Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-02

ably do not include salaries, So, 4O5.S2.
Il is also probable that there are other
items of expense to be added to it. But
the committee not having copy OF the ex-
pense account before them cannot state
more definitely.
All these expenses purpOrt to have been
paid in United States currency. His col
lectiOns amount in the aggregate to 81 ,O32,-
655.02, from which it appears, that his ex-
penses have been largely over ten per cent.
of his collections. This rate of percentage
is rendered much greater in view Of the
fact, that his expenses have all been paid
in currency, and his col ectiOns have been
in Tennessee money. The committee are
of the opinion that many items Of ex-
penseS, as shown in his cash account, were
unwarTanted.
The committee are unable TO see, why
So, 1880 were paid to w. j. Cochran,
Cashier. after the assets were assigned to
the trustee, and the bank had gone into
liquidation.
Delay I'm the Litigation
In response TO that part Of the resolution
that requires the committee 10 investigate
the cause Of the delay in the litigationS in
volying the settlement Of the affairs of the
bank, they find no good or sufficient cause
for such delay, and they are Of opinion that
the main questions involved in the pend
ing litigation might long since have been
settled if that diligence had been used that
the importance Of the matter demanded.
The committee refer to the evidence
herewith fled for further information upon
the subject matter Of said resolution, upon
which this report is based.
- - .fc
are DOW ing settled under the orders of
the Chancery Court, and that the Court
has full power to compel the production of
proper vouchers, and TO make all orders and
DEGREES necessary TO protect the interests OF
the State and compel an early settlement
of the trust, the committee have not thought
proper to prOlOng the investigation further.
All of which is respectfully submitted.
y. SNITHsOS,
JAMES d. TILLMAS,
Z. A. JAMES,
Committee on part Of the Senate.
HORATIO L. MOORE,
JESSE T. BROWN,
Committee on part Of the House Of Repre-
sentatNes-
Note.
After making and signing the foregoing
report, the COMMITTEES appointed the Hon.
/ f. A. James and Hon. j. T. Brown as a
subcommittee to prosecute the invCStisa-
ton further, hoping that the COMMITTEES
might thereby reach more definite and
satisfactory conclusion than the above re-
port, and though they remained in Nash
/ Vile and continued the investigation for
some time, they were unable to develop
/ any new facts.
They inform me that they said James
and BrOwn) procured the Chancellor to ap-
1 point a special commissioner TO take and
state an account with said Watson as trus-
tee; and that they also procured the Chan
cellOr to discontinue the salary and ex-
penses of the trustee.
The foregoing report has been withheld
until this time with the expectation that
the committee could avail itself Of the facts
/ developed and statements made by the
| Clerk and Master or Commissioner in set
Ting with Mr.. Watson; but the committee
are Informed that no report has been made
| by the Commissioner, and that 1t IS uneer-
| tain when it will be made.
A majority of the committee have direct
| ed me to file this report at once, with this
explanatory note.
n. SSuTHsON,
Senator 18th Dist. Tenn,
Chairman Of Committee.
Nov. p, 1874.
Here follow exhibits A, b and G. The
| first shows the total assets Of the bank, on
Jan. 1. 1861, to have been ST,Oll ,2S3.9O,
/ and liabilities the same amount.
Exhibit b shows the total credits Of the
bank and branches when turned over to
the Federal authorities in May, 1865, to
have been Sl4,9O2, Sl2.7T, and liabilities,
/ the same amount.
Exhibit C shows the trustees account
| with the bank:
Watson, trustee, dr.....-.........sl2,92I ,l59 y
| cr............ lO,S0e $50 g