S2,500.O00
2,0O0,000


100000
3,500,000

Ss,6O0,0u0

The capital of U. S. Branch wa, 100000

S7.6OO.OOO
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The capital oil U. ;. Branch was l,ooo,uoo
Increase in six years S7,6OO,OOO


Next as TO the Bank debt FROM the Peo-
pie, compared with the Circulation Of the
Banks held BY The People Of Tennessee. in
1887 aud in 1912.


BY the reports made 10 the Treasury De-
partment by the three Stock Banks Of Ten
nessse, on lst January, 1887. their
Loans and discounts Of every


description were Slo,96O,36S
Circulation outstanding 4,272, ,635
Difference against the People St ,6S1 1888
THIS difference was increased by the rapid
contraction of the currency, which in nine
months was equal 10 more Than hall the
whole circulating medium ON the .siJanuary
or s., y ), $50, ~ lille the Bank debt de,ress-
ed only S50I,O35.


BY the official reports made by the Banks
10 The Leg stature on the Isl October, S37, /,
I'VE InOulhs after the revulsion, their
Loans aud discounts were SS,456,333
Bills u Exchange l,999,7lS
Total debt, LIST October, 1887, SIO,i56,o5I
Outstanding circulation 2,o56,975


Difference against The people, S,399,076


With tbs statement before Tie, is II sur
prising that the Legislature Of 1875
should feel called upon 10 legislate for the
reiief Of the people? With a circulating
med.un barely equal TO that OF 1882, and a
Bank dsbt frc-foM greater, amounting to
TEN MILLIONS, FOUR HUNDRED
AND FIFrY-SIX THOUSAND DOL
LARS!


The measure of relief devised, was fur
ther extension of the State Bank system by
the establishment Of the Bank ofTenuessee,
aud the negnIiation of a Safe loan oil one
million, as part Of ils capital. The result 10
all appearances was the transfer OF part of
the debt due the Stock Banks 10 the Bank OF
Tennessee, but no dminuIion of the aggre-
gate Bank debt Of the People, except by The
transfer of Real Esiate-dnd a reduced cir
cuidtion. Here Is an estimate oi the Bank
Debt aud Circulation on the ist October,
1912, five years after the date of the fure-
going statements, compiled in part from the
official reports of the Banks, and in pari from
inform alton known To be substantially cor
rect:


Loans and Discounts,
State Bank 2,213,746
Stock do 3s53 ,5gi
-5,1 $40
Suspended Debt, fin su;i,)
State Bank GIL ,S13
Stock do 2,03l,iii


--2,6la,3l7
Bills Of Exchange,


State Bank 3ii,49S
Stock do S3S, $50


--l, lisa, 1854