Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-08-04

agents. The Academy was not only self-sup
! porting, but large annual profits arose from tn
I school, all of which were faithfully applied II
accordance with the acquisitions of the charter
Large and commOdiOus buildings were erected
upon the grounds purchased from Mr.. McGav-
ock, such as might afford comfortable accommo-
dations for the vast number OF female pupils
who fiocked hither from the State Of Tennessee
and from eighboring States. The edifces yet
| existing upon these grounds supply ample tes-
is supposed to have cost the sum Of one hundred
and fifty thousand dollars, all of which was
paid from the profits Of the academy. without
| buTdening the institution with a single dollar of
| Indebtedness. or at least any, that the present
| trustees are willing to recognize
| Up even TO the commencement of the late
deplorshle civil war. the, prosperity of
this institution was unparalleled.
Its success was indeed a social marvel. 1t
was the pride of Nashville. 1t was part of the
| treasured gleries of this proud and unstained
| commonwealth. 1t was seen for series of
prosperous years TO cast around our Metre pGli-
tan city halo Of peculiar splendOr and attract
NeneSs the grateful memory of which can never
altogether perish. Wholesome and life giving
streams of moral and intellectual influence
flowed forth from this abundant fountain over
the whole Valley Of the Mississippi South of the
Ohio river. By the successful operations of the
Nashville Female Academy this queenly city
itselfwas rapidly magnifed in its extent and
population, and her merchants and artisans
made rich. 1t may with truth be added that
the history of the Nashville Female Academy
whose destruction is now so seriously menaced.
is closely intertwined with almost all that is
pleasant and recreAting in the reeOllections of
the past, all that is elevatng and inspiring in
former interchanges Ofkindly sentiment among
this people in their days Ofhappiness and SPLEEN
dor; all that is of virtunus and honorable re-
pute. our past social life and progress. For
more than half a century. as has been shOwns
the public faith of the State has been pledged to
the conservation and protection OF that chart
table fund. now in imminent danger of being
diverted from its predestined purposes. 1t has
been mentioned that the academy was in
Of the war That war so marked with ravage
and des0lation as it was did not yet allow the
Nashville Female Academy to survive. Since
the Sd day of March. lSt6. the Trustees of the
Academy have been in undisturbed possession
OF It's grounds and buildings. Most painful il
Is. to charge that the Trustees are no longer
showing themselves 70 be protectors and guard
lans of ,this once honOred Institution, They
have as yet made no effort, whatever TO revive
the educational system of the academy They
have taken not single step for the renewal of
its fame and the renovation of its usefulness.
Their course has been still more astounding;
common rumOr asserts, and pregnant facts
seem seem 70 supply testimony IN proof that they
have themselves set on foot a scheme for the
destruction of the academy and the ruin of the
trust interests cOn6ded to them. 1t is believed
that portion Of the Trustees have shamelesl
with outside spectators for the
selling out of the whole academy property, and
the division of the proceeds Of such cOntempla-
ted sale among the holders of corporate shares,
whoever and wheresoeyer they may chance to
be-. 1t is confidently believed by this relatOr
and IS therefore alleged that their shares which
until recently possessed but a nominal value
nave been OF lac. TO & considerable extent,
bought up with speculative views, apparently |
under the encouragement, if not under the d. |
rect lnstgatiOn Of certain of the trustees. 1t is
hoped and believed that some Of these trustees |
have not Intentionally participatedin this mon
.trous scheme Of injustice. 1t is incumbent upon
such as are innocent in this regard, to immedi- |
lteiy yindicate themselves against the moral /
stigma with which they are most obviously /
true attitude in this affair is now opened TO !
hem, and 1t will be their own fault if that on
portunity is not embraced.
1t is positively asserted that a surveyor has
been recently seen upon the grounds of the /
who was there, as he confessed, under
he authority of the Board of Trustees in order /
% survey and lay of these grounds, preparatory |
% the sale of them. The buildings on the Acad-
emy grounds are now and have been for some
line past in a very exposed condition, and rap
dly undergoing dilapidation. The whole proper
y IS at this moment the subject of undeniable |
waste. and the same is now uninsured and has |
)een in this condition since il came into possess
ion of the trustees.
The relator is informed and belieges and does
accordingly so charge the fact to be that some at
east of said trustees hold the opinion and openly |
Express the opinion, that the said incOrpOrat q |
cademy is not a charity in the well established |
ense of that word. both in England and in this
4
urpOseg. such as every court Of equity is bound |
o protect and such as our own judicial system
mphatieally recognises and guarantees; and
hat IN this view of the matter the stock of the |
ompany is mere ordinary property, subject |
Ike any other property to be disposed of by its |
Stepslble owners. Upon which ground if IL |
g well taken 1t is urged that the Trustees are |
liberty when they shall choose 10 do so, TO |
ell the academy grounds and divide out the |
TOceeds. The Trustees are required distinctly |
nd severally to answer the following inquiries: |
la fhg4F fsuTn nalafae 1alI 81 1
be academy in The manner charged? Hay, they |
7 has either of them expressed the opinion that |
hey have power TO do SOP Have they or either |
them encouraged the purchase of shares of the |
Orperate stock view 10 speculative gains ?
10 they, or do any Of them knO0 OF stock having |
cen bought for such a speculation The rela- |
)r Is advised tina the purposes of the trust
IOuld be defeated by such acts as are charged |
erein to be in the contemplation of the said |
-ustees that actively participating in the |
arrynE out Of the proceedings described. |
cORntuHg at the same would be |
lalversatiOn or official misconduct according |
circumstances, and that the facts herein |
lated do constitute waste The relatOr asks |
Dr a construction of the charter of iucorpora-
on, and that the purpose of the trust as herein |
lSciOsed shall de decreed bS the court 10 be 1
carried into effect. Ii is further
sked that the persons whose names are mem
Oned as trustees IN the caption of this infOr- |
alton shall be made parties defendant hereto
i of whom are residents of Davidson county, |
by proper process; that they be
all aud singular the allegations herein set 1
nth according 10 the course of the court {
The court is further asked to grant a writ of
junction, directed TO each Of the defendants
lJoining and restraining him both in his indi-
ldual and in his corporate capacity from SELL
lg or dispOsing of said property or
ny part :. Thereof until the matters
erein stated can be looked into and
ldicially decided; and that in the mean
lille receiver shall be appointed whose
uty IT shall be to take charge of the entire
rOperty Of the Female Academy, TO receive
II rents arising from the same now due; that |
aid receiver be required to use said rents for
10 preservation and protection of said proper
? from waste OF detriment; that he shall have |
nd property insured and kept Insured, and
ut the buildings in proper condition for the |
Eening OF school therein; 70 cause said |
;hOol 10 be opened as soon as practicable both |
$ a day and boarding school for young ladies, |
nd that the same be IN existence until the final |
of this suit.
1.-The court Is asked for such other and further |
ellef as may be cOnsis ent with the principles |
equity and good conscience. and which may
e deemed right and proper.
RICE & THOMPSON,
IL. S. EOOIE
fJalnr /