Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-11-27
IN. r.uns,seo National Bank Affair.

The Memphis LrpoER, referring TO
"what is called the school fund, says
"there is whisper on the streets that
S55 900 or $4,000 OF the assets OF the
Tennessee National Bank, which should
20 so far TO replace that fnnd, is at pres
ent in the hands of certain party 10
Memphis. We have several times called
attention to the matter Of this so-called
school fund and the Tennessee National
Bank. There is something mysterious
about this affair. Ii was reported at the
lime the committee from the Legislature
went to Memphis 10 investigate the trans
action, that they had occurred $500, 900 in
money; aud had taken the notes Of the
President of the bank for the remainder.
Ii was stated then that il suits had been
instituted large portion of the missing
fund could have been secured. But this
was not done. How the matter was really
settled, nobody seems to know. There
were rumors at the time OF the course IN
which the "school fund" had gone, that a
thorough investigation would develop an
extraordinary amount Of fraud and ras-
oalily. This was so freely talked of that
Il could not have failed to reach the ears
of the members Of the Legislature. AS
the committee on the part OF the Legisla-
ture did not give the result Of their inves-
tigation 10 the public, the inference is
legitimate that they found very bad and
damaging condition of affairs. II is true,
Il was a Radical transaction, but why
should that operate TO screen the guilty 7
II was rather broadly limited that mem
beers of the Legislature were implicated
in the matter, and that was referred to by
parties who could get no positive infor-
nation on the subject as a reason for the
refusal Of the committee to make public
what rigid investigation would have de-
yeloped. These things have been freely
talked Of throughout the State, yet no
stem has been taken to relieve members
of that Legislature of the odium that at
taches to them for permitting this trans
action to be covered up as it has been.
The present Legislature seems ut
terly oblivious to the fact that the pee
pie have lost nearly four hundred thou
sand dollars BY this Tennessee National
Bank transaction, the benefits Of which
should have accrued to their children,
and that their predecessors are RESPONSE
BILE for the loss of this large amount.
The Memphis LEDGER states that over
$4,000 which ought to 60 toward making
MP that loss is in the hands of party in
that city, yet no effort is made to secure
that amount. This whole ease should be
ventilated by thorough investigation,
so that the people may know whether
any member of the previous Legislature
received bride for voting for bill SO
altering and amending the law as to ena-
BILE the Treasurer to deposit this So
called "school fund" in the Tennessee
National Bank, as has been limited is the
case. Why is it that this transaction
has been kept so profound secret? The
Taxpayers and the little children of the
State whose fund this was, demand at the
hands of the Legislature an investigation
of the matter. Will the members Of that
body heed this demand, or will they
make themselves party to traDsac-
ton which wears an exceedingly ugly
face 2-Ndshrile Union and american.