Farmers & Merchants Bank (Memphis, TN)

Episode Information

Episode UID
467289490569
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
46728949 hash
Start Date
May 24, 1847
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
54a5b7f745c9575c

Response Measures

None

Description

Suspension on May 24, 1847 followed an immediate run; by late 1847 the bank was placed in receivership and effectively wound up.

Events (3)
1. May 24, 1847 Run
Cause
Correspondent
Cause Details
Protested checks drawn on a Philadelphia institution (correspondent) sparked public suspicions and withdrawals.
Measures
Directors published resolution urging suspension of specie payments temporarily and cautioned note holders against selling notes at a sacrifice; paid large liabilities in preceding 90 days.
Newspaper Excerpt
The Farmers' and Merchants' Bank of Memphis, Tenn. has been run upon for specie, to the amount of from fifty to sixty thousand dollars.
Source
newspapers
2. May 24, 1847 Suspension
Cause
Correspondent
Cause Details
Board suspended specie payments after the run caused by protested checks and related doubts about correspondent settlements.
Newspaper Excerpt
Resolved, That the Farmers' and Merchants' Bank of Memphis suspend the payment of specie temporarily, and until due notice of a resumption shall appear in the newspapers.
Source
newspapers
3. December 1, 1847 Receivership
Newspaper Excerpt
An injunction was served ... placing its assets in the hands of a receiver, Joseph H. Talbot; the management was wrested from the hands of its managers and the bank put into liquidation and wound up finally and forever.
Source
newspapers

Newspaper Articles (19)
1. May 24, 1847 Democratic Banner Louisiana, Bowling Green, MO
Article from Democratic Banner, May 24, 1847

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Troops Encumped. -There are now encamped at the Carrollton Race Course, a detachment of the 16th Infantry, aggregating 460 men, under Lieut. Col. Webb. Also companies of the 15th Infantry-one company of the 7th Infantry, numbering in all 256 men, unper command of Maj. Lee, of the 7th Infantry; Capt. Gaither's company, 3d Dragoons, 108 men; Capt. King's company, 1st Infantry, 90 men; Capt. Blair's Voltiguers, 126 men; Capt. Mofford's company, 13th Infantry, 100 men, and Capt. McReynold's company of Dragoons' numbering 104 men. These troops will start the moment that transportation can be obtained.-[N. O. Delta, May 13th. Major Geo. T. M. Davis, aid to Gen. Shields, has addressed a letter to D. Hayden, Esq., of New Orleans, in which he expresses a confident hope of the recovery of the General. From the Seat of War.-A detachment of recruits from the rendezvous in this city left yesterday for the seat of war.-[Pittsburg Journal May 15th. The Spirit of Maryland.-Maj. Gen. John Spear Smith, of Baltimore, the present commander of the third division of Maryland militia, has written to Gen. Jones, adjutant general U. S. A., tendering through him to the President the services of a brigade of volunteers, from Maryland, to serve during the war with Mexico. More Copper.-Two or three veins of rich copper ore have been opened about 70 miles below the Sault, near the northern shores of Huron and within thirty hours' ran of Detroit. This is the nearest copper mine found on either side of the lake; in a single shaft, 150 tons have been taken out, of excellent copper ready for shipping. A Movement to Gov. Yell.--The Washington (Arks.) Telegraph, in a very handsome tribute to the failen brave of that State, proposes to erect a monument at Little Rock, at public expense, to "Col. A. Yell and the brave who fell with him at Buena Vista." The Methodist Book Concern, have now in process of erection at Cincinnati, a splendid building to be of the following dimensions: four stories, eighty feet deep, and fifty-six feet front. The building is to be completed this season. I T. W. Decourcy is raising a company of volunteers for Santa Fe in Clay county. Col. E. Billingsley of Glasgow, is raising a company of mounted men for Santa Fe. We understand that his company is nearly made up. Death of Achille Murat.-The Florida papers announce the death of Achille Murat, the son of Prince Murat and Caroline Bonaparte, King and Queen of Naples, aged 46 years. He died at his residence in Jefferson county, Florida, on the 17th ultimo. The Galena Gazette says seven companies have been raised in that city during the present war. They are fond of using cold lead, and know how to do it. The tolls on the New York canals, for the first week of navigation, will, it is said, exceed two hundredthousand dollars. Lake Ontaris.-The water in this lake is higher than at any former time, according to the 'oldest inhabitant' If it continues a few years longer, it will spill itself over the State. If The Governor of Alabama has issued a for of proclamation, calling five companies infantry and one of cavalry, from that State, to serve during the war, according to the requisition of the War Department. It It is stated that the BARINGS of London, have advanced 500,000 towards the progress of the Chesapeake and Ohio Canal. DEPRECIATED.-Holders of paper money issued by the Farmers' Merchants' Bank of Memphis, were yesterday seized with a panic in relation to the solvency of the institution named. We learn that several brokers refused to purchase, and that this depreciation is a'tributable to heavy protests east.-St. Louis Union. Shot.-In Calloway county, last week Mr. James Love was shot through the right

2. June 2, 1847 Washington Telegraph Washington, AR
Article from Washington Telegraph, June 2, 1847

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FARMERS' AND MERCHANTS' BANK OF MEMPHIS We learn from the Appeal of the 25th ult., that this institution, from the extraordinary run made upon it, was found in a state of suspension.-Within ninety days, say the directors, it has paid liabilities to the amount of six hundred thousand dollars, leaving a very inconsiderable amount still outstanding, when compared to its ultimate resources. The following is a copy of a resolution of the board, cautioning the note holders against submitting to any unnecessary sacrifice: FARMERS' AND MERCHANTS' BANK, Memphis, 24th May, 1847. Resolved, That the Farmers' and Merchants' Bank of Memphis suspend the payment of specie temporarily, and until due notice of a resumption shall appear in the newspapers. Resolved, That note holders be, and they are hereby cautioned against sacrificing on the notes of this Bank, as her resources are ample and will soon be made available. A Corr. C.LOFLAND. Cash'r.

3. June 2, 1847 The Arkansas Banner Little Rock, AR
Article from The Arkansas Banner, June 2, 1847

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à series of splendid operations which in one year, have subjected to out power one-third of Mexico and laid her capital at our mercy! If the President and his cabinet have done nothing äright, How has it happened that there were men or means to fight successful battles at Los Angeles or Taos, Paso del Norte or de la Palma. or Buena Cruz or Cerro Gordo? Vista, Resacca Vera Sacramento, Monterey Palo When, Alto, in the history of nations, has there been a more vigorous war, more thousands of miles traversed by armies in a shorter time, more rapid conquests, more daring exploits, or more glorious victories? Such a scene was never witnessed under a feeble government, or a weak administration All this would not have been accomplished without some wisdom in planning, and some energy in executing, And whatever faction and disnow of will constitute a era content President may Polk say, the administration bright in American history. It is now that our young republic springs into manhood, and, throwing aloft her giant arms, forbids the interference of European powers with her affairs in North America. It is now that Europe acquiesces and relinquishes all thought of attempting to maintain a balance of rival powers on this continent. Henceforward our march is onward, unmolested by crowned heads, and more agitated than retarded by factious and ambitions inen in our own bosom. Nothing can destroy our Union, nothing can prevent its extension over every region which may be controlled by its children, or assimilate itself to their habits. But I am travelling beyond the object which alone I had in view, which was but to contrast the declarations of the leading whigs with their acts, and the uniform success of the administration with the imbecility which the whigs impute to it. Heretofore brilliant success has been some indication of wisdom and talents; but times are changed! THE FARMERS' AND MERCHANTS' BANK. -The extraordinary run against this institution made within a short period. has at length forced her into a state of suspension. We present below a copy of the resolutions passed by the board of Directors. Within the last ninetv days she has paid six hundred thousand dollars of her liabilities, leaving outstanding an amount altogether inconsiderable, compared with her ultimate means. We believe no one doubts the entire solvency of the Bank; and we advise all note holders to submit to no unnecessary sacrifices. The suspension IS disastrous, indeed; but the confidence of the public in the ability to pay the last dollar is not in any degree impaired. FARMERS' AND MERCHANTS' BANK } OF MEMPHIS, 24th May, 1847. Resolved, That the Farmers' and Merchants' Bank of Memphis suspend the payment of specie temporarily, and until due notice of a resumption shall appear in the newspapers. Resolved, That note holders be, and they are hereby cautioned against sacrificing on the notes of this Bank, as her resources are ample and will soon be made available. A COPY. C.LOFLAND Cash'r

4. June 3, 1847 The New York Herald New York, NY
Article from The New York Herald, June 3, 1847

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oidedly easy, and daily improving. Capital was plenty, at less than the legal rates of interest, on first rate securities. The banks were in the market for loans at six per cent, but good short business paper was scarce, and fancy stocks find very little favor with eastern banks and capitalists. Eastern railroad stocks for investment were firm, and scarce,at the present advanced rates. Bank stocks were not in favor. It is also stated that a heavy amount of state stocks, hold in London, have been purchased for American account, and brought home. They have paid a profit, and are a saving in the way of exchange. The stockholders of the Lancaster Bank of Massachusetts, have accepted the act of the last legislature, authorising them to increase their capital from $100,000 or $125,000. The directors have declared a dividend of nine per cent, payable June 1st, from the surplus profits. The additional capital was to have been paid in, June 1. The Farmers' and Merchants' Bank of Memphis, Tenn. has been run upon for specie, to the amount of from fifty to sixty thousand dollars. The cause of the run was the return of some protested checks drawn by the bank upon a Philadelphia institution, and the bank not opening its doors on the morning after until an hour after its usual time. The protested checks were promptly paid, and every bill presented redeemed, The cause of the checks being protested in Philadelphia, was that the bank in that city did not receive such paper to discount from the Farmers' and Merchants' Bank as it expected to receive, when authority was given to check. The amount of checks was very trifing, but sufficient to produce an excitement. The solvency of the Farmers' and Merchants' Bank is not generally questioned in Memphis, but whether it can sustain itself against a heavy run, is very doubtful. Very few of the banking institutions of the country can stand for any length of time an unexpected run for specie from its bill holders. The assets of the above named bank are large, are daily maturing, and are deemed ample under all ordinary exigencies to meet the liabilities promptly and in full.

5. June 7, 1847 The New York Herald New York, NY
Article from The New York Herald, June 7, 1847

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A comparison of prices current yesterday with those ruling at the close of the previous week, exhibits an impovement in Kentucky 6's, of 1/4 per cent, Penn. 5's 1/2. Illinois 1/4 Erie Railroad (old) 34, Long Island 2, Stonington 5, Farmers Loan 3/8, Harlem 1/1, North American Trust 1/6, and a decline in Norwich and Worcester of 1, and Morris Canal 3 per cent. At a recent meeting of the Board of Directors of the Phoenix Bank, it was determined to withhold all loans from fancy stock, and should any hereafter be made by the officers of the institution, they must be made entirely upon their personal responsibility. The hypothecators of the Norwich and Worcester, and Reading Railroad bonds were immediately directed to remove their deposits.This is a good beginning, and we hope but the commencement of a movement, that will shut fancy stocks entirely out of our banks. It is a reform long called for, and much required by the mercantile classes, and should the-example be faithfully followed by the other banks of this city, the money market would assume a steady and uniform character-the value of money would cease to fluctuate; the rate of interest would be more uniform, and there would not be those enormous inflations and entractions in the banking movement of the State which nearly every quarterly report exhibits. Legitamate business paper would have a better chance of being discounted, and the banks would confine themselves entirely to the business for which they were chartered. So long as our banks speculate in fancy stocks, or even loan on such securities, we shall see at one time money reduced below its intrinsic value, in order to inflate the stock market, and at another time raised SO high as to be beyond the reach of those engaged in fair business transactions. The value of merchandise imported into this district for the first four days in June, this year, was $883,747, against $612,083 for the corresponding period in 1846, showing an increase of $271,664 this year. The amount of duties for the same time this year was $204,552, against $188,173 last, showing an increase of $16,349. The Farmers' and Merchants' Bank of Memphis, Tenn. has suspended specie payments. The Memphis Eagle,of May 25th, says:The President has gone to New Orleans to forward specie. and we doubt not that the bank's receipts will be large during the coming thirty days. Its circulation, we understand to be about $450,000 while, its bill of exchange assets are near $700,000. We call the special attention of the public to the following notice of the bank:FARMERS' AND MERCHANTS' Bank, MEMPHIS, May 24, 1847. Resolved, That the Farmers' and Merchants 'Bank of Memphis suspend the payment of specie, temporarily, and until due notice of a resumption shall appear in the newspapers. Resolved, That note holders be and they are hereby cautioned against sacrifices on the notes of this bank, as her resources are ample and will soon be made available A copy. C. LOFLAND, Cashier.

6. June 8, 1847 The State Guard Wetumpka, AL
Article from The State Guard, June 8, 1847

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Bank failure at Memphis, The N. Orleans Picayune of the 27 th ult, says that the Farmer's and Merchant's Bank at Memphis suspended payment the morning of the 24th ult.The Board of Directors voted to "suspend specie payments temporarily, and at the same time requested holders of the notes not to sacrifice them, as the resources of the Bank, according to them, are sufficiently ample to redeem every dollar of its issues.

7. June 8, 1847 Richmond Daily Whig Richmond, VA
Article from Richmond Daily Whig, June 8, 1847

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Memphis Bank. The Memphis Enquirer of the 25th ult. states, that, owing to the run on the Farmers' and Merchants' Bank of that city, (occasioned by suspicions of its insolvency growing out of a protest of its checks by one of the Philadelphia Banks,) the Board of Directors had the day previously resolved to suspend the payment of specie temporarily. They caution the note-holders, however, against sacrificing them, alleging that the resources of the Bank are ample, and will soon be made available.

8. June 9, 1847 The Arkansas Banner Little Rock, AR
Article from The Arkansas Banner, June 9, 1847

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The Tennessee Banks. The paper currency of this State for years past, has been formed chiefly from the issues of these and is the last six or eight months has evincreased io circulation. and Merchants' Bank" has idently banks, Farmers The suspension Tennessee created the note holders of other and a distrust prevails as to sta. of The consequence is the banks, a-panic bility among any. general that the first is even at the Memphis rate of discount, while other paper any 50 per cent not passable Tennessee Commer- is raThe Memphis states that the suspended in the State, and most solvent Journal only accounts Bank individuals is the for it, by the fact that a few stock enough to obtain of had the run purchased upon control of there the Institution. and the additional cause having been returned to her, several checks drawb on Philadelphia, protested It's generally supposed that the suspension will only be temporary. but the Louisville Democrat re works: "It arrant humbuggery to talk about resources" &c., when a if "ample know suspension that allowed. Every one must resources nad no sachave been considered too great to avoid the discredit and rifice ample would prostration existed that must follow a suspension, not only with this bank itself, but on all the rest of the state which will inevitably be effected by the panic created." We feel disposed to furnish our readers, with all the information which has reached us upon the subjec. and we give place to the following extract, from letter the Vicksburg Sentinel, said to be from intelligent source, dated MEMPHIS, May 26, 1847. here on Sunday morning, and found the people the by the (specic arrived payment, discussing Farmers probabilities & MerBank on the following select passages stead chants' of quoting morning, good of the people Holy inyet the faces of the as as that of the You could see them at Scriptures, hypocrite. were long greatest warmly Sunday all the before the hotel doors, about the ability of the go friends of the Bank streets on. disputing The and all Bank declaring State, to was the best bank in believe to be the and that (which she fully assets. the case) One could show more available remarked, that she would have for they had come man I do something, know, here for the money, and they would have it or something elac. Well, Monday morning came, and with it of "black spirits and white; and grey," in the came a-crowd blue spirits congregated usual blue in Monday style. They all front of a hotel on the opposite (or shady) of the street to the bank anxiously side the hour of 10 o'clock. Well, & awaiting, and open went the Planters' Merten came not so the Farmers & chants'. Union-b But through her massive windows be seen the mountain laboring-her Directory could were moving to and fro as rapidly mow were about (after many see sife But anon Tipperary tremulous window commene- to glaning been cast out of the can had of a pin the ercwd would swalwhat was kind bro't forth the mouse The large the low) bronze doors flew open. and out stepped front in black, and pasted on the gentleman of the Bank the resolutions of the directory." (There were published in our last, and when amounthis. We pay specie no longer; time, we ted t can, why we'll let you know- in the mean dont give yourself any trouble about it.) But this would not satisfy the confidence bethe note-holders. They would not Every lieve of but that the Bank was broke. holder nearly wants to get rid of his money, and the buyers are few, and twenty-five moderate per discount is the figure. -Some But transactions cent were made at a little less. are passed, and it now goes a begging and they The brokers have fixed no rate, there is 125. not buy. I am of opinion that diswill now in town at 25 was offered point-$5000 shout $150,000 yesterday The waiting following discountant found no sale. She the condition of the Bank. about $500,000 in the last 120 days cirredeemed about $620,000 outstanding claims to have ha eulation-s! she has assets thirty-five to the of fourteen hundred and resume amount dollars. I think she win be thousand in a few weeks, when there will will puff, again grand rush at her. She she another blow and struggle. and in the struggle, will relapae, and then good-by I would write you more about Memphis, But look will tire you out I fear. State. but this for the other banks in this on them, out rush is about to be made think and go that they Farmers a must.- & They Merchants', have tried but to had have sus- to tain the the Farmers & Merchants' receivable to stop, and many of their bills Farmers transferred banks, who refuse to take of them althe Merchants' other bills in payment for bills bot& the notes were given at though of said bank, and made payable it-Ten- her rowed I will stop. Mark with nessee counter.--But money will soon be on a par Mississippi banks. adgratified to bear that Gov remonstrating DREW has We were an official letter to Gen. Seott, unjust detendressed the perfidious treatment and and others against BORLAND, Capt. DANLEY, in Mexico, of regiment, as captive the for them had been and the friends and after tion the Maj. Arkansas exchange part of relatives, determined. Gov DREW reUpon feeling of community, the compresenting the and spirited appeal to of made General strong for an immediate adjustment will manding of such rumors this outrage, or give the adoption them liberty. measures as Various liberation of a most speedily reached us of their incarceration, part of them and have but again rely of upon the masassination nothing further than what has

9. June 9, 1847 Portage Sentinel Ravenna, OH
Article from Portage Sentinel, June 9, 1847

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Beauties of Banks. The Farmers' and Mechanics' Bank at Memphis, Tenn., suspended specie payment on the 24th ult., and the people who have reposed confidence in it have undoubtedly been largely swindled. The circulation of the bank is said to be near $450,000, of course its assets are, like every other institution of the kind that hastravelled the same road before it, amply sufficient to meet all its liabilities, being represented at near $700,000. The bank officers prssed resolutions.and caused them to be published, declaring that the bank had suspended specie payment temporarily, until due notice of a resumption shall appear in the newspapers, and cautioning the note-holders agains: making any sacrifices on the notes SETOR of the bank whites

10. October 26, 1847 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 26, 1847

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COMMERCIAL AND MONEY MATTERS. For Sales of Stocks. sc see Fourch Page MONDAY P M. There was continuation to-day of the reaction the of Saturday afternoon in the Stock market, and Fancles were all buoyant. At the Second Board, bow. ever, prices again receded little. The Fancies are now at such point that the shorts come in at every appearance of rally, and thus the market is kept fluctuating The sound stocks were steady. and in fair demand. The business in Exchange for the French Steamer was not large, and rates are without change.- with Sterling is 9@9 nominally France 5 23105 22, fair supply The Steamer took about $60,000 in French silver. To Freights there is little or nothing doing. Liverpool In rates continue to be for Cotton, goods 6d for Grain, and 18d for Flour; 25.@30 for heavy To Havre the packet is full atte for Cotton In Uncurrent Money there is considerable activi- the ty but the demand is good for currency and takes all redemptions again. The activity of business in the departments employe all the circulation which Banks are entitled to. Money continues abundantly easy for all busipurposes. The Banks will be somewhat stringent until ness next week. but there is no difficulty in negotiating loans in the street at 5@7 per cent according to security de The Eagle Fire Insurance Company have of clared dividend of per cent payable on the 1st November The Boston Courier has published several able articles our relations with Brazil, from the pen of upon late Consul in which the great G.W. Gordon, Erq. our the dan value of our commerce with that country. and India ger of Interruptions! which It is exposed by the Wise.eretion-to epeak in the mildest term-of Mr. Brazil takes very large amount of our Breadstuffs and the manufactures annually, and the trade between countries being done almost exclusively to American bottoms, employs very large amount of American Mr ton nage, and of course large number of our seamen Gordon truly says: This commerce is too important to our The best Adminis interests be trided with by our Government. Mexican tration to already rode its hobby-horse when they first much farther than they expected should thrust upon It it time that they quent wisdom from experience, and consee ly examine well the ground before they take for the any people step Brazila: the with embroil United which may States will hold them fearful respon the If. in addition to the Mexican war, our comability merce destroyed or interrupted with the Brazile rela We how soon our peaceful commercial things that country may be placed among de tions exist The event which no longer that action of our Government for unless pends the Government obtain from the Administra the Brazilian Washington the satisfaction which con tion with that country plomatic be relations interrupted. to the great detriment of our in vinced. commerce which cannot exist or be carried on troubled waters. The extent and value of our commerce with Brazil is shown from the official reports Flour. In the fiscal year 1844-5, we exported to country 209,845 bble valued $1,083,318 being about one-fifth of our total exporto est article all countries and in 1845-6, Brazils took 296,460 bbla. valued at $1,675,756, belog very large Increase over the preceding year. The consumption of Flour in the Brazilamus naturally increase and with the population. which is new about 10,000,000, of which is Increasing rapidly. Of our manufactures 1844-5 exported to the Brazile to the amount $830,926 being about of our total port to countries. To our navigation interests our commerce the Brazile is truly of great importance. it being carried on almost entirely in American vessels. la 1844-5, not a single Brazilian vessel entered the United States during that fiscal year the foreign vessels which arrived in this country from the Brazile were 2 British, Swedish, 2 Danish and Sardinian, tonuaging 2,481 there were during that period 214 Ame rican vessels, navigated with 2,198 men and 40 boys, and tonnaging 50,230 tons. which entered the United States from the Brazile: and during the same year 192 American vessele navigated with men and 23 boys, and tonnaging 40,716 tons. cleared from this country, only small Brazilian vessel of 191 tons. navigated with 14 men, and British, Sardinian, 2 Hansestle, Spanish, and Hanoverian vessel. tonuaging in all 2,077 tons, including the Brazilian vessel. cleared from the United States for the ports of Brazil. The Austrians are in making great exertions to compete with us in Brazil Flour. and do already come in direct competition. From Trieste Flour is obtained as good as the American and labor to Austria is cheaper than in America. and the Austrian vessels are navigated cheaper, it is highly in portant the United States should be on the terms of the most favored nations with Brazil, as any commercial advantage given to Austria would destroy the American trade. The same effect would follow in re gard to manufacturers, from an advantage given to Eng land. Ualess our relations with this country are man aged with great prudence and in conciliatory spirit, we shall be very likely to lose the advantages of a commer cial treaty, placing us on an equal footing with other D& tions Our true polley to cultivate a friendly under standing with the growing nations of South America, and we trust Mr Polk and his Cabinet will not act rash ly in this matter. The people will scareely tolerate another war. At the meeting of the stockholders of the Har lem Railroad Company held at the Astor House, a Com mittee was appointed* consisting of Messro J H. D kers, Jacob Little D.S. Miller, H. Schuyler. and Jona. Stur. gas devise feasible plan for extricating the Company from its present embarraasments, and report the same to the stockholders on Thursday evening next. The report of the suspended Farmers' and Mechanica' Bank of Memphis, has been made and the Directors state that it is impossible in any event that the creditors anything. They pronounce the stock to be worth 86; after deducting the whole doubtful and bad debts. The Board state that the Bank was embarrassed when they took charge of it. and that they have since reduced the liabilities at the rate of $142,360 monthly, beside accumulating means to make still far ther reduction. In January 1847, the Bank had only $71,426 in specie against about $1,100,000 of circulation and deposite. The cash liabilities were $1,437,632, against $219,396 of cash assets The suspen debt was $693,028 Oa the 26th May, the circulation and de were $600,000, and the specle in vault $1,500 posits The outstanding cash liabilities on the 1st of October was $410,276, aud the cash assets $129,208 -curtailment $457,944 the specie and Bank notes were $36.819; since discounts and loans $342,436 suspended debt $530,224 deposits $90,154 circulation $294,895 The Directors express the opinion that the period is not very distant when the Bank will resume. The Memphis Ea gle of the 7th inst. states that the notes of the Bank were selling at 50@60 cents on the dollar. The Eagle says There appears to be but Hitle in the market; the amount suits brought the Bank together with of speculation large creating demand for it by its debtors, all that is thrown upon the market." Gov. Brown of Tennessee, in his message to the Legisiature, recommends the location of & branch or agency of the State Bank in Memphis. SALE REAL ESTATE By James Cole- -BROOKLYN lot on Ray mond-et. near Willoughby st 25 4x78 8 $245 gore lot cor. Fulton-av last St. Felix-at $325; 1 lot on Avenue adjoining 25x93 and 10. $325;1 do do do. 25x110 $325 side north St Lafayette Felix-St

11. December 7, 1847 Tri-Weekly Journal Evansville, IN
Article from Tri-Weekly Journal, December 7, 1847

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BANK EXCITEMENT IN MEMPHIS.-The Memphis Eagle of Tuesday last has the following in relation to the Farmers' and Merchants' Bank of that place. There was a great and general excitement and wonder among some of our streets, yesterday, relative to statements currently afloat touching certain high-handed and extraordinary acts of the president and directors of the Farmers' and Merchants' Bank after the injunction of the court had been served on them wrestling from their further keeping and management the affairs and assets of the bank.The facts, as represented to us by one who heard them from the lips of the cashier, are these: That several hours after the writ of injunction had been served on the president and Messrs. Looney, Connel, and Maltbie, directors, they, with Mr. Gaines, another director, held a meeting in the bank and discounted each other's notes to an amount which cleaned the vaults ofits money, and enough of the notes of the suspended bank to make the amount $50,000! That they also discounted the president's (Dr. Fowlkes) notes to an amount sufficient to take up the bills drawn by the several directorsfor Fowlkes's benefit we suppose-on Cross, Connel, & Co., thus substituting his individual paper at twelve months, partly for their own responsibilities as drawers, &c., to a very large amount, leaving Fowlkes standing debtor on the books of the bank, it is said, for near four hundred thousand dollars! This being done, they afterwards surrendered the keys of the striped vault and bank to the sheriff, and walked out! If this does not cap the climax of bold financiering, then we give it up. Farmers' & Merchants' Bank, notes were yesterday bid thirty cents on the dollar for by the brokers; there were no operations, however, during the consternation and excitement about the institution. A few days will settle matters, probably, when something like a standard value will be placed on them. FURTHER,-For a better understanding of the above article we copy the following from the same paper of a preceding date. We learn that an injunction was served, on Friday last, upon the present managers of the Farmers' and Merchants' Bank; restraining them from any further control over it, and placing its assets in the hands of a receiver, Joseph H. Talbot, Esq. The injunction was issued at the instance of Mr. Evan Rogers, of Philadelphia, who is said to own or control many shares of the stock of the bank, and who came out here from Philadelphia at the instance of the Eastern stockholders, and who, in conjunction with R. I. Moore, Esq., of Nashville, recently spent about a fortnight here in examining into the condition and management of the bank. The exact character and object of the bill of injunction we have not ascertained. But we presume that it puts the bank into liquidation and winds it up finally and forever. The silent and prompt manner in which the management of the bank has thus been wrested from the hands of its managers, after Messrs. Rogers and Moore probed into their conduct, evinces at least their decided condemnation of it; and the allegations in the bill, we understand, are not only numerous but of a most serious and startling character. The money fell immediately some ten per cent., though really its intrinsic value, most people think, as do we, is enhanced by the change.

12. December 16, 1847 Indiana State Sentinel Indianapolis, IN
Article from Indiana State Sentinel, December 16, 1847

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Burst up of the Memphis Bank--The way the People were Swindled. By reference to the letter of our Cincinnati correspondent, it will be seen that the Farmers' and Mechanics' Bank of Memphis, Tennessee, has made a smash of it, and that the Cincinnati bankers refuse its notes at any price. From what we can learn, the whole matter was a regular built swindle, as bank bursts up usually are. It seems an injunction had been served on the present managers of the bank by Mr. Evan Rogers, an eastern stockholder, restraining them from any further control over it, and placing its assets in the hands of a receiver. The following account [says the Eagle] is from the lips of the Cashier: *That several hours after the writ of injunction had been served on the President and Messrs. Looney, Connell, and Moltbie, directors, they, with Mr. Gaines, another director, held a meeting in bank and discounted each other's notes to an amount which cleaned the vaults of its money, and enough of the notes of the suspended bank to make the amount $50 000! "That they also discounted the president's Dr. Fowlkes notes to an amount sufficient to take up the bills drawn by the several directors-for Fowlkes benefit, we suppose-on Cross, Connell, & Co., thus substituting his individual paper at twelve months, partly from their own responsibilities as drawers, &c, to a very large amount, leaving Fowlkes standing debtor on the books of the bank, it is said, for near four hundred thousand dollars! This being done, they afterwards surrendered the keys of the stripped vault and bank to the sheriff, and walked out! If this don't cap the climax of bold financiering, then we give it up." As long as it is made the interest of bank officers to burst up their banks, so long will it be done, and just so often will the Memphis game, or one similar to it, be perpetrated. The whole system is based on fraud, and hence such frauds as those narrated above, do not in the least surprise us.--0. Statesman.

13. December 22, 1847 Richmond Palladium Richmond, IN
Article from Richmond Palladium, December 22, 1847

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We find the following in the Memphis of Tuesday week. There was a great and general excitement and wonder among some in our streets, yesterday, relative tostatementscurrently afloat touching certain high-handed and extraordinary acts of the president and directors of the Farmers' & Merchants' Bank after the injunction of the court had been served on them wresting from their further keeping and management the affairs and assets of the bank The facts, as represented to us by one who heard them from the lips of the cashier, are these: That several hours after the writ of injunction had been served on the president and Messrs. Loonev, Connell, and Maltbie, directors, they, with Mr. Gaines, another director, held a meeting in the bank and discounted each other's notes to an amount which cleaned the vaults of its money, and enough of the notes of the suspended bank to make the amount $20,000 That they also discounted the president's (Dr. Fowlkes) notes to an amount sufficient to take up the bills drawn by the several directors--for Fowlkes' benefit we suppose-on Cross, Connell, & Co., thus substituting his individual paper at twelve months, partly for their own responsibilities, as drawers, &c., to a very large amount, leaving Fowlkes a standing debtor on the books, of the bank, it is said, for near four hundred thousand dollars! This being done, they afterwards surrendered the keys of the stripped vault and bank to the sheriff and walked out:If this does not cap the climax of bold financiering, then we give it up. Farmers' & Merchants' Bank notes were yesterday bid thirty cents on the dollar for by the brokers; there were no operations, however, during the consternation and excitement about the institution. A few days will settle matters, probably, when some thing like a standard value will be placed on them.

14. December 27, 1847 The Arkansas Banner Little Rock, AR
Article from The Arkansas Banner, December 27, 1847

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P. A. SWINK, Secretary. The Memphis Eagle, of the 36th ultimo, thus alludes to the finale of the Farmers' and Merchants Bank: We learn that an injunction was served OR Friday last upon the present managers of the Farmers' and Merchants' Bank; restraining them from any further control over it, and placing its assets in the hands of a receiver, Joseph H. Talbot.-The injunction was issued at the instance of Mr. Evan Rogers, of Philadelphia, who is said to own or control many shares of the stock of the Bank, and who came out here from Philadelphia at the instance of the Eastern stockholders, and who, in conjunction with R. I. Moore, of Nashville, recently spent about a fortnight here in examining into the condition and management of the Bank. The exact character and object of the/bill of injunction we have not ascertained. But we presume it puts the Bank into liquidation and winds it up finally and forever. The silent and prompt manner in which the management of the Bank has thus been wrested from the hands of its managers after Messrs. Regers and Moore probed and examined into the ir conduct, evinces at least their decided condemnation of it; and the allegations in the bill we understand are not only numerous but of a most serio-18 and startling character. The money fell immediately some 10 per cent., though really its intrinsic value most people think, as do we, is enhanced by the change. All we wonder at is, that this step, or at least the examinatory part of it by its distant stockholders was not made near six months ago. The first step taken by the new managers certainly should be to apprise the public of the condition of the concern as Lased on the late examination-the - note-holders require this, and it is he duty of these who have the means of doing so, to give it to them. Thus burst the bubble. The end is what the disinterested and sensible portion of this community preferred from the moment it came under its present management. The community here is gratified at the step which has closed the Bank. It has been a hard lesson, but it has taught that such speculations against the moral sense of the community cannot prosper IT What do you think of the Message?" is ask ed everywhere, says the Washington correspondent of the Charleston News, Although it occupies nine columns of the Union" newspaper, individuals have already digested it, and give opinions. The Whigs say it is plausible, but wants cander, and is delusive, The Democrats, generally, are pleased with it, and as a Senator remarked. it was a fair set-off to Mr. Clay's speech at Lexington, and the Demoeratic par(Delta. IV would stand by it.

15. December 30, 1847 Indiana State Sentinel Indianapolis, IN
Article from Indiana State Sentinel, December 30, 1847

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MORE OF THE MEMPHIS BANK.-The first of the annexed paragraph is from the Memphis Eagle of the 1st, and the second from the same paper of the 2nd instant: INJUNCTION ENJOINED.-We learn that a process was issued yesterday by Judge Dunlap of the Circuit Court, requiring the Clerk of the Chancery Court to issue process commanding the officer appointed in the injunction to receive and take charge of the affairs of the Farmers' and Merchants' Bank to restore the same back again to the Directors. The Clerk of the Court, Mr. Talbot, is the receiver under the first injunction, and he is yet undecided whether he will or not issue upon himself, as receiver, the process issued by Judge Dunlap-not being fully satisfied that he would be free from all responsibility to the Chancellor in so doing. He thinks it an extraordinary and unprecedented case for an injunction or fiat of the Chancery Court thus summarily to be enjoined, abrogated and destroyed by another judge, before a hearing was had. In endeavoring to obtain legal advice and counsel, he finds that all the prominent lawyers of the city have been employed and retained as counsel by the President and Directors of the Bank. We further learn that a peremptory demand by some of the Directory was yesterday made of the receiver, Mr. Talbot, for the keys and possession of the bank under the process issued by Judge Dunlap. Mr. Talbot refused to do so until he could hear from the chancellor. They still insisted on the demand, threatening, if he refused, to break into the bank by violence. The receiver told them they might do so, if they chose, but at their peril; what subsequently ensued we have not heard, but presume nothing.

16. July 13, 1849 Holly Springs Gazette Holly Springs, MS
Article from Holly Springs Gazette, July 13, 1849

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District Chancery Court of the State of Mississippis At Holly Springs Robert Patterson & Co. 773 vs Bill of Revivot. The President Directors and Company of the Farmers' and Merchants' Bank of Memphis, George W. Smith Joseph H. Talbott and Mary P. Govan. In Vacation. day came the complai, nnts by their soand to Tife court. that the felent Sceiver of the efand rehants' Bank of 8. since the last Owen had been impointed Receiver ns aidresaid, in the place and of thersaid Talbot, deceased; and thereupon, leave of the court, the complainants filad their of Revivor in this cause, against the said files Owen, as receiver as aforesaid: Anii, upon opening the matters of the said Bill Revivor; it appearing to the satisfaction of the Court that the defendant Miles Owen, Receiver of effects of the Farmers' and Merchants' Bank Memphis, is not an inhabitant of the State of pigsippi, but resides beyond the limits thereof, their ordinary process of this court cannot served upon him: It crefore ordered by the court that unless deféndant appear before the Vice ChancelState of Mississippi, at the court room in Holly Springs, on the first Monday of and plead answer or demor to the comthe several allegations thereof will be confessed against him, and such a dein the premses as shall seem just and It further ordered by the court, that a copy order be published in the "Holty Springs a newspaper published in the town of rings, Mississippi, weekly for one month and that another copy of the same be at the recat door of the tourt house in Holly Springs. HAINIBAL HARRIS, Clerk. une 1-41-5w

17. June 15, 1850 The Daily Crescent New Orleans, LA
Article from The Daily Crescent, June 15, 1850

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THE AFFRAY AT MEMPHIS.-The Memphis Eagle of the 10th brings us the particulars of the recent bloody affray in the streets of that city, of which we, a few days since, published a brief and, as we at the time thought it probable, an incorrect account. Instead of four persons, only one (Mr. Trigg) was killed. Gen. Coe, a man of high position, ability and of known personal courage, was seriously wounded, but we hope not mortally. Dr. Fowlkes was not engaged in the affray. But here is the account of the Eagle: On last Saturday morning, at about 11 o'clock, our city was startled by the report that an affray had occurred in the neighborhood of Exchange Buildings, in which Mr. Alanson Trigg had been killed and Majors Co nell and Gaines severely wounded. On flocking to the scene, hundreda of our citizens met melancholy attestation to the truth of the report, in the sight of the corpse of Alanson Trigg and the prostrate forms of Gen. Coe and Majors Gaines and Connell. The accounts of the affair are somewhat confused, but we will give them with as much precision as possible : On Friday evening Gen. Coe received a note of an extraordinary character, signed by E. W. M. King, (late Judge of the Commercial and Criminal Court) and by note its signers no for Alanson had heretofore Trigg. The had unkindly declared feelings that Gen. Coe, but that if, for the gratification of personal malice against Dr. Fowlkes, he opposed the taking of the books, papers and assets of the Farmers' and Merchants' Bank out of the hands of Receiver Owens, they should take such action on his part, in his professional capacity as an attorney, as an interference in their private and personal matters, and would notice it as such, although they had previously forborne. They further stated that it was a to assets of the bank, its families matter that the of vital importance themselves papers, et and should pass from the hands of Receiver Owen. This note Gen. Coe construed (very correctly, we think) into a threat of personal violence. But, on Saturday morning he proceeded to Court, and unhesitatingly opposed the motion to remove the present Receiver and place the affairs of the bank under the control of Dr. Jeptha Fowlkes and others. The hearing of argument upon the motion was continued to another day. In the meantime the report of Receiver Owen and an affidavit of new in Connell, making developments reference Major to the extraordinary manner in which this bankrupt institution had been managed, were filed. Gen. Coe then exhibited the note of King and Trigg to Judge Turley and several friends; expressed his conviction that an attempt to assassinate him would be made: placed the note in the hands of E. M. Yerger, Esq., and accompanied by Major Connell, left the court room. When they reached the corner of Maine and Monroe streets, five persons, Trigg, Gaines, Arand rington liams (Trigg's overseer,) Tompkins Joe Wilappeared, and Trigg immediately advanced and assaulted Connell. Seeing that the others also advanced, Gen. Coe concluded that the assault threatened him had commenced, drew a pistol and shot Trigg, killing him instantly. Whether or not Trigg had fired previously, is a disputed point; a to him was the Wilstreet discharged afterwards. pistol belonging Gaines, Tompkins, found Joe in liams and Arrington, in the meantime. were rapidly advancing upon Coe and Connell. whom he shot closed flesh of with the Connell, through Gaines the hip, and from whom he received six or seven bowie-knife thrusts, some of which are severe, dangerous. Williams in towards Arrington but not closed Tompkins, Gen. Coe, from differ- and ent directions, and with a wariness that showed they were determined to take his life. this had fired three attime tempting Gen. Coe shots, when, By on to draw a Colt's repeater, he found that it had slipped down into the lining of his coat. He then retreated, Joe Williams following and Aroff to a to renew rington their weapons. and Hopkins going grocery up, As Gen. Coe opened a door and entered the house, Joe Williams stepped to the muzzle of his against door, placed his back the pistol immediately up and shot him, the ball ranging across the spine-a terrible, but we yet hope, not fatal wound.

18. June 21, 1850 The Athens Post Athens, TN
Article from The Athens Post, June 21, 1850

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From the Memphis Paper. # MELANCHOLY AND FATAL AFFRAY. On Saturday morning last about the hour of 11 o'clock, a serious and fatal affray occurred between some six or eight of our citizens, in which Mr. Alanson Trigg was instantly killed, and Gen. 1. H. Coe, Maj., Wm. Connell and P. G. Gaines, Esq., were seriously and severely wounded. The different accounts of this sad affair are so conflicting that we have found it almost impossible to give a correct version of it, though from the best information we can gather, the following will probably be found to approximate the truth: On Friday evening Gen. Coc received a note from Judge E. W. M. King and Alanson Trigg, to the effect that they had heretofore entertained no unkind teelings towards him, but that if, for the gratification of his personal malice against Dr. Fowlkes, he should oppose the removal of the books, papers, assets, &c., of the Farmers' and Merchants' Bank out of the hands of Receiver Owen, they would regard such action on l is part, acting in his professional capacity as an attorney as an interference with their private and personal matters, and would notice it as such although they had previously forborne; stating moreover, that it was a matter of vital importance to themselves and families, that the assets of the bank should be taken out of the hands of the receiver. This note was naturally regarded by Gen. Coe as a threat of personal violence; still not hesitating in what he conceived to be the performance of his duty, he opposed the motion to remove the receiver, and the argument upon the motion was deferred till Monday. Before leaving the Court House, Gen Coe exhibited the note he had received. to the Judge and several other friends, expressing his belief at the time that he would be attacked, and in company with Major Connell and Mr. Hightower, started for his office. Having reached the corner of Main and Poplar sts., Trigg emerged from a grocery, (where he was in company with Gaines, Willianas and Arzington) and attacked Connell. What demonstration twas here made by Trigg's friends, we have been unable to learn, but Coe supposing that the contemplated assault was about to be made upon him, immediately drew his pistol and shot Trigg, killing him instantly. At this stage of the affair the firing became general, and as far as we can learn indiscriminate, Trigg's friends advancing upon Coe and Cornell. Gaines shot Copnell in the hip, when they closed in with kajves, and before they were separated, both were severely wounded. During this time Williams, Arrington and Tompkins are said to have closed in upon Coe, who, having discharged three pistols, discovered that the fourth, a revolver, had slipped through his pocket behind the lining of his coat, and being unable to get at his knife, made an effort to get into the door of the nearest house until he could get hold of them, and just as he was entering, Williams shot him, the ball entering so near the spine as to paralyze the lower extremities. Since the foregoing was in type, we have received the following copy of the letter addressed by King and Trigg to Coe. In the inextricable confusion of the different statements we have heard, we forbear from all comments. With regard to the tenor of the letter, we leave the public to draw their own conclusions. We are much pleased to learn that Gen. Coe rested easily yesterday evening, and that his symptoms were much more favorable than they were the day before. AT HOME, June 7th, 1850. Gen. L. H. Coe: SIR: I regret that I am confined at home and shall be unable to attend court in the Gorning, as I understand that opposition is made by yourself and others to the motion giving the President and Directors control of F. & M. Bank, which every consideration of wisdom, justice and right imperiously demand. I had intended to have seen you in person on the subject of your interference further with this interest which extends to me, my wife, and my children. I have sought to preserve a position which would involve me in no personal collision with you or with others about this or other matters. It is proper that I kin lly but firmly and respectfully ask you to desist from

19. June 22, 1850 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 22, 1850

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The Late Terrible Affair in Memphis. The Charleston Courier gives the following statement of the bloody fight in Memphis, Tenn. on the 8th inst.: It seems to have some indirect connection with an effort in Court, to remove the books and papers of the Farmers' and Mechanics' Bank from the hands of receiver Owen into the custody of a Dr. Jeptha Fowlkes, and others. On Friday Hon E. W. M. King (formerly Judge of the Commercial and Criminal Court,) and Alabson Trigg, Esq had joined in a letter to Gen. L. H. Coe, urging him to desist from his opposition to a motion giving the President and Directors of the F. and M. Bank control of that institution-an opposition intimated to proceed from personal hostility to Fowlkes, and which could not be persevered in without pecuniary injury to the writers, and probably a personal collision between them and Gen. Coe; and also assuring Gen. C. that the writers would take np his entire liabilities for them, in a few days. On Saturday Gen. Coe appeared in Court, before Jadge Turley, and opposed the metion, and filed the report of Receiver Owen, and an affidavit of Major Wm. Connell, making new developements as to management of the Bank; but the hearing of the argument was postponed until another day. Gen. Coe and his friends then left the Court. It seems, also, that Trigg had notified Connell that he designed to thrash him, without intimating, however, a resort to any other than nature's weapons of offense. When Coe and his party reached the corner of Main and Poplar ats. Trigg, P. G. Gaines, Arrington, (Trigg's overseer) Col. Tompkins and Joseph C. Williams appeared there, and Trigg approached Coe and Connell, and was in the act of placing his band on Connell, when Coe stepped past Trigg, and placing a pistol to Trigg's back, in the direction toward his heart, deliberately shot him dead. Trigg's friends advanced, and Coe then fired at Williams (who bad taken none but a pacific part in the affair) without effect. Coe then ran, drawing another pistol and shooting as he ran. Williams pursued him some forty steps, and, as Coe was at. t mpting to enter a house and close the door, shot him in the back, near or on the spinal columa, near the kidneys. Gaines and Connell got into conflict, and the latter received a fleah wound in the rump, and Connell wounded Gaines (not very seriously) in eight or nine places with a bowie knife, but was disarmed by the latter and begged his life, which Gaines contemptuously granted. Coe was supposed at first to be mortally wounded, but hopes were since entertained of his recovery. Highly colored and partisan accounts of this disgraceful atfair are given in the Memphis Eagle and the Memphis Express, the former siding with Coe and his party, the latter with Trigg and his party. We have endeavored to condense as fair an account as we could from the conflicting statements.