The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-30
MEMPHIS DAILY APPEAL.
SUNDAY. :. DECEMBER 80. 1893
TIE CLAIM OF THE STATE BANK
DEpOSITORS


DEPOSITORS.
TIC KnlrrHle Journal sets up opposition 70 the
repayment by the State of money on deposit In the
States Rank ia 1852 WHOM the bank was carried
away. aud which money has never been returned
60 It's owners their hclu OF assigns fhe JofrHa'
snecr at the bill to provide ior this settlement rs
one that will rcqulrc lobbying to got Il through
the houses and then proceeds tosay that
"Iu this oasc those directly Interested afford
90 pay the lobbyists 10 aid them bccausc the hold
inEs npon which their claims arr hasrd e.. them
very iiiilc, aud II they succeed they VIII make
iarsc profits In fact. with most OF them, every.
thing they ret will be clear profit 1hcr nfc iso
nal deposition. in The bank, but The bulk OF the
claims are held by Spectators Who bought them
fora tribe. aud whatever thcy make J. clear gain
Following this the readers " the Jouuil ar
trcaicd h. homily On the sldiulues of snddlng
the taxpayers with on obligation OF ncarlya mill
ion, ana culugy Of The supcrine morality ct the
Inembcn who will oppose the measure, closing
with the declaration that "lhe taxpayers Of Ten
ncascc are under no obligation, either moral or
legal. To pay this claim"
We oiscr, G that the J1uraa does not traverse the
main point, made by the claimants which are
Pint. The State had the money, mud second. the
Ktaie has never rendered any account or made any
settlement with the dcposlors or their legal repre-
scntatiycl The whole argument against the pm.
passed PAYMENT Il based on the assumption that
the present holders oi erriihcatcs OF other cyl-
demos Of deposits In the states nauk, acquired
tNc same by purchase from the original owners ot
their representatives.
OF courc such an argument IA unicnahlc. II IA
alzn wnnng In morals and ought 10 hc contrary To
~ law Of any drrcnt community. II Is the same
x nj Of reasoning the snalcri wadiustcr and out
fight rvpudinlors used 10 break down the
fcn-e of public obligation IN the state
from is7u, until the inrlci tctucmcn, II
tho State dcht was reached twrlvc yc'fs
nitcrwar THIS argument lay with greater iofc'
AMI NOV directly araind the funding u the Tor
ictt Issue aud the payment ni a dollar Of the 20.
called 'fuiruad bonds. than u does when applied
10 thosc deposit claimants In their casc, The state
was a trustee II carried away the trust funds.
presumably lot thou ur used them, ~ all events
has never returned "a dollar to tho., who rvled ON
q o. such trustee The ubllcnuun u, v pos.iblc,
hirhcr than ans other the state has hni 10 incct
and adjust since the ond Of the civil war. Who oI
what the ir,srnt holders If these dcposit claim.
nv the state has no rirht io Inquire ~ uuly Ia
quin that u legitimate must De- confined To The
propositions alrcndy stated nid The State get The
money and has Il pald II hack or any pan ihcrof
7. n astonishing that N kaorrRs JgHrIni thai
has been heretofore on me side 81 State honesty
should have ruiicn it consent 90 army itsoii ot
Che opposite side AMI adopt tho iiimslest aud
mcancsi snhirriurrs II The fcpuilntnr', We canno
understand Il NJ nil and would Ike an cNplana
ton ChanaHoell TiatL
Tnr ArrgAL indoncs every word Of this
No good reason has ever been given why
the dcposiinu Of ,ho Bank Of rcnnossc,
were not the fnt oithccrediiorsoithe stat'
20 have been paid. They ven good. honest
thrifty, well.io-do citizens who were Ia
viicd BY tho State, on liz pledged goo,
faith. 10 become dcposi,ors with the papn
bank or branches, They did M. no
dreaming but that, at any time. % long a
the State had nm existence, Il would vol
unfairly make good any losscs that nigh
b. sustained by the dcialca,ion d officer
or any mishap. war includh, that nigh
come 10 lhc hank. Rgpo,ng fall conf
dcncc in the good faith Of the State man
times pledged 10 them, the dcposilor
placed their money with the bank, Who,
profits during iis existence were cnormou
greater, possibly, than those Of any 9th,
bank that then had IN existence In N
United States They had a right 90 g,
poet iha, the State would have pal
them 6nsi, before II settled vii
any Of IL creditors That Is VII
other hanks have had 10 doand been fore,
10 do By Jaw. The deposits are. a. q
T6ao, says, In the nature NJ trust fun
Tho United States recognized this m n
case Of the FrccdIaans Bank, an the d
sets Of which have been devoted 10 Il
payment Of the Deposition. 10 pun.
any other course would be rank robbei
For the State Of Tennessee 10 Uiusc 10 .
the deposits on any plea, whether
transfer or sale Wy the deposition 10 anoll
person, would be TO pcpc,raie im
and set an example TO the citizens ,
gagged In banking, Of open aud shamcl,
robbery. Il would be worse than Il /
United States had refused To sec tia, /
POOR negros. who had deposited in /
Trccdman's Savings Bank on the slrcng
Of H. charter aud pledged supervise,
were fully reimbursed. In the case Of d
institution, most Of the dcposiio
bceoming impatient Of the Ia,
dclay and vciocs. forced by III
nocce ,lcf, sold leir claims to washii
ION hankpm and brokers. uut I'LL 4