The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-09-03


well, the committee would state that Thos.
F. Mosby, late clerk in the Comptroller's
office confessed to them that he had taken
and appropriated to his use, five bonds be-
longing to the Bank of Tazewel Of $1,000
each, four Of which were Nashville andChat.
tanooga bonds endorsed by the State, one a
Memphis city bond endorsed by the State
He likewise confessed that he had taken two
Memphis city bonds, endorsed by the State,
belonging to the Bank of Trenton. The
difficulties here presented result from the act,
that the Free Banking law of 1852, and the
acts amendatory thereto, have not been fully
complied with, for if n full and perfect list of
the notes countersigned by the Comptroller
had been registered, giving the date when
registered, and the amount returned and can
celled, and the date of the return and of
bonds deposited, and the date of the deposit
and likewise the withdrawal, there would be
no difficulty in turning to the Comptroler's
books and at n glance ascertain anything
connected with the Free Banking system,
but unfortunately no such book has been
kept.
EXCHANGE BANK.
In regard to the Exchange Bank, the Com
mittee say they have had great difficulty in
arriving at such facts and reliable data rs
would enable them to come 10 n satisfactory
conclusion, but, as the result of their re-
searches, they submit history Of the trans
actions of that Bank with the Comptroler's
office and the Bank of Tennessee, which they
are confident will lead to correct eXplana-
ton of the affairs of that Bank. This por-
lion Of the report is lengthy and very minute
in detail. In regard to the outstanding cir
cula:ion of the Exchange Bank, the Com
mittee report that the Clerks of the County
Courts of various counties in the State had
returned to them an aggregate am ouitt of
S93,2l3 of Exchange Bank notes rs held by
citizens of their respective counties, and that
81, 1888 had been returned by private individ.
uals, making an aggregate Of $95,046. The
Committee then proceeded:
1t will be seen bv reference to the above
list that the amounts reported by the differ
ent Clerks and by individuals to be
sos O46
ton from the Bank of Tennes-
see, on the 18th Of May. 1858, $4,000
He took up by his check, 18th May,
1858, 1907
He took up by his check, 18th May,
1858, 5000
He received through Mr.. Carney,
9th May, 1858, 1884
He received subsequently from the
Bank, 63
Total, S235,s6O
Subtract from this $92,500 return
ed TO Comptroller aud burned on
the 18th May, 1858, 92,500
$l43,36O
And it leaves Sl4S,360 as the ascertained
amount OF outstanding circulation of the
Exchange Bank. 1t will be readily discov
cred from these evidences, that the amount
of Bonds claimed by Mr. Spence, falls far
short of his circulation.
His Bonds, claimed MS before stated,
amount to, Sl23,OOO
His outstanding circulation ANTS
to l43,36O
Showing n difference of, S2O,36O
in favo. of circulation, when there should be
difference of 30 per cent. in favor of his
Bonds
The Committee infer from the commun-
cations of many Of the Clerks, and from va
rious letters from adjoining States, that large
amounts have not been reported, and could
the entire circulation be ascertained, they
are induced to beievei it would greatly swell
the aggregate here given, and Gre confident
that il is at least 100000.
The following are the conclusions at which
the Committee arrived in regard TO The af-
fairs of the Exchange Bank:
The Committee, from the foregoing facts,
and others of minor Importance, too numer-
Gus to embody in this report with full con-
currence and confidence in their opinion, re-
port the fact that Mr.. Spence was Mistaken
that he did not have on deposit the 1913 State
Bonds claimed, and that he has withdrawn
all the Bonds from his box that he was en-
titled TO, through and by virtue of his depos-
il with the Comptroller.
In regard to the mode by which circua-
tion was obtained by the Exchange Bank,
on deposit, the Committee have to say, they
have no satisfactory information. We find
in the month of October or November 1857,
according to Mr.. Mosby's deposition, (and
Spence's admission,) that he took from tho
Exchange Bank box AZ Bonds and handed
them TO Mr.. Spence, without any return Of
taking Spence's due bill for the
same. Mr.. Luttrell, in his deposition, says
that Mr. Spence afterwards lifted the due
bill by n return of circulation TO that amount.
This proceeding on the part of Messrs. Mos
by and Spence was not only censurable, but
is in direct violation of the Free Banking
Law, us no such authority or power is dele
gated to the Comptroller.
The Committee wonld further report, that
they have no evidence before them showing
that any of tire Free Banks have received
from the Comptroller, countcrsigned by him,
more of the notes of said Banks than their
Bonds deposited as required by law, except
the Exchange Bank, as heretofore explained.
But we have no means of ascertainng how
the fact is, except from the books Of the
Comptroller, which afford but little nforma-
ton on the subject
INTEREST PAID on COUPON BONDS.
The Committee were instructed to ascer.
tain what amount of interest has been paid
on State Coupon Bonds, and what amount
should have been paid, so as TO ascertain
whether any payments have been improperly
made, ard they report as follows:
The Committee, upon this branch Of their
investigation, have had many difficulties to
encounter. They referred to the Compirol.
ler's Reports for the last six years for the
information desired, but were soon convin.