MANUFACTURES. Since 1880 the manufactur ing industry has grown rapidly, the value of products increasing 95.2 per cent. in 1880-90, and 48.5 per cent. in the subsequent decade, the value in 1900 being $107.437,879. There were in the latter year 50,107 persons engaged as wage earners in the industry. The recent growth is noteworthy in that textile manufacturing, the most prominent industry in a number of other Southern States, is not here important. The basis of the State's manufactures is its wealth of grain, timber, and minerals, together with its water power and advantages for river and rail road transportation. Flouring and grist mill products (whose value increased 74.8 per cent. between 1890 and 1900) and timber products each rank by far the first among the manufac turing interests. The abundance of coal and iron ore has given rise to a flourishing iron and steel industry, and to the manufacture of foundry and machine•shop products. The manufacture of cot tonseed oil and cake is of greater importance than that of cotton textiles. The value of leath er products in 1900 was more than twice that in 1890. There was a very large increase in the manufacture of tobacco products. The follow ing table shows the relative importance of the leading branches for 1890 and 1000: of Tennessee followed, with the State as one of the stockholders. A second Bank of the State
of Tennessee was in existence from 1820 to 1832. The State funds were transferred to the new Union Bank of Tennessee, with a capital of $3,000,000, of which $500,000 were subscribed by the State. The tendency to intrust the bank ing business to the State was still alive, and in IS3S the third venture was made by the organization of the Bank of Tennessee, with a capital of $5.000,000, all of which was to be supplied by the State, partly from funds on hand and partly by sale of bonds. It started with an actual capital of only $2.073,355, which was all the. State could get together. The fol lowing twenty years were comparatively profit able for the banking business of the State, but the panic of 1857 forced many concerns into liquidation, and before they recovered from it the great political conflict came, almost destroy ing the banking institutions. In 1806. by order of the Legislature, the Bank of Tennessee was formally placed in liquidation, when its assets