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2

of the session, when this information was obtained,
rendered it impracticable [sic], at that time, to ascertain the
precise deficiency. The new directory however were
authorized to bring the business to a close as soon as
possible; this they have not yet entirely accomplished
altho [sic] great diligence has been used for that purpose.
Nearly two hundred thousand dollars have been
obtained from the cashier and clerk, and it is to be
[feaned?] that there is a still a considerable sum in default.
When it shall be accurately known, a hope is entertained,
that the securities of the cashier, will be disposed
to settle, in a manner satisfactory to the State. Although
there is every reason to apprehend; that a loss will be
sustained at the principal bank in Nashville , yet it is
believed that a much greater proportionable [sic] deficiency
will be found to exist at the agencies. The report
of General Smith, of the examination which he has made
of the agencies in West Tennessee is now before me,
and it exhibits extensive insolvencies on the part
of the debtors, and great inaccuracies in the transaction
of the public business by most of the agents. The amount
due at the agencies in West Tennessee is about two hun-
-dred and fifty thousand dollars, and of this sum at
least sixty thousand dollars, and probably more,
will be certainly lost. The gentleman appointed to examine
the East Tennessee agencies has not reported; but it
cannot be otherwise than that some loss will also
have to be sustained in that end of the State. From
this view of the subject it is palpable, that the State