Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-02-21


authority conferred on him by the
Legislature, Gov. Brownlow sent
Messrs. Bosom and Spence, of the
Senate, and Norman and Elliott,
of the House of Representatives, to
Memphis to look after the school
fund" On their return they sub
mitted report to the Governor,
dated December Is, 1866, in which
they stated that when in Memphis
they "were met by the President
Of the bank in a spirit Of manly
candor, exhiting an earnestness to
furnish the committee with the
condition Of the bank and the evil
dence Of its ability and purpose to
met at once the demands of the
committee ;" that " the committee
scrutiniscd the condition of the
bank, and was impressed with its
solvency;" and that the bank had
paid a part in money and bonds
land satisfactorily arranged for the
payment of the balance" While
this committee were in Memphis,
they gave Mr.. Rutter written doc
ument in which they certified 10
the entire solvency of his bank.
Even the Press and Times, the re-
cOgnised organ of the State admin
istration, was profuse in its praises
Of Mr.. Rutter. In its issue of De-
cember II, 1866, that paper said
Z" Mr.. Rutter, the President of the
Tennessee National Bank at Memphis,
with whom the school fund bonds had
been deposited, acted in the most hons
orable manner in his interview with the
committee. In fact, he had to resist a
very strong pressure which was brought
to bear upon him in Memphis net to pay
any attention to the requisitiOn of the
Legislature, but to retain the bonds
Rather, however, than the least suspicion
of foul play should attach to any thing
he had done ia the transaction, he re-
piled to the individuals who were making
tt pressure-some Of whom insisted that
the bonds should be retained if it ship
wrecked the State government-that he
would not retain them under any eircum-
stances, but would restore the amount as
speedily as possible. The 81 per cent
premium on the the amount restored was
promptly paid, and ample provision
made for the restoration of the rest We
are satisfied that the Tennessee National
Bank will come of with an unsulliod
credit
One thing is noticeable in all that
is here said and done, and that is
the studied effort to conceal the
condition ofthe Tennessee National
Bank Of Memphis, for it was closed
up in a very short time thereafter
Could the committee have been de-
ceived as to the true condition of
the bank If so, they were eVi-
IDENTIFY unfit for the duty imposed
upon them. Nothing could be
learned in regard to the "school
fund" save that the committee had
got some money, some bonds, some
certificates of deposit in other banks,
and a satisfactory arrangement for
the payment of the balance. In a
message sent to the Legislature on
the 22d of January, 1867, but dated
the 18th Of that month, Gov. Brown
low thought there was something
very wrong about the transactions
ofthe late Treasurer" Stanford, and
he suggested the appointment of u
Joint select committee "with pow
er 10 send for persons and papers"
And he made this further sugges-
ton
"The four gentlemen | sent to Mem
phis would be suitable men to serve on
that committee, as they are well informed
on the subject. Two Of them are of the
Senate and two of the House Let fifth
be added by the House"
Mr. Wines was added by the
House to the committee as consti-
tuted by Brownlow himself 1t will
strike the attentive reader as very
singular that the very committee
Brownlow sent to Memphis to look
after the sacred school fund, and
who were reappointed by the Legis-
lature to investigate the conduct of
Treasurer Stanford, and it now APP
pears they knew all about how that
fund bad been distracted and made
way with. They were, as the Gov
ernor said, "well informed on the
subject" and they took good care
not to enighten the people as to
the missing fund and who shared
in it. Several weeks after this
committee had been appointed, Mr..
Carrigan, on the 9th of February,
1867, offered a resolution in the
Senate, requesting the committee to
report 'the result of their investi-
cation, and what is the present con
dition of the school fund, and