Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-11-24
rHE TENNESSEE NATIONAL BANK
AFFAIR

The Memphis Ledger, referring to
"what is called the school fund.- says
"there is whisper on the streets that
$4,000 or $4,000 of the assets of the
Tennessee National Bank, which should
90 so far to replace that fund, is at pres
ent in the hands Of a certain party" in
Memphis. We have several times called
attention to the matter of this so-called
school fund and the Tennessee National
Bank. There is something mysterious
about this affair. 1t was reported at the
time the committee from the Legislature
went to Memphis to investigate the trans
action, that they had secured 100000
in money, and had taken the notes Of the
President Of the bank for the remainder.
1t was stated then that if suits had been
instituted a large portion Of the missing
fund could have been secured. But this
was not done. Hew the matter was real
ly settled, nobody seems to know. There
were rumors at the time Of the course in
which the school fund" had gone, that g
thorough investigation would develop an
extraordinary amount Of fraud and ras
cality. This was so freely talked Of thai
it could not have failed to reach the
the ears Of the members OF the Legisla'
ture. As the committee on the part o.
the Legislature did not give the result o.
their investigation to the public, the in
ference is legitimate that they found q
very bad and damaging condition Of af
fairs. 1t is true, it was Radical tran
saction, but why should that operate e
screen the guilty. It was rather broadly
limited that members Of the Legislature
were implicated in the matter and tina
was referred to by parties who could &c
no positive information on the subject al
reason for the refusal Of the Committcj
to make public what a rigid Investigation
would have developed. These thing
have been freely talked of Throughout
the State yet no step has been takel
10 relieve members Of that Legs
laturc Of the odium that attaches TO then
for permitting this transaction to be GOV
cred up rs it has been. The presen
Legislature seems utterly obliViOus to tn
fact that the people have lost nearl.
100000 by this Tennessee NaGona
Bank transaction, the benefits Of which
should have accrued to their children
and that their predecessors are response
bic for the loss Of this large amount
The Memphis Ledger states that owe
$4,000 which ought to so toward max
ing up that loss is in the hands Of party
IN that city, yet no effort is made Il
secure that amount. This whole cast
should be ventilated by thorough in
vestigatior, so that the people may know
whether any member of the previous
Legislature received q bride for voting
for bill 50 altering and amending TIKI
law as to enable the Treasurer to deposit
this so-calIed school fund" in the Ten
nesseo National Bank, as has been hinte
is the case. Why is it that this transac'
ton has been kept so profound a secret
The taxpayers and the little children o
the State whose fund this was, demand
at the hands of the Legislature an inVes.
tigation of the matter. Will the mem
bers Of that body heed this demSnd, O.
will they make themselves a party to
transaction which wears an eXceodingl!
lrlrr loo