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demands made and expected, it became necessary to call upon the debtors to their institution, no other mode could be discovered to redeem their citizens from ruin, than to determine at once upon the course they have taken, and thus by palliating the evil to afford time for relief to come in. For these pressures we complain not of our own citizens; by them every confidence has been had in the ability of the banks to meet their engagements. But speculators in the precious metais, agents, and emissaries from that bank, wie interests, as well as object, seems to be to destroy every state institution; added to an immense balance of eastern debt, watch til timed policy or misfortune has produced against our country, ali sunted, nave affixed the belief, that every dollar issued is immediately caught up, and returned to the vaults for payment. Bills and notes at par in the atlantic cities, being at an advance of four and five per cent; andsilver and gold bearing a considerable premium, have rendered tan object for many to offer high prices for Tennessee paper, and even to employ agents to ride through the country and hunt it up. In such a state of things, the notes of the banks of this state could not be kept in circulation; and in ninety days it is believed that the metathe capital resting in the state would have been wholly drained away In such a picture wito cannot see the consequences? Who cannot imagine the situation of the debtor, when in the absence of all the specie of the country, he soould be told by some remorseless creditor that nothing but goid and stiver would be received in discharge of his debt. Under such circumstances ons thousand dollars worth of property would be tusuthcient perhaps to pay a debt of one hundred. Hence the propriety, may the necessity of interposing some relief, unto the agricultural resources of the State, shali enable the people to meet therewith their debts due to the Eastward, instead of discharging them as must now be the case in silver and gold How the distresses which exist bave been brought upon the country, is not material to enquire. That they do exist is most true, and that general insolvency must ensue, without a remedy being apphed is no less certain. To suspend specie payments, and under that security to enlarge their discounts, and to flood the country with fresh emissions of paper, is not intended. It is done with a view to the safety of the community, and as preparatory to finally winding up their business; a course which under existing circumstances, every state institution will of necessity be compeiled to take. What may be the effect of such a state of things; what evils to the comannuity may arise, when those balances and checks heretofore existing through the state banks shalt be swallowed up, by that Institution whose capital is in the hands of many, who are regardless of the interest and welfare of this nation, must be left to time to disclose. In those states where bank creations have been carried to an alarming and dangerous excess, much evil has been felt, and it is well those banks should be destroyed. Here that has not been the case. No state in the union has perhaps in this respect been more fortunate; for while others have created them without prudence or reflection, this has proceeded with much caution; and indeed nearly all that have been established have become branches to one of the older institu-trons. That our banks have been faithfully, honestly, and prudently managed, and are fully competent to the redemption of their paper is certain, and as confirmation of this truth, no hesitation is felt in exhibiting their state and situation; while the public may rest in confidence that no new issues of paper will be made different from what would be done, if specie payments were still continued. For these considerations we have determined to suspend specie payments, and will continue that suspension until a meeting of the stockhoiders can be had, which is requested at the Banking house in Nasfiviile, on Saturday the 31st day of July next. In the course thus taken they have advanced with hesitation and with reluctance, from an apprehension lest public confidence might be shaken; but they could perceive no alternative; it was necessat; to be done, or by calis upon their debtors unavoidably to introduce distress and ruin through the community. STEPHEN CANTRELL, President. JOHN H. EATON,
