Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-02-06

and falls far short Of the reasonable pub
lie expectation. On the front door OF the
bank appeared yesterday, in the hand
writing of the cashier: ave have been
compelled to close. Further particulars
tomorrow morning" And the natural
inquiry ran through the streets why
there was no publication made either on
the card at the door or in the evening
paper calculated to relieve the anxiety oil
depositors--as for instance: deposits
safe" or the reverse. 1t might have been
done in two words il the fact was known.
If unknown, it was next to be supposed
that the morning papers would relieve
the anxious suspense of the public mind
by substantial statement Of assets, or,
at least, by copjectural estimate OF the
probable results. Either would have
been great relief to the hundreds and,
perhaps, thousands Of depositors Of small
amounts, widows, orphans, mechanics
and laborers, as well as merchants and
others. But oil the public is now In.
formed is that the assets Of the institu-
ton are not Immediately available, and
that cit is believed" that with proper
management" the assets "can be ul-
timately realized to very great extent
This seems to indicate much delay and
depreciation of oRe-third or one half
The officers of the Bank are gentlemen
in whom the community have had high
confidence. We do not believe there has
been any intentional mismanagement,
neglect or malfeasance. We entertain
for them undiminished respect, and high
confidence in their honorable intentions
and conduct. And it is indeed because
this confidence was so general that their
line of deposits ran up to hundreds of
thousands, embracing all classes of the
community. But the making of so in
sufficient an explanation as that of the
card of this morning is calculated to
create a distrust, which we believe a
frank exhibit would altogether prevent
And we hope it will not be delayed.
There are, in the existing circum-
stances, abundant reasons for extending
lenience, and Withholding elimination
from all debtors, bankers included. The
times are so unusual and out of joint, and
so much have values deprecated, and
resources from all quarters diminished,
to such an extent have planters failed to
pay up their Indebtedness to merchants
and merchants failed to realize their
assets and the usual amounts in sales for
cash, and consequently to come up with
their balances, that the most honest and
faithful possible officers of banking insti'
tutions may have been seriously de.
ceivea and mistaken in all their calcula-
tons They may have given large
margin for losses, and have made unpre-
cedented allowances for protested
paper, and yet, such is the stringeDcy
of the money market arising from
an existing absolutely abnormal condi-
ton of things, have come short without
being in any just sense blamable for
or want OF prudence or
foresight. We doubt whether any men
have been shrewd enough to foresee, or
that even the most timid have anticipated
much less been able hitherto to assign
any good reason why the present crash
should come, which possibly may not
stop short of involving all our soundest
banking institutions. tits now a matter
Of congratulation that the affairs Of the
Gayoso Bank are in the hands Of gentle.
men OF unstained honor. And, in the |
absence of an exhibit on the part of the
Bank itself (which we doubt not will be
speedily forthcoming), we venture to ex-
press the belief that the creditors of this
bank are ultimately safe, and that their
claims are at least as good as the paper
Of any large property holders Of the city. |
We hope that our present sad expe-
riencs may lead to revision Of the whole
banking system of the State, and to the
result of making all the officers and stock.
holders of banks responsible not only to
the amount of their stock, but also indi-
and in their private property to
the full extent of the liabilities they may
incur. The fact that, bank is es-
tablished by men of wealth is important
in giving it credit IL the 0vertons,
Brinkleys, Less, GreeRlaws, and other
men of large property establish banks it
gives confidence to the public that they
will be well and safely managed, when
instead they may be as unsafe as any
other, by reason Of the fact that they can
be made liable only to the amount Of
their stock not paid up. Make all bank.
ers and stockholders liable to all the
extent Of their indebtness, and we may
have fewer bankers but we should have
safer banks. NJ man should be
deceived by an array Of names Of
wealthy men in connection with mon
eyed institutions, without knowing
first whether their private property
is bound. And because the very fact Of
such an array is calculated to produce
an impression that the paper they issue
is better than another, and thus operates
fraud, we think the better plan would
be 70 make them liable as private and