The Camden chronicle. (Camden, Tenn.) 1890-current, 1895-01-11
BANKS In TROUBLE.
EXCITEMENT IN NEW FOUND
LAND OVER THE SITUATION.
The Cash is Locked Up and the People
are IN Distress.

Advices FROM ST. Johns, n. F., state
that there is a strong feeling in certain
quarters that the arrests Of the direc-
tors and manager of the Commercial
bank are largely due to personal ami
mostly, and the surroundings lend
color to this. Sir William Whiteway
and ex-Speaker Emerson, of the assem-
bly,, are prosecuting counsel on behalf
of the crown, and the men arrested
are all, without exception, personal
opponents, and were instrumental in
instituting the election trials, by which
Whiteway, Emerson and fifteen OF
their party were unseated and dis
qualified for gaining their seats by
bribery.
All five arrested men we're admitted
to bail, two securities for $1S, 900 each
being furnished for each accused. The
securities were obtained without diff
Guilty, though the bonds were the
largest ever given in st. Johns.
The Union bank shareholders are
agitating for q meeting now, and
threaten some proceedings against
their directors, SO intensely interest
ing events are anticipated in the Grim
inal court next term.
Scarcely less sensational was the
night session of the legislature when
the joint select committee presented
its report on the banks. Several
thousand good men crowded the
grounds, in addition to those unable
to gain admission. The report was
signed by all SIX Of the committee.
1t protested to be merely an interim
report, and stated briefly that the
Union bank was safe; its stability was
affected By oyerdrawn accounts, but it
was solvent, and all its depositors,
note holders and creditors would DO
paid in full. They urged its speedy
extrication from its difficulties, either
by liquidation OF resumption of bust
ness, aAd recommended the prevention
of legal proceedings on the part of
note holders for payment of claims in
specie.
The Commercial bank, they report
ed, was hopelessly insolvent, even if
the reserve liability of shareholders
was fully exacted. It's books were fall
sifed, its clerks had defaulted, sufi-
cient care was not exercised with over
drafts, nor limits on exchanges accept
ed, and unsecured advances we're made
without proper checks. The legisla-
ton should be speedily enacted to en-
able the government to supervise it's
liquidation, as it would pay small
dividend.
On the basis of this report the gov
eminent introduced resolutions guar
arteeing Union bank notes at is cents
on the dollar, redeemable in two years,
provision being made by registration
OF the original holders
This proposal was greeted by Kisses,
while suggestion by the opposition
that they be guaranteed at face value,
the colony bearing the loss, evoked
thunderous applause. The masses ex.
pected to be insured against all LOST
individually.
No decision was arrived at. An ex.
pert in banking is coming from Mon
treal. The English banks interested
have already sent a representative
The Ulunda also brought $4,000 in
specie which, however, is for private
firms and but little improves the con.
gestion of circulation. IL is a verita,
BILE gold famine, which will take months
to relieve and the number Of destitute
is increasing daily.