The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-26

OF ODilgntlon could be more Just than TINS,
nor should any be met more promptly.
The State is responsible and should re-
deem its word through the Legislature
that meets in January.
An Unanswerabie Plea for Justice.
GAINESVILLE, Tenn. Dec. %, 1888
To the Members OF the General Assembly Of the
state of Tennessee:
- At q meeting OF the depositors Of the late
Bank Of Tennessee the undersigned were
appointed committee 10 prepare and adj
dress a letter to the members-elect of the
next General Assembly.
The Bank Of Tennessee was in 1888 orgairoe
lied under an act entitled "An act TO estab-
lish State Bank, TO raise a fund for internal
improvements and 10 aid In the establish
| ment of the Common Schools" The State
was its sole owner and incorporation, so 10
| speak, and Is therefore responsible both
morally and legally for all liabilities in
CURED by this bank in its operations. In
other words, the bank was created ODE
| partment OF State"
Under the terms Of It's charter the bank
| issued current notes, received money on de-
post, and transacted general banking bust
ness. From the time of its organization to
| the beginning OF the late war success at
| tended its business the notes which, IL put
| In circulation were received with great con-
! lidence, and we, the citizens OF the State
| placed our money with IL on deposit rather
than with private banking houses because
| OF this great confidence In both the ability
aud willingness Of the State, the owner Of
the bank, to protect our interests and hold
| inviolate as trust fund.- this money Of
ours put into Its vaults for safe keeping.
Our deposits, being subject 10 drafts, OF
course drew no interest. So In no sense ~
the word were we spectators, but men con-
iident that our funds in trust would be
safely kept.
InlsGG samuel Watson was appointed trus.
tee OF the bank. and in the cause styled the
State Of Tennessee W.. the Bank OF Tcnnos-
see, which was adjudicated by the Chancery
Court at Nashville, the nOtoholden were
provided for The assets remaining after tho
vicissituies OF war had passed were not SUM-
cicnt 10 fully pay the notcholders, whose
interests were prominently brought 10 the
attention Of the Court, and who by is de-
crccs were permitted to have their claims
first satisfied. The notes OF the banks re-
naming unpaid were held by the Court TO
be debts due by the State. For stronger
reason still the claim OF the depOsitors
would have been recognized and provided
for, We think, long ago by the courts II
statute passed about that time forbidding
suit against the State did not intervene.
| Having had regard for the States financial
cmbarr. ssmont, We patiently forcborc p0s---
ing 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 g. reach hearing In the
Lower House. SO then, the claims Of de-
positors 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 matter must
admit that they rest ~ n Just and righteous
Obligation upon tho Stale ~ we'll as n legal
aud binding one. Gov. Taylor, In his
message TO the last Legislature, In speaking
OF our memorial representing ourselves NJ
being dcpOsitOrs vi the State Bank, aud con-
sequcntly creditors Of that institution, and
through Il creditors Of the State, said III
this be true, then 10 i unqucstiunably the
duty of the State 10 recognize is obligation,
and 10 settle with these claimants on just
aud equitable terms"
Approaching. ns before said, the financial
condition of tile State, aud seeing great and
Increasing prosperity In the near future, We
come now asking for payment but We do
not thereby seek b increase the present rate
OF taxation. nor 10 rctnrd IN any manner the
collection OF the annual rev cnuc, one oi which
would result from immediate payment the
other from litigation. A coupon interest
bearing bond. maturing within reasonable
tine. would be accepted as satisfactory.
II the pledge Of the States faith and
credit means anything, most aisurcdly her
own citizens who placed reliance IN tia,
pledge, should be repaid their deposits,
which the Stat, has used without the pay.
mcnt 81 interest II 10 was proper % satisfy
her bondhoders who are mostly non-rcsi.
dents, how much greater the proprioiy Of
paying her own citizens, who, while deprived
of their deposits, have chccriully paid their
taxes for the past twcniy-scycn years. Hut
, We have had an abiding faith IN the honesty
and integrity Of the people, aud believe that
, they will heartily approve your actions,
should you be Kind enough ~ settle at thi'
, lilac this debt oi The state.
Respectfully yours,
EDEoNp TuRSLET
W II. TunSflY,
r. Y. JouSsos,
. ions w. EyEEErT