Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-12-04
BANK OF TENNESSEE.
Am Inportant statement from the
Trustee.~

1 SAe~o hOAh VIZ Il tytCtCt0tC Coo NOhbteiA
ing several unjust statements'of my man
agemenJ of the Bank of Tennessee.
| Amongst other things it is stated that
| gave no receipt for the assets of the Bank
That the vast interests Of the Bank hav
not been regularly entered upon books, bu
coniided to loose memorandum and defec
| tive memories.
That | adopted no satisfactory system 0
| settlement of the affairs of the Bank, an,
| consequently that there has been culpa
| bly, loose management, involving the affair
| of the Bank in hopeless confusion.
That owing to official careleSsness tn,
State will be burthened with large liabili
| ties.
And, furthermore, that the Legislative
Committee of investigation adjourned be
cause was not ready with the necessary
documents for them.
A brief statement of my management o
the Bank of Tennessee will show the gros.
injustice of the above statements.
The assets of the Bank of Tennessee
were turned over by the State to Board O
Directors of whom | was one and tht
President.
These assets, excepting the State bonds
were in thirty-nine large boxes. These
boxes were receipted for to the Secretary q
State by myself and one or two of the
Board of Directors. The State bonds be
longing to the Bank were in the hands O.
the Comptroller of the State and receipteC
for to the Comptroller by me.
Soon after the assets of the Bank came
into the hands of the Directors, l was ap-
pointed. trustee of the Bank, and the assets
were turned over to me. After the assets
in these thirty-nine boxes came into the
hands of the Directors, two and sometimes
more of the Board of Directors and myself
assisted by three clerks, examined every
one Of these boxes, which contained nu-
merOus unimportant papers, and selected
out OF them the assets belonging to the
Bank and made an inventory of them.
They were afterwards carefully examined
the time taken i'll the examination and re-
examination being some months. After a
REORGANIZATION of these assets a full and
complete report of all of them that came in
to the hands of the Directors, and after
wards into my hands, was made by me to
the Board of Directors. Every Director
admitted this statement of assets in my re-
port to be correct. The same report was
made to the Chancery Court and to the
years the correctness of this report has not
been questioned, nor is there the slightest
evidence of its being incorrect. This re-
port, if not a receipt, was certainly an ac-
acknowledgement to the proper authorities of
the State of the assets that came to my
hands; so that | not only gave receipt as
Director and President to the State au-
thorities when the assets were turned over
to the Board of Directors, but also gave a
receipt as trustee, or an acknowledgment
which is fully equivalent to it, to the Board
of Directors of the Bank, to the Chancery
Court and to the State, Of all the assets
that come to my hands.
This statement of assets was entered upon
our Journal and Ledger, and each note and
bill was entered upon separate book. the
amount of the notes and bills in that book
corresponding exactly with the amount en-
tered upon our Journal and Ledger. The
amount of notes and bills collected is en-
tered upon our Journal and Ledger, and the
books also show the amount uncOllected
and after settlement and report by my at
torneys and agents, can show the condi-
ton of every note and bill unpaid, wheth-
er it is good, doubtful or bad, and whether
it is in suit or in judgment.
The statement of all the other assets of
the bank, and what disposition has been
made of them is entered upon our journal
and Ledger. And there is not transaction
of mine in winding up the Bank of Ten
nessee that is not regularly and explicitly
enteredupon ourJournal and Ledger, unless
it may be in case of some accidental omiS-
sion. So that the charges that the vast in
terests Of the hank or my acts in connec-
ton with them have not been regularly en-
tered upon books but confided to loose me-
morandumS or defective memories is wholly
untrue.
l challenge an investigation of our books,
and comparison of them with any other
books of any other bank, for their accuracy
and system.
1t is charged that have adopted no sat
isfactory system of settlement of the affairs
of the bank, consequently that my manage
ment has been culpably loose, Involving
the affairs of the bank inhOpelesS confusion
Immediately after my appointment as
Trustee, | selected the following agents to
wind up the business of the ten branches
of the bank. For the Memphis branch
Judge Thomas R.Smith, SOmerville branch
Humphreys and Pullium, Trenton brancl:
Judge j. l.. Williamson, GAINESVILLE branch
o. NJ. Blackman, Columbia branch John
Baird, Shelbyville branch Thomas II. Cold
well, Sparta branch p. II. Marbury, Athens
branch A. BLIZZARD, Knoxville branch Judge
o. NJ. Temple, Rogersville branch c. j.
Mckinney.
The public will observe that these APP
pOintmentS of mine were not mere politi-
clans, but faithful and efficient business
men.
| instructed these agents to use all posi-
bic diligence to collect the debts of the
bank, and to collect them at as little ex-
pense as possible. The collection Of the
debts of the mother bank, attended to in
person, and after collecting all that | could
collect, placed the remainder in the hands
of attorneys for collection. If this is not
a satisfactory system for settling the affairs
of the bank, know not what is, or can be.
As TO culpable looseness in managing the
affairs of the bank, have yet to see, and
the public has yet to learn, one single fact
sustaining this charge.
The charge that the affairs of the bank
are in a hopeless confusion is wholly with
out foundation.
The books of the bank show clearly what
notes and bills Of the bank have been paid,
and what are unpaid. The books show
clearly what State bonds came to my hands,
the mode i'll which these bonds have been
increased from 100000 to $4,000, and
what interest has been paid upon these
bonds, and the currency it has been paid in.
The books of the bank show what Southern
bank notes and what Bank of Tennessee
notes, old and new issue, came into my
hands, and what disposition has been made
of them. They show what real estate is
now in my hands, what has been sold, and
what has been paid on those sales, and the
currency that it has been paid in. In short
the books of the bank show clearly what
assets came into my hands, and what dis
position has been made of them.
There may be confusion in the minds of
the Legislative Committee Ofinvestigation.
There may be confusion in my statements
to the committee called for by them with
out much system, and made by me some
times verbally and sometimes in writing.
But there is no confusion whatever in the
affairs of the Bank of Tennessee in my
charge, nor is there any confusion whatev-
ee in our books, nor do | believe there is
any confusion in the full and elaborate re-
port of the affairs of my trusteeship which
| have recently submitted to the Chancery
Court.
If this report had been before the COM
mittee at first, before their investigation
commenced, think that they would have
L i II