Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-02-09
THE LITTLE JOKER.
Mr.. Parham Didn't Say What
lie Meant, and Didn't Mean
What He Said.
Now YOu See IL and Now You
Don't.

MEMPHIS, Feb. 5, 1869. = Editors
Memphis Appeal The statement pub
hshed by you this morning, purporting
to be the evidence given by me before
the Legislative Committee at Nashville,
with reference to the school fund, does
me and others great injustice. 1t does
not correctly state what said before the
committee as shown by their report,
omits all the explanations given, and writ
ten down as parts of my evidence be-
fore it was signed by me, and does not
contain, by great deal, the entire and
exact statement as it was written down
by the committee. did not say that i
gave TO any one of the persons men,
toned in my evidence any money. only
stated they received money as loans. My
evidence does not show explicitly that
these loans were made by the bank, or
its President, but such was the fact.
was no more responsible for them than
was the cashier Of the bank. The money
was lent, as directed by Mr.. Rutter, and
generally paid out by the cashier TO the
parties, or else handed Ito them by Mr..
Rutter, and generally paid out by the
cashier to the parties, or else handed to
them by Mr.. Rutter. | acted merely as
attorney, and stated before the COM
mittee what came to my knowledge as
such; and | did so onlybecause l was, by
the Sergeant at Arms Of the Legislature
acting under orders, compelled to go be-
fore the committee, by them required to
testify, and by Mr.. Rutter requested to do
so fully. My private letters to Rutter
were by him, much to my surprise and
modification, given to the committee.
No member of the Legislature ever
promised me, or any one else that | know
OF, that he would, in consideration of any
loan or money advanced, vote or give his
influence in any particular way. l
thought the Tennessee National Bank
very solvent; it was quoted by bank re-
porters as of the very best credit and
large capital, and believe that the MEM
bers of the Legislature who recommend
ed it did so conscientiously. Nor does
my poor intellect now discover how
blame should attach to them because
they borrowed money from bank which
they recommended and supported, and
which afterward failed. There are now
banks in this State acting as fiscal agents,
and recommended and supported by
those who borrow money from them,
perhaps. At the time that the Tennessee
National Bank was appointed fiscal agent
many other banks, very highly recon-
mended-among them the Merchants
National, Of this city, applied through
gentlemen who had borrowed money
from them for this same agency. Years
ago large majority Of the members Of
the Legislature voted to lend all Of the
school fund to the State Bank, the Union
Bank and the Planters Bank, as bank
ing capital. 1t was done, and these
members, many ofthem, borrowed money
from these banks. That was no evidence
that they voted corruptly.
SO far as | am concerned, | never saw
the school fund, nor any part of it, and
did not know that -Rutter or his bank
had received it until months after he had
done so. That Rutter paid out and lent
out money to obtain friends and procure
the agency, seemed to me legitimate, and
was no evidence that he would be an IN
safe agent. Members Of the Legislature
about that time smoked some excellent
cigars and drank good wine with various
other bankers, Any bank could well af
ford to pay twenty thousand dollars for
the use of six hundred thousand dollars
for one year, without interest, and yet le-
gitimately clear seventy thousand dollars
by the operation. Respectfully,
K. s. PARHAM.