The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1858-09-03
REPORT .OF THE INVESTIGATING
COMMITTEE.

Free Bank Securities The Erchange Banh
Payment Of Interest on Coupon Bond,
= DR.. Burton'S Dgfalcdiion = MosJy',
PeculaiionS
The Legislative Investigating Committee
who have been in session at the Cnpito
since early in May, submitted to the Cover.
nor, on the l4th inst, their report upon the
matters they were charged to investigate
The report contains much that is interesting
and valuable to the people of the State, but
We find it too long for our columns. We
therefore, present such an abstract rs we
think will give the reader pretty clear in
sight into the matters npon which the COM
mittee have reported.
FREE BANK SECURITIES.
The committee have had great difficulties
to overcome in getting at the facts aud data
which were nee essary for a full and complete
report but from thorough examination of
the books and papers in the Comptroller's
otlice-from statements furnished by the
Free Banks, and from various depositiOns
taken, they have arrived at the following
facts and conclusions:
BY the provisions of the Free Banking
law. possed February u. 1870 and the nets
amendatory thereto, the Free Bnks were re
onirod befr,a recaivirr notes for circulation
from the Comptroller, to deposit with him
pisbed hv him and with oibor amounts nf
bonds hat mirht cover nnv denrccotion
Of hands if thev should not he nt nor
volua
Tho law fur,h.r reouires that athe circplo.
ton of said banks is reouired to be counter
sicned nnmbernd and regisIered by tha
ComrtroIlrr IN nroper hooks To be proyided
and Ian, for That nnrnosa in tho ofiir. or tho
.aid cnuntrolIo, - Tho rommittno 6nd in
! ,I,a r. H., ala T',,r,r,IIo.a L,oL g. -
a"o L NV, - ,ho a,,o,,r Eraa parLs ,.;,h
,hoi. n',,,os on ,hoir Lack. and in vIirb ,hoy
Ga ,La, ,I,a o;ro,La,;on of - no.t ~ la
H. -, .,t.;,',a.sl . ...o,,;,aJ i,,, H.,
,,"9 ~, La,t ~ ~ usl,e
l,;rn :, c,,li md oorrao, nc,nun, or .i ,ha
'u', 80 L,' ,l,a C,',,,r,.S,iI''
,,iuor on, h., 5in, ,o ,ho Froa R,nt.. hni
e., Sv" Wv Gat,n, ,h,, in mony n,sa" fro,n
,ho onnooraroa of ,ho hnoks tba nunber of
."t P,a'.;"t',rod anJ tha hondo danns;,ad
,hau do no, 0iyo correct nccnunt of ,ho
- g si,aaa 81
IRE haa hoe, M roo;stroion NJ all of
,ho notos of tho Riyer Rail tha R,nL Of
tho ITnion and of Buck's Bank. and thew
ca a., ,Lo ron;strot;on of thn notos of .ho
Rank of ,Trentnn has bepn so imprrfect that
notI,;rr n oII ann ma told from the hooks os
IN the omount registered. n, there is no
ron;stro,ion NJ ,ha lrtters or size Of hills.
| and they find likewise. that the notes of the
RanL az Knovvill. have not been registered
in rnlI
Tho booLs do NOT nroress. but in n few
instancss to Give the dates when the recls
,ro,;nn ,,.oo m,da of tho notes nor do tLpv
| uiye onv ocrount that is int.lliuble. of the
nnn,os ;hat hovs haen cnnc.it.d md o,h.r
notes obtn;pod in lien thereof If n full. per
feet and inteliqible registration had been
n,nd, or all tba notes SIGNED nv the Comm
trollor and civen over to the Free Banks, as
wos CLEARLY indicated bv the Free Banking
lo, of 1870 and of the notes returned and
concall.d. there would now be but little diff.
nrI,y in ARRIVING ot the outstanding circula-
t;nn oC tho Free Ranks. but as il is, the com
n,i,t.a ho,o n car,oin data nv which to he
n,,;do1 in oscort,inino the outst ndinp cireu
s.,;e,n ~ Tho Fr.e Ranks and thew have had
70 ,elv ,lona nnon the statements furnished
bv ,be Free Bankers. If correct rcgistra-
,;or or Tho ,o,es of tbe severol Free Ranks
had heon made the COMPTROLLER would at all
,;mos bnve been able TO see the correct
on,onn, Of outstanding circulation of the
several Free Banks, ana by comparing u win
'he oohus on u'po''' ouU % W;nr V ronr % or
"N.' ""N .H
The committee find that there never has
been, since the passage OF the Free Banking
"et' up 10 M"fch !, looo' "ny oooN y, %o
Joto wben bonds were deposiled by the
Free Banks, She amount deposited, and the
numbers aud character OF the bonds: and
though no spcn oooN was requ'teu oy "a" nS 10
Lus;udss ile monngcm,nt Of the Free Bank
securities would certainly have required that
some such book or account should be kept
Had this been dohe' 'ne coni'i''''ee WCulu
nave W." u, So" I;n;.,i,iaa ,Lat bayo hoon
presented would not have occurred, or could
have been easily sulved. That no such book
or account should nave or'h kept ny 'ne
oon'ptrole.' 1' VIZ ,t; ~, .hn"id n Soyo hoen Ier,
:" ""I "hamoo o or tbe memory of the COMPTROLLER
is certninly n matter Of nstonishmcnt, and
without parallel perhaps IN business
transactions involving, rs u noes' '"e ''lo"o'
'"'y '"'''o''' VI wv
The committee STATE '''"' ''"'n '"' P"''"se
OF the Free banN'hg law UP 10 reo'""'y if'