Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1875-03-20
THE BANK OF TENNESSEE.
Its Assets and the AMOUNT Of ssSew
Issue 0utstandiDg-Efeet Of the su-
nrema Court Decision.

preme Court Decision.
New Issue was the live topic ofcon.
versation yesterday, not only in inan.
eial circles, but at every street corner.
Rumors ofthe most exciting eharaete,
prevailed as to the jump in prices ta-
ken by the rcsurreeted currency, and
the enormous profits supposed to have
been realized by the operators who
had staked so heavily on the decision
of the Supreme Court. Thta decision
is gwen in full elsewhere, and il was
simply the province of the professional
newsgatherers to find out what its legal
effect would be. how much new issue"
was outstanding and how far the assets
of the bank would go toward satisfying
the noteholders.
A Union and American reporter
called upon Judge Watson, Trustee of
the bank, and was kindly furnished
with the following extraetfr0m astate-
ment of the eousition of the institu-
tion, which he is now preparing:
LIABILITIES ;,F THE BANK.
"fhe largest lissalities Of the bank
/ are for its notes now outstanding.
These amonpt TO Il, ,404, ,4S6. Of this
amount there was supposed to have
been issued South and for which the
bank is not liable, SIT 900, which
would leave 81 ,:e2I ,3S6 of notes Of the
bank now outstanding, almost all of
which is supposed 10 be the new issue.
But large amount cf the noiss 1f the
Bank of Tennessee have been lost Or
destroyed. The usual estimate of
bankers is that wlIsn banks have been
long in existence, ten per cent. of their
circulating notes g;ll llnever be present
ed for redemption in consequence Of
being lost or destroyed. The Bank OF
Tennessee has beea In existence forty
years, and the amount of its lost and
destroyed notes would fully equal the
estimate
The circulation of the Bank Of Ten
nessee on the 1st Of September, 1862,
was S,710,66 but this was above its
average circulation. Suppose its av-
erage circulation to have been 5000
900, a loss of ten per cent. of this
would be 100000. Deducting this
from the 81 ,227, 1856, the amount shown
by the books Of the bank to be out
standing would leave 1927 ,486, as the
entire amount OF the notes of the
bank that would be presented for re-
demption.
1t is thought BY some that a much
larger amount of notes have been is
sued by the Bank of Tennessee than
have been recorded on its books.
There is no evidence that the books
are not correct record of the notes
that we're issued. On the contrary,
there are most conclusive evidences
that they are a cOrr'et record. When
notes were issued by the bank Of Ten
nessee, the numbers were always re-
corded on the books Of the bank.
When the State began to receive the
notes Of the bankfOr taxes, | furnish
ed the Comptroller, at his request, with
the numbers on the notes issued after
May 6, 1861, which are known as new
issue. There has never been, as L am
informed by brokers, any other notes
offered for sale THAI those containing
the numbers reported by me to the
Comptroller, which is almost conclu-
sive evidence that there are no other
notes of the new issue in existence.
Furthermore, the plates of the bank
from which the notes were engraved
were in the hands of the Philadel-
phia engraving company, and it is well
known that no notes were engraved
from these plates subsequent to May
6, 1861, and for many months prior TO
that time. / think that we can, there
fore rest assured that 1927 ,4S6 is the
entire amount of outstanding circula-
ton, old and new, to be redeemed.
The facts seem to be very clearly
stated By Judge Watson. OF the en-
tire amount shown by him to be out
standing, no broker, banker, or deaser
believes that more than SS00,0O0 Is
new issue" this il, in fact, the high
est estimate made, some of the we'll
posted putting il as low as 100000.
So there is no foundation whatever for
the wild rumor that several millions"
are ahoat.
ASSETS OF THE BANK.
And now as to the assets OF the
bank. The reporter called upon Clerk
and Master Baxter, the commissioner
appointed By the County Court to assist
in winding up the institution, and as
certained that its assets are about as
follows: S203,000 in Tennessee bonds
Sl5,000in United States bonds and
currency; 100000 of notes, unques-
tiOnably secured by liens and mort
cages, upon which DEGREES Of foreeios-
ure have been taken and are now in
process of collection real estate in
Nashville and elsewhere, worth say
500, 600; claims in the hands of att0r-
neys at points where branches existed,
to very large amount, say 500, 900,
but mighty uncertain" as to how
much will be realized therefrom last,
but not least, the S6lS,000 of School
Fund, which, by the decision ofyester-
day, is held to be part of the assets Of
the bank.
1t will be seen that the assets are
more than sufficient to cover the
amount of the outstanding new is
sue"
The Tustee has suits to the aggre-
gate amount Of $l50,000 pending
against debtors Of the bank who ten
dered new issue" in payment. Under
the decision of the Supreme Court, the
Trustee will have to receive new issue
for these debts.
A full and final report, showing the
condition of the bank, will be made by
Commissioner Baxter at an early day
probably this week.-Daioa 6
american of7fh inst