Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-02-18
nssroRY Or rHE senooh EuND.

ter Of the School Fund is not yet under
derstood by the public. The truth is,
that the 1918 coo stolen from the Ten
nessee National Rank was not a psrt of
the original School Fund, but was really
3 remnant OF the capital of the State
Bank, representing not more than two-
thirds the amount returned to BROWN
Low hy the escort under Maj.-Gen. Ur-
TON. That officer thinks the gold re-
csipted for by him 10 Mr.. FISHER, at
Augusta, amounted to fully $3.50. 600,
which. II invested In 5-20s st the time of
is delivery in Nashville, would have
made the snug sum Of 1912, 500, instead
Of the s6IS go reported by BROwNLow
and his Legislature, and which was
stolen by their Radical ooadiutors. So
that after all nearly one million dollars
was f.ched from the State by the party
in power.
This much by way Of preliminary.
In 1888 the Bank OF Tennessee was
chartered. In the /" Acts (" for that year
we find in Chap. evil, " An act TO estab-
Iish a State Bank, to raise q fund for in-
tsrnal improvement and to aid in the
establishment Of a System Of education"
the second section Of which Teads as
follows:
aThs whole OF tie School Fund, whetherthe
same is vested in the present banks In the
State. or Ia the hands OF tins superintendent OF
Puoic Instruction, or in the hands OF the
0 ~ 80 wanrH ~ nFhaF nHTHDnE- ELG1lL SO
I much as may have ceen vested in any Werks OF
J i,fsrnaI IMPROVEMENT as well asthe proceeds
( orthe Ocoee LANDS. shall constitute q tart
Of the capital OF The Bank OF Tennessee.
Shortly after the passage Of this act
The Bank went into operation. Up to
! 1878 there vas no very thorough in
v-estigation Of its affairs. II the latter
wear q COMMITTEES Of the Lsgisla-
ture was appointed for that pur-
nose. whose researches were extended
over several weeks. and resulted ia the
! andlng of some mistakes in its manage
ment. ArepoTt in accordance herewith
was made, WHEN the Legislature ordered
that the Bank should enter Hp he sum
| Of 81. 500, 900 to tne credit of the school
fund aud deposit with the safe Treas
urer a certificate to that effect. From
the " Code" We extract the following
paragraphs bearing upon this:
asi The whole Of the Common school Fund
shall continue in the Bank OF Tennessee,
where it now is by law Invested.
go. This fund consists J.. OF ONE AILLlON
/ FIVE HUNDRED THOUSAND DOLLARS,
deposited in the Bank OF Tennessee, for which
a certificate OF deposit is hled with the Treas
urer. as superintendent OF Pub &c InstTuc-
ion
And in this condition thu fund re-
NAMED up to the time Of the evacuation
Of Nashville, on the Esd Of February,
/ 1852, when the Bank assets were re-
moved and finally carried TO Augusta
/ fGl)., where, a few weeks after the sur-
render, 3 copy Of the following note
/ reached tie Cashier Il charge, Mr.. JOHS
A. FISHER, who at NICE mada ready
and turned Over to Gen. UPTON the
/ School Fuud and archives Of the Bank,
and $3.50 900 in EOld-WhR5 remained of
about 1878, 900 in possession OF the insti-
tuition when il evacuated is premises in
Nashville, and Gil that was left to repre-
sent its active capital:
TCoPV.}
GRENADA, MISS May g, lS65.
james T. Dunlap, Comptroller Joel 4. Battle,
Treasurer, John h. IL. Ray, Secretary Of STATE
OF the state 05 tennessee :
You will return The archives OF the State to
the Capitol at Nashville, at the earliest day
PRACTICAL e..
You will also inform the officers OF the
Bank Of Tennessee that my advice to them Is
to return the assets OF the bank TO the bank
ing house N Eashvlll a. once. The assets Of
the bank are the property Of TIE people OF
Tennessee, and I ardeDtIy desire That they
should be res ored 10 them.
ISEAH e.. HARRIS. Governor.
OF the s9E0 600 in geld thus returned
to the State authorities by the advice Of
Gov. HARRIS, nothing was heard until
the message Of BROWNLOw Of Oetoosr,
1855, Several months siter the receipt CT
the money! ANNOUNCED that " careful
examination Of the assets captured Ia
strsightout fslsshood) in Georgia, made
by a committee Of competent men,"
showed the fuud in coin to De only s446,-
719 20, just sos, ESQ 80 less than The sum
actually receiptet for.
HIS 6a= LEE AAdL A-t14 VI A1E DAAA
funds CT which we have any account ;
but OF which there has not been The least
investigation. In addition to which
there wss, il is believed, as part Of the
Bank assets, STATE bonds amounting
to more than 81. 500 600 representing the
bona fde School Fund Of the Safe, Of
which no accounths s ever been rendered,
making The frauds more gigantic than
was a. first supposed.
The SAG, 7l9 20, IN gold, reported by
BROwSLow, was, by his suggestion, Or
dered sold and the proceeds invested in
$40 bonds, which (}6l5, 25O) was the
sum afterward deposited in the Ten
nessee National Bank, hocus-pocused
from the people and into r ,dical
pockets-all, except $3.50 600, currency,
used, by q gsurping order Of BROwNLow,
ia payment Of the interest on the State
debt.
From this we learn that the report Of
Senator 4. V. $. L~ISDsLEY, Is to the
School Fund, is incorrect that the state
menis and reports Of Gov. BKOwNLow,
fret, last and all the time, are incorrect
that the Legislature is befogged as to the
School Fand, and that the Press and
Times charge against the Democracy
and Gov. HARRIS are without foundation
In fact or reason. We also find that,
besides the sums stolen from the Tennes-
see National Bank, and that paid out as
interest on the State debt, more than
5000 IN gold has been made away with,
together with State bonds, amounting to
81 10000, the actual School Fund OF the
State.