Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-08-19

Ard leaves SIf5o the ascerned amount q Outstanding
circulation Of the Kxcage Bank Il vii b readily
from these evidences that the amount Of Bonds claimed ~ M
Spence falls far short Of his circulation.
His Bonss claimed before stated. amount to SisS99e
" Outstanding circulation aInonnts e -l.eo-
showing difference Of @Sse
in favor Of orcuaon when there shoald Be darenee Of %
ig - ~, for the communications Of many Of the
aI 49, NJ % Al IA large
amounts have not been reported could the entire cculaou
s SeT are induced 70 believe it would greatly swell
81 sSS5ss''s ns'' gwen -
M fotI,bp are the conclusion st which the Committee
rsvssin regard to the affairs Of the Exchange Bank
The Commiee IRON the foregoing facts and others Of minor
posnce, numerous to ebody in this report With full con-
cunce conhde3ce their opinion report the fact that Mr.
Spence vas ne ed rot nave on 9eos e -
state ced and that he has Withdrawn all the Bonds from
that he entitled to, through and BY virtue Of his de-
! posit with the Comptroller.
In regard to the mode by which circulation vas obtained by
the Exchange bank without the proper number Of Bonds being
on deposit the Committee have to says they have no sStcioIy
Information. We find in the month Of October or Novo'
1857 according to Mr. Mosb deposition and Spence adls
on that he took from the Exchange Bank box ~ Bonds sGc
handed them Mr.. Spence without any Of uatOn tax
says that Mr. Spence afterwards ted the bill hy return Of
circulation that amount. This proceeding on TIE part OF
direct violation Banking Law such Authority
power is deegated to the Comptroller.
The Committee would further report, that they have 10 evil
deuee before then showing that Of the Free BANS s re-
ceved from the Comptroller counrsgned BY him. ofe OF the
Of said Banks than their Bonds deposited a. required BY
law, except the Exchange Bank, here toore explained But
have no means Of asceranng how the fact IS except from
on the subject
INTEREST PAID on COUPON BONDS
The Committee were instructed ascertain Wha amount
Of interest has paid State Coupon Bonds and what
amount should have been paid ascertain whether
payments have improperly made, and they report as fol-
lows
The COMMITTEES upon branch Of their Investigation have
had many difficulties to encounter They referred % the Comp
roer Reports for the last six for the information desired,
convinced that they could not be relied upon either
Of Indebtedness as to the rate Of
information the Bonds loaned to the various Inter
nal Improvement Companies to the Bonds endorsed by the
became Necessary get at actual amount Of Indebtedness,
the date when the Bonds issued and when they fell due and
interest they bear, which would give the fin
due annually the Bonds outstanding 1t Likewise be-
came necessary 70 arrive accurately at the amount OF Bonds
loaned endorsed the State to the various CompOn and
amount interest that they bore annually and
amount actually pad ana te d companies had al
the paid the Bonds osned and endorsed. To
arrive the whole matter correctly the Committee have carefully
examined and compared original papers in the
Comproer Secretary Of States Offices, which have
ey have made out tables showing everything regard to the
issuance Of Bonds and the interest they bear when issued and
when they Each item Of State Indebtedness has
very carefully and critically examined from the original
each Of which will be fully explained hereafter with perfect
The Committee find it matter Of impossibHy to report the
precise Of interest paid coupon Bonds from the
TACT that all original Bonds issued to the Internal Improve
Companies increase the capital Of the Ten
nesse &c coupons attached tem when
interest paid Bonds the evidence Of placed on
the Bonds By act Of the 2lst Of February ls law passed
permitting the holders Of Bonds that did have coupons
sche hem to have them renewed and coupon Bonds issued
70 them in lieu Of the old Bonds and TO have The latter cone
Under that act large number Bonds renewed with
pons attached correct list Of these renewals appended
TINS report Ihere are sun alarse number OF me od Bonds out
standing that have not been renewed and the Committee
possibly arrive the separate items OF interest Paid Bonds
that do not hay coupons attached and on Bonds with coupons
sached The tables WILL however, show the amount Of interest
due State debt from January J. 1850 July
the amount setuay paid and this viii show amounts i'm
The Committee have but two sources from which TO derive
the amount OF interest paid State debtone Of which
the books Of the Comptroller and the other the coupons paid
of Of heineres that appears the hooks in his ONCE
The interest portion Of Bonds is payable in New York
and Philadelphia and the remainder payable the Treasury
the warrant Of the Comptroller Whether the crupons paid
paid certain character Bonds interest
payable in New York and Philadelphia paid by the Bank Of Ten
agent Of the Treasurer, by passed Februay g
1850 y the act, Of required
declare dividends the st Of January and July Of each
but this law have been observed For instance
dividends all declared year 1856, find
that the Bank has held up her interest account for
eighteen months without presenting il 70 the Comptroller for
settlement This has presented some dcalty in ascrainng
the pa interest Tor any one year. FER instance, though
the Bank declared diyldened IN February and Semptm1r OF
1871, they did not present their account Of interest paid in
New York and Philadelphia from January 1857 to June 1855,
inclusive until the 18th Of june 1855 though the check Of
the Treasurer has always been paid, whether the dividends
If Of interest presented every months tie
5 nc jttee have ma 10 an IN ascsrtning
the Of interest paid coupon bonds New York and
been kept with the numbers Of the bonds placed on the books and
when coupon presented paid invariably
celled pasted the opposite the number, coupon
always hearing the number the bond. The committee,
able the coupon interest paid
the Office Of the Comptroller for the last six years, from the
that have been regular books kept him in which
the coupons pasted in order regularity. The
have been pasted on without reference 70 the number they
bear the character Of them the date they fall due; and the
show particular month when the
paid Of and Of course very little be discovered from
them.
ACCOM- snyng the report number OF tables marked d.
which show when the coupons due and pa and the amount OF
money paid by the cOmpanestO the Bank Of Tennessee and the
number coupons returned by hem showing In fun how the
interest been paid by the various Railroad Companies the
bonds loaned to them The committee they have carefully
examined July 1853 July 1885, and
and they confident that tits also before
that time The committee say:
These tables will show all the transactions Of the Bank Of Ten
paying the interest bonds loaned 10 the Railroad
Companies The committee find that the Of the Bank
with the Railroad Companies and the State have
and accuracy and in every partic
Bank has made most satisfactory exhibit OF these
with the Railroads, and also with the State Treasury
and the Comptroller.
The following synopsis Of the amount of interest that should
have been paid indebtedness for years 1
inclusive likewise paid shown By
ty,ovr the olterar 4