SOHaL.F .FINn.

AMe AtffmfS&ee RfttonitA B5tfkta OF u ef21-
Phis Refuses Payment Ru4tss De
cIiues 10 Come 10 COnsniaatso1 ON
the SWbieet-State OGiciass eseG
etaries-The . Sacred land In
Bad Way.
From the Memphis Bulletin, Mareh =.
The Tennessee National Bank closed
yesterday at 2 o'clock. There have bsen
various surmises and exaeasrated reiafts
as to the probable cause proauci-s q s{ re-
suit. On iaquiring We learn lhat tJA,gm-
mediate circumstances which oceasiso 81 Il
are substantially as follows 8b6u S1ihe
months ago, by arrangement and pay of
certain State officials, the Tennessee. Ma
tioa7l Bank became the depository OF he
State funds for West Tennessee. Afs,w
months ago GOyerner BroWnlow, Who as
all along acquainted with the fact, ! as
seized with a yirtuOus fear lest the fll. Is
deposited in West Tennessee, by consen &
the officials for a consideration, shcnld rs
lost, and the blame be iustv laid atssri7
door. lie therefore blew ed sgt {. 10
State Treasurer, by calling The attention of
the Legislature to the matter. That body
Of hungry patriots Immediately dispatched
committee-of which Spence, the Presi-
dent of the defunct Exchange Bank of
Tennessee at Murtreesboro was Chairman
to Memphis TO demand the immediate
payment of all the State funds, including
the School fund. The officers of the Ten.
nessee National Bank, it appears by the re-
port of the committee to the Legislature,
Immediately paid over to the aforesaid
Spence committee the sum of four hundred
thousand dollars, and executed notes for the
remainder of the State deposit.
Subsequently, S. Watson, Esq, assignee
of the State Bank of Tennessee, at Nash
vile, filed bill in chancery to restrain the
officers of the Tennessee National Banl
from paying out any more of said funds t.
the Legislative committee, alleging that al
the said funds, largely composed of tht
School fund, was properly assigned TO hin
for the benefit of the stockholders of sail
bank; and recently an order TO this effec
was served on George K. Rutter, Esq.
President of the National Bank in this
city.
Last Saturday one of the notes of the
Tennessee National Bank of this city, given
to the Legislative committee, fell due, and
the President, George r. Rutter, Esq, act
ing under the advice of the best legal coun.
sci, refused its payment.
Yesterday dispatch was received from
officials at Nashville to the effect thai |
'natters We're so complicated" that the
presence of George Rutter, Esq, was desired |
there in consultation. 1t is understood |
that he declined to go there to hold "cDn-
sutation," and in consequence we slalI |
doubtless be favored with the presence of |
some of the State officials, for said consul- |
tation, in few days.
1t is due to the officers of the bank 10 |
say that all the ordinary demands have |
been met, and that it is scarcely likely that |
a single depositor viii lose a cent by the
closing of the bank
1t seems probable, from all we can now
learn, thatif the State authorities push the
payment Of the notes given the Legislative
committee, there will be no settlement of |
the difficulty except at the end of an inter-
law suit