Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1858-08-19
Their work Finished.

; be handed over to the Governor
(wbo is now ABSENT upon his return
to Nashville, which will be. in the
course of a few days. when it viii
be placed before the public. In the
meantime, we find In the Memphis
Avalanche, Of the 18th inst, an ar
ticle in regard to the forthcoming
report which contains information
of interest to cur readers. The
statements are based upon informa.
ton derived from private letter,
ard if we are not mistaken as to
toe author Of the letter, the position
he sustains to the Legislature, ena-
bles him to speak advisedly. We,
therefore, print the following extract
from the article in the Avalanche:
The investigation has been a
herculean task; the difficulties Of
which have been greatly augmented
by the want of familiarity on
the part Of the members of the
committee with the details of ac-
counts, and by the loose and irreg.
ular manner in which the alfirs
of some Of the offices have been
kept. The committee have never
theless, elected q mass of highly
interesting information, and their
report will exhibit a series Of start. /
ling facts and embellishments scarce
ly inferior to those which character.
lie the administration Of the munich.
pal government of New York. The
defaIcation of the late Secretary
of State falls bat little short of for
ty thousand doll lrs. These we're
funds that came into his hands as
Internal Improvement Commission
er. This will De a total loss to
the State Treasury Il the official
bonds of the defaulting Secretary,
as well as the person Of that un-
fortunate functionary, both having
turned up missing. The invssti-
CATION Of the committee exhibits
he astonishing fact that these deiaica-
lions began with tie first monies that
5ver came iuto bis hands officially,
md that they embrace the last funds
ne ever received-beiDg something v
more than two thousand dollars {
,aid out by the treasurer of a
turnpike company, since the com. Z
nttee has been in session, and
While they were investigating these
'ery charges. B
We learn further from the letter of 2
ur correspondent, that the report Of
he committee will express the u :
animous opinion Of its members, c
hat the bonds required by law to be G
eposited with the Comptroller, as Sc q
urity Tor the issues Of the free banks, G
ere in the case Of the Exchange Z
'ank, aecer deposited! The defic- F
in the amount Of bonds claimed to II
ave been deposited by the Messrs.
pence, it will be recollected, reaches N
ne sum OF one hundred and twenty Q.
Tree thousand dollars. This opin- VI
IN of the committee reflects by i'm P,
ication, as a matter of course, upon h
lie official integrity of the late Comp 81
oller, since only by collision with
lat officer could this discrepancy a. "a
Sc. The high standing Of the pr Tt
es implicated in this transaction, II t!
Id their we'll established reputation V
r integrity, will subject this portion n;
the report to a severe and scrlti- :
zing criticism. Public sentiment, r. =,
the best informed circles at Nash Pr
lie, is represented to be very great n n
divided in regard to the party just TT
amenable to censure in this fraud Ba
ent transaction. and the war between ~ ~
Q Messrs. Spence and the late Ba
,mptroIier On the one part, and Ba
Q Cashier of the Bank Of fenRes- Cit Cit
e on the other, will, it is predicted, Ba
eak out with renewed vigor upon B Pn
e publication of the committee Co
port. The Messrs- Spence, under TX
q advice of the most eminent le- So,
counted, will forthwith institute a Ba
it in chancery against the Bank 6 pa
Tennessee for the amount Of the Ba
ssing bonds. We cannot but unite Ba
tn our correspondent in the eX- Bal
ession of the hope that the courts Bal
ny be successful in ferreting out, P "a,
d fixing the guilt upon the right An
rty ia this nefarious swindle, by Ne
ich the honest toiling masses of Ne
> country have been cheated out Mo
their hard earnings, to swell the Me- Me-
fers Of those who speculate upon Xii
,ir misfortune. Mo-
tn regard to the much-talked-of f md
repayment of interest on the Obi