Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-19


Union Bank Stock, 80 ,694 90
sI,I86, 224 II
The acts Of 1887 Oh. 10Y, establishing the State
Bank, by sec. 3, hands over the school moneys as
capital in said Bank, and authorizes all the stock
belonging to that fund in other banks to be sold
and proceeds paid over to the Bank and directs
the proceeds Of the sales Of the Ocoee lands there
after to be made to be paid over; in each case the
superintendent to take certificate Of stock; and pro-
vided a system Of common schools was put in oper-
alton by that Legislature, (which was done,l the
funds which may accrue, after the year 1851 Tor
the benefit of common schools, from the bonuses of
the present banks, and bonuses and dividends from
other incorporate companies, and from privileges,
fines penalties and taxes, shall constitute part Of
the annual fund for distribution TO common schools.
Sec. 8 sets apart annually $4,000 to common
schools, from the dividends Of the Bank.
The act of 1889, chap. 80, sec. TO- provides that
the Treasury Of the State, shall annual ypay 81 900
for the use Of Common Schools, in lieu of taxes
heretofore paid into the Common School fund.- from
certain lands in the State
The acts Of l84l, chap. $50, sec 9, apprOpriates
to Common Schools, Onehalf Of the surplus reve-
nue. deposited under the distribution bill passed by
the extra session Of Congress in lS41.
The act Of 1910, chap. 147, sec. 1, adds to the
Common School fund, the balance Of ST., 703 80,
arising from the sale Of lands South and West of
more particularly directed to be thus invested by
the act Of 1851, Sec l.
The act Of 1847, chap. 206, sec 6, directs $780,
2l3 S. to be vested in State bonds the interest of
which to be distributed as other School funds
The act Of 1888, chartering the Planters Bank,
by sections and 90 requires the Bank to pay to the
State annually, bonus of half Of one per cent
upon the capital paid in, for the use of Common
Schools, quallned as TO the amount Of capital In
Planters Bank and LaWrenceburg Bank, by act Of
1858, chap. 81, sec. l.
The act Of 1888, chap 81, sec. 20, makes the
Tennessee and Fire Insurance Company, pay an an
nual bonus Of five per cent. upon its net profits,
provided they are not below 10 per cent upon its
paid in capital, for the use Of Common Schools
The act Of 1889, chap. 20, sec. p, makes the
GAINESVILLE Marine Fire Insurance and Trust Com
pany, pay the same bonus, as ether Companies char
tered by the State pay.
The Bank of East Tennessee by act Of 1913, chap.
so, Sec Is, and the Memphis Insurance Company,
by act Of l843, chap 22l, Sec is, each pays bonus
to the State Of one-fourth Of per cent, on the
amount of stock subscribed-the latter Company by
act l847, chap. 81, sec. 4, pays bonus Of $500,
which is again changed by act of lS49 sec. 2, to
bonus Of one-fOurth of per cent, upon its CAPT
tai stock, for the use Of Common Schools.
The LaWrenceburg Bank, by act of 1847, chap.
2O7, 6, pays the bonus in proportion to its
capital stock the Planters Bank, for use Of Com
mon Schools.
The Citizens Bank of Nashville and Memphis by
act Of 1851, chap 2O4, II, pays al annual bO-
nus, for the of Common Schools, Of One.half Of
one per cent, upon its capital stock paid in.
The East Tennessee Mutual Insurance Company,
and the Mutual Protection and Fire Insurance Com
pany Of Paris by act of 1851, chap. 281, sec. 16,
pay bonus Of OnefOurth Of one per cent, on their
capital, to be applied to School purposes.
The Free Banks by the act of 1851, chap. lI3,
Gao nav of bair
capital in lieu Of all other taxation for the of
Common Schools.
The Protection Insurance Company of Nashville,
and the Mutual Insurance Company Of Greeneville,
by act Of 1851, chap. 273 sec % and 81 each pays
annual bonus upon its capital Of onehalf Of one
per cent, for t ne use Of Common Schools.
The Bank Of West Tennessee, the Bank of Chat
tanOoga, and the OCOee Bank, by the acts Of 1858,
chap. 1917 and l96, each pays bonus to the State Of
One-half Of one per cent, upon its capital.
By the acts Of 1887, chap. 100, sec and 8, GER
tain penalties against Shers, when collected, made
part Of the Common School fund
Penalties against Clerks, by the act Of 1882 chap.
SO, sec. 50, when collected made part Of the Com
mon School fund.
Proceeds of escheated lands, and other lands and
other town lots by acts Of 1851, chap. 100, Sec l
and ?, appropriated to the use Of Common Schools.
a tax of % cents upon the polls, and p cents on
the hundred dollars Of all the taxable property Of
l, for the use Of common schools. The tax thus
collected, and the 100000 annually distributed,
are directed by , to be distributed among the
counties according to scholastic population and
3, authorizes the County Courts, cOnditonaly,
to levy q tax in each county, not less than that
raised under the lst Sec, for common school pUT-
poses Acts Of 1913, Oh. lO4, Sec /, authorize the
sale Of certain school lands amended by the acts of
lS45 Ch. l2l, Sec l, and the acts Of 1853 Oh. 3l6,
correcting errors in sale, and other directory,
but not affecting the fund.
Act Of 1856, Oh. 30, chartering Bank of Ameri-
ca, by sec 10, gives bonus Of Of per cent upon
its capital paid in to the use of common schools.
Act Of 1854 Oh. l59, Incorporating the Nashville
Commercial Insurance Company, by sec. p, gives a
bonus to common schools Of of per cent upon its
capital and act Of 1856, ch lSl, 43, gives the
like bonus on the capital Of the Knoxville CONNER
cial Insurance Company.
Act of 1856 Oh. IS5, sec. AZ, gives a bonus of
Of per cent upon the capital paid in Of the Home
Insurance Company Of Middle Tennessee, for the
use Of common schools.
Act Of 1856, Oh. 252, Sec 9, gives a bonus to the
State Of Of per cent, upon capital paid in, Of the
Jackson Life and General Insurance Company.
The Duck River Slack Water Navigation Com
pany, by act Of l84s, Oh. q, g. is subject to
an annual bonus to the State Of 5000.
Act Of lS43, Oh. 22l, Is, provides that the
Memphis Insurance Company, pay bonus to the
State Of Of per cent, on the amount subscribed,
amended by act OF 1919, en-. Oh Sec 4, making the
annual bonus $500
Act Of 1856. ch 128, by Sec and gives, an
annual bonus to the State upon the capital Of the
GayOse Savings Institution, and the Chattanooga
Savings Institution, Of Of per cent; and by Sec
II, gives an annual bonus upon the capital Of the
Mutual Protection Insurance Company Of Murfrees-
boro' of ! Of Per cent, for the use CT common
schools
Act Of 1886, Oh. I7S, Sec g and 4, requires a
bonus, for the use Of common schools, of 3 of per
cent from the Traders Insurance Company.
Act Of 1856, chapter ISL, sec. y and 4, gives
bonus to the State Of one-haf Of per cent upon
the capital paid in at the Montgomery General IDsu
rance and Trust Company.
IL will be seen from the Statutes that some bonus
paid 10 the State, by banks and insurance
companies, but most to the use Of common schools
perhaps all were designed for that purpose, and
it is with the Legislature to charge it or not, as
seems most advisable to them. 1t will be seen also,
that the bonuses are unequal, each company SEEM
ing to make the best bargain it could with abe Leg
islsture chartcring 1t. Some companies chartered
by the State, and agencies of other companies not
chartered by the State, pay no bonus at all, though
the latter pay a tax under the revenue law. The
failure TO require bonus may arise from accident
OF design, as where company is incorporated, by
referring to another charter, subecting it to the
restrictions Of certain sections of that act but
fully avoiding to mention the section that imposes
bonus TO the State or common schools. Some gen.
erBl law, If the Legislature think 1t advisable,
might supply those defective charters, as vel. as
have prospective effect upon those hereafter to be
granted.
Where and in what the school funds are invested,
has been shown from theitcms constituting the fund;
and in what follows to the action Of the Govern
or and Comptroller under the provisions Of the act
Of February p, 1854.
It will be seen from statement A. herewith ap-
pended furnished by the Bank Of Tennessee, that
the Governor and Comptroller we're credited upon
the books of the Bank with dividends and bonus
arising from the stock in the Union and Planters
Banks amountingto S2O8 S24 60
Also by error in credit from Union Bank 2O.OO
And interest paid by the Bank on deposit ls,60l32
Making in all the sum Of SOD, 80
From which deduct the amount re-
funded to Union Bank, (see state
mept Al 6,25OOO
Leaving to be invested S2I6,l95.92
The checks Of the Governor and Comp
troller are now on file N the Cover
nor's office, and show purchase Of
bonds as follows
20 capital bonds, $3.50 each, due Ist
April, 1855, 100000
Interest on same, 1876