Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1874-12-16
TRUsrEE WATSON ON THE STAND.

much of his reply to the leglsla-
tive committees report as may be
essential TO fairness toward both sides.
The answer occupies five columns in the
Nashville papers. 1t is temperate,
business.like statement, involving sew
eral questions of veracity between him
self and the committee. Mr.. Watson is
an old gentleman, some seventy-hve
wears Of age, has lived at Nashville forty
seven years, held high positions of trust,
and we understand, has always enjoyed
the confidence of the public. His
friends claim for him the utmost purity
of character and integrity of motives.
But to his defense. He complains In
the first place that the committee re-
mort was laid before the public in an I'M
finished condition, and that the
effect is to injure him in the eyes
of the public. The Chancery
Court entered decree previously
approved by him to appoint committee
10 act in concert with the legislative sub
committee to investigate the affairs OF
the bank. The subcommittee declined
to act with these appointees. The courts
appointees, J. B. Shankland and j. c.
Rye, are diligently at work and will be
able TO report upon every item OF Mr..
Watsons irusteeship, and by this he is
willing TO stand or fall. The charges
made are answered ad seriatim. /. 1t
is untrue that he refused or failed to
make an itemized report as ordered by
the Chancery Court, in June, 1872. His
first report to the Chancery Cour. was
made in 1866, and he has made numer-
Gus reports since, including the one in
1872, which was accepted by the State Is
Attorneys. 2. BE was ready TO settle
with the committee If they had had the
authority; that he has always been ready
10 turn over the assets to any one having
authority to receive them, and made
such statements to the committee as
were called for. 3. 1t is charged
that in the present condition Of the as
sets and books it is impossible to ascer-
tain their true condition or to state a
satisfactory account between him and
the bank. Mr.. Watson comes back by
saying that there was but one member OF
the committee Who had any knowledge
of bookkeeping. and that he was not
with them until near the close
of the investigation; consequently,
transactions amounting TO several
million of dollars must have looked
rather confused to them. His books are
kept by double entry, and everything
entered upon the most approved plan.
The bills and notes are not kept in these
books, but are kept in alphabetical Or
der in separate book, and these eofre-
spoud in amount with the bills and notes
entered on the journal and ledger. This
book was frequently before the commit
tee. On another book is record OF all
bills and notes only partially paid, OF
wholly unpaid, with the amounts, dates,
when due, the drawers and indorsers,
and the attorneys in whose haRds they
are placed. This book also has columns
showing what notes and bills are good,
doubtful or bad, and whether they
are in suits or 10 judgments. There
are no entries Of new issue on
the cash account. The amount CT
old issne entered as cash can be
ascertainsd by referring to the original
checks from which the cash entries we're
made. IL the books should show larger
amount Of ole issue received than is on
hand and burned, the excess has been
accounted for as United States currency
co the injury of the trustee and the
benefit of the bank. A. The books said
10 be missing we're schedule books con-
tanning an incomplete list Of the notes
aud bills, bus not other assets but that
a complete inventory WAS entered in a
large book called "a corrected list Of
assets" efter which the small sehsdsle
hooks we're thrown aside, but not lost.
The assets Of the bank we're originally
turned over TO the directors, and by the
directors 10 Mr.. Watson. Ths assets
we're examined and re-examined. che
last time occupying three months, when
everything was entersd upon the journal
and ledger. a statement Of which shows
the amount Of each class, and Was incor
pOrated in a report made to Governor
BrOwnloW in 1866, and approved by the
directors. who had full access tc
the schedule books, and Mr.. Watson says
the committee saw q record Of these
proceedings. he is not willing to be
charged with the discrepancy Of q ,9T4,.
$50 50, which occurred from the time
the assets we're turned over to she Fed.
eral authorities and the time he came in
possession in 1855. The assets yer,
scattered over the country, and h
il not responsible for any tina
nav have been nisssd in that time
& An his transaciio8s in bond
ana coupons hSTs bees fAithfplly r.
-o-a-d bpt ,hs pamss Of parties vt