Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-08-21


These bonds were issued to the McMinnville
and Manchester Railroad Company, goth July,
1855, the first coupons payable Ist January,
1856.
The above is copy. as before stated. taken
from the coupon books furnished the State
Bank of Tennessee by the Merchants Bank of
New York, where the coupons are paid.
These books had never been opened by the
officers of the bank, until called for by the
Committee. The seals were then broken, and
the books opened, in the presence Of the Com
mittce. The bank in New York furnished
the bank here a statement accompanying the
coupon book, of the amount paid by her.
This was regarded as satisfactory evidence of
the payment and, consequently. before
stated, the books had never been opened
Section If of the act of 1872, creating
the Free Banks holds the following language,
to wit: Be it enacted. that the bonds
of the State of Tennessee, when deposited, as
hereinbefore provided, by the holders thereof,
to avail themselves of the privileges herein
granted, shall thereafter become payable at
Nashville, and likewise the annual interest
thereon, provided, that should any such bank
be hereafter wound mp under the provisions
of this act, and the securities deposited with
the Comptroller should be sold, as herein
provided, then the interest on the bonds of
Tennessee, SO sold. shall thereafter be payable
where the said bonds are made payable"
From this section of the act, creating the
Free Banks. we find, that when State bond.
are deposited with the Comptroller, the in
terest accruing thereon is made payable at
Nashville. The mode by which this is done,
is,when the Free Banker applies for his interest
the Comptroller cuts his coupons from his
bonds, when they are endorsed bonds, the
coupons are handed to the banker; but when
they are State bonds the Comptroller retains
them, pastes them in a book and cancels them.
He, then. gives the banker warrant upon
the Treasury, for the amount of interest due
him. The banker presents his warrant to the
Treasurer, who thereupon, gives him check
upon the State Bank for the amount. taking
duplicates receipts for the same. The bankers
receipt and the warrant are then pasted to-
gether, and held by the Treasurer as vouchers
of his payment; the check is also countersigned
by the Comptroller and the duplicates left
with him. Books are also kept of these sums
paid oEt, both by the Comptroller and Trea-
surer, and these books are compared and
balanced monthly. These books and vouchers
should, then, show, and so far as we can as
certain from critical examination. do show.
the exact amount of interest received by each
banker upon his deposit of State bonds The
Comptroller may, by violating the law. cut
the coupons from the State bonds, and hand
them to the banker, and the banker, il this
should be done, could collect his interest in
New York. But the Comptroller, rs before
stated. has no authority under the law to do
this. and each of them. viz: Messrs Crozier
seen. by reference so their dispositions. that
thew did not do Il. Neither is it pretended
BY MIR, Spence, SO far Is the Committee are in
formed. that Il was done.
1t becomes important, then, to ascertain
the amount Of interest received by Mr.. Spence
upon his State bonds deposited, as the amount
of interest necessarily discloses the number
OF his State bonds.
Mr. Spence,in the old paDer that has been oft
On referred to, below the point where it f0ots
up SOS, ass 33. (See eopy)-the amount that
corresponds. rs stated before with Mr. Croz-
ier's report-gives us State bonds deposited
during Mr.. Crozier's term, II, 10. 6, 10, max
ing 10 State bonds. The numbers OF these
boads are given, aud it will be recollectcd,
that the Numbers upon the coupons attached
Always correspond with the numbers of the
bonds, consequently, il they were deposited
before the LIST Of January. 1856, the interest
was receivable here, and the coupons, with |
numbers could he showa upon |
lie Comp.roller's coupon books Ia his Office. |
These b.iads, is shown from the receipt |
book in the Seeresary's ofliee, were issued 10
he McMinnville and s.anchestsr Railroad
on the goth Of July sos.-snd ihe iirs,
coupon thereon payable lss OF January, 1856. |
These bonds could net have been deposited on |,
,r before the LIST OF January. 1856, As we lind
pumbers the aforesaid coupon book. at the
Bank of Tennessee, corresponding precisely
With the numb T OF Lis bonds paid In New
ork, the lst OF January, 1856 This interest
should have been paid here. provided the
bonds had been deposited before that date