Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-03-22
THE TORBETT ISSUE.
Report of the Investigating Com.
mitfee.


mitfee.
The report alluded to in our minutes of
the proceedings of the House of Represent
atives yesterday, by the special committee
appointed to examine into the case of the
State and Samuel Watson vs.. the President
and Directors of the Bank of Tennessee
and others, covered some eighteen pages of
foolscap, closely written.
The committee report that the Chancel-
lor who rendered an opinion in the case,
SHIELD as q fact established by the agreed
case, as a fact admitted, that the new or
so-caled 'Torbett issue of the Bank of
Tennessee, was made, issued and placed
upon the market in the usual course of
trade and business for legitimate and law
full purposes, and not in the aid of the re-
bellion.
Again, the learned Chancellor assumes,
upon the agreed state of facts, that the de-
mands of the Military Board could have
been met by the Bank of Tennessee with
out increasing its circulation, and was not q
military necessity.
The committee waive the question as to
the decision based upon the agreed state of
facts, but submit if the depositions of
Dempsey Weaver, II. L. Claiborne, T. B.
Fogg and Isham G.. Harris had been be-
fore the Court, the Chancellor would have
been compelled to arrive a. different con-
clusion, and could not have decided in favor
of the Torbett ISSUE. Mr.. Claiborne's de-
position showed an extraordinary pressure
on the bank, and tended decidedly to show
that the issues we're made for war pur-
poses.
Notwithstanding the credits given for
the war bonds. the balance against the mill
tary bank for each month, were as follows:
May, 1861, SAG, 4O5 81; June, $711,312 81;
July, 1881, 22S 80; August, $l,S04 ,415. 10;
September, 81, 13S, S37.sl; October, S1,219,-
S75.43; November, S1,33 i,571.39; Decem-
Der, $l45, 124-leaving the balance due the
bank, Jan. 1, 1862, of $4,626, 1924 "a
"But as the war bonds we're not a security
upon which money could be raised, and
were dead in the hands Of the bank"
According to the dispositions, Governor
Harris and the Military and Financial
Board viz ually took possession of the Bank
of Tennessee, which was State institu-
ton, and the fiscal agent Of the State. They
checked on the bank for whatever they
wanted, to enable them to organize and
equip ''the Provisional force" according to
Mr.. Weaver, before the committee, as he
had occasion to know, when Cashier OF
the Planters Bank in 1861.
"There is an abundance of evidence that
at the time these transactions were being
consummated the State Authorities, with
Governor Harris at their head, would not
have allowed these banks (Union and
Planters') to have declined accommodation
to the Bank of Tennessee, and the least in
timation OF refusal would have brought
ruin upon that bank which attempted such
policy"
Mr.. Weaver had said that Governor Harris
policy was that "they (the banks) should be
managed and used in the exclusive interest
of the Southern Confederacy."
Mr.. Fogg had said: at seemed to me that
martial law prevailed in Nashville in the
month Of April, 1861, and the law Of force
was the supreme law"
Gov. Harris had said: "As the necessi-
ties for money to organize and equip the
fooces presented themselves, issued the
bonds (the war bonds), but finding no sale
for the bonds, in the market, TO private par
ties, l resolved that the three principal
banks In the State, i. e. the 2ank of Ten
nessee, Union and Planters Banks should
take the bonds and furnish the Money"
Governor Harris is largely quoted from.
The committee add; HThe so called Tor
bett issue cannot and ought not TO be paid
Until the people shall have decided to pay
the entire war deb Of the State, The facts
shown by the proof herewith presented,
and on which the conclusions of this report
are based, do not appear in the agreed
case in the Supreme Court, and as the
appeal was from an introductory de-
cree, the cause still being in the Chancery
Court, the committee report that, in their
opinion, the interests of the State require
that the appeal sh Iuld be dismissed and an
effort made to open the case in the Chan
Gerry Court; that the proof bearing upon the
question and not now in the record, should
be presented for consideration by the court.
Aud your committee
suggest the propriety Of immediate action
in this matter. L. @. HOUK, Chairman,
@. w. MARTIN,
HOLMES CUMUNs,
JOHN 5. KERR,
JOHN BLEvINs.