Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-12-04


changed for the above bonds, were
clipped from bonds belonging to the
bank. As to the prOpriety aud correct
ness Of these transactions in coupons
and bonds the committee are not sdvis-
ed, IS the trustee kept no account or
memorandum thereof, other than of the
amounts, and was unable 10 state with
whom or when they were had, or from
what bonds the coupons were clipped.
He was also unable to state what partic-
ular bonds he received with the assets,
nor could he state when or from whom
any Of the bonds were received. The
SO, 900 Tennessee bonds mentioned in
said exhibit as having been returned to
Treasurer Rust, are no part of the $780,
600 Of bonds above named. Watson
states that he received them with the
assets, and returned them to Rust as 81
part of the school fund. From the state
ment Of the governor and from the re-
port of Comptroller Dunlap, dated Octo-
Der, 1883, the committee are of opinion
that the thIty-twO Tennessee bonds
above named, $3.50 each, amounting to
$500, known a. capitol bonds, " have
either been paid by the State, or part of
the school fund, and not Of the assets
Of the bank. In exhibit &C" the trus-
tee is credited with attorneys fees, $751;
sos 81, and expenses So, 209 06, puT-
porting to have been paid by him mo
vouchers have been vet exhibited for any
OF these amounts, nor DO the committee
know whether they have been paid, nor
to whom, when OF how. There are
large amounts of notes, bills, judgments
and claims due the bank still Outstand-
ing and unsettled, in the hands Of the
trustees attorneys. But the amount is
unknown to the committee ana cannot
be asceTtained from the books or papers
Of the trustee or any evidence at the
hands Of the committee. In the present
condition of the books OF the trustee, as
per his statement, it is impossible to as
certain the true condition of the assets,
or to state a satisfactory account be-
tween him and the bank, or to know
fully his doings as trustee. he files a
copy of his cash account as part of his
statement before the com mittee. In said
cash account are included old and new
issue OF the bank, and United States cur
rency, without distinction. 1t also IN
cludes notes Of the Bank Of Tennessee,
taken in payment of taxes, and burned
and cancelled by the State treasurer; said
cash account wholly fails to show the
respective kinds of funds or amounts OF
each kind received, nor can this be as
certained from any evidence in possess
sion or reach of the committee. An
other reason why the account cannot be
satisfactorily stated is, that the trustee,
in many cases, took United States cur
rency in payment of debts due the bank,
and bought Tennessee money with
United States currency so received.
But he kept no record of cases, and
cannot now show in what cases this
was done, nor with whom nor when,
nor on what terms. He also clipped
coupons from Tennessee bonds held by
him as assets, and exchanged them for
other bonds, but cannot state with
whom, nor when these transactions were
had. OF large amount of debts due
the bank and in the hands OF the trus-
tees attorney, very little seems TO have
been known by anyone. Few of his
attorneys have made any report of the
condition of claims in their hands for
year past. The reports made are
very imperfect and indefinite, with
some exceptions. The trustee in
forms the committee that he has repeat
eddy called upon the attorneys TO report
upon claims in their hands, but has not
received them. The trustee also has in
his hands $50, 1875 81 of notes taken for
land sold, and money loaned by him as
trustee, payable in United States cuIren-
cy. He also has So, 600 Hawkins coun-
~ bonds, received in compromise Of
debts due the bank. In the deed of
trust executed by the bank TO Watson,
trustee, are u entiOned and assigned to
him San amount Of Union and Plant
eis' bank notes; also $4,000 Tennessee
bonds, bought Of the Nashville and
Northwestern railroad company, but
Mr.. Watson says he had not received
any such bonds. H. @. Scovel says he
thinks there were some notes on these
banks among the assets, but the COM
mittee have no other evidence on the
subject, except that the books OF both
the railroad company and the bank
show the bank did buy about SllS,OOO
bonds from said company in 1860. The
trustee states that he has collected as fol-
lows:
ON Hills and uOteS 6sZ.siS u