Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-11-24
TEE sACRED sCmoOL FUyp

AAE ELN -.
The Union and American OF the 10th
inst. hss the following pertinent, pun.
gent and suggestive critiqae upon TIE
literary effort CT a certain lint commit
tee published in the APPEAL g few days
since, entitled "a Report upon the Con-
dition OF the State Treasury ="
The report OF the Joint Committee on
the condition Of the State Treasury, sub
mitted to the Legislature a few days
ago, shows that the Treasurer "TeceiVed
from s. w. Hstchett, former Comptroll-
er, on account OF what is known as the
School Fnnd. SOS, or Y, Of which $780,
$50 ia in United States securities" We
presume this is the amount that wss got
from the Tennessee National Bank 81
Memphis on account Of the "Schoni
Fund" amounting to about $3.50 COO,
loaned TO that institution by a former
Treasurer, under o Law passed expressly
to enable him to place that fund IL the
custody of that bank. There is there
fore something over $3.50 600 Of what Is
known rs the "Sehool Fund" deposited
in the Tennessee National Bank
u~nsccounted for. What is the con
ton OF this -Unsccounted for fund
has never been made public although
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 il, was
inquired into by 5 committee Of the Leg
i~sistufe, but the conclusions az which that
committee arrived have been kept from
the public. There have been thrown
out significant hints OF s great Ge&l Of
r~secslity covered up in the transaction,
which Involves 50 many persons occupy
ing prominent positions, that II was
fOund necessary to suppress the facts
brought to light By the Committee. How
this IS, 10 OF course only 8 matter OF con-
lecture, but Il Is not oreditabIe to the
party IN power that this transaction
should have been covered up in the man
ner 1t has been. Why does u the pres
ent Legislature ventliate this transsc-
lion? Do they fesr the consequences to
the party? Another important fact is
developed by this report Of the commit
tee. They state that S23S SO Of this
" school fund was used ia payment
of interest on the State debt, and the
amount 80 used is in coupons Of the bonds /
Of the State" We have repeatedly !
charged thar the fund was used as stated
by the committee, and now the proof
has been brought to light. II has besn
more than q year since this fund
was go used, and the coupons re-
deemed with It have lain in the
Com ptrcller's office. not yielding q
cent OF interest or Of the least possible
benefit TO the chiidrenof the State. Here
Is the proof that the Governor permitted,
X be did not actually order, the use of
this sacred" fund for a purpose Il never
was intended. Instead OF Tlgidly holding
this fund to be used for the benefit Of the
Of the State, it hes been applied
10 the payment OF interest, and all that
left are sf " worthless coupons. Why
ass the Governor been so reticent on this
point? Why has be not told the peooie
What has become Of the fund set apart
or school purposes? Is it not because he
would thus convict himself Of i~nsinceri-
,, when in one Of his messages ne wrote
o pathetically OF the sacred character of |
hat fund and of the great mead Of edura- {
ion under which the children OF the {
jtate laboreb2 The bypo0sigy of this {
ort OF cant would thus be exposed. AID c
70 preferred not 70 tell the people that I
ie had been guilty ofso fragrant q viola J
lon OF the trust reposed in MIN. :
We suggest thst the Receiver of the !
efsulting Bank give any facts in his i
in regard to the missing fund.
md be failing, that the President OF the 7
'ank enlIghten the public. The people :
emRnd to know what has become OF this )
'hool fund. A sacred trust, preserved y
, such by Gov. HARRIS and the Con- Q
'derste State Government, and turned :,
yer at the close to Gov. BRowNLow, b
ie people ask, and viii have an an b
Ver,-" Where is the School Fnnd ?p o