Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-05-22

agents lsA As nearly the whole banking /
business is done upon a currency basis,
and any bank would sooner suspend than
pay its Obligations in specie, it practically |
results in this-the $50, 100000 of legal
tenders above alluded to has to sustain
the whole weight of some $3.50, DOC, 600
of demand liabilities, less $50, 900, 600 of |
specie held mainly ON deposit. 1t is but
too evident that the legal tender portion
Of the reserve has been allowed to run too
low for safety; very natural result OF
the dangerous lack of any efficient means
for enforcing the redemption of bank cir
CT lation. -. : -, -
THE NASHVILLE UNIVERSITY.
On the 18th of this month we published |
a proposition, under date of April 80,
from E. Kirby Smith and Bushrod r. |
johnson, to supply the educational ia
cilities, for fifteen years, for all students
to the Nashville University, proper, and
to the Montgomery Bell Academy, which
is q preparatory school for the Uniyer
sity. The proposition seemed so reason
able to us, under the circumstances, that
we Immediately commended it without
having had word of conference with
either of the proposers or any member of
the Board of Trustees. The Nashville
University is State institution, and its
Trustees are public officers. The duties
which they have to perform areof pub
lie character, in the faithful discharge of
which every citizen of the State has
an individual interest. Although largely
endowed, owing to the yicissitudes of
war this public institution, based upon
public funds for public purposes for the
benefit of the whole public, has been I'M
opened. With the exception of the COM
mendable effort which has been made dur
ing the present scholastic year to carry
into full effect the Academy, the Cniver-
sity of Nashville, which is o State Uni
versity, has been as though it were not.
The members of the Board of Trustees
are men of high character-thoroughly
alive to the importance of education and
wide awake to the interest of Nashville;
hence, while other private and public in
stitutions in this and other Southern
States have been revived and put
in successful operation since the
war, we have heard no complaint made
against our Board of Trustees because of
their failure to revive and put into success
full operation our State institution of
learning, with all of its buildings, grounds,
furniture, library, apparatus, etc. A
short time ago the position of President OF
the Univerity was rendered to Gen. Joseph
E. Johnston, at salary of $1,000 per
annum, which was to be paid by contri-
buttons from our citizens, for five years.
Prior engagements prevented his accept
ance of the offer. Therefore, when the
proposition of Gems. Kirby Smith and
Bushrod johnson was made to the
Board of Trustees, and referred to
special committee, consisting
of Messrs. Trimble, East, Bass,
c. X Winston and Lea, we did not hest
tate to endorse it fully and to express our
belief that it would be Immediately APP
proved and recommended by the commit
tee, and adopted by the Board To our
surprise, we find in the Banner of yester-
day communication from a correspond
ent, Y, opposing the proposition of Gems.
johnson and Smith, with such unfairness
that we are led to suspect that the dninlus
which dictated the communication of Y
was not that of high regard either for the
University, the city, the public good, or
the individual interest of the many.
We have rot space to answer the cap
tious assertions of this Y. But we viii
make the general reply to him that Gems.
Smith and johnson made no application
for lease of the University. For near
ly ten years, the University has been
idle. The youth of Tennessee have not
congregated within lis halls to receive
instruction. None have gone from it
prepared to combat the demon of Ignor-
ance and his handmade Intolerance.
With all of the funds, faculty house,
college buildings and their outfit, the
grounds, Montgomery Bell Academy and
its scholars, summed ''all up" by X
at value of ''$3O0,O00, and bond
of $50, 900, besides" the Board of Trus-
tees have not within the five years which
have elapsed since the war been able to
keep a single professor in the University,
or educate a single scholar. Does ",
by his imposing parade of items which
constitute the University of Nashville
mean to reproach the Board of Trustees
for Tstlessness and inattention to pub |
lie duty in which every private citizen is
interested? If so, we mean to defend the
Board from any such intimation. Cir
cumstances, which they could neither
avert nor control, have prevented them
from risking the hazard of employing in |
structors. Now, two gentlemen, trained |
teachers, eminent instructors, of I'M
blemished character, spotless integrity, |
of great personal popularity, pro-
pose, not to lease the University, |
but to hire themselves TO the Board of |
Trustees and take all the chances of pay
for their services from the students which |
they can bring to vacant, empty Uni
versity, which has no glory, no renown,
no prestige that does not antcdate the
war. We cannot doubt that the Board |
will accept the proposition which appeared |
in the UNION AND AMERICAN of Friday, |
the 18th. Should they refuse to do so, |
they will not, we are sure, attempt to ex- |
cuse themselves for their refusal by such |
assertions as We find in the communica-
ton of the gifted X.
What we have written before was,
what we write now is, without the knowl-
edge, consent or appreciation of, without
conference with any member of the
Board, or either of the gentlemen pro-
posing to take employment from the
Board. We write from the stand point