Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-12-15

viously taken tho thirty
honda into which the ''school fund"
had been converted from the
custody of the Governor, Secretary
of State, and Comptroller, and
placed them in the keeping Of the
Treasurer, enacted a law which con-
ferred upon the Treasurer the au-
thority to select such banks as he
pleased as repositories of the pub
lie money. Immediately upon the
enactment of this law, the Treas,
urer designated the Tennessee Ma
tional Bank of Memphis as the de-
pository for West Tennessee. In
this bank the Treasurer deposited
the seven-thirty bonds, amounting
to s61S,250. Upon what condi-
tions this deposit was made is
known only to perhaps the parties
Immediately interested. The Treas
urer is dead, having committed sui
eide after the collapse Of the bank,
under the terrible conviction that
he had committed wrong, but the
President of the bank is still alive,
and he should be put upon his oath
before committee of the Legisla-
ture to explain by what cart OF
hocus pocus" he got hold of
these bonds with the privilege
of using them. The law under
which the Treasurer acted
in selecting the Tennessee
National Bank Of Memphis as a
depository, provides "that the
Treasurer of the State be, and he is
hereby directed, and it is made his
duty, to require from such banks as
he may select as repositories of the
public moneys, bond, each in the
sum of two hundred thousand dol
lars, with security to be approved
by the Governor, made to the State
of Tennessee, and conditioned fol
the safe keeping and accounting fol-
and paying out, ON the checks of thu
Treasurer, the moneys deposited
with them; said bond to be de
| posted with the Secretary of State.
We presume this bond was taken
though we have never heard of il
The Comptroller reports that tn
deposits of revenue in the Tennes
see National Bank of Memphi
amounted to s59,142 II. Why wa
not suit instituted against the secu
rites of the bank to recover thi
amount, instead of taking dis
counted notes and placing them i
the hands of an attorney for coliec
ton? Why was not suit brough
against the securities of the ban
to recover the 100000 to replace S
much of the school fund.- Is
because the bond would not cove
the "school fund deposit? |
has been nearly two years since tn
collapse Of the Tennessee Nations
Bank of Memphis, and yet the pub
lie know very little in regard to tn
settlement which the committee c
the Legislature made with that in
stitutiOn. There has been a grea
wrong committed i'll the way TIL
"school fnnd" was taken from tn
custody of the Governor, Secretar
of State, and Comptroller, an
placed in the hands of the Treas
-, urer that he might deposit it in tn
] | Tennessee National Bank of Mem
| phis, for the legislation on the sui
r ject shows clearly that this was tn
E object. 1t has been insinuated tha
, the parties who manipulated TIL
. matter profitted by it. Their repr
I tation has been seriously comprC
D missed by these insinuations, and
they are guiltless, they should Dc
mand a thorough investigation, tha
their good name might be relieve
of the odium which attaches t
Z them. We hailed with pleasure tn
movemenS Of Mr.. Taylor, for jus
: such an investigation as is demar
ded, an investigation whic
will lay bare this whole trans
action from its inception t
its elimination, and expose 9Th
guilty parties, no matter who the
may be, or how they stand politl
cally or socially" Havingtaken thi
step, we trust Mr.. Taylor will no
permit the matter to remain wher
it is. There is a mine in that "schoo
fund" transaction rich in the mate
rials for a reportwhich will astoun'
the people of Tennessee, and it !
only a question of time as to whel
it will be developed. If this Legs
lature refuses to order the investl
cation, another Legislature will
and then the people will see by
whose crime the State has los
nearly half a million dollars.
RELIEVING .REBEI.S'' OF POLITE
CAL DISABILITIES.
The miserable farce which thu
Radicals are playing in Congress j
beginning to disgust even Radicals
The Cincinnati Times of the l2tl
inst. says:
Moses was elected Chief Justice 0
, South Carolina But he was asRebe
and could not hold Office. lie brOugh
his case before the Senate, and asked
to relieve him of the political disability
The Senate very promptly and yer.
graciously passed the special bill for hi
relief Davis, of Kentucky, offered al
i - II. :. ;,,l,r1a n