Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-02-24
The eayoso hank.


Two weeks have now passed since thu
suspension Of the Gayoso Savings lnsti
tuition, and since the premise Of thu
Cashier, placarded on the outer door
| that full particulars would be given il
the morning. The next day appeared
wholly unsatisfactory card, in which il
was stated that the assets would be sufii-
Gent to indemnify the depositors and
other creditors to great extent Now
rumor has it that the Receiver proclaims
the condition of the bank is far worse
than anybody has supposed, and that
claimants will not realize more than five
or seven cents in the dollar What
means all this reticence of those who by
this time should be able to satisfy the
public anxiety Are the complaints of
the poor widows, orphans and iaborers
who placed their little all in the hands of
these men unworthy of notice2 If two
weeks is not long enough to enable the
officers of the bank or the Receiver to
relieve the anxiety of these poor and
unfortunate people, how much time will
be required Have these gentlemen
any right to stand on their dignity, and
refuse to disclose, when the pnblic has a
right to the facts2 Does not common
moral honesty require that an insolvent
debtor should be candid enough to tell
his creditor what he has to pay with, and
how much he expects and hopes to pay?
We had respected and highly esteemed
the President and Cashier of this institu-
ton heretofore, in common with our
community at large, and we have spoken
kindly of them, because we were disposed
to give men we esteemed honorable every
reasonable opportunity for their own
justification. The very fact that they
have received from the press and the cit
liens at large so great forbearance, and
for SO long time as TO the present hour,
only makes the duty of making clean
breast of the matter the more imperative.
They have delayed already far too long
to make such an exhibit as they ought to
make and did promise to make. And
further delay will not consist with the
supposition of innocence, and will con-
firm the worst suspicious.
If the failure Of the bank is the result
of misfortune, unavoidable under all the
circumstances, and which is not the re-
suit of criminal negligence, we want to
know it. If it is the result of negli-
gence, incompetency and mismanage-
ment, we want to know it. If the stock
holders received information to with
draw their stock, we want to knowit. II
one man was notified to draw out his one
hundred and twenty thousand dollars,
for which as securities the officers of the
bank were liable in their private prop
erty, and another twenty thousand, and
many other friends and favorites their
tens and fves of thousands, we want to
know that If there has been favoritism,
craft, strategy, malpractice, or swindling,
we want to know that too, out and out,
without any gauze or mist before it. In
the name of the suffering masses who de-
posited their little all with this bank,
because of commonly existing conf
dence in its officers, and in the name of
common honesty and decency we de-
mand to know whether there has been
innocent management or criminalty.
Rumorshas it that the President re-
ceiyed thirteen thousand dollars from
one man, and has admitted to him that
he knew that the bank was broke two or
three days before he received his money,
and that another man deposited six thou
sand dollars not five minutes before the
placard was placed on the door, and very
many their little fves aud tens and TWEEN
ties throughout the day the bank went
under, when lis insolvency was we'll
known to the officers of the bank. We're
these amounts entered as special depos-
its, or we're they placed to the general
fund ? If the facts be as stated, how is
it to be explained that mans
thirteen, or six, or one thou
sand, or laborers twenty
dollars, or a widows mite, were re-
ceived after the Insolvency Tds knoion,
and placed to general fund which would
only be sufficient to pay the pro rata de-
mand on it to the extent of fifty, or per-
haps not FIVE cents on the dollar2 1t
money was taken after the officers of the
bank became apprised Of its inability to
pay aud not entered IS special deposit,
so as to avoid all loss TO the depositor,
we should like to have further light as
to the morality Of the transaction. 1t
notice was given to any one person and
withheld from others, so that friends aud
large depositors we're made safe, while
the smaller and poorer suffered, we de-
mand the excuse for such partially.
The proper and promised expose ofthis
whole matter has been delayed quite as
long as the regulations Of the most honest
men can bear. We do not wish to ipjure
any officer of this bank, as appears from
our previous expressions Of confidence,
and from long forbearance. But men
placed in positions Of public trust must