Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-02-28

on insolyent parties, long time paper
etc, etc.-one, or alp In short, what
ara the facts Of the case, and who, ifnny'
| have been the fsvorites and reaped the
criminal harvest The public would
like to know. Aud yet now three weeks
have passed, and thousands Of poor and
suffering creditors are as muchin the
dark as ever. How much longer are
they TO remain 50, while men who
have this matter in charge, and
who, are able TO relieve the pablle
anxiety stand back on their dignity ana
are as reticsut as 90 many owls, except
that the President has spoken a word IN
personal exculpaiion OF himselff ms
state Of things is exceedingly unsaiis-
factory, aud We are free 10 say al'ogeiher
linexcusabls. n becomes shameless
indiguity. Aud /, is time an end was
made Of such a possible condition Of
things.
No, long since the franklin Insurance
Company went under, but fortunately
Nc believe without heavy loss to deposit
tors The Commercial Bank followed,
and 10 What extent the assets are avail
able, and what the loss to creditors and
depositors, has not yet appeared, so far
as we know. The Tennessee National
Bank also suddenly collapsed, whose
sworn statement one month before made
the showing all right, and whose officers
then boosted of large dividends and
heavy profits. Is no one responsible, or
shall those who are so continue to escape
behind crafty and well-paid attorneys
Men Of wealth were connected with these
institutions AID gave credit, without
giving safety and responsibility to them
The wealth Of officers, directors and
stockholders remains, being responsible
only for their stock, which, being paid
up, leaves them legally irresponsible.
And they still 90 about as lords, emitting
or refusing even to account for their
missing tens and hundreds of thousands,
while the State of Tennesses loses its
three hundred thousand, and the poor,
who have trusted their little all to the
hands of bankers, are penniless and suf-
fering. Is such conduct as this ex-
cusable2
Men and legislators should be warned.
Everyman should be his own banker, until
every banker, who risks entrance on the
thriving business, in which there is so
much room and motive for dishonest
practices, is made responsible as a pri-
yate partner for all Indebtedness of such
institutions. Nothing else, and nothing
short, will prevent recurrence OF SINH
lar calamities. Stockholders being then
men of pecuniary responsibility, and
men of prudence and character, depos.
itors and creditors will be as safe as 1t is
possible they should be under any sys-
tenn of banking. The business is profit
able enough to warrant taking the risk.
And IL it is not, it can only become SO by
putting the whole risk on innocent and
confding men, women and children, and
the whole system ought to be abolished
The failure of the Gayoso bank is
heavier calamity than any before expe-
rienced, because, paying interest on de-
posts and enjoying confidence to the
largest extent, it falls on the greatest
number, and on those least able to bear
it. 1t therefore becomes extraordinarily
important, not only that the utmost
should be made Of its assets, but also
that the proper showing, which it is pos
sible to make, should be made at the
earliest momsni. in order that its unfor-
tunate creditors should not DO made
greater sufferers by the operations of
sharks. who are behind the curtain. In
their nssas we demand that the transac-
tons of this bank shall sea the light, and
that the blame of its transactions, what
ever it may be, shall fall where it prop
erly belongs. And we regard longer 81
lence, and red tape operations, aud dali
lying with public patience, as next IL
criminality to the process of operations
which makes such demand necessary.
Rumor with her thousand tongues may
tell what ia untrue. 1t may not be true
that special deposits, in whole or in part,
are missing; that money OF the bank has
been used in private speculations, that
favorites have been thriving on its down
fall; and pet creditors been warned in
time to draw their money, while some
has been carried of which honestly
belongs to its vaults. We only know
that such things are current, and that 1t
not true, the funds of the bank can be
fairly accounted for. How, under such
circumstances, can it bO expected that
the worst suspicious. charges and
rumors will long remain unconhrmed,
if there is no single man to make an
honest exhibit We are willing to give
every officer Of the bank all possible
opportunity to make his defense. That
which has been made by the President
through our columns, while it may 90 to
show that he has been more victimized
than criminal, only makes the conclu-
sion more unavoidable that some real
thief or thieves have run their hands
elbow deep into its vaults Is