The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-06-20
DIDN'T GET THE MONEY.
MEMPHIS BANKERS DECLINE TO
LOAN THE STATE 100000
The Union and Planters and Manhattan
Institutions Advance$35 900 Between
-Them-The Next Effort To Be Made
at New York-Talk With Mr.. Pickard.

State Comptroller p. p. Pickard sat solitary
and alone in Room 10, Peabody hotel, at 5
CLOCK yesterday afternoon.
His room, on the south side Of the hotel,
overlooked Monroe street, and the comp
troller pensively pulled at a cigar while
meditating over the States failure to effect
loan OF 5000, 900 from the local banks to meet
the July interest on the public debt.
The request had been refused to a certain
extent, only $4,000 having been advanced,
$4,000 from the Union and Planters and
5000 from the Manhattan.
1t was after the meeting OF bank directors
had passed upon the proposition to borrow
that AN APPEAL reporter callel upon Mr..
Pickard Despite his feeling OF melancholy,
the comptroller greeted his visitor cordially.
$50 you were disappointed in your antic-
iptions OF borrowing money from Memphis
moneyed concerns TO meet the July demandp'
"Ycs, partially; two OF your banks re-
sponded quite literally, advancing $35 00o."
"What will be your next move TO secure
the necessary amount?'
'To New York. | would much prefer
raising II in Tennessee, in order TO maintain
our credit and preserve the confidence
abroad. My policy is to secure some bank
in that city to take up the coupons and for
ward them to us in bulk as we are able to
take them up. Most Of the State bonds are
held there anyhow"
"Are all the resources for getting the
money in Tennessee exhausted2'
1.-THE last one. Every bank in the State
NE failed 10 visit was written TO, but no re-
sponscs have been received. All the avaia-
BILE money the State has, outside OF that Dor
rowed from Memphis on this trip Is $50, 900
or $4,000 This makes total OF about
100000"
"Have you heard any complaints from
outside banks that the State made all her
deposits at Nashville, and should borrow her
money from the banks there whenever il be-
came necessary
eyes, have heard them, but thoy arc not
well-founded. We owe those banks there
$500 600 and have done so for year | say
$4,000 In round numbers, but $4,000 Of
this amount came from bank at Bolivar,
which, / believe, has only $1,000 capital
stock. We still owe this TO the Bolivar
bank, and IL has consented 10 carry IL over
for us until next February or March. So
has the Nashville banks. have list here
which shows Just where the money has been
borrowed, and in what amounts"
Here the comptroller pulled from his
pocket list which, ut the reporters request,
he allowed TO be copied, Ms follows:
first National, 90
Commercial National Nashyillc...-........--. 26.Ooo
Fourth National, Nashville 5000
Nashville savings hank. 1900
Aucpoan National. Nashville .....-......... 5000
rIsnsiln lInk''''''''''- i50OO
DolNhr lAlnk ............. 1OuJO
Mercantile bank. Memphis 1900
This amount" continued Mr. Picknrd,
CONSTITUTES all the Indebtedness OF this
character the State is now carrying"
"What has become Of the 500, 900 Dor
rowed from Memphis banks In January
last2'
at has all been paid except the 1880 to
the Mercantile bank, enumerated In the list
i showed you, which has been renewed"
as ittrue that the state funds have been
deposited Tor tho most part In Nashville
banksg'
"For more than q year the State has had
no surplus money TO deposit What little
has been on our hands was deposited there
because IL was convenient for continual
checking"
WHO will 90 10 New York to negotiate
: this loan or make financial arrangement
ST DO not know positively, but I suppose
the Governor, Treasurer and myself"
"Will you not be able 20 make better ar
rangcmcnts, or, In other words secure bet
ter rate at a money center like New York,
than at Memphis or any Tennessee city3"
mo, we are authorized 20 pay q per cent,
and We would not ask IL cheaper OF course,
II Il Is possible TO get i for less we will do
the very best possible"
do you anticipate any trouble In secur-
ing the loan at New York;
None at all"
''But surposing you should, where would
you turn or what could you doy'
81 viii not suppose any such dire ca
lamity"
"will the fact OF being unable to raise the
money IN Tennessee In any way effect the
credit OF the Slater
II do not think So"
'was your statement Of the States iinan.
cial condition and prospects. rs rcpublished
In THE ArPEAL from the Nashville american,
corTcctg'
"ln the main, yes; but the reporter made
one mistake that IL will be better 20 correct,
viz: dill not tell him we would have sur
plus IN 1850, but In 1890. believe that we
will then have a surplus Of 10000 to take
up all bonds as they mature"
Comptroller Pickard left last night for
a