Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-24
II sczIoOH. FUND.

lLl6 LNEHINlAlE OfsEJNs XIII LAffSCs tGL2ft
Of Tuesday copies the card OF Mr.. RUT
TER, late President OF the Tennessse Ma
tiopsl B snk, Published by the city press,
and commented upon in last Saturdays
APPEAL ;,snd upon it makes the fol-
lowing remarks, to which we direct the
particular attention OF our readers, and
of all in any way concerned IL the fnsl
" taking of of the sacred fund ."
This statement Of Mr.. Rutter shows
what hes been euspected, that the Ten
nessee National Bsnk OF Memphis got
this so called "sciuol fund" with the IN
Outstanding that It was to ba used IS en-
ordinary deposit. II is q pity Sir. Ritter
did not go on ana tell how this arrange
meat was effected, and by whose advice
and counsel the ssven-thirty bonds into
which gold recovered FROM he Bsnk OF
Teunessee was converted, were deposited
ia his bank - ordinary public money.
There ia something rich and racy con
cesied in that transaction. By the act
OF February lG. 1866, it is provided that
the funds nov Ia the custody Of the
Governor, Secretary Of State and Comp
troller, in the form and known as United
States seYen-Ihifty bonds or securities,
invested under an act Of the General
Assembly, and amounting to the sum Of
S6lS. $50, with sill the interest thereon &C.
cTued and accruiDg, and declared as =
part Of the perpetual school fund by an
act Of the General Assembly, shall
continue to be held as common
school fund, and shall never be Ji.
miGished. ss provided in chapter IL,
section 10 of the Constitution OF the
CF-F- -r- - ry-.-- - sTha HzrAan, - fh~
Constitution 70 which reference is here
made, prOviScs th2t the principal OF the
common school fund 'shali never be III
minished by legislative appropriation
snd the interest thereof shall be invsriG-
bly, appropriated to the support and en-
cour8gemspt IF common schools
thr, Snr0Eos, De, and for tie equal
rs ana views, IpOple thereof ana no
'Oks, piano coyeje authorizing ssid fund
'Tgans, etc, a. lteof 10 be diverted to any
prices Tor tusn the support and C
'eet. { Of common scho0is.n Now
IL ~ae hypocrisy Of the men who pro-
fessed to be setting aside the proceeds OF
the gold recovered from the Bank Of
Tennessee, "with all the interest there
on accrued and s~ceruinR," IS q common
ccbo 4uDd that should "never be di-
minished." In the very anne act, Feb
ruery is, 1856 these sevsn-thirty bonds,
which were in the custody OF the Gov
ernor, Comptroller, and Secretary Of
State, we're to " be retained and plseedin
The hands of the Treasurer OF the State OF
Tennessee, as part Of the eOmm0n school
fund, originally deposited in the
Bank Of Tennessee" Then by the act
May %, 1866, authority was conferred On
the Treasurer TO deposit this perpetual
fr,I - 10 tho Tnnnruaon National Dnnl
Of Memphis. Why did the Legislature
which took these bonds from the Gov
ernor, Comptroller, and Secretary OF
State, and placed them ain the hands Of
the Treasurer of the State OF Tennessee"
cl0the the Treasure with the authority
conferred on him by the set OF Msy p,
1856? Wonder IL MIR. Rutter could not
make some revelations in regard to this
matter? He says that "some Of the
State authorities, deeming it impTu1ent
that 81 large a fund should remain" in
his bank, ga COMMITTEES was, 81 the sug-
gestiOn of the Governor, appointed by
the Legislature to Withdraw said funds,
and $40. 600 Of the same was accordingly
withdrawn" It has been understood
that only about $500 900 was secured by
this committee, $4,000 less than reported
by Mr.. Rutter. Who e tell how this isp
Like the Union end american, we
think the public would now like to see q
statement from the State authorities as
to the trus condition OF this "sscred
fund" What has become of the $780,
600 in cash and the SOS. GOO in Tennessee
bonds secured by the committee, and
which by legislative enactment was de-
elared q common school fund, and
shall never be diminished ?'' Has it
been used, not for schools purposes, but
to Pay interest on the State debt? What
is the prospect for securing for the State
what RUTTER says the Receiver Of the
Tennessee National Bank has in his
hands belonging to the State? The pub
lie would like to know all about these
matters. The Legislature has adjourned
for q recess, aud yet nothing has been
done in regard 10 Mr.. TAYLoR's propo-
sition for a committee 20 investigate this
matter so far as the school fund and the
Tennessee National Bank of Memphis
are concerned. The public want light on
all these matters, but the Legislature
will most likely dodge the question, while
the State authorities appear to have 10
disposition 10 crafty the curiosity OF the
public. Why?