Clarksville evening chronicle. (Clarksville, Tenn) 1886-1890, 1888-12-24
The Case ef the Dcpos;tors Of the Bank
Of Tennessee.

claim Of depositors Of the Tennessee
Bank:
GAINESVILLE, Tenn, Dec. 70, 'SS
To the Members Qf General Aewalby q
The State Of Tennessee
Alta meeting of the depositors o.
the late Bank of Tennessee, the un.
designed were appointed a com.
mittee to prepare and address a letter
to the members elect of the neXi
General Assembly.
The Bank of Tennessee was in
1883 organized under All act entitled
" An act to establish State Bank, to
raise fund for internal improve
ments and to aid in the establish
ment of the Common schools" The
State was its sole owner and incor-
porator, SO to speak, and is therefore
responsible both morally and legally
for all liabilities incurred by this
Bank in its operation. In other
words, the Bank was created "de-
partment of State"
Under the terms of its charter the
Bank issued current notes, received
money on deposit, and transacted a
general banking business. From
the time of its organization to the be-
ginning of the late war success at
tended its business, the notes which
it put in circulation were received
with great confidence, and we, the
citizens of the State, placed our
money with it on deposit rather than
with private banking houses, because
Of this great confidence in both the
ability and Willingness of the State,
the owner of the bank, TO protect OUR
interests and hold inviolate as Il
"truat fund" this money of ours put
into its vaults for safe keeping. Our
deposits, being subject TO drafts, of
course drew no interest. So in no
sense of the word were we specula
tors, but men confident that our
funds i'm trusts would be safely kept.
In 1866 Samuel Watson was APP
pointed trustee of the bank, and in
the cause styled the State of Tennessee
VS.. the Bank of Tennessee, which was
by the Chancery Court ut
Nashville, the note holders were
provided for. The assets remaining
after vicissitudes of war had passed
were not sufficient to fully pay the
note holders, whose interests were
prominently brought to the attention
of the court, and who by its DEGREES
were permitted to have their claims
first satisfied. The notes of the bank
remaining unpaid were held by the
court to be debts due by the State.
For a stronger reason still the claim
of the depOsitiors would have been
and provided for, we
think, long ago by the courts if a
statute passed about that time for
bidding a suit against the State did
not intervene.
Having had regard for the States
financial embarrassment, we patient
ly forebore pressing our claims upon
the attention of the Legislature, to
whom only we can look for relief,
until two years ago, when bill was
introduced and passed by the Senate,
but too late in the session to reach a
hearing in the Lower House. So
then, the claims of depositorS remain
yet unpaid, although every one
learned in The law" admits that the
State is liable for their payment, and
until paid all who understand the
natter must admit that they rest as
/ just and righteous obligation upon
he State as well as II legal and bind
ng one. Governor Taylor, in his
Message to the last Legislature, in
peaking of0ur memorial representing
ourselves as being depositors of the
'tate Bank, and consequently crcdil
ors of that institution, and through
IS creditors of the State, said: at
his be true, then it is unquestiCnably
he duty of the State to recognize its
and to settle with claim
nts on just and equitable terms"
Approaching, as before said, the
nancial condition of the State, and
eeing great and increasing prosperity
I the near future, we come now (
skiing for payment; but we do not ,
hereby seek to increase the present
lte Of taxation, nor to retard in any
tanner the collection Of the annual
venue, one of which would result
Om immediate payment, the other
ON litigation. A coupon interest
ShlIIlS Dpild, ludtuI lliS Nlllllll a. ltt- ,
,nable time, would be accepted as
ltisfactory. {
If the pledge of the States "faith |
nd credit means anything, most 9
,suredIy her own citizens, who
laced reliance in that pledge should :
g repaid their deposits, which the l
tate has used without the payment {
interest. fit was proper to satisfy :
cr bOnd-h0lders, who are mostly
On-re ,idents, how much greater the
ropriety of paying her own citizens,
ho, while deprived OF their deposits,
ave cheerfully paid their taxes for
he past twenty-seven years? But J
'e have had an abiding faith in the
Onesty and integrity of the people, :
nd believe that they will heartily =.
pprOve your actions, should you lie
ind enough to settle at this time
lis debt of the State. {
Respectfully yours, G
EDMOND TURNKEY,
w. II. TURNKEY, |,
II. y. JOHNSON,
JNO. Is. EVERETT, /
+. +. Fox, r
Committee. :