Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1873-04-02
Snoxpillf aajefklu Chronicle.
THE ToRBETT TRASH.
The House special Com tees Report on
the Miserable lob.


Saturdays Nashville Banner says:
The report alluded to in the minutes of
the proceedings of the House of Represen-
tatives yesterday, by the special commit.
tee appointed to examine into the case OF
the State and Samuel Watson vs. the Pres
ident and Directors OF the Bank of Ten
nessee and others, covered some eighteen
pages of foolscap closely written.
The committee report that the Chancel-
Tor who rendered an opinion in the case,
"held as n fact established by the agreed
case, as a fact admitted, that the new or
so-called '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 Laws
ful purposes, and not In the aid of the re-
bellion.n 20 s-.
uno1 the agreed state Of facts, that the de-
nands 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 that If the depositlons
of Dempsy Weaver, H. l.. Claiborne, + b.
Fogg and Isham G. Harris had been be-
fore the Court, the Chancellor would have
been compelled to arrive at a different con-
clusion, and could not have decided in
favor of the Torbett issue. Mr.. Claiborne's
deposition showed an extraordinary press
ure on the bank, and tended decidedly to
show that the issues were made Tor war
purposes.
Notwithstanding the credits given for
the war bonds. the balance against the
military bank for each month were as fol-
lows: May. 1861, SAG, 405 81; June Sill :
3l2 q July, SS3l ,22S 80 August, 81 ,S04 :
415 10; September, 81, lbs, SS7 81 October
S1,219,s75 AS; November, Sl,331 ,571 80
December, Sl45, 124-leaving the balance
due the bank January l, 1862, $4,626, 3d.
49, "But as the war bonds were not 9
security upon which money could be rails
ed, and were dead in the hands Of the
bank"
According to the dispositions, Governor
Harris and the Military and Financial
Board virtually took possession ofthe Bank
of Tennessee, which was a 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,n 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 oftestimony thai
at the time these transactions were being
consummated, the State auth critics, with
Gov. 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 intima
ton of refusal would have brought ruiz
upon that bank which attempted such
policy"
Mr.. Weaver had said that Gov. Harris
policy, was that they 1.-THE banks shoulC
be managed and used in the exclusive in
terest of the Southern CoDfederacy.n
Mr.. Frogg had said: 1T seemed to m
that martial law prevailed in Nashville il
the month of April, 1861, and the law O
force was the supreme law"
Governor Harris had said: AS the ne
cessities for money to organize and equi
the forces presented themselves, L issue
the bonds 1.-THE war bonds) but finding NJ
sale for the bonds, in the market, to pri
vate parties, resolved that the three prir
cipal banks in the State, /. e., the Bank {
Tennessee, Union and Planters Banks
should take the bonds and furnish III
money! Governor Harris is largel
quoted from.
The committee add: 1.-The so-called To
bett issue cannot and ought not to be pal
until the people shall have decided to pa
the entire war debt of the State. The fac
shown by the proof herewith presente
and on which the conclusions of this r
port are based, do not appear in the agree
case in the Supreme Court, and as the a
neal was from an interlocutory decree, Il
cause still being in the Chanc9ry Cou
thecommittee report that, in their opinlo
the Interest of the State require that I
appeai should be dismissed, and an eff
made TO open the case in the Chance
Court, that the proof bearing upon {
question and not now inthe record, shot
be presented for consideration by
court. ana your 90
mittee suggest the propriety of imme
ate action In this matter.
[Signedl l.. 9. HoUK, Chm
G.. w. MARTIN,
HOLMES CUNIMIN
JOHN S. KERR,