Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-04-30

have the Tennessee National Bank at
Memphis designated as a fiscal agent Of
the State, but Comptroller Hatchett,
whose consent was necessary, refused 30
concur in the selection of this bank as
such agent. The President Of the Ten
nessee National Bank was here working
like beaver to have his bank designated
as the fiscal agent of the State for West
Tennessee, and how well he succeeded,
the sequel viii show The act Ito pay
the current expenses of this session of
the General Assembly, aud for other pur-
poses, which was reported by the chair
man Of the Committee on Finance" in the
House of Representatives, and which be-
came law on the 26th of May, 1866,
Ontains the following:
. Sec AZ. That the Treasurer Of the
State be, and is hereby directed, and it is
made his duty, to require from such banks
as he may select as repositories of the
public money, a bond, each in the sum of
two hundred thousand dollars, with seeu-
rity TO be approved by the Governor, made
10 the State of Tennessee, and conditioned
for the safe keeping and accounting for and
paying out, on the checks of the Treasurer,
the money deposited with them said bond
~ be deposited with the Secretary of
St9ge.7
4 I'VE have italicised two remarkable
changes which this section makes from
the provisions of the Code. First, this
section authorizes the Treasurer to select
such banks as he pleased, without re-
ference to the consent Of the Comptroller;
and secondly, the phraseology of the
Code, moneys that shall come to his
hands on account Of the State, was
changed to the public money"
Now how We're these very important
changes brought about The Comptroller
was opposed to selecting the Tennessee
National Bank as fiscal agent of the
State, and his consent was absolutely
necessary, under the provision of the
Code, but the President of the hank
headed the Comptroller of by getting the
Legislature to pass a law giving the ex-
elusive authority to make the selection to
the Treasurer and not only this, but en-
larging his powers as to the money he
shall deposit Why did the Legislature
make this very important change, when
it could not have been unknown to the
Radical members of that body that the
Radical Comptroller was opposed to such
change What potent influence did the
President Of the Tennessee National
Bank bring to bear with his Radical
brethren in the Legislature to secure this
very important change Here was the
Treasurer authorized by the Radical
Legislature to select the fiscal agents of
the State without the concurrence of the
Comptroller, and this warrant was 40
wOrded as to authorize him to deposit
the school fund or any other public
money in the Tennessee Nation Bank
or any other bank DIR. Stanfords letter
to Gov. BrOwnlow resigning his position
as Treasurer fully confirms this opinion.
He says in that letter
Regarding this fund of $6l8,25O as
public money which had come into my
hands on account of the State | felt
A. a Z IL
State at the earliest possible moment
Three National Banks had been notified by
me Of their appointment a. repositories Of
the public moneys. On the 9Th of June
last the Tennessee National Bank filed its
bond, properly endorsed, with the Secretary
of State, and on the same day, according to
my understanding of the law, and under
sense Of imperative duty, deposited this
fund in the hands Of the President of that
bank, taking his receipt, the bank agreeing
to return this fund in United States 7-30
Treasury notes of the same series. de-
posted it in the Tennessee National Bank
because believed it TO be one of the best
conducted in the State, and because it was
the only one that had qualified itself by
giving bond. / felt bound by law to de
posit it, and could deposit no where else at
the time"
We have now shown that the move.
ment to take the school fund from the
keeping Of the Governor and Comptroller,
where it had remained fifteen months in
perfect safety" and placing it in the
hands of the Treasurer, originated with
the political friends and partizans ofGov
and that it was carried
through the Legislature by their votes
We have shown that the authority under
which the Tr easurer deposited the school
fund in the Tennessee National Bank |
was conferred upon that officer by |
the Radical members of the Legis- |
ature, specially for that purpose, and
hat they could not have been ignorant
IF the fact that the Comptroller had re-
used his sanction to the selection Of that |
bank as the fiscal agent Of the State.
What appliances were used to induce
he Radical members of the Legislature |
o make this change in the law, under
which DR.. Stanford acted, is a matter
Ibout which there has been a good deal
If speculation But the great fact stands
ut in bold relief that but for the action
# the Radical members of the Legisla>
ure, the political friends and partizans of
he Governor, the school fund would have
emained, and would to-day have been in
he keeping of the Governor and Comp
roller DR. Stanford was simply the
instrument of the Radical Legislature
nd the men whs manipulated that vir-
nous body; and whatever crime at
aches to him for making the transfer
nd "endangering 80 large fund"
ttaches also TO the Radical members cf
ne Legislature, who were accessories
efore the fact
HE MEETING AT PULASEI ON
SATURDAY.
The people of Giles county, irrespec-
we of color, held mass meeting at
nlaski on Saturday Nearly the whole |