Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-11-25
The school Fuud.

Appeal depends exclusively on the
Legislature fer its information, we must
excuse it, We have not asked Its aid as
TO investigation Of the school fund, but in
relation TO the fund Of 6fiy.seven
thousand dollars, now In the city, which
we suppose should be in whole applied 10
that fund, inasmuch rs II is assets OF the
Tennessee National Bank, which was
debtor to that fund. Now, ifany part oil
such assets have been used for any other
purpose, we should like to know whether
they will be returned. We want to know
whether either the school fund or the
State is to have the benefit of this fifty
seven thousand dollars. Will not the
Appeal help us to save in Or does 1t
claim that assets Of the Tennessee
National Bank should 20 to some more
sacred purpose. 1t may behoove the
custodian Of this fund to give the reason,
il any, why it should have such direction
and to show, il it is the property OF the
State, whether security has been given
for it.
The above was written for yesterday 8
LEDGER, but crowded ont by other mat
ter. The Appeal, of this morning,
charges our silence as failure, and
saws il hes not been so derelict. Indeed,
our uusprightly neighbor has made
3" special business" of obtaining the
facts, and now submits as on reliable
authority the following statement 1t
says:
The Tennessee National Bank, some
time before its failure, was made the
depository of the funds of the State from
whatever source collected in this city and
vicinity. AS such depository there was,
at the time of its closing, the sum OF
fifty.two thousand dollars on deposit for
the State, the proceeds of tax collections.
There being no money from which to re-
imburse the State for this sum, certain
"bills receivable the best in the
bank-were set aside aud placed IN the
hands of reputable law firm for col
lection, the firm giving their receipt
therefor to the State, which receipt is
now in the hands of the State Treasurer,
and is doubtless carried over upon the
books of the State as representing part
of her assets. This firm, we further
learned, has been compelled to institute
suits for the recovery of the value ofthese
"bills many of them now pending in
the Municipal, Chancery and Supreme
Courts. The amount is in no way con-
nected with the "School Fund" and
could not, as we understand, be applied
to the deficiency in that fund of which
we complain. In this matter we acquit
the State authorities of all culpability.
Considering the fact that our neighbor
was but yesterday in " despair" we must
now give him credit for his superior in
dustry. 1t seems at last that he has
found out something, as we had supposed
he could. How does the case stand now2
Is the State to lose, besides the school
fund" something more in the shape of
tax collections paid over2 There is
nothing like probing these little matters.
How is it that an attorneys receipt, for
claims in suit and of doubtful value, is
now on 'the books oftheStste," and made
to represent cash previously paid over by
the tax collectors, and that the Appeal
does now "acquit the State authorities of
all culpability ?" 1t would seem that
somebody was to blame, when fifiy-seven
thousand dollars had been whitfield down
to a gaunt, unsecured attorneys receipt.
Why is not the money in the hands OF
the State Treasurer, ifnobody is culpable?
Fifiy-seven thousand dollars had been
collected for the State, and ought to be
in the hands of the proper officer. There
may be another phase of this story COM
ING from "reliable authority" Mean
while, we do not care about any special
pleading about what fund this money
should 20 to. We are after the dollars.
The money has been paid by the tax
payers. And we say somebody is cul'
pable, from the fact that such money is
not in the hands of its proper official Gus
todian. The appeal may acquit the
State, and the State may acquit the at
torney, and the attorney may acquit the
bank. BUTT is an interesting inquiry,
who is to acqui! the taxpayers of the
misfortune of paying out fifty-seven
thousand dollars, only to be lost through
so much fngering2 How is that to be
made good is the question ? We are at.
ter the dollars. We would not give fifty
seven thousand dollars for bushel of at
torneys' receipts.
The Resolutions OF the Chamber of
Commerce.
The resolutions of the Chamber Of
Commerce relative to State taxation
and its discriminating effect against the
interests of this city are well timed, as
well as Of great Importance, We are
glad to see that Vim. r. Moore, Esq,
goes to- day ss one of the Committee to
urge reform in this matter on the Legis.
la,ure. 1t must be apparent to all
reasonable men that the State has no in
terest in measures which have q Grip
ping effect on the commerce of one Gifts
chief cities. II can benefit nobody to crush
the business Of this city. And that such
has been the effect of legislation is
already too apparent. Memphis has no
chance to compete with St. Louis, Gin
cinnati and Louisville, when one, two