Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-03-11
MUST WE PAY THE rORBErr ISSUE.
Ish"m g. Harris Tells How Ho Raised
Honey In 1851

30 wy '''lNi'y vi Tue lOrDeJJ notes
the Bank OF Tennessee, issued after MAY
9Th, 1861, the deposition of Ex-Governor
1sham @. Harris was taken to show the
relation of said bank to the Inauguration
of the rebellion.
Governor Harris testified that the act of
the 9Th of May, 1861, authorized him to
''raise, organize and equipa volunteer force
for the defence of the State, to consist of
80, 900 volunteers"
On this subject he says:
My recollection is that the State had no
cash resources available in the treasury
over and above an amount sufficient to
meet the current ordinary expenses of the
State government and the interest falling
due OH her debts.
The 9th section Of the act of 9Th Nav.
1861, above referred to, authorized the
Governor of the State TO issue and dispose
OF SJ,0OO,00 of the bonds of the State for
the purpose of carrying out the provisions
OF said act. As necessities for money to
organize and equip the force presented
themselves, L issued the bonds, but find
ing no sales for the bonds in the market TO
private parties, ! resolved that the three
principal banks in the State, i. e., the Bank
of Tennessee, the Union Bank, and the
Planters Bank should take the bonds and
furnish the necessary funds. The officers
OF the Bank of Tennessee were in full sym.
pathy with me, but that bank was unable
to meet the financial necessities, and the
officers assured me that without the CO.
operation of the Union and Planters,
Banks l would not he able to raise the
amount of funds necessary. / had several
interviews with the officers of the Union
and Planters Banks, and became satisfied
that the officers of those banks were disin-
clined to cooperate with the Bank of Ten
neSsee in the matter, but to confine them
selves TO strict system of banking, look
ing alone to the interests and profits of the
banks. This ] regarded az hostile, and IL
tolerated possibly fatal to the Confederate
cause in tennessee, and finally said to the
officers of the Bank of Tennessee that the
Union and Planters Banks would not be
permitted to pursue that or any other poll
cy inimical to the cause
That / regarded the Bank of Tennessee
and the Union and Planters Banks as not
only important, but necessary elements of
strength to the Confederate cause in the
State. / had several interviews with Or
vile Ewing, President, and ID. Weaver,
Cashier of the Planters Bank, and John
Ktrkman, President, and James Cory,
Cashier of the Union Bank, to induce
Them to join and cooperate with the Bank
of Tennessee in taking such amount of the
war bonds of the State as necessity reduir-
object was to satisfy them that it was the
duty of the Union and Planters Banks to
cooperate with the Bank of Tennessee in
meeting the financial necessities of the
State in the emergency then upon her. /
argued that they were identified with the
State and the people of Tennessee and
must stand or fail with them Nv early
interviews with the officers of the Union
and Planters Banks were to me quite I'M
satisfactory, because they confirmed my ap-
prehensiOns that these banks were resolved
to adhere to strict sytem of banking and
withhold their aid to the State in her then
pressing financial necessities. Finally
called at these two banks for the purpose
Of representing to Orville Ewing, Demp-
sey Weaver, John Kirkman and Jas. Cor
ry the financial necessity pressing upon
the State and To make them clearly under
stand that the Union and Planters Banks
would not DC permitted to pursue the poll
cy which they in previous interviews had
suggested, but they would be compelled to
cooperate with the Bank of Tennessee in
meeting the financial necessities OF the
State, and while j do not now remember
the language employed, L was satisfied
then, as l am now, that L made these gen.
tlemen clearly understand that il they did
not cooperate with the Bank OF Tonnes
see in meeting these financial necessities
that would compel them to do so, rtake
nc assets OF me BANKS our OF Jt6tT hdIldS
and place them IN the hands of O receiver
Cbo 1pds friendly to the Confederate cause.
At the conclusion of this interview was
told by the officers of each OF the Banks
that they would give me a definite answer
that evening or the next morning, and on
the next morning / was informed by the
officers of both the Union and Planters
Banks that they would take the bonds.
My opinion was at that time, and Is now,
that If no argument more potent than per-
suasion had been used that neither the
Union or the Planters Banks would have
invested dollar in the war bonds of Ten
nessee. / was resolved that the assets of
these Banks should not be used against
Tennessee or the Confederate cause, but to
the extent necessary should be used in the
support of that cause, and should not have
hesitated to order the seizure of their assets
at any time that / should have become sat.
isfied that it was the only means of secur-
ing this result. That I possessed the power
to have seized and controlled the assets of
these Banks at that time, do not doubt,
and should, most certainly, have used all
the power / possessed to do so If the off
GERS Of these Banks had persisted in de-
Ginning to cooperate with the Bank of
Tennessee in meeting the financial ncces-
stiles then pressing upon US.