Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1869-02-12
THg MYSTERY SOLVED.
Report sf tbe Special uo~se Com
atitse oa that ''sa~v ed school
gaaa."

NNNtfff 8s stt.s f's~~' ~
gasa."
The following ,is % syn Dpsis of the
testimony submitted ~ lie House on
ths III inst, by the Special Commit
Zee on the Bcbooi Fund. pepositions
and exhibits were read fro IN George
u. ilutter, IL. B. Parham, w. A. Hill,
Tbos. u. Smith, ". A. James, Thos.
McElwcc, w. w. Coleman and =.
w. Bntcbett!
OEOnOE u. HUTTEH swoRN.
SIR. Il1itar being intcrrogated by
The committee, said TINT he was Pres
lInut Df tile National Bank Of Mem
phis, aud Dtockholdef in IL To the
amount of 81. J. IL. Hutchinson
WIS u stockholdcr 10 the amount OF
s1.WD, aud Viee-pFesldent. John H..
E.rhburg wns alsO u stOckholdcr OF
gIUD. Charles tuliOm was also
HfnokhOidrr " $1,000, (and others
whD-c naIncs will funish.) ! was
PRECEDENT NIL tile time. Hutchinson
was Nicc-prcsideDt for about two
thirds ~ uic time OF its existence, and
u. ~. WhllcmOrc was acting Vice
prr iIrnt for the balance Of the time.
!. l.. Taylor wns Cashier for purposes
~ organization; after that w. B.
Bhsburn wns Cashier; after him
Walter :. Morgan Was Cashier. He
wts recommended by Hutchinson.
fdrf him the present Cashier, w. A.
llil who claims 10 be Receiver un-
drr the banking law.
ihc hank was organized, / think,
... a,.I tnl thn
hands " the receiver June, 1867.
Quest. What was the actual cash
capital paid by stockholders ?
Aus.--Ihc Inv requires u subscrip-
tipu ~ $4,000, with $4,000 paid In
hcf5rc the franchise would be granted.
We got the subscription of the re-
~ ue paid IN, Mr.. j. u. Hutchinson,
num,rly Of the National Bank of the
Metropolis ~ Washington, furnished
the siO,UDO, and the requisite oath
was made. After this Hutchinson
requested me To cnll in the stock, to
replace the money 10 his bank or to
him. I called In all could-I think
about g. see books. never could
call in any more.
Q.-Wcrc the 800, 900 Of bonds ever
deposited, aud if 30, how and where
A.-Thc 100000 Of bonds were de-
posted nv Hutchinson, and the 500, :
900 Of circulation were obtained by
him and scnt 90 the bank ut Mem
phis. aud was entered on the books
Uf the bank. This circulation was
trut out 20 Memphis In bundles oi
s-J,DOO or $4,000 at time, after the
circulation was signed. Part was is
Suci by the hank and part by divi-
drnds. Tho whole 500, 900 was put into
circulation. Hutchinson was repaid
FOR the bonds he had deposited by his
drafts on the Tennessee National
hank of Memphis. Before we pro-
cured the deposit Of the funds, known
o.. the school Fund, we had not paid
Hutchinson fully, and we sent the
sfls 80 of bonds ~ We obtained them
tu he National Bank Of the Mctrop-
ul ~ Washington. The funds had
only been in Memphis n short time
when | sent them. Hhey were sent
10 Hutchinson with instructions not
Z, acll them, and we took n receipt
for them ~ a Especial deposit" Hc
did not, hOWgr,r djsDOSe Of hcm.-
Ilc went 10 the First National Bank
OF New York, aud other banks oi
that city, and hypothcCatcd nearly
uil II said bonds for a loan. Hutch
inson was largely indebted 10 the
United States Government for dcDos'
iis. aud applied some of the proceeds
for the liquidation of his indebted
ur-s.
q How was Hutchinson rcpait
fur the slOO 900 he deposited In bonds
N-Thc -lOO,OOO that he first pui
up under the law went To- buy II pro
rurtiuual amount of the bonds. IL,
advanced tho balance, aud was re-
pJil los drafts on the bank Of Mem
phiS; aud not having been fully re
paid ut the time, The school Jund IRA
'.Hf him. We had drawn our accoun
down to point that I've was indcbtet
fp us some SHh,OO0 or more, and ht
tlsn refused to honor our drafts. Gu
Cashier Murganl tClcgraphcd Hutch
iu-un in regard To our drawing upon
him a. follows: "ltuttcr ordered tn,
drafts drawn; 10 was not my fault
There are no more Out.' This wa
my first information that Hutchin
..,u intended to deny our right +
draw upon him to the full extent o
our dep sit Hutchinson had incrCas
81 his stock 10 $1,000, and after tn
trouble with the state was made pub
lic lac desired 10 have his stock cred
ifui up to him, so that Il would M
rear that he had settled up I'm ful
With the hank. November 10Th
trlrsmphvi to sherman to rcmOv
uur crIlatyu,l- nom the hands q
Hutchinson, having heard tina
thcy were hyputhecated in NeN
York Mr.. I'M aud | went to 81
him, and urgri him 10 secure thei
return. al,p consulted u lawyer {
und 10 I could have him arrested lo
converting perial deposit. lie mad
promi-,.-, which lac broke, We ne
.utiatri with JAY Cooke In orlc
10 scytirv the bonds and pay tn
amonn'- ff which they were hypoth
coated By the Use Of checks an
money | ,ucrc,drd In getting S5iD
,so and had to deposit IL with ia
Cookc n co., a. cullaterals. octob,
- isH, I trlcgraphcd Jay Cooke
60, tu ,sll the st10,OpO In bonds an
rrt-iu the balance, taking out hi
rhnrr,r, and the interest due hin
holdinr balance subject to dram.
Iirrr followed a long corrcspor
drncr. principally On the side ,
Hutchinson,
\ telegram frum Washington, o
Juus "a. l~iN. frum Hutchinson I
Nuttrr. ave- II propose o. MAX
Nou "a Government Depository I,
m.frsa Tho moment Nuu rvcclN
ths r,Hihr,tr publish II, and com
utfnrI Hu-Iur,- at once
fhr ,gftI Iuty was prnrurtd ncro
I.urly. thlugh the agency pcrhap
UuI IIuaiu, who was aiterW az
ID D.. HN... .N.H....NH - FhR afH HlltIt