Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-11-23

which our neighbor is looking for farther
Rghlf The rumor TO which we have re-
ierrod is, that there is Of assets Of the
Bank ffiy-two or iifiy-seyen thousand
dollars ia the hands Of party in the
city. We have reason to believe the
rumor well founded. II that sum
can be made available for the benefit of
the State it would seem to be we'll, and
might help TO replace the school fund.
Are parties in possession Of such assets
to "shield themselves behind official
recoguition"' TheN let the appeal
help US to tear away the screen, and
show the public where the blame rests,
II there be any. That fifiy-odd thousand
dollars should be appropriated to the
school fund in preference to every thing
else. If is the property of the State
aud held by an attorney for the State, 1t
should still have that direction and no
other. Not a dollar Of it should be al
lowed to 90 for any other purpose what
soever. We are just now after that fifty
seven thousand dollars, and we hope our
neighbor will not give it up in despair,
but help to put it to the account Of the
fund to which it should go.
On the subject Of the school fund we
take the following from the Nashville
Union and american, of Saturday:
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 I" received from
S. w. Hatchett, former Controller, on &C
count of what is known as the school
fund, S29s O22 y, 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" amount
ing 10 $3.50, 900, loaned to that institution
by a former Treasurer, under law passed
expressly to enable him to place that
fund ia the custody of that bank. There
is, therefore, something over $780,.
900 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 the Legislature. The |
whole transaction of depositing the fund |
in the Tennessee National Bank, and the |
loss of the largest portion of it, was in
quired into by committee of the Legis- |
lature, but the conclusions at which that |
committee arrived have been kept from
the public. There have been thrown out |
significant hints of great deal of ras-
cality covered up in the transaction,
which involves SO many persons occu-
plying 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 con.
lecture, but it is not creditsble to the
marty in power that this transaction
should have been covered up in the man
per it has been. Why does not the pres
eut Legislature ventilate this trsnsac-
ton? Do they fear the consequences to
the party2 Another important fact is
developed by this report of the committee.
They state that 1898, $40 of this school
fund " " was used in payment of inter-
est on the State debt, and the amount so
used is in coupons of the bonds of the
State" We have repeatedly charged
that the fund was used as stated by the
committee, and now the proof has been
brought to light. 1t has been more than
year since this fund was so used, and
the coupons redeemed with it have lain
in the Controllers Office, not yielding one
cent of interest or of the least possible
benefit 10 the children of the State.