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trade and capital that we could not but share her troubles, yet it by our bankens, who a month ago prepared for the dreaded emergency, were 80 well "fixed" as to be to they puil through, and be ready for colonseason, only postponed OD account the of the prevalence of the fever. But fever itself proved their stumbling-block When fifteen or twenty thousand people rush panie-stricken from home, pell-meil, helter-skelter, they are usually possessed of but two ideas, "money" and "safety." The first, being necessary to the continuance of the ter. becomes the essential. Our frighteaed thousands conscious of this, and with a view to fortifying themselves against any contingency, lined before their departure their pockets, and it is calculated tock with them not less than one million dollars. So large a sum as this could not be taken from Memphis without, especially at 80 critical a juncture, dangering not only the stability of our banks,but with them many of largest concerns. The knowledge of the withdrawal of so large an amount had its effect, and as the news from New York spread from day to day, feeling of in security grew, which, fed by the panicky state of the public mind in regard to the fever, at last culminated in run on Wednesday upon the First national bank, one of the best conducted and most liberal institutions in the Union. This was sustained to the extent of paying cut sixty thousand dollare, but, on opening the doors yesterday and finding the run .still likely to continue, they were closed again and suspension announce by bulletin. This was the signal for an excitement without parallel bein the history of Memphis. Men came frantie, and flew, first to the Defoto, which soon followed the example of the First national, then to the German, and next to the Planters and Union bank The latter two passed the or deal of fire triumphantly, and stand stronger than ever in the esteem of the public. With the German nation- short the run was of but duration. al The depositors SOOL returned to reason, and the result was restorawithtion of nearly all the accounts drawn. Not 80 with the Union and Planters. Her depositors were determined to know by practical test how thing" worked, and clamored for their money until one hundred and sixty thousand dollars was paid out. This was done as promptly as the nimble fingers of Mr. Omberg, the payingteller, could count the money, and was accomplished by one o'clock, when there remained but one anxious deposi- Men tor. Confidence was restored. had recovered their reason, and the result was that before the close of day seventy thousand dolla. of deposits of were entered to the credit of panicky depositors of the morning. Reid, in the trying emergency, had sustaining helpo Mr. Greenlaw (a host in himself and other directors, the presence of whom no doubt contributed much cur's the panic. And thus ended the most exciting day in our commercial annals. While we deeply lament, as what right-thinking man will not, the suspension of two banks hitherto regarded among our staunchest, we are thankful that the storm has swept over and done no more damage. To-day expect to see the money pouring into the vaults of our banks again, and Unbusiness essame its proper course. der no circumstances can we suffer long from the terrible disaster which is racking the strength of the north. Poor, we have but few debts, and staple products being in demand ever the globe, we will not be troubled about realizing on it; and since calculate our harvest has already begun we can an abundance of money within very short time. Therefore, continuance of the panie here is wholly with- trust ground, and we out our good people will not paralize business by temporarily withdrawing and hoarding money needed for the purposes of commerce meand trade. "Without the circulating dium and without confidence, business must cease, and with it go the bread It of thousands dependent on work alone. is, therefore, manifestly the part of wisdom for the people to stand by the banks and sus tain them by their deposits rather eripple them by their withdrawal. sides, the banks fully prepared for worst, and will pay, if necessary, every cent due their depositors. There is, therefore, no use, indeed, it would amount most to criminality to attempt to continue panie which can only result direst disasters every branch of trade. We have suffered and are suffering enough, God knows. Do not let to our burdens causeless and fruit inless run upon the banking stitutions that remain to us, and which have proven their title to our highest confidence by the promptnets with which they responded to all mands upon them yesterday. To the stockholders and depositors of officers, First national and the Dethe banks we extend again Soto The first has been indeed "first" regrets. ever since its establishment in every good work. It has done an unamount of good in Memphis, told officers have, as they deserve, its and heartfelt sympathy of deep community. To Mr. Elder and-his brothers of the DeSoto there will come, too, large measure of regret, such deserves after a long and useful be life, most of it spent in the city which from he has known in all its stages hamlet up. Both the suspended banks, instructions from the together with the Freedmen's Savings
