Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-11-03
The sTemuh,s Bank FaIIure.

The assets of the Savings Bank OF Memphis,
which suspended a week or so ago, are officially
reported at 1896 0l7.5O, of which only 81 7 81 is
in cash, while the liabilities are put down at
$500, III 81. The heaviest creditors are: the
Southern Security Company, sis, 31O.75; W. c.
Mcclure, Receiver, $40 $3.50, and Z. A. Cole,
81, 061.67. The Memphis Appeal of the LIST inst.
says:
f'The suspension of the Savings Bank pro-
duced little effect in commercial circles. Oc-
curing Saturday afternoon, bankers had time
for reflection throughout Sunday, and instead
OF a "run" upon other banks, each was stronger,
with heavier deposits made Monday and Tues
day, than on Saturday. There were heavy
operators in the cotton market, who deserve
popular gratitude. They absolutely refused 70
draw checks on Monday for cotton bought
Saturday, fearing that such action might in
duce others to check out balances. If run had
been made the bankers were prepared TO meet
it, and there were those of them, in a meeting
held Sunday evening, as we were informed, who
stated that nothing WAS more desirable than
thorough test of the sOlidity of the banks But
there was no public alarm. The sum Of deposits
in the banks Tuesday was greater than on Mon
day. In fact, the cause for the suspension OF the
Savings Bank were so well understood that it
could by no possibility create alarm Inc subse-
quent conduct of the President Of the bank,
Maj. Wieks and of Cashier Mcclure, was well
calculated to lessen, to the greatest possible ex-
tent, any excitement, or bitterness OF feeling,
usually incident TO such events Not only we're
the assets o fthe bank applied by an assignment
Wieks devoted his private property, even that
which was the separate property OF his
wife and inaccessible to creditors TO
the purpose of relieving those who entrusted
their gains to the guardianship Of an institution
of which he is President. Many are subjected
TO serious inconvenience, but none TO final loss.
The assets Of the bank, having an equal or
greater face value than the sum OF its indebted
ness, will only be required to eXtnguish any bal
ance due after Mai. WIcks' available resources
are exhausted Such has been the faultlessness
of his conduct that the most eXacting and selfish
of the banks creditors are forced to commend
his honorable action. In fact, creditors fear to
criticse lest the response be made that their &C
ton, if in Mai WiCks' position, might be very
different. 1t is said, as last recourse OF fault
finders and scOl5s that a bank has no right &c
fail. Since newspapers sometimes explode as
well as merchants, and farmers, and banks are
conducted by fallible men, and IN the instanc'
before us surely by an honest gentleman, thu
criminality depends wholly upon the purpose o
the event While therefore we regret the Incl
dent in the city's commercial history, it ha
surely inculcated, with force never knlwn be
fore, the wisdom of the maxim that honesty L
the best policy. The conduct Of Maj. Weeks an6
of his associates has Invested the calamity Of
half its terror and for the first time the voice o.
calumny is silenced where accident and misfor-
tune lind victim"