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Difcl ence against The People, S,l29 ,665
Real estate surrendered 10 the


B'ks since lst Oct, 1897, 900,5 ,5S5*


The reduction Of the debt, since 1897, II
will be seen, wac Ss9i ,040; the Real Estate
taken in payment, S900,5s5, so that not
one dollar of Cash was paid on the princi-
pie cf the debt.


What do these figures prorc?


l. That The People of Tennessee, with
Bank circulation in 1882 equal in value
10 gold and silver from one extreme e the
country 10 the other. amounting to two mil
lions of dollars, owed to The Bank of the
United States for loans and discounts pay
able at Nashville two millions of dollars, and
on bills Of Exchange payable out OF the
State, seven hundred and fifty thousand
dollars.


2. That the Bank of the United States
being vetoed, the Branch in Tennessee was
compelled to wind up, and that the Legis-
laiure successfully chartered three local
Institutions to take iis place, which in five
years, involved the People in debt Of ten
and a half millions, were forced themselves
TO suspend specie payments, and dtf. r re-
d,sciag their circulation to tro and a guar
ter millions in the brief period of nine
months, iefl The People only tlOo millions Of


sFrom the statements Of Union and Plan
ters' Banks to The Legislature, October ],
1871, and the statement of the Memphis
Bank, July ], 1912. The Union aud Plan
,ers' Banks reduced their Real Estate in
1912 by re-selling portion Of it for their
own stock.