Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-11-21
THE SACRED SCHOOL FUND-A PER.
TINENT INQUIRY.

SNAAOOG4 DRD-A RE-Ns /
TINENT INQUIRY.
The report Of the Joint Committee on
the condition Of the State Treasury, sub |
mitted to the Legislature few DAYS |
ago, shows that the Treasurer received |
from S. W. Hatchett, former Comptroller,
on account of what is known as the school
fund, S29S,022 p, of which $4,000 is in
United States securities" We presume
this is the amount that was got from the
Tennessee National Bank at Memphis on
account Of the school fund.- amounting
to about $3.50 600, loaned to that institu-
ton bya former Treasurer, under law
passed expressly to enable him to place
that fund in the custody Of that bank
There is therefore something over $780,
600 Of what is known as the school
fund.-" deposited in the Tennessee Ma
tional Bank unaccounted for. What is
the condition Of this unaccounted for
fund has never been made public, al
though an investigation Of the matter
was made by order Of tho Legislature.
The whole transaction of depositing
the fund in the Tennessee National Bank
and the loss Of the largest portion Of it,
was inquired into by a committee Of the
Legislature, but the conclusions at which
that committee arrived have been kept
from the public. There have been thrown
out significant hints Of a great deal of
rascality covered up in the transaction,
which involves so many persons occupy
ing prominent positions, that it was found
necessary to suppress the facts brought to
light by the committee. How this is, is
Of course only matter of conjecture, but
it is not ereditable to the party in power
that this transaction should have been
covered up in the manner it has been.
Why does not the present Legislature
ventilate this transaction? Do they fear
the consequences to the party? Another
important fact is developed by this re-
port Of the committee They state
that S23S,670 of this school fund.-
was used in payment of interest on
the State debt, ard the amount so used
is in coupons Of the bonds of the State
We have repeatedly charged that tht
fund was used as stated by the commit
tee, and now the proof has been brought
10 light. 1t has been more than veal
since this fund was so used, and the cou
pons redeemed with it have lain in thu
ComptroIlor's office, not yielding one cen
ofinterest or of the least possible benefi
to the children Of the State. Here is the
proof that the Governor permitted, if h
did not actually order, the use Of thi;
sacred" fund for purpose it never wa
intended. Instead of rigidly holding thi:
fund to be used for the benefit of thu
children of the State, it has been applied
to the payment Of interest, and all that i
left are a few worthless coupons.
, Why has the Governor been SC
reticcnt on this point ? Why has h,
not told the people what had be
come of the fund set apart for schoo
purposes? Is it not because he woulC
thus convict himself of insincerity, whel
in one Of his messages he wrote so pa
thetically Of the sacred character OF tina
fund and Of the great need Of education
under which the children of the Stat
labOred? The hypocrisy of this sort o
cant would thus be exposed, and he pre-
ferred not to tell the people that be har
been guilty of 50 fragrant violation o
the trust repOsed in him.