Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-11-04
MEMPHIS
F. A. TYLER, EDITOR.
THURSDAY aOagNe, +: NOV Z, 1868.

iuLnoDAl MoONtrEs NLs- - l5o5
THE "sacred school fund.-" under
the direction Of ex-Gov. HARRIS, and
during the war in charge of our towns
man JESSE T. BROWN, almost intact,
was returned 10 the keeping of Gov,
BROWNLoW and the Comptroller, and
remained safely in their hands Tor a
number OF months. But, for the
benefit of a few manipulatOrs of the
Radical party, it was taken by the
legislature out of the hands of the
legal custOdiaus, and given over to
RUTTER, who was supposed to be easy
Of access for leans. When the un-
sound condition Of his bank became
known, or suspected in December,
1866, a resolution of the Senate COM
PEELED the State Treasurer &. report
what had been done with the money,
and drew forth his statement that
the 4" 80 United States securities be-
longing 10 the school fund, together
with the accrued interest thereon, r
on deposit in the Tennessee National
Bank Of Memphis, and are return
able to the Treasurer, as Superintend-
ent OF Public instruction, i'm bonds Of
the same series" Three days after
wards BROWNLOW sent in a message
inviting /" early and vigilant atten-
ton To this subject" but saying also
Il intend no reelection on the bank.
as all banks have a right to borrow
and loan money in their legitimate
operations, - thus c%0nsenting to what
had been d0Dein lO8ning to the bank.
and 10 what the bank had done in
putting the State TO risk by its use Of
the money. He censured nobody
only said there were three national
banks ia this city, with which it could
have been divided out; but it is for
You, gentlemen, who turned this
money over 10 the Treasurer.
TO look after It's safety" The
L stature then authorized the
Governor % take measures for
is recovery, and he sent BossoN
and SPENCE, OF the Senate, and ELI
OFT and NORMAN, Of the House, to 4
Memphis, 20 recover and bring the
sacred fund.- back to Nashville. The
Committee, December Is, 1866, re-
ported that they had presented the
Treasurer drafts on the Tennessee
National Bank for the amount de-
posted, and were met by the Presi-
dent OF the bank in a spirit Of manly
candOr, exhibiting an eanestness 20
furnish the Committee with the con-
dldon of the bank and the evidence
OF is ability and purpose to meet at
once the demands Of the Committee"
They reported, also, that they had
"scrutinized the condition Of the
bank, and were impressed with its
solvency, and that ''the final arrange
ment between the Committee and the
bank resulted in the prompt payment
by the bank Of the sum Of s2iG.u52 80.
twenty-three bonds of the State for
$1,000 each, and satisfactory arrange
ments for the payment Of the bal
ance." At this very time the bank
was in bad Tepuje in Memphis. and
the skill if not the integrity of its
management despised. The e~xulana-
tion Of this whitewashing report is
fully given in RUTTER's letter of Sep
TENDER C, 1869, from New York. pur-
porting to be in ~selEdefense, in which !
he says Of the transfer OF the fund TO
his bank:
The appointment of this institu- :
ton 10 this agency was a political one !
ior the express purpose OF aiding and /
contributing TO the Radical party Of !
SO well was this committee pleased !
with the settlement / made with I
them, that they published a card i'm +
Memphis papers, stating that l y
mad met their demands, that i had a.,
acted IN perfect good faith, and spoke :.
OF me IN the highest and most res 4
pecuul terms" D
The public viii remember the pub ,
LEGATION of thal card" Afer pro- n
to have made the examination =
required Of them, they said in it: a
We have 10 hesitancy in saving "
that We regard the bank entirely safe G.
and trust Do may continue TO do a /,
profitable business. 1t has our best ;,
Tor its success, and we shall
AXE an early occasion 10 present the ~
70 The Legislature in a most Fl
favorable light" y
This Committee was sent to Mem &c
not to make compromises, take le
notes, and return a withdrawing re- OF
'ort, but 20 recover and bring back er
hat school fund. But instead, they On
ook part, and compromised for the ba
The following is an extract sh
their report: co
The committee proceeded to Mem su
ms, and al once presented the claims di
a tle lrunr..re National Bank for
-~lteiueni; l their negotiations y,
nth that Da resulted In the nay- ell
OF the committee OF the laIiao- tn
20 amounts aud notes: no
E.- 5u tne Secretary OF the Tr.q.- Tn
or the United states l5r s-sl W.
5000 Or tro
lr e1ey -- da
y n,y--hrce state oat4.
s-a.@a Al
~ note signed hy The President ui'
tennessee Rational Bank. payable dis
J.u llaleh. So sg3 n Al.
& nos- signed by the Pfesidelt A'
leuus see N4uohal Bank, payable III
.1-N ialar U.s.. blbg2 81 an
he uole signed 81 tie PIesldeut of
nny7s-e National Bank, payable =
I.l EaHIH.AuH-r NHr4 kEHl Or j Aa
l. note signed bv the P.gsidgat pr,
tennessee National Bank, payable n,
Siu December, ls5. -....-...-.-..... $1,000 % ~
s0ss,6zI 80 ~
" The committee are exercising, as ter
ey think, "a prudent discretion in ain
e discharge Of other duties imposed nee
A., which, when concluded, will 500
RIM the subject OF another report" 9th
No further report has yet been made. enl
ID the whole action of the LepisIa- !
re so far has been directed 10 save Loo.
e bank, saw accomplices, and save She
e money only to the extent possible 5
.thoat bringing the plunderers 10 Of
stice. RUTTER goes UNPUBLISHED. -,
cause they dare not punish him. thi.
lille il was impossible both to pun one
and gag him. According to the me
timony Of r. S. PARHAM, attorney Ne
The bank, the following members of ser'
Legislature advised the turning bef'
r OF the money 10 the Tennessee que
tiOnal, viz: ARNELL, MULLINS, nee,
Nh, WINES, CYPERT, HALL, FU- spoil
!, DUGGAE, MULLoY, SINCLAIR, ing
TTON and RICHARDS. And it is aini
ierstood they have received money new
a that remarkable institution con- rath