Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-12-08

creditors of the bank of Tennessee 8 YER
large amount by not bringing suits, as re
quired by the act for winding up the bank
against all its officers who drew pay for thei
services after sixth of May, 1861, and al
Others who drew anything from the bank di
rectly or Indirectly, to aid the rebellion. Tn
supreme court OF our State has recently de
cided that bank officers were entitled to thef
pay for services rendered not only in thl
state after sixth OF May, 1851, but also whil'
south -r
III 1 HAD BROUGHT THE SUITS
required they would have been unsuccessful
The suits to be brought under this section
would have amounted not only TO hundreds
but to thousands, and the saving TO the banE
by not bringing them has been estimated by
lJudictous lawyers of Nashville as high as $50,
90, and in addition 10 this saving, I secured
| the good will of the old bank officers in wind
ing mp Its affairs, and their information has
often been of very great value to me. By an
exchange at the right time of South CaroIins
State bonds for Tennessee State bonds, / saved
| for the creditors OF the bank about 5000, and
/ by the exchange, in lS7l, of Sl525D OF coupons
which bore no interest, for bonds bearing In
terest, l have added $500 annually TO the
| assets of the bank for the benefit OF It's
ALL TIE REAL ESTATE OF THE BANK
of much value that was turned over 10 me,
has been sold, excepting the banking house
at Nashville. And the prices obtained for IL
has been such as every creditor OF the bank
will be not only satisfied with, but gratified
at. The prices obtained for some of the prop
erty was unprecedented. The proceeds of all
tered upon our books. The expense account
OF the bank of Tennessee has not been larger
than that OF other banks Of the State that are
being wound up, and the salaries of its officers
are less. The amount paid for attorney fees is
large. The removal of the bank south, and
the civil war which It has passed through,
have involved the bank IN much larger
amount of litigation than any other bank
has ever been involved in. The questions
that have arisen have been of the greatest
Importance and the amount at stake IN many
cases has been in each case more than one
half million dollars. Lawyers fees were,
therefore, necessarily high. But these fees
have been uniformity fixed by the chanceTy
court, and / am not responsible for their
amount. The committee found
ALL THE VALUABLE ASSETS OF. THE
BANK esa
safe and secure in its vaults. They found
there $4,000 Of Tennessee state bonds, $4,000
Of county bonds, the bank of Tennessee
money which had collected, excepting what
had been burned, all the notes given for real
estate or money lOSned, excepting some for
property sold that had not yet been turned
over to me, and two or three which were in
the hands of agents for collection, and I am
not aware that the committee found that any
of these assets OF the bank have been lost by
my careless, unfalthful or ipjudicious man
agement. l know of no loss that has been
sustained unless 1t may be where have re-
fused mprOmises that have been offered. 1t
IS stated that the legislative committee ad-
journed because was not ready with the ne
cessary documents for them. / was occupied
with the committee some weeks in the ex-
aInlQAllOn OF Witnesses, ana 0a0 almost
our entire books written over to furnish the
committee with information. / then in
formed the committee that IL was impossible
for me to give them any more Of my time
MY REPORT TO OUR CHANCERY COURT.
which the rules OF the court required me to
have ready by the nineteenth OF November.
II was this that caused the adjournment of
the committee; for | am sure that there Is
not one member of the committee who viii
say that had any hesitancy in showing my
books or any document in my possession that
they desired to see. And they will say that /
cheerfully complied with every call upon me
for information in regard to the affairs Of the
bank, until / was compelled to give my time
TO the preparation of my report to the chan
Gerry court. Something has been said with re-
gard to the burning Of notes of the bank of
Tennessee. In pursuance of an act passed by
the legislature there have been burned of
NOTES OF THE BANK OF TENNESSEE,
received by me, sl,O79,75S 10 OF the old issue
and SO 2l4 OF the new issue, which new Issue
was returned TO me with the assets of the
bank. Every dollar of this money was
counted by the clerk of the chancery court at
Nashville, Mr.. M. B. Howell, a committee of
the senate and house of representatives of the |
State, by a part OF our board of directors, |
and by the governor OF the State, and
II was burned 1nSheir presence, and hold !
their certificate TO the above facts, which |
facts were reported TO the chaneery court |
at Nashville and to the legislature of the |
state. \ large amount of the issues of the |
bank, upward OF one million of dollars, |
has been burned by the State, for which |
have no responsibility. The Fayetteville Err |
press speaks of the gold of the bank This |
Of gold NS4 WSs akehP s soS SR the 1a
er bank, and quite q large amount |
by cashiers of some of the branches. A
portion Of this gold in The hands of some OF
these cashiers has not been returned. and |
where 1t has gone TO has yet to be made
known. S. WATSON,
Trustee OF the Bank of Tennessee.