Article Text
SINCE our last issue, the Union and the Planters', and all the Free Banks in Nashville,-namely, the Merchants, City, Traders, Bank of Commerce, Bank of the Union, and the Bank of Middle Tennessee, at Lebanon, have suspended specie payment. The notes of all of them though are still current as before, and are all good. They suspended specie payment as a matter of policy, as the three old Banks did, and not from any inability to sustain themselves. We have not heard what course the Free Banks in Memphis, will pursue when advised of the action of those at Nashville; but we think it probable that they and all other Banks in the State, will also suspend from like motives of prudence and policy. The Bank of America and the Northern Bank, both located here, are still paying specie, and we do not know whether they will suspend or not. If they do, it will be only because all the other Banks have done so, and in consideration of the policy that moved them to do it. They have certainly proved that they are entitled to the highest confidence.
