Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-17
TIE SCHOOL,. FUND.
A Little bit Of History Of Show
Il was Hone.

The Nashville Union and american OF
Tuesday, in come editorial remarks on
a paragraph taken from the APPEAL OF
= late Date, on the school fund, makes
| the following revelations In regard to a
! bit OF the history OF this fund, which, as
! ii says, Is Known but TO very few outside
of the charmed circle" OF the manner
in which it was taken out of the hands
the Governor, Secretary of State and
Comptrolier, and placed in the kauds OF
the Treasurer. The Union and ABleri-
! can ssye
There was reason for this action Of
| the Legislature. Did the Legislators who
| passed this bill fear that the United
States bonds into which tbiss school
lnnd had been converted, we're unsafe
in the custody Of the Governor, Secre-
tary of State and Comptroller Was
this the reason for taking the bonds
from those officers, ard placing them in
the keeping of the Treasurer By the
Code, the bank or banks in which Ihe
public money shall be deposited,
are to be selected by the Comp
troller and Treasurer. We have
heard it said that persis,
tent effort was made to get the Comp
troller (Mr. s. ". Hstchett) to agree TO
the selection of the Tennessee National
Bank OF Memphis as depository of the
public moneys, and that he as positively
refused to do 60, on the ground that
he had no confidence ia the man
agement OF that bgDk. After every
Effort had been exhausted, 80 was re-
ported, ia the effort to get him to agree
to the selection OF the Tennessee Ma |
tional Bank of Memphis, the same Leg
islature which had three months preYi' |
Hrlr H.
which the school fund y had been con-
verted from the custody OF the Governor, |
Secretary of Stale, and Conn ptrOller, and /
plsc d them 10 the keeping OF the Treas |
urer, enacted a law which conferred /
upan the Treasurer the authority to seleet /
sneh banks as he pleased as repositories |
of the pubic money. Immediately upon
the enactment Of this law, the Treasurer
designated the Tennessee National Bsnk
Of Memphis IS the depository OF West
Tennessee. In this bank the Treas
1rer deposited the seyen-thirty b5ads,
to S6l6, $50. Ue0n what con-
iiliOns this deposit vas made is
known only to perhaps the parties i'm
interested, The Treasurer IL
dead, having committed suicide after the
collapse of the bank, under the terrible
conviction that he had com m;tted a ,
wrong, out the President of the bank is Il
still alive, and he should be put upon hi;
1sth before committee of the Lsgisia-
lure TO explain by what tart of hoeus
Docus" he got hold OF these bonds With
he privilege Of using them, The law
lnder which the Treasurer acted in Sc
Getting the Tennessee National Bank of
Memphis as depository, provides "thst
he Treasurer Of the State be, and be is
hereby directed, and it Is made his duty,
o require from such banks as he may se- /
ect SO repositories OF the public moneys,
( bond, each in the SUM Of two hundred !
thousand dollars, with security to be ap- {
,roved by the Governor, mede to the
state OF Tennessee, and conditioned for
he safe keeping aud accounting for
md paying out, on the checks of !
he Treasurer, the moneys deposited !
With them; said b)nd 10 be deposited :
With the Secretary Of Staten We pre- J
ume this bond was taken, though We !
lave never heard Of il. The COMPTROLLER
eports that the deposits of revenue In
he Tennessee National Bank of Mem
his amounted to siiS,l42 II. Why was
lot suit instituted against the securities
I the bank 10 recover this amount in I
tead OF taking discounted notes and !
'lscipg them in the hands of an attor- q
icy lOr CORRECTION why was not suit 1 :
irOught against the securities OF the bank I
o recover the 500, 900 to replace SO much 4
( the "sehool fund gn Is it because the :
ond would not cover the "sehool fund.- |
eposit7 1t has been nearly two years Z
ince the collapse Of the Tennessee Ma.
Ional Bank Of Memphis, and yet the 2
ublic know very little In regard to the :
sttlemeut which the committee of the
legislature made with that institution.
here has been a great wrong committed
. the way this school fundi was taken
.om the custody of the Governor, Sec
starry OF State and Comptroller, and
laced in the hands Of tie Treasurer,
lRt he Rignt deposit 1t in the Tennessee Il
Iationsl Bank of Memphis, for the lecis-
stion on the subject shows clearly that
lis was the Object. II has been ipsln- n
2ted that the parties whD manipulated
ais matter proflied by It. Their repu.
stion has been seriously compromised v
y these insinuauoDs, and If they ars 81 =
niltless, they shoald demand thorough q
lvestigation. that their good name
light be relieved Of the odfum which j
tteches to them. We hailed with pleas
re the movement OF Mr. Taylor, for just
loh an Investigation ss is demanded, an