18078. Merchants National Bank (Memphis, TN)

View Charter #1407 on SPMC

Bank Information

Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
national
Bank ID
1407
Charter Number
1407
Start Date
June 27, 1868
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
6fb64b07f64145f4

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Capital injected, Full suspension, Books examined

Description

Newspaper coverage (late June–July 1868) reports a run on the Merchants' National Bank leading to suspension and government/receiver takeover on June 27, 1868. The bank resumed business later in July (articles state it recommenced business on the 27th of July with Metropolitan National Bank backing). Cause of the initial run appears tied to adverse bank-specific conditions and investigations by a U.S. examiner (Gen. E. C. Wilson); suspension was effected by government agent/receiver. OCR minor; dates taken from publication context.

Events (5)
1. July 8, 1865 Chartered
Source
historical_nic
2. June 27, 1868 Run
Cause
Bank Specific Adverse Info
Cause Details
Distrust following examination by U.S. bank examiner and circulating reports of irregularities/violations of the national banking law and large amounts of discounted/past-due paper; directors and public withdrew funds.
Measures
Payments and settlements were made during the morning to small depositors; offers of funds were refused because closure by agent was expected; some cash en route used to pay depositors.
Newspaper Excerpt
When the bank closed on Friday evening ... I was tendered during the morning, from two undoubted sources, money to meet all checks if I would only continue to pay; but, not being able to get assurance that we would not be closed, ... I was unwilling to use their money. ... the run on us.
Source
newspapers
3. June 27, 1868 Suspension
Cause
Government Action
Cause Details
U.S. bank examiner (Gen. E. C. Wilson) / Treasury agent took charge after examination found violations/unsound condition; receiver ordered and bank closed.
Newspaper Excerpt
The Merchants' National Bank this morning suspended payment, and was taken possession of by a Receiver at 12 o'clock.
Source
newspapers
4. July 27, 1868 Reopening
Newspaper Excerpt
This bank commenced business on the 27th of this month, having satisfactorily arranged all complications ... The arrangement has been made with the Metropolitan National Bank of New York, which guarantees safety to all depositors and correspondents.
Source
newspapers
5. August 30, 1873 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (23)
1. January 23, 1867 Public Ledger Memphis, TN
Article from Public Ledger, January 23, 1867

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CHANCERY COURT. - The following cases were disposed of in the Chancery Court yesterday: Shegog, Witherspoon & Co. vs. John F. Cameron et al, and Merchants' National Bank vs. John F. Cameron et al; C. H. Conner is ap. pointed Receiver in the above causes. Mary Murdock et al vs. William Johnson et al; demurrer overruled, bill dismissed, and appeal granted. Thos. Kofford vs. J. H. Hartley, and Hartley vs. Kofford; decree dismissing bill and settling causes. Martha R. Dolbear vs. Levi Dolbear; decree for divorce granted. Angelo Panisi vs. Elizabeth Panisi; bill dismissed. D. C. Trader VS. L. B. Sugg et al; final decree in favor of Mary C. Trader.

2. June 25, 1867 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, June 25, 1867

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FINANCIAL AND COMMERCIAL OFFICE OF THE DAIL Y APPEAL, MEMPHIS. June 24.1867. still tends upward. Dealers re Gold offerings to-day Buying at 77 and selling port light at 38c. There is a small local demand. in small lots is bought at 26 to 270,but a Silver large amount would readily worth bring 28c. Mexican pieces are from 32 to 35e. Exchange is in moderate demand and Buying par and selling at searce. premium for eastern There is nothing in New Orleans exchange. will City scrip tends upward and $15 000 was no continue to advance; taken doubt to day at from 67 to 67 tc. Brokers 70c. sell warrants are not active. Buy County at 85c; selling at 88 to 90c. It ing There is no change in police scrip drags its weary length along at 70c buy ing; selling 75c. Bonds and stocks are dull and nominai Our readers will notice from the folaction upon the part of the board lowing of the Merchants' National bank, directors of this city, that the officers of the have volun arily relinquished their same appointment as fiscal agent and govern depository of the United States, ment deeming the possession of deposits not sufficient value under the present of stringent policy of the department to retain them meet ng of the board of directors Ats the Merchants National bank of this eity of held on the 15th inst., it was unanmously: Resolved That this bank make appli- to to the secretary of the treasury cation permitted to surrender its appoint- of ment as a depository be and fiscal agent the United States, and that the cashier the to the treasurer the balance due de department pay from this bank as such and hdraw the government pository, amounting to $100,000, belonging bonds to the bank and now held as security for such deposits. 122 of the revenue laws, approved Sec. 30 1864, which refers to canals, railroads June and other companies, and the tax which they are required to pay upon of the earnings, profits, income or gains such companies should be read carefully all interested. The penalty for noncompliance by with the law is heavy Comparison of the revenue returns of on manufactures and products for the taxes year 1866 and 1867 show, it is stated there loss of over forty per cent that estimated, from this and other data that the amount realized will We can revenue will be only $186.58. go year last Saturda This deficit arises from the collect the whole revenue due. If all now imposed were collected, the realized sum taxes would be not only in excess of the needs of government, but would exceed the sum raised by internal reve Due in 1866, before the new law was put in force The United States controller of eur through the columns of the New Orleans rency, Times, notifies all persons hold ng claims against the F First National bank of that City, to give legal progi thereof to the Mr. Charles Case at his office in New Orleans. Also, that of circulating notes issued by said bank holders can obtain Is wful money for the same on application at the United States treasury. Interested parties are referred to the official notices. A delusive hope has been entertained by some of the sufferers in this lamentable financial catas that there existed a possibility trophe, for resuscitating the bank, and that by careful management the heavy losses its innocent vietims might be materially lightened. Under different auspices, and with new directory it was deemed possible to regain for the institution some what of its former standing and credit but we should judge that all such hopes and projects have now been entirely abandoned The unfortunates had better make up their minds to the worst, 80 that iftheir prove wrong, the disappointment may be of an agree able character. It is stated on good authority that the treasury department has received infor mation from New Orleans, implicating high official of the present state govern ment in the recent sub-treasury defalca tion. It is asserted that while in the employ of the treasury department he became aware of the defalcation, but falled to report it as was his duty. and was not discovered until Secretary M S Culloch sent Special Agent K (nox to New Orleans for the express purpose of exam ining the condition of the depository The assets turned over by Messrs. Whit taker and May the defaulting Louisiana sub-treasurers, although purporting amount to $1,250 000 as security against loss by the government, has been ascer tained to be almost worthless Among other securities presented by Mr. May was draft of four hundred thousand dollars on Oakes Ames, of Massachusetts to which be signed the name of A.S. Mapso-pask Thos. P. May, which sigrepudiates as unauthor ized by him. It is hardly probable that the government will realize $500, 000 although the defalcations amount alto gether to the round sum of $1,600,000. Owing to the precarious condition financial affairs in New Orleans, SubTreasurer Walton, appointed to succeed Whittaker, the defaulter, finds great difficulty in getting acceptable bonds Special Agent Knox, now is New Or leans has been instructed to examine the commercial status of the parties offered as securities, and to remain ther until satisfactory bonds have been ob tained The Charleston Courier says of the National bank of South Carolina It will be remembered that subscrip tions to the capital stock of this bank D were made in this city in February last to the extent of 573 shares, the rest of capital being promised from abroad S. Owing, however, to the distrust created by the establishment of military governments in the southern states capitalists declined to risk their money here, and the project, although not entirely aban doned, has been postponed to a more propitious time. Meanwhile, all sub scribers who may wish to withdraw thei subscription can do so and receive back their instalment of $5 per share by call ingat the office of Wm B. Hertot & Co. No. 9 Broad street, and surrendering the commissioner's receipt. o. BOARDING HOUSE. THE Boarding House for the Female Col would

3. June 27, 1868 Public Ledger Memphis, TN
Article from Public Ledger, June 27, 1868

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ANOTHER BANK SUSPENSION. avoy THAW wor The Merchants' National taken Possession of by a Receiver. The Merchants' National Bank this morning suspended payment, and was taken possession of by a Receiver at I2 o'clock. Distrust has existed for some little time previously, which, doubtless, has accellerated its downfall. We understand the amount on deposit by the poorer classes of citizens is not large, which we hope may be the case,

4. June 27, 1868 Daily Davenport Democrat Davenport, IA
Article from Daily Davenport Democrat, June 27, 1868

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TENNESSEE. Mampsis, June 27.-The Merchants National Bank, of this city, was suspended this merning. It is said their assets will exceed their liabilities.

5. June 28, 1868 Nashville Union and Dispatch Nashville, TN
Article from Nashville Union and Dispatch, June 28, 1868

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Suspension of Merchants' National Bank, etc. MEMPHIS, June 27.-The Merchants' National Bank of this city suspended this morning. It is said their assets will exceed their liabilities. John O'Conner, & journeyman tailor, was waylaid on Beale street last night by two negroes, knocked on the head with & bar of iron and then thrown into the bayou, where he was found by the police insensible. There are no hopes of his recovery. A shooting affray occurred on Main street this morning, between J. K. Kelly and Ben Garrett, a detective. The former was shot twice and seriously injured. The affair grew out of an old feud, Garrett was acquitted, it being shown he acted solely in selff-deense,

6. June 29, 1868 Public Ledger Memphis, TN
Article from Public Ledger, June 29, 1868

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MERCHANTS' NATIONAL BANK. Statement from Mr. Cherry, President of the Institution. The Suspension-1 Few Whys and Wherefores. Brief mention was made in the LEDGER of Saturday last, of the fact that the Merchants' National Bank had suspended payment, and that a Government agent had taken charge of the disordered affairs of the institution. The facts which we were able to ascertain at that time were SO meager and of 80 complicated a nature that we refrained from publishing until something more tangible and satisfactory should transpire. Various rumors and conjectures were afloat during Saturday afternoon, and it was a natural consequence that our morning cotemporaries experienced great difficulty in as certaining the "straight" of the matter, after ever 80 thoroughly winnowing the real from the chaff of the conjectural. A statement of the affairs of the institution, which appeared in a cotemporary the following morning, has elicited the following from W. H. Cherry, President of the bank, which may be regarded as possibly more reliable than anything which has as yet transpired, and will, therefore, be read with general interest. Mr. Cherry says: When the bank closed on Friday evening, we had money here and en route by express to pay every depositor, save our large account, which I was arranging in another way, but when I was informed that the bank would be elosed by an agent from Washington City next day (Saturday) at noon, whether we continued to pay or not, it was decided by our Directors to put themselves in shape for that event, by protecting themselves and other friends who had come to our aid during the run on us. Hence pay. ments and settlements were made during the morning until, when we were closed, we owed depositors, not provided for, less than $23,000, instead of $150,000 to d $200,000, as you have it. Ithink this will show why there was little money on hand when we were closed. That on the way by express was partly used in payment to depositors and part was retired to bank lending it, after we closed, and even with d the small amount remaining to be paid to depositors, took up during the morning by cash, $7500 of our exchange, which had been previously paid out, and would have been promptly met if we had been permitted to go on. I was tendered during the morning, from two undoubted sources, money to meet all checks if I would only continue to pay; but, not be. ing able to get assurance that we would not be closed, though we should continue to pay all depositors, I was unwilling to use their money 80 kindly tendered. d The above'goes to confirm our statement on Saturday, that small depositors will d suffer but slightly by the suspension, and hence the little general excitement, as 15 compared with the breakage of the Gayoso Savings Institution. With the suspension of the Merchants' National, we present the following list of banking institutions which have gone up within the past twelve months, all of which except those of Bolling, Green & Co., and the Tennessee Savings Institution, were failures, these institutions have wound up their affairs satisfactorily to all concerned Franklin Insurance company. Cameron & Carey, Bolling, Green & Co., Tennessee National Bank, Commercial Bank, German Savings Bank, Gaycso Savings Institute, and Merchant's National Bank. *Tennessee Savings Institute. NEW YORK CONVENTION.-The Memphis and Charleston railroad is still carrying delegates and visitors to and from the National Democratic Convention, to assemble at New York on the 4th of July next, at halffare; tickets for the round trip being issued at the Company's office, 278 Main street. The great Southern Mail and Express Route is the shortest and only all rail route to the East, having no ferrying or river travel; has sure and g direct connections and fine equipments, the country through which it passes presenting at all times, but more especially during the summer months, rare beauty, variety and attractiveness. These are qualities that will always secure the "Air Line the popularity and business it has ever enjoyed. Convention round trip ticket, $38 25. Good until July 20. 101 Beautiful grenadines, 20 eents: good prints,[10 cents: 4-4 bleached domestic, 12 1-2 cents, at J. H. Loew. enstine & Bros.', No. 231 Main street, 2 Clay Building. RACES.-There will be a trotting race to rule at the Association Course, on the Fourth of July, free for all trotting horses. Entrance fee, $10. Purse of $100, three horses or more to make the race. Parties wishing to enter horses will call at the Opal Saloon, Greenlaw Opera House. The entrance fee will close on the evening of the 2d. Pools 105 will be sold on the 3d. TEAS.-Just received a fresh invoice of Japanese and other fine brands of teas, to which we invite attention. WM. DEAN & Co., 102 193 and 1931 Poplar street. IRISH linen, very low, at 233 Main street. [100-t] RICE & ENGEL. A LUXURY in the way of a shave can be had at the Eldorado saloon, 45 Jefferson

7. June 29, 1868 The Evansville Journal Evansville, IN
Article from The Evansville Journal, June 29, 1868

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TELEGRAPHIC NEWS, Gold closed in New York on Saturday at 1403/2/14034. Ristori played her farewell performance at New York on the evening of the 26th. Ristori sailed on the Vilia de Paris on the 27th inst. The Albany Argus has come out for Chase for President. An embankment caved in at New York on the 26th inst, killing one man and injuring four others. A dispatch from Philadelphia of the 28th states that an iron factory in Howard Street was destroy on Friday. Loss $45,000. The workmen had some difficulty in escaping. A fire occurred in New York on the night of the 26th, by which property was destroyed an 1 injured to the amount of about $10,000. Dunn, Comb & Hill, bankers in New York, were robbed of $40,080 in Government bonds on the 26th Inst. A few days ago two white men and a colored man were killed at London, Ky., by a stroke of lightning. The Merchants' National Bank of Memphis suspended on the morning of the 27th. It is said its assets will exceed its liabilities. The examination of Captain Donaldson for the marder of Henry Anderson on the steamer Great Republic, which was to have taken place at St. Louis, has been postponed. A Burlington, Vermont, dispatch dated the 27th, states that two car loads of Fenian arms and equipments, in store at St. Albans, have been quietly removed. News from Mexico states that Juarez remains firm in his refusal to change his Cabinet. Romeo has been ordered from Washington. There is no cordiality between the American Legation and President Juarez. The young man, George Shelber, who was receatly murdered in Hudson City, is alleged to have robbed his partner, and t is supposed was murdered for his money by his low associates. At the Court of General Sessions in New York on the 26th inst, a man, named George H. Peterson, was convicted of an assault and battery with int nt to kill, and sentenced to the penitentiary for five years. A Washington dispatch states that an investing committee has unearthed frauds which show that a clerk in the Second Au ditor's Office, has, in deflance of law, paid out nearly a million of dollars to parties claiming to represent negroes mustered into the service, the parties generally being the owners of the negroes at the time they were mustered into the service.

8. June 29, 1868 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, June 29, 1868

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THE MERCHANTS' NATIONAL BANK." Its Suspension and the Alleged Causes which Led Thereto. A Card from W. H. Cherry, Esq. We have received and publish with pleasure the following card, from W. H. Cherry, Esq., in regard to the statement which appeared in our commercial and financial column yesterday MEMPHIS, TENN., June 28, 1868. Editors Memphis Appeal: Gents: I did not intend at present to say anything through the papers relative to theclosing of the Merchants' National Bank, until such time as I could be prepared to give what I consider its condition, but after reading your article, this morning, I deem it my duty to say the statement purporting to give its condition is very erroneous. I will mention one item at present; you state we owed depositors about $200,000, instead of which when our doors were closed we owed depositors, not paid or provided for, less than $23,000. I was tendered the use of funds sufficient to pay every depositor, by two gentlemen who have known me intimately for years, and by another of only short ac. quaintance, but having understood the bank would be closed at twelve o'clock, whether we continued to pay or not, I would not accept their money. Very Respectfully, W. H. CHERRY. The following is the article referred to, which appeared in our financial and commercial column of yesterday Rumors concerning the standing of one of our National banks have been rife in money circles for a few days back, but we refrained from noticing them, hoping that it would pull through. We are, however, now compelled to announce the suspension of the Merchants' National, which occurred to-day at noon. For some days back Gen. E. C. Wilson, United States bank examiner, has been in this city and has been investigating the affairs of the National banks. After a careful and thorough examination of the books of the Merchants' National he was requested by the Board of Directors to take charge. Of course, rumor, with its thousand tongues, has taken up the matter, and the wildest conjectures were uttered by those interested, 28 well as others. From all that we can learn at this early date, the failure is & bad one, and will entail heavy less upon the stockholders and depositors. Much of the assets are made up of suspended paper. At the hour of closing, there was no cash on hand and nothing to their credit with any of their banking correspondents. Paper amounting to about $800,000 has been sent, at different times, to New York, all of which was discounted and is now coming into maturity. All of this will come back protested, and will stand against the bank as liabilities to this amount. This added S to the debt due depositors, say $200,000, will make up the gross liabilities little if any less than $500,000. To offset this they will have the paper now in New York, and they still hold paper amounting to about $400,000. Of this it is hard to say how much may be collectable, but we think that twenty-five per cent. would be a liberal estimate. The bank building is worth probably $20,000, and the interest and difference between their bonds deposited in Washington and their circulation will amount to from $65,000 to $75,000. With the above data to go upon, and we are not far out of the way in our estimate, our readers can readily calculate what will be the probable loss sustained by stock holders and depositors.

9. June 29, 1868 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, June 29, 1868

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Suspended. MEMPHIS, June 27.-The Merchants' National Bank of this city suspended this morning. It is said that the assets will exceed their liabilities.

10. June 30, 1868 Des Arc Weekly Citizen Des Arc, AR
Article from Des Arc Weekly Citizen, June 30, 1868

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PANTHER.-A gentleman named Mr. Anderson had a fine young horse killed a few days ago in this con nty by a pantner; he put out poison and the panther was found dead shortly afterward.-Pioneer. Wittsburg is now the elected county seat of Cross County. Au the eleetion last Saturdy, Wittsburg was carried by a majority of about two hundred. This is as it should be, as it is much more convenient for the people than Cleburne. No.doubt the Wittsburg will feel several inches taller now. We hope to see the town prosper wonderfully.-Pio. neer. The Holly Springs Reporter, of the 20th; says; We notice that in many counties, intelligent colored people are canvassing against the unjust and oppressive mongrel constitution. The ball is rolling finely, and truth and right will triumph." The Memphis Ledger of the 27th inst. says: "The Merchants' National Bank this morning suspended payment, and was taken possession of by a Receiver at 12 o'clock Distrust has existed for some little time previously, which, doubtless, has accellerated its downfall. We understand the amount on deposit* by the poorer classes of citizens is not large, which we hope may be the case. The Tennessee radicals are getting uneasy about the negro vote. The truth is, every carpet-bagger and scalawag has cheated the poor ignorant negroe to such an extent that they may well be uneasy about their votes. We were on yesterday shown by Mr. J. G. Breuneg a very fine sample of the Irish Potatoes, grown from slips in the same manner as sweet potatoes. They were what is termed the peach bloom, looked healthy and were of flattering dimensions.

11. June 30, 1868 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, June 30, 1868

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FINANCIAL AND COMMERCIAL. OFFICE OF THE DAILY PPEAL. MEMPHIS, June 29, 1868. I Except the closing up of the Merchants' National Bank there has been very little of interest transpiring in our money market during the week. The suspension of this bank, which has long stood among the highest in our city, was not followed by the excitement which prevailed at the close of other banks a few months since. This was caused by the fact that there wereonly & few of the small class of depositors; and many of them have, we believe, been secured in a satisfactory manner. By & card from Mr. Cherry, the President, which appeared in our columns of yesterday, it appeavs that less than $23,000 was due depositors, which was not provided for at the time the doors closed. Of the causes. which led to the suspension, there are many assigned, but it is believed that it was urged by parties opposed to Mr. A. T. Lacey, Vice-President of the bank, and who has been a prominent candidate at Washington for appointment to the vacant New Orleans Colleetorship. It is said that Col. Bridgeland, a gentleman well-known here-an exNew York banker and brother-in-law of the President of the First National Bank, of this city-is also a candidate for that position; and it is intimated that if the account of Mr. Lacey with his own bank can be shown to be largely overdrawn, that it will ruin his prospects and further those of his opponent. These are only & few of the rumors afloat. Messrs. Cherry and Freeman, the President and Cashier of the collapsed bank, are highly esteemed in this community, and have, we believe, lest their all in the institution, their fortunes being wrecked with the bank, A statement, showing how matters stand, will be given to the public in a very short time, and will be looked for with no little interest. Gold in New York opened at 140fe and closed at 140}c. In this market brokers buy at 1381 to 139c; selling at 140c. The offerings of exchange are about equal to the demand. There has been no currency shipped East of consequence during the week, nor is there likely to be any for some eight or ten days to come. Rates are the same as at our last. Buying at par and selling on all points North and East at 1 to fc premium. The stock market is quiet and quotations nominal. Memphis city bonds are perhaps firmer than other securities, and it is hard to find sellers at 55 to 56c. We quote as before: Memphis and Charleston Railroad stock, 55c. Memphis and Little Rock bonds, 42 to 44c. Memphis and Ohio Railroad stock, 10c; 1st mortgage bonds 10s, 30e; 2d mortgage bonds 63, 20c. Mississippi Central Railroad bonds, 1st mortgage, 57 to 58e; 2d mortgage, 40 to 41c. Mississippi and Tennessee, 1st mortgage, 50c ; 2d mortgage, 33c. The First National Bank has already commenced paying the July coupons of city bonds, due on the 1st prox. City Scrip is inactive, with very little on the market. Brokers bid 750, without finding sellers, and are slow to sell at less than 80c, though WE heard of a few hundred changing hands at 771c. County Warrants are dull at 60c buying; selling at 63 to 65c. There is no disposition to speculate in Warrants, and few are taken by brokers, except they have a place to put them." Police Scrip is weak and tends downward. Buying at 77 to 78c; selling at 83 to 85c. to

12. July 1, 1868 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, July 1, 1868

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FINANCIAL AND COMMERCIAL. OFFICE OF THE DAILY PPEAL. MEMPHIS, June 30, 1868. Five hundred millions of legal money is idle in London, Paris and New York, and yet, says an exchange, commerce, industry and speculation is overshadowed with a gloom which cheap money " fails to dissipate. Capitalists and money lenders are demoralized by the gigantic failures of the last two years, here and in Europe. Overend, Gurney & Co., in London, the Credit Mobilier, in Paris, and the hurricane of the crisis of 1868 in London, paralleled by the failure of first-class merchants here, keep alive the existing distrust in financial circles. The commercial "panic and crisis" of former years are supplanted by the dry rot," which affects the unsound branches of commerce at intervals. The continuous decline in prices of merchandise and produce, since the war ended, have inflicted such losses that failures were inevitable. The cheap money markets have enabled insolvent firms to continue their business until the future looked so hopeless, even to themserves, that they ceased voluntarily to borrow more, and in most cases, to the astonishment of the community, when they stopped payment. Since June 1st, a first-class Cuban firm in New York has succumbed to this dry rot" with money at 2 to 3 per cent. per annum. The Credit Mobilier, of Paris, failed on a 2 per cent. money market. The dry rot has run its course among the dry goods and produce dealers, Western grain speculators, China and East India merchants. Prices have declined enormously in all these branches of trade, the last three years. While prices generally have been declining, Wall street speculators have been running up the market quotations for certain railway shares to figures which look unnaturally high in the popular mind, so that the outside public may be said to have literally deserted. Gold opened in New York at 140}c and closed at 140gc. We quote at 138 to 139c buying; selling at 139} to 140c. In our local money market, currency is comparatively plentiful, but there will be nothing doing in the way of discounting for some days to come. Exchange is abundant-fully equal to the demand-and rates remain unchanged. City Scrip is steady, but transactions are light. Brokers offer 75e and ask 80e, though some would sell at 1c or may be 2c less for & large lot, in order to turn it into currency. Small amounts, however, are firm at 80c. County Warrants dull at 603 buying; selling at 63 to 65c, as to size. There is no demand, except for immediate use. Police Scrip, 74 to 75c buying; selling at 80c. New Tennessee bonds declined in New York from 7480 yesterday and 72je this morning to 68Ε‚e, at which they closed today. We could learn of no trausactions in stocks or bonds during the day, though the inquiry for desirable securities is unabated. A sale of $5000 in city bonds occurred yesterday, at 54Β½0, which was under our quotations. We quote nominally as follows: Mississippi and Tennessee 1st mortgage bonds, 50e; 2d do, .32 to 33c. Mississippi Central, 1st mortgage, 57 to 58c; 2d do, 40 to 41c. Memphis and Ohio stock, 10c; 1st mortgage 10s, 30e; 2d do 6s, 203. Memphis and Charleston Railroad stock, 55c. Memphis and Little Rock, 42 to 443. Navyyard, 52c. It affords us pleasure to give place to the following communication, correcting what we published yesterday as a rumor : MEMPHIS, TENN., June 30, 1868. Editors Memphis Appeal: Permit me to call your attention to the following extract from your financial report of to-day, in regard to the suspension of the Merchants' National Bank Of the causes which led to the suspension, there are many assigned, but it is believed that it was urged by parties opposed to Mr. A. T. Lacey, Vice-President of the bank, and who has been a prominent candidate at Washington for appointment to the vacant New Orleans Collectorship. It is said that Col. Bridgeland, & gentleman well-known here-an ex-New York banker and brotherin-law of the President of the

13. July 1, 1868 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, July 1, 1868

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# THE MERCHANTS' NATIONAL. The Meeting Yesterday and Its Results-An Effort to Resuscitate. At a meeting of the stockholders and directors of the Merchants' National Bank, held yesterday, it was resolved that an effort should be made to stay all proceedings in the matter of winding up its affairs, and to again resume business. The Metropolitan Bank of New York has signified its willingness by telegraph to carry what paper they hold as long as possible, and several prominent stockholders have come forward and offered to advance money enough to pay off depositors and other indebtedness, provided such arrangements can be entered into at Washington as will enable the bank to resume business. A committee, consisting of Messrs. Partee, Smith, Freeman and Woodruff, were appointed, who leave for Washington to-day. In the meantime, Col. McKee, the Treasury agent in charge, has telegraphed the department to await the arrival of the committee. Gen. Wilson, who we learn wishes to be appointed Receiver, has already left for Washington. It is to be hoped that there will be no difficulty in making such arrangements as will prove entirely satisfactory to all parties concerned.

14. July 1, 1868 The New Orleans Crescent New Orleans, LA
Article from The New Orleans Crescent, July 1, 1868

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The Failure of the Merchants' National Bank Memphis. [From the Avalanche. June 28.] Suspicion that all was not right has rested upon the Merchants' National Bank for some months, and the affairs of the institution have been very generally discussed in public places for nearly a week past, especially as it was well known that a lynx-eyed agent of the government was in the city for the supposed purpose of investigating the details of its managementand operations. In the Avalanche of yesterday brief reference was made to the matter for the first time. But all was not destined to be as lovely as the officers fondly expected. Gen. Wilson, the bank examiner, had become satisfied that the affairs of the bank were rotten, and that the national bank ing law had been disregarded in nearly every particular. The result was another draw on the bank yester day morning, this time from the directors. By ten or eleven o'clock, so persistent was the demand, it was found necessary to suspend payment. In a little longer, by request of the directors, Gen. Wilson was in possession of the keys, books, etc., belonging to the institution, and had made an order of liquidation. Gen. Wilson found no cash on hand on taking possession, and nothing to the credit of the concern with other banks or correspondents. Paper amounting to about $300,000 had been sent to New York banks at different times to raise money on, all credited and discounted to the Merchants' National Bank, and now maturing. This. of course, will return protested and be a liability of the collapsed institution, which. added to the amount due depositors-say $150,000 to $200,000 as variously estimated-will make the gross liabilities of the bank about $500,000. As for assets, in addition to the paper in New York, the bank has here about $400,000 in paper, at least half of which is under protest or past due. Thus the assets are apparently $700.000 in paper, good, bad and indifferent, of which, at a fair estimate, about twenty five per cent. is all that can be collected in these disjointed times. The depositors caught by the failure were mostly heavy ones and few in number, the small ones, who generally make the most noise, having been paid with few if any exceptions. The heaviest sufferer by the collapse will be the Metro politan Bank of New York. In fact the weight of the failure is very largely in New York, and will be felt here only as affects our credit and the depositors to whom we have made reference. A letter of the 25th, from W. H. Cherry, president of the bank. to the Memphis Bulletin says that when they closed payment they owed depositors, not provided for, less than $23,000 instead of $150,000 to $200,000, as reported, and this will show why there was little money on hand when they closed. That on the way by express was partly used in payment to depositors and part was retired to bank lending it, after they closed, and even with the small amount remaining to be paid to depositors, they took up during the morning by cash $7500 of their exchange, which had been previously paid out, and would have been promptly met if they had been permitted to go on. He was tendered during the morning from two undoubted sources money to meet all checks if he would only continue to pay; but not being able to get assurance that they would not be closed, though they should continue to pay all depositors, he was unwilling to use their money so kindly tendered.

15. July 3, 1868 The Athens Post Athens, TN
Article from The Athens Post, July 3, 1868

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The Tuscaloosa Monitor has been suppressed by the military. The fillibustering expedition at New Orleans turns out to be a big hum-the men composing it were employed to work on railroads. Wm. H. Harris, Chattanooga, has been muleted in the Federal Court in $10,000 for appropriating government lumber. The Arkansas members were sworn into their seats in the House on the 24th. According to Houk, the luminous, the bonded debt of the government is two billion five hundred million dollars. Will Houk inform his constituents what a billion is? One thousand persons have gone into thorough bankruptcy in Massachusetts. Puritan legislation is being disastrously felt even in Puritan headquarters. Heber Kimball, of Morman prominence, is dead. A young lady of Galesburg, Illinois, of very respectable family connections, eloped, last week, with the clown of Johnson & Co.'s circus. A Pittsburg merchant has made a raise of $8,500 by false pretences. Rev. John R. Bain died at Clarksville last week. Father Bokum is still laboring for immigration-with what success is not known. Senator Henderson and Miss Mattie Foot were married, at the National Hotel, Washington, a few days ago. Governor Bulloch has issued a prolamation convening the Georgia Legislature on the Fourth of July. A salt spring of large promise has been struck in the Big Poor Valley, near Rogersville, Hawkins county. A collision occurred on Thursday evening, of last week, between Maj. Kirby, of the Knoxville Press and Herald, and John Brownlow of the Whig. Nobody hurt. Wheat is reported good in Roane countybetter than anticipated. Two loil preachers-Clisby Austin and J. L. Mann-are blackguarding each other through the Greeneville papers. The Chattanooga Republican is beslobbering Bill Stokes with praise, with a view to his candidacy for Governor. Midnight bawls are said to be very common in some sections of the country. Some author says that one of the uses of adversity is to bring us out. That's true-particularly at the knees and elbows. 'Pa,' said a little friend of ours, 'what is the use of giving our little pigs so much milk? they make hogs of themselves.' Pa walked away. A family in Belfast recently boiled the leaves of the rhubarb plant for greens and were all poisoned. The family of the President are on a visit to his home in Tennessee. Gen. McDowell, who got badly whipped at the first Manassas battle, is playing the tyrant largely in Mississippi. Maj. Frank Manney, of this State, was stabbed and killed at New Orleans, on the night of the 25th. The United States Circuit and District Courts at Knoxville, adjourned last Friday. The Merchants and Manufacturers Insurance Company, Nashville, has suspended. The South Carolina Legislature is to meet on the 6th of July-by order of the Grand Satrap. That of Louisiana on same day. Judge W. S. Allen, of the St. Louis Republican is dead-after doing duty as an editor for twelve years. The Winchester and Alabama Railroad is fully completed. The Odd Fellows had a grand celebration at Gallatin on the 26th. Banks-the Cotton speculator-is to speak a piece at Knoxville on the ga-lorious Fourth. Hon. E. B. Washburne is about the most handy man in the country. He denies the authenticity of Grant's letter in which he a threatened to go over to the rebels. Over two-thirds of the public offices in St. Louis are held by Germans. A Philadelphia minister prays at the rate of 200 words per minute. Coal is now selling in St. Louis at 61/2 cents per bushel, with a plentiful supply. Two quarts of lager beer killed a Frenchman in Buffalo the other day. Ex-Secretary Stanton proposes to return to the practice of the law. He will prove an honor to the profession. At Cleveland, Ohio, Mrs. Victor, charged with poisoninong her brother, has been convicted of murder in the first degree. Hunnicutt, the noted Virginia scalawag, was on a big drunk at last advices, and swearing like a trooper. The whole amount of gold mined in this country since the gold regions were opened a few years ago, amounts to one billion two hundred and fifty million dollars. Corn is as low at Selma, Alabama, as at St. Louis, and large quantities are being shipped to Mobile. Mexico declines to give the right of way for a railroad from her capital to our Northern frontier. A member of the whisky ring says this life is pretty much made up of "abstractions." The Merchants National Bank of Memphis has suspended. Ben Garret, a police detective, shot and severely wounded J. J. Kelley, at Memphis, on the 27th. John O'Connor, a talor, was waylaid by some negroes at Memphls, knocked on the

16. July 4, 1868 The Bolivar Bulletin Bolivar, TN
Article from The Bolivar Bulletin, July 4, 1868

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On the 29th ult., the Merchant's National Bank of Memphis suspended, and was taken possession of by a Receiver. Of course depositors were fleeced.

17. July 18, 1868 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, July 18, 1868

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& injured in theirestimation without cause and without such an investigation and lapse of time as might have prevented 80 dire consequences to our commercial interests and endangerment of the creditof honorable men. But if you will take the trouble to investigate the matter at home, you will discover the close connection of another national bank with a piece of treachery that would give the run and control of very much if not most of our exchange and deposit business. You will learn that this busy-body national bank was to become the bond of a_ Receiver for the Merchants' in return for which deposit of trust said Receiver was to turn over the collections and other business of the closed bank, whereby & snug little sum was to be netted to & concern that any day might go by the board, if only left to the patronage of the Radicals It supports and protects in power. A nice little game, for the monopoly of the banking business has been spoiled, and our own people, whose only error is a too confiding trust and confidence in their fellow business men, are likely to come out all right." There are always wheels within wheels. This affair of the Merchants' National illustrates the present. For want of that associated effort which distinguishes St. Louis, Cincinnati, Chicago and New York our merchants are as subject to the fluctuations of rumor as to our mercantile affairs as if stran gers to the corporate limits of Memphis, hence they, as well as the general public, fall an easy prey to any apparently fair statement, especially hen coupled with results like the closing of this bank. Then, too, there is too much eagerness to kick down the bill the man who has begun to tumble and the smile and smirk of selfish jealousy often lights faces in Memphis that should express rather sympathy and regret. The Merchants National was guilty of dereliction as to the National Bank Law, but otherwise I am well persuaded was solvent, or if any loss, such only was to fall on the stockholders. Now take the statement of almost any National Bank, one of ours for instance, and you will see that this law has been many times violated without drawing such consequences as followed in the instance I write of, and that such could only have occurred as the result of & determination to break down our own people and an institution most important at this time, especially to our commercial welfare. AS TO STATE FINANCES I am well assured that the State authorities have connived with certain influential parties connected with our East Tennessee railroads, whereby the July interest on the bonds of these roads has been withheld with & view to enable both to make fortunes from the failures. These parties through their agents here are selling these bonds short, under the excitement occasioned by this failure, throwing down the market to enable them to buy in again at a depreciated rate, and 80 become the sole possessors of a property that should rank with the best securities in the country This, coupled with the Merchants Na tional and several discreditable financial schemes of Brownlow's pets that have transpired, proves not only the dishonesty of the Radicals, but their untitness to be the repositories of State trust in any degree. Never was State cursed as Tennessee is with a pack of thieves. From a cent up, they disdain no transaction that will help them in their nefarious plans. We know only in part in Memphis; in New York, one learns fully Here the glamour is lifted, and seeing no longer 88 through a glass darkly the hideous and naked deformity of Brownlowism stands revealed as the darkest and dirtiest phase of Radicalism in the United States Faugh am dis guated with the subject, and turn to an other of fairer import and more promising. STATE GRIEVANCES. The document presented to the National Convention, and prepared by our townsman, Judge Brown, is likely to become a campaign paper of great weight. Its elucidation of our political and financial condition is 80 searching and thorough, that it is deemed wise to give it an extens ve circulation, embracing every part of our country. As well posted as Democrats supposed themselves as to our condition, they were surprised to find how little they knew of it by the light of this important paper. It has been read eagerly here by all classes and pretty ably discussed, although the Radical organs, feeling their inability to combat its statements, hve passed it in discreet silence It has drawn to us thesympathy of good people from all the States, and serves as & warning to other Southern communities of what they may come to unless they can kill Radicalism at the ballot. box. I trust and hope that all our papers will give it general circulation, and that in Arkansas, Mississippi and other contiguous States it will be sent into every house, a melancholy statement of our grievances. THE NATIONAL COMMITTEE. I learn reliably that Dr. Leftwich has been elected by his fellow members of the National Democratic Committee a member of the Executive Committee of that body, a position that will enable him to be of great service in the canvass to come, not only to our State, but in our section. I also learn that this committee have made ample arrangements for the cam paign, which it is proposed to open in Maine at once, and New York, in a few weeks, vigorously and ably. Mr. Chas. Cameron, of Arkansas, has, I believe, been selected as one of the canvassers for Maine, where he will at once inaugurate the movement. FORREST AND WASHBURNE These distinguished Generals met in the ball of the St. Nicholas for the first time yesterday. They were introduced to each other by Mr. Jesse W. Page, jr., and for & time enjoyed a quiet and social chat about the late war and the present political condition of the country. HONORS TO SOUTHERN DELEGATES. A dinner was given at Delmonico's last night to the remaining Southern delegates, by leading members of the Democratic party, at which Tennessee was represented by Gens. Forrest and Bate, Judge Brown, and others, whose names I have not been able to ascertain. It was a grand affair, worthy of New J. M. K. Yorkers and their guests. THE New York Independent has choked off its ancient contributor, Prof. Finney, who tried in its columns to revive the ti-Masonic excitement. Not satisfied with retailing " Morgan " ith improvementso his own, that veracious individual made & terrific exposure of a Masonic degree which has no existence

18. July 23, 1868 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, July 23, 1868

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HEMPINS APPEAL FINANCIAL AND COMMERCIAL. OFFICE OF THE DAILY APPEAL. MEMPHIS, July 22, 1868. We, as well as the many friends of the Merchants' National Bank of this city will be glad to learn that it will re-open in a very short time-rumor says to-morrow morning. A meeting of the Directors takes place to-day at 10 a.m. at which, rules for the guidance of the bank will be adopted, and other preliminary matters arranged. We presume that all the old officers will retain their positions, which is a gratifying evidence of confidence upon the part of the Directors and Stockholders in the integrity of these gentlemen. We learn that Mr. McKee, who had charge of the bank in the interest of the Government has turned it over to the Directors and departed for Washington. The bank will resume business with vaults full of currency, and upon a more solid basie, we have no doubt, than it has enjoyed since the unfortunate affair which is generally understood to be the main cause of its temporary suspension. We learn from planters that the hot weather has driven nearly all the negroes out of the fields. It is to be hoped that this term of heat may last but & few days longer, and that the short delay occasioned thereby will not prove of serious detriment to the crops. The greatest danger to be apprehended this season will be of a political character. Mass meetings of those who till the soil should not be frequent at a period when we are in want of bread, and every day lost in this way curtails our crops to that extent. The managers of the political campaign just inaugurated will, we hope, think of this thing and act accordingly, but we presume it will be vain to urge such prudential motives upon the Radicals, as only in continued excitement and turmoil do they expect to find success. Gold opened in New York to-day at 1431, and closed at 143}. Dealers buy at 141}@142. Selling at 142}@143. By a letter to a house in this city from a well known broker in New York, we learn that Southern securities have a decided downward tendency in that market. We have confident dealers here, however, who are anxious to buy favorite stocks and bonds at our quotations, which owing to the absence of offerings must be looked upon as entirely nominal. We quote as follows: Memphis and Charleston railroad stock, 53c. Memphis Gas Company stock, $1 50; Mississippi Central Railroad, 1st mortgage bonds, 58c; 21 do. 40c. Mississippi and Tennessee, 1st mortgage bonds, 50c. Memphis and Louisville 1st mortgage bonds, 30@31c; 2d do. 20c. Memphis and Little Rock bonds, 40c. The following are the New York quotations for Government securities to-day: Coupons '81, 151 do '62, 141; do '64, 11g; do '65, 12}; new issue, 91 ; do '67, 9%; 10-40s, 8%; 7-30s, 2d and 3d, 9; Old Tennessees, 671; new do 66}. Government bonds steady. City Bonds are now being issued by Mayor Leftwich to those who have deposited Scrip for conversion, but we could hear of none being put upon the market. There is some inquiry for them, however, at 54@56c. City Scrip is very scarce and in demand by those who wish to convert it into bonds. We quote at 72@75 buying. Brokers are not selling. County Warrants are active. Buyers were on the street offering 55c, but we could not learn of any sales. We quote at 56@57e selling. Police Scrip dull at 70c buying. Selling at 75c.

19. July 24, 1868 New-York Tribune New York, NY
Article from New-York Tribune, July 24, 1868

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this character, and will present it in the House as soon as an opportunity offers. Congress has appropriated $150,000 additional, for furnishing the building and providing the machinery of the Branch Mint at Carson City, Nevada, $100,000 having been previously appropriated for the same purpose. No appropriation has been made for the retining of bullion, and a bill has been passed preventing the Secretary from exchanging imported for refined bars, thus virtually prohibiting the deposit of any but refined bullion at the Mint. Only $25,000 have been appropriated for the Mining Commissioner. The Conference Committee of both Houses on the bill making appropriation for the purchase of Alaska reached a decision on that subject to-day. The Senate Committee insisted very strongly on the ideas which prevailed in that branch of Congress, but the House members refused to abandon the positions taken in the preamble, and, after a protracted session of several hours, a mutual understanding was agreed on, in which the principles of the House preamble were partially conceded. The Committee will make their report to-morrow, which will receive the concurrence of both Houses without opposition. The President signed the Tax bill to-day, under protest, and it has now become a law. He objected to the bill on several grounds, the principal of which was the clause allowing supervisors to suspend col lectors and assessors in their respective districts. He was of the opinion that this was too great a power to invest in those officers. and considered that it should be entirely with the Secretary of the Treasury or the Commissioner of Internal Revenue. It may be remarked that this objection is not regarded as a very strong one. The Supervisor is compelled to report immediately, any suspension he may make, to the Commissioner, and if the grounds are insufficient, his action will of course be promptly reversed. The Merchants' National Bank of Memphis, whose failure was announced a few days ago, has resumed payment. The abstract of the statements of the National Banks for the current quarter will be made public to-morrow. The Hon. Reverdy Johnson, Minister to England, took his leave of the President and the Secretary of State to-day, and received his final instructions. He sails for Europe on Wednesday next. Mr. Evarts is the guest of Mr. Seward, with whom he will remain until his arrangements for change of residence are completed.

20. July 31, 1868 The New Orleans Crescent New Orleans, LA
Article from The New Orleans Crescent, July 31, 1868

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ITEMS BY LAST NIGHT'S mail. The receipts at the St. Louis custom house for the fiscal year ending June 30, were $1 392,331. The receipts of internal revenue, from the 1st to the 25th of July, $21,500,000. The shipments of specie for Europe footed up to a little over a million last week, making & total of fifty-nine millions since the 1st of January. Over six hundred thousand acres of land along the Hannibal and St. Joseph railroad have been sold to immigrants during the past six months. John Thompson, a revolutionary soldier, died at Smithtown, Long Island, on Thursday week, gears. 101 pers Saratoga county, New York, has a wild man pus 'triqs pedins Buoj 8 and wears 1843 lives, squirrel like, in the trees. Rev. James Rodgers, D. D., one of the oldest clergymen in that vicinity, died at his residence, in Allegheny City, on Thursday, in the sixty. eighth year of his age. Rev. W. A. Wilder and wife, and two children, have just arrived in New York from Natal, Africa. He is a missionary of the American Board, and went out in 1849 to the Zulu misssion. A grand pigeon shooting is to come off at Detroit on the 5th of August. About 1500 birds have been secured, and some of the crack shots of the country will be present. The bill authorizing the issue of $25,000,000 of three per cent. certificates, to be used in redeeming compound interest notes, has been signed by the president. About a bundred clerks have been discharged from the quartermaster general's office, for lack of appropriations to pay them. They were nearly all soldiers. A Cheyenne dispatch says several thousand cords of wood and a large quantity of coal, be. longing to the Union Pacific Railroad, were burned on Saturday night. John M. Wackerman, an old citizen of Buffalo, cut his throat at the Clifton House, Niagara Falls, recently. Domestic and business troubles prowoked the suicide. In Montreal, last week, two hundred and nine persons died mainly of sun-stroke and apoplexy. Prayers were offered for rain, on Sunday, in several of the churches. Gen. R. D. D. Mussey has applied. in the Washington courts, for an injunction to restrain St. Marie from receiving ten thousand dollars reward for the information which led to Surratt's arrest. Mussey claims fees for lobbying the resolution through Congress. The Merchants' National Bank, of Memphis, which was closed about a month since for an al. leged violation of the national banking act, after an examination by a special agent of the treasury department, has been turned over to its officers, pus Bill Rudd, an ex Confederate soldier, was shot dead in Waverly, Missouri, last Friday, by a party of armed men, and his body hung upon a tree in the woods by the perpetrators. His mouth was stuffed full of tow, and the rope by which he was suspended was passed through his mouth and then around his neck. A correspondent of the Scientific American commends onions as a specific against epidemicsnot as an esculent, but sliced and kept in a sick room, where they will absorb any atmospheric poison. They should be replaced by fresh ones every hour. It is noticed that in the room of a small-pox patient they blister and decompose with great disease. rapidity, but will prevent the spread of the Capt. Sylvester Wright, of Northampton, Mass., a lumber dealer,' has failed for $45,000; and forgeries amounting to $28,000 have been traced to him. He owned steam saw-mills at Northampton, at Holyoke, and at South Vernon, Vt.; was a stirring business man, and a member of the Board of Selectmen and of the First (Orthodox) Church of Northampton. The forgeries extend a period of three or four years. The footings of the Congressional appropriation bills passed are as follows: Military academy, $276,000; diplomatic service, $1,210,600 postoffice. $20,279,000; ocean service, $800,000; army, $33,082,00 navy, $17,370,000 legislative, executive and judicial, $17,950,300; civil service, $9,250,000; pensions, $30,350,000; Indian service, $4,160,700; Alaska, (in coin) $7,200,000; deficiencies, $17,460,650; charities, (District of Columbia) $216,000; charities, (private) $110,000; miscellaneous, $260,000, making a total of about $161,400,000. There's economy for you. The Minnesota Winnebagoes, who were removed to the Upper Missouri five years ago and placed on a sandy, barren reservation, destitute of wood water and game, are returning to the vicinity of La Crosse. They number only about 300, and are led by Short Wing," an old warrior, who was a sort of commissioner to Washington in 1846, when

21. July 31, 1868 Public Ledger Memphis, TN
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MERCHANTS' NATIONAL BANK REopened.--We feel gratified in announcing to our readers the reopening of the Merchants' National Bank under favorable auspices. This bank commenced business on the 27th of this month, having satisfactorily arranged all complications which arose from their recent suspension, and began anew with ample capital for all legitimate negotiations incident to a general and first class banking business. This arrangement has been made with the Metropolitan National Bank of New York, which guarantees safety to all depositors and correspondents, and we feel no hesitancy in indorsing the managers of this institution and commending it to the confidence of this community.

22. May 4, 1870 The New York Herald New York, NY
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BIG NATIONAL BANK JOB. A Bill of Financial Abominations-Oredit of the Government Loaned to Wildoat Corporations-List of National Banks That Have Already Failed or Gone Into Voluntary Liquidation-Deposits in Na tional Banks-Depositors Lossos. WASHINGTON, May 2, 1810. General Garfield has reported from the Committee which Banking and Currency a bill (No. 1,900) on that certain national bank associations may provides into our national Treasury $104,500,000 bonds and and repay therefor $199,500,000 in gold-bearing of celve currency. The bill, in fact, makes a free gift pays $95,000,000 to certain national bank managers, securities them $4,702,500 per annum interest on in the (greenbacks) that are now acceptably placed true market free or interest, and, in order to make upon the old saying that "the devil always heaps banklargest pile,' loans the aforesaid national without ing the associations the credit of the government limit. of the worst features of the numerous that bills are One increasing national bank subsidies has for pressed upon the attention of Congress in effect being been noticed. They all provided shall loan scarcely the government of the United States associations that credit without limit, to any and all bank franchise. its manage to secure a national men or the that the managers are solid business all have the Whether sharpers out of the penitentiary, alike. A worst of the United States government in this city credit concern like the one that failed the soundwildcat ago is served as generously as it works:few and this is the into bank in association pays A Treasury and receives $110,000 est national national years New bank York; currency, way therefor $110,000 $210, are of the in gold-bearing bonds and The bonds General Spinner 000 the former and 100,000 of the latter. for safe keeping and on deposited his convenie with nce when paying the bank interest in course for The currency is used by the may be. The them. bus iness, whatever bank, that its circulation of concern regular being secured a national beyond pera bonds venture deposite by national endorsed government and and Treasurer having at Washington degree of to with the United States of course enjoys obtaining, a primen secure circulation, credit and opportunity of could perhaps popularity, vate deposite that their the same "national" franchise. matter Being of be must course good never "national have bank, ithout most people and safe suppose place to deposit, and act accordingly. THE CONSEQUENCES. receiving anything Suppose sitors. the bank The falls billholders before its circulation are secured, to and the from when depo the association Treasurer returns it gets its bonds as in has return, been and the United no interes State suffers loss. banks But in suppose, this city. New Orleans by vircase and other with places, national the bank character, falls halfa after getting, million dollars, more ture of or its less, national in of such depositors' cases, mone the lose noteholders their all, come and the off nagera without or course, loss; the retire depositors to enjoy their of sharpers plunder. who can may subsidy bank Under ma the Garfield form bill a any national get banking and go at associ- once ation, raise $50,000 secure their unwary share of depos positors to safe ruin. deposito. sources; to work rule enticing national banks entirel are not as on their because own of character. ries As as houses but thousands that depend deposit Congress in them has Leteve no right government. their thus loan tional' the credit of bottom. the Let depositors be induced to be tub to stand Judgment. on its own They should "national" not character, their own banks having kind. deposit with responsibility any but without NATIONAL BA NKS EVER by FAIL! the Treasury that from The impre DO reasion national has been banks created rarely the records or never the banks ring have organs Department refore complied list and of the for which national receivers that Treasury have already failed Hereit C. have First been Nat tional appointed. National Bank Bank, of Attica, of Washington, Franklin. N.Y. Pa D. Merchants' Venango National Bank of Bank, Medin of Memphis, N.Y. Tenn. Tennessee First National National Bank, of Ala. La. National and Farmers Citizens' First First National National Unadilla Bank Bank Bank, of New National of Unadilla, Orleans, Bank, N. of BrookYork city. lyn,N.Y Croton National Bank, of Bethol, of New Conn. Iowa. First National Bank of Keokuk First National Bank sburg, Miss. National in volung Nati nal Bank Bank of of national Rockford banks III. are United tary The First liquidation following in the named but Treasury have not for redemption deposited Ind. of outstanding States notes National irculation:- Bank of Rochester, Indianapolis, N.Y. Fourth Union Bank of of Leonardsville, Va. Ind First National Farmers' National National Bank Bank of Bank the Metropolis, of Richmond Washington, D. National National Bank of of Providence, Elkhart, Pa. First First National Bank Bank of Newton, Dubuque, Mass. Iowa. National First National State Bank Bank of of cincinnati, New Uim, Minn. Ohio First Ohio National National National Bank Bank of of Blunton, Kingston, Ind. . N.Y. Va. Richmond, First First National Exchange Bank Bank Skaneateles.ru of N.Y. Pa. First National National Bank Bank of of Titusville, Downingtow Pa. Wis. First National National Bank Bank, of of Appleton, First Appleton Bank National of New Brunswick Ohio. N. J. National Bank of Chyyahogt Falls N.Y. First National National Bank of of Watertown, Iowa. Second First National National Bank Bank and of Farmers Des Moine3, Bank of Albany, N First National Second National Mechanics Steubenville, Ohio. Bank of of Plumer, Pa. First National National Bank Bank of Dorchester, Danville, Iowa. Mass. First First National National Bank Bank Mechanics of Oskaloosa, National Bank of Troy, First Merchants and of Wheeling, W. Va. N National Savings Bank Bank of Marion, of Detroi troit, Ohio Mich. North First National National Bank Insurance of Lansin Bank America New York city. National National Bank Bank of of Ciyde, Me. First National Bank of HallowYork city. New First National National Bank of avannah, city. Ga. Savanual Pacific Froatburg; Md. Grocers' National Bank Bank of La George etown, in D. volun o First National bank are States National First Bank named national deposited United of our The following and have for the redemption tary notes in the circulation:- Bank of Columbia, Carondelet Mo. Mo. standing ational First First National National Bank Bank of Jaekson, of Waukesba, Miss. Wis. Farmers' First National Bank Bank of of of Wis. Ohio. of First National Bank Worcester, names These tional Providation. First First Com National commercial lists Bank banks of as South will that be have seen, already the failed or gone sixty-four into voluntary THE show the number of character unfortu- the The records induced do not by become the depositors, It must amount or indinate persons instituti itutions of their to losses. Not only were instances, of gregate these amount million dollar but, deposito in some ositor, and, govern. conment en required segen the ntly, nation deposits loser in in nationa national the shape of aggrega to very to many tors suirenes a though partial for security vidual ional gov of large sums; banks a bonds deposited

23. August 31, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, August 31, 1873

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Condensed Telegrams. A new bank entitled, the State National, opens business in Memphis to-morrow, and the Merchants' National goss into liquidation. The receipts of cotton the past season at Memphis are 36,000 bales ahead of 1872. The last spike was driven yesterday on the Cairo and Fulton, Ark., railroad, connecting the Southwest with the Northern system. The coroner's jury on the death of Dr. Mears at Clarksville, Ark., have dev veloped that his assassin was a personal enemy. Erie wants to negotiate a loan of forty millions in Europe. Irving offers to produce the note book of the murdered Nathan, if he is taken to New York. Wali street was electrified yesterday by an attempt to negotia'e a loan of $25,000 on forged bonds of the New York Central. The would-be borrower escaped, but it is feared he duped others. Later reports say $250,000 of the fogeries have been placed. The Model Oil Refinery at Freeport, Pa., has been burned-Loss $525,000. Galveston has suspended its quarantine against New Orleans. A Presbyterian college at Greencastle, Ind., was burned yeste: day - -Loss $12,000. The porkpackers of Ciocinnati will make a present of their hog cartooons at Vienna to the city of Pesth, in Hungary. Letters for naval officers and seamen must be prepaid. Among the prizes offered by the Nebraska State Fair are sixteen "fine farms." A Philadelphia clerk stole $70 yesterday and then S ruck himself with a dumb beli, simulating unconsciousness as if stunned by robbers. He'l steal more and succeed better next time. FOREIGN. And now comes Alfonso, Isabella's "infant" to join in the Spanish scramble for a tottering throne. The Cartagenists have hoisted the black flag is response to an invitation to surrender. France will pay the last cent of her German debt on Oct. 14. The Government has abolished the war-indemnity tax on imported breadstuffs. The Princess f r-Lorne is enceinte.