Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-26

trade aud capital thst We could not bur
shsre in her troubles, yet it was hoped
ly our bankers, who month ago pre-
pared for the dreaded emergency, tha
they were so well "fixed" as to be abl,
90 pull through, and be ready for Ia,
cotton season, only postponed on account
OF tbe prevalence Of the fever. But th,
fever itself proved their rstumbling-block
When fifteen or twenty thousan,
people ruth panic-stricken from home
peil-me., helter-skelter, they ar,
usually possessed OF but two ideas
smoney" and safety" The first, being
..ecessary to the continuance Of the lat
ter. Incomes the essential. Our fright
eled thousands, conscious Of this, anC
with view to fortifying them
selves against any contingency
before their departure lineC
rheir pockets, aud it is calculated tool
with them not less than one million
dollars. So large a sum as this could
not be taken from Memphis without,
especially at so critical a juncture, en-
dangering not only the stability of oul
banks, but with them msny Of our largest
concerns. The knowledge Of the with.
drawal Of so large an amount had its
effect, and as the news from New York
spread from day to day, feeling of i'm
security grew, which, fed by the pan.
icky state OF the public mind in re.
gard to the fever, at last culmi-
mated in run on Wednes-
day upon the First national hank, one
of the best conducted and most liberal
institutions in the Union. This was
sustained 10 the extent Of paying cut
sixty thousand dollar, but, on opening
the doors yesterday and finding the run
still likely to continue, they were
closed again and Suspension announce d
10y bulletin. This was the sig
naI for an excitement without parallel
in the history Of Memphis. Men be-
came frantic, and flew, first to the Desc
10, which soon followed the example Of
the First national, then to the Ger
man, ard next to the Planters and
Union bank. The latter two passed the
ordeal Of fire triumphantly, and stand
stro uger than ever in the esteem Of the
public. With the German nation
al the run was of but short
duration. The depOsitors soon returned
to reason, and the result was z restora-
ton of nearly all the accounts with
drawn. Not so with the Union and
Planters. Her depOsitors were deter
mined to know by practical test how the
''old thing" worked, and clamored for
their money until one hundred and
sixty thousand dollars was paid out.
This was done as promptly as the nim-
be fingers of Mr.. Omberg, the paying
seller, could count the money, and was
accumulated by one o'clock, when
there remained but one anxious depOsi-
tor. Confidence was restored. Men
had recovered their reason, and the
result was that before the close of the
day seventy thousand dolla,cs Of deposits
were entered to the credit of M 7st oi the
panicky depositors of the morning. BIZ
Reid, in the trying emergency, had tie
sustaining help pof Mr.. Greenlaw a host in
himselfl and other directors, thepreseDce
Of whom no doubt contributed much to
curb the panic. And thus ended the
most exciting day in our commercial
annals. While we deeply lament, as
what right-thiusicg man will not, the
SUSPENSION Of two banks hitherto re-
garded among our staunchest, We are
thankful that the storm has swept over
and done no more damage. To-day We
expect to see the money pouring into
the vaults Of our banks again, and
business assume its proper course. Un-
der no circumstances can we suffer long
from the terrible disaster which IL rack
ing the strength OF the north.
Poor, We have but few debts, and our
staple products being in demand all
over the globe, we win not be troubled
aabaut realizing on it; and since our haT-
vest has already begun we can calculate
on an abundance Of money within a
very short time. Therefore, cOntinu-
ance of the panic here is wholly with
out ground, and we trust
our good people will not par
allze business by temporarily
withdrawing and boarding money
needed for the purposes Of commerce
and trade. Without the circulating me-
sdium and without confidence, bueiness
saHust cease, snd with it go the bread Of
thousands dependent on work alone. J.
is, therefore, msnifestly the part
Of wisdom for the people
to stand 10y the banks and sus-
tain them by their deposits rather than
cripple them by their withdrawal. Be
sides, the banks are fully prepared for the
worst, and will pay, if necessary, every
cen due their depositors. There is, there
fore. no use, indeed, it would amount al
most to criminality to attempt to con-
tinue a panic which can only result in
direst disasters Il every branch Of trade.
We have suffered and are suffering
enough, God knows. Do not let US add
10 our burdens a causeless and fruit
less run upon the banking in
ssitutions that remain 10 us, aud
which have proven their title to our
highest confidence by the promptness
with which they responded to all de-
mands upon them yesterday. To the
officers, stockholders and depositors Of
the First national and the De
Soto banks we extend again our
regrets. The frst has been indeed
ufrsr' ever since its establishment in
every good work. II has done an uD-
told amount Of good in Memphis, and
It's officers have, as they deserve, the
Beep and heartfelt sympathy Of the
community. To Mr.. Elder and his
brotl,ers of the DeSoto there will come,
too. a large measure Of regret, such ss
he deserves after a long and useful
life most Of it spent in the city which
ba has known in all its stages from
hamlet up. Both the suspended banks
together with the Freedmen's Savings