Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-30

bonds IN gold, and 10 make ms d'sui"iCS
good Boutwell, is substituting gold-bearing
for currency-bearing bonds, and buying
only the latter This is the Gnanciering
which Radicals praise so much.
vvsE RADICAL s'SCHOOL FUND.-
INVESTIGATION.
The last Radical Legislature, or rather
the House of Representatives, was driven
by the force of the exposures which this
paper had from time TO time made Of the
''school fund" peculation TO attempt an
investigation of that huge swindle, but
it proved much larger job than those
who moved in the matter implicated, and
it was finally abandoned in disgust, not
however until attempts had been made TO
wbitewash a number of prominent Radi-
Gals who were deeply implicated in the loss
of this fund Enough was brought TO
light through this embarrassing inyesti-
cation to show that a most outrageous
fraud was committed by those who were
concerned in spiriting away this ''sacred
fund, and that all who were involved in
that affair were Radicals. The committee
appointed by the House of Representa-
tiyes to investigate the 1'schOol fund.-
transaction, shrunk from the exposure OF
their party friends which they saw was
inevitable if they pushed the investigation.
The GAINESVILLE Patriot (RadicaD appre-
ciated the terrible odium which the
'tschool fund" fraud brought upon the
Radical party, and in its issue of Feb. p,
1869, that paper said:
''The new 'whitewashing' committee,
headed by Mr.. Singletary, has reported in
grandiose terms, there was nothing in the
record of Mr. Arnell's votes, while a
member of the2Assembly, which proved
any corruption on his part so far as the
school fund was cOnCerned-thath could
be believed on oath. and lastly, but not
least, that the House had no jariSdic-
ton Oucr him. Verify, our Solons Of the
Assembly have put to shame the historical
wisdom of the world, and hereafter the
characters of Bunsby and Capt. Cutie
must take back seats in the synagogue of
literature We understand there was not
a particle of evidence Offered, or sought
70 be adduced, showing that Mr.. Arneli
did not receive the moneys which were
sworn to and charged against him.
Another remarkable feature in this
sweet episode of legislation is, that
Mr. Arncn enicavored TO prove
that Rutter could not be bC}iCUcd on oath.
It viii be observed that, while Ruttcr had
funds in his hands to disburse to these
needy troutlets, they CouTsed up and down
the stream, Wagging their tails in all the
gushing lovliness of their natures, CRATE
fully receiving and swallowing the crumbs
with which the expert angler baited them.
Pending these proceedings, Rutter was
honest to a fault-DiOgCnas needed his
lantern no moran honest man was
found, and he continued iTTctTicyably
honest until these little State secrets COM
mencCd to leak out. Then there was 4
change of programme, and the honest
mantle was stripped from the 'greenspo in
memory's waste, which covered the blush
inc Crosse of Sharon and was suddenly
transferred to the Bardolphs, Pistols and
Nvms Ofthis Falstafiian arrayOf saints. 1t
was the little difference between then and
nor! The point must not be overlooked,
in the struggle 10 catch straws, as to
what did become of the school fund?
Who got it! Who has it2 Who has a
share of it, and why was il so shared?
These are questions yet remaining unan-
swcrcd, except so far as Mr.. Arnell is con-
Cencd. He has not been able to shake
off the contamination, or to wipe out the
damned spot, with all the assistance he
may have had from the Macbethian
witches of the Assembly. They have
Daltered in double sense, and that
fiat, Whitcwash as they may, and then
report c0rOm non judice, cover up as
they may, they cannot get earth enough
to shut ont the sight of the fostering
corpse. These appearances Of virtue
and entertainments won't dO,'
There is much force in what the Pa
triot said of the efforts Of the committee
to whitewash those Radicals whose gar
ments smell of the school fund. The
Patriot said truly, that Cover up as they
may, they cannot get earth enough to
shut out the sight of the fostering
corpse" Since the committee fed in
gloriously from the task Of exposing those
who were concerned in this "school fund
swindle, some facts have come to light
confirming the suspicious as TO their mo-
tiycs in Sinking the duty they had taken
upon themselves. In his letter from New
York Of Sept. {, 1869, Mr. George r.
Rutter, the late President of the Tonnes
see National Bank of Memphis, states dis
tinctly that the appointment Of his bank
as the fiscal agent for West Tennessee
''was a political one, for the express pur-
pose of aiding and contributing 70 the
Radical party of Tennessee. " The money
had been set aside ostcnsibly as a part of
the sacred school fund, but what
cared the Radical cormorants for the chill
drcn of the State, so they could get their
hands upon this fund, and hence they had
ii put where they knew they could get it
whenever they desired Another matter
is brought ont in this letter of Rutter,
which has heretofore been mystery.
When the coin belonging 10 the Bank Of
Tennessee was about being converted into
securities for the benefit of the school
fund, the purchase Of State bonds was
advocated, as they could then have been
bought at such figures as would have secured
nearly enough State bonds to hayemade up
the entire school fund The interest
on these State bonds would have yield
ed about $75, coo year, while the United
States 7-30s yielded but about $4,000
By investing in State bonds the "sch0ol
fund" would not only have received $780,
coo a year more in the shape of interest,
but nearly 81, 500, 600 of our bonds would
have been retired, and thusthe credit of the
State greatly benefited. But these bonds
would not have answered the purposes Of
the men who were on the scent of
the "school fund" Rutter frankly
confesses that he told his friends
that if this fund should be in
vested in State bonds, it would not
answer his purpose; that he would lose
the deposit, as he "would be called upon
for if. and this too when many OF their
names appeared in the bills payable y Of