Of the Capital Stock of the Union Bank of Tennessee. There was on the 1st of July last, owned by the State of Ten nessee, By individuals on the stock books at Nashville, By individuals on the books of the agency at Philadelphia, Shares, 5,984, shares, 3,700 16,164 136 25,984 Since the 1st July there has been transferred from Nashville to the Philadelphia 464 shares, making the present ownership, as follows: By the State of Tennessee, agency at 5,984 shares. Statement of Bills and Notes under discount at the Union Bank of Tennessee and Branches, October, 1st 1837. Real Estate of the Bank and Branches are as follows. At Nashville, cost of banking house and lot, At Columbia, cost of portion of lot, 66 $32,021 89 2,885 49 8,425 00 1,512 16 $44,844 54 10 Union Bank of Tennessee, October 1st, 1837. Statement of balances due from other Banks, in detail, corresponding with the amount as reported in statement rendered the Legislature of this date. Statement of balances due to other Banks in detail, corresponding in amount with the statement rendered the Legislature of this date. Interrogatories propounded by the sub-committee of the joint committee of the two branches of the General Assembly, to John M. Bass Esq. President of the Union bank of the State of Tennessee, and required to be answered. 1st. State in what kind of funds the stockholders in said bank have paid in for their stock? If in different kinds of funds, state in what proportion in each, respectively. 2nd. State in what kind of paper or bank notes the bank paid for the bills it purchased? If in post notes payable to bearer or order on time at the same place with the bills purchased? Whether such post notes were passed by the bank at their nominal amount? And whether exchange or interest was allowed on such post notes? 3d. State whether the amount of discounts on bills and notes at the parent bank at Nashville has not been greater in proportion than has been permitted at the respective branches, and the amounts permitted to be discounted at the sev eral branches? The answer of John M. Bass, President of the Union Bank to interrogatories propounded by Committee on Banks, In reply to the interrogatory No. 1, of the sub-committee as to the kind of funds received from the stockholders of this Bank in payment of their stock, I have the honor to state that by the provision of the charter, the first instalment of 10 per cent. was collected by the commissions for opening books. The kind of funds received by them does not appear from any evidence on record in the Bank. From an examination, however, of the state of the Bank, made out for the board of directors two days after it commenced operation, I perceive that it had on deposite in the Bank of the U, States, Nashville, Bank of the State of Tennessee, Bank of Yeatman, Woods & Co. Making, Besides specie and bank notes of these and other banks to amount of [in its own vaults,] $90,000 00 39,227 47 42,565, 54 $171,793 01 ** } 20,500 00 $192,293 01 From the above statement I infer that these were the funds handed over by the commissioners, and that they were collected either in specie or in notes of above Banks which were equivalent to specie at that time. These funds I know were permitted to remain for some time after the Bank went into operation in the vaults of the above Banks for safe keeping, as the building then occupied by this bank, contained no vault suitable for such purpose. The remaining instalments on the stock were paid in at the Bank, and I believe sometimes at the branches, and generally in specie and notes of United States and State Banks, and in notes and checks on this Bank, all of which were considered equivalent to specie. There are no means now in existence of ascertaining the respective proportions in which the above funds were paid in, nor can I speak in regard to them in other than general terms, as I have to rely upon memory in a great degree. That portion of the stockholders whose names had been transferred to the books of the agency of this bank at Philadelphia, paid the calls upon their stock into the Girard bank, and as the latter bank held itself accountable for all such payments in specie, it is but fair to infer that these payments were made in kind or what was clearly equivalent. The half million of stock originally subscribed for by the State, was paid for in the bonds of the State, which bonds were negotiated in Baltimore, and much of their proceeds sunk to the bank by the unfortunate failure of the bank of Maryland. The remaining State stock, amounting to ninety-eight thousand four hundred dollars, consists of the bonus paid by the banks, and surplus profits upon the State stock in this bank after payment of interest on the bonds. In regard to the specie funds of this Bank generally, it may not be deemed out of place to state here, that this Bank, since it commenced operations on 4th March 1833,has imported into the State from distant points and at considerable cost, more than six hundred thousand dollars of specie. To interrogatory No. 2, I reply, that the issues of this Bank for the most part have been of notes payable at other points than its own counter, and that her discounts, whether of notes or bills, whether on New Orleans or elsewhere, were paid for in the ordinary Bank notes of the Bank, which were sometimes made payable in Philadelphia and sometimes in New Orleans, and no deduction was even made from their nominal value on account of the place where they were redeemable. The Bank has also at some periods purchased bills on New Orleans, at the usual rate of interest and exchange, and paid for them in their own post notes or post checks, at shorter dates, in which case it was her habit to deduct interest for the time the post notes had to run to maturity. ** In a few instances last spring, in order to afford relief to the commissin houses in New Orleans, the Bank was induced to exchange her own post notes on New Orleans, for well secured bills of Exchange, on same point and at same date, for this a charge of one per cent, was made. This species of accomodation was asked of the Bank, in consequence of the fact, that up to t great commercial convulsion, in April last, these post notes of available in the hands of the holders, while private securities w cept at very high rates. To interrogatory No. 2, relating to the proportion of discou. time of the Bank were not so, ex the Bank |