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

43,63Zo5 coupons sold, ana SjoI 10 cash AsoOO
Total. I75,OOO
The coupons, which were sold and ex-
changed for the above bonds, were clipped
from bonds belonging to the bank. As TO
the propriety and correctness of these trans
actions in coupons and bonds, the
committee are not advised, as the
trustee kept no account or men,
Orandum thereof, other than OF the amounts,
and was unable to state with whom or
when they were had. or from what bonds the
coupons were clipped. He was also unable
to state what particulars bonds he received
with the assets; nor could he state when
or from whom any of the bonds were re-
ceived.
The $4,000 Tennessee bonds mention
ed in said exhibit as having been returned
to Treasurer Rust, are no part of the Sl75,-
coo of bonds above named. Watson states
that he received them with the assets, and
returned them to Rust, as a part Of the
school fund.
From the statements of the Governor,
and from the report of Comptroller Dun
lap, dated October, 1859, the committee are
Of opinion that the 81 Tennessee bonds
above named for $3.50 each, amounting TO
5000 known as capitol bonds, have either
been paid by the State or are part OF the
school fund and not assets Of the bank.
In exhibit ''Cfthe trustee is credited with
attorneys fee 5,60}.Sz and expenses $92,-
009.06, puTporting to have been paid by
him. (NO vouchers have been exhibited
for any of these amounts nor do the CON-
mittee know whether they have been paid
nor to whom, when or howl
There are large amounts of notes, bills,
judgments, and claims due the bank still
outstanding and unsettled in the hands of
the trustees attorneys, (but the amount
is unknown to the committee and cannot be
ascertained from the books or papers Of the
trustee or any evidence al the hands of the
committee.)
In the present condition of the books of
the trustee, as per his statements, it is i'm
possible TO ascertain the true condition of
the assets, or TO state a satisfactory account
between him and the bank, or to know
| fully his dOings as trustee. He files a copy
of his cash account as part of his state
ment before the committee. In said cash
account are included old and new issue OF
tie bank and United States currency with
out distinction. Ii also includes 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 OF amounts of each kind received;
/ nor can this be ascertained from any
| evidence in possession or reach of the
| committee. Another reason why the &C
count cannot be satisfactorily stated is,
| that the Trustee, IN many cases, took
| United States currency in payment of debts
| due the bank, and bought Tennessee money
/ with the United States currency so received.
| But be kept no record of such 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 the large amount of debts due the
bank and in the hands of the trustees at
toTneys, very little seems to be known by
any one. Few of his attorneys have made
any reports 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 repeatedly
called upon his attorneys to report upon
claims in their hands, but has not received
them.
The trustee also has in his hands &c.,
| 1881 of notes taken for lands sold and
money loaned by him as trustee, payable
in United States currency. He also has
S22,O 900 Hawkins county bonds received il
compromise of debts due the bank.
In the deed of trust executed by the bank
to Watson, Trustee, are mentioned and as
| signed to him ''an amount of Union and
Planters bank notes; also, $4,000 Ten
nessee bonds bought of the Nashville and
| Northwestern Railroad Company; but Mr.
Watson SAYS he never received any such
notes OF bonds. III. G.. Scovell says he
thinks there were some notes on these
banks among the assets, but the committee
have no other evidence on the subject ex
cept that the books of both the railroad
company and bank show that the bank did
buy about Sl1S,O00 bonds from said compa
ny in 1860.
The trustee states that he has collected
as follows:
On ''bills and notes. 6s2,s73 L
| On "bills and notes in suit (vhen
assets were received) ............-.... 134, COS
| Interest on bills and notes. ....-.... lS1 ,l5O
| Protest fees on bills and notes.. ey2
| Proceeds of Southern bank notes
sold for old issue. H,O9l s
Total. ........sl, IS, SIS O
Which was disposed Of as follows:
Burned by the trustee
and others. ,O00,655 q
| Cancelled by trustee,
and now ON hand. IL 800 90
| In the hands Oftrustee
uncanceled 49,. 30 75-sl, Ol2,TI6 o
a % o. .
| Balance. .-.......-.. ....'.-......-S lS'Su'
He accounts for this balance by sayin.
that it may have been collected in Uniie'
States currency, and may have been pai'
out in taxet, etc.
Tennessee Money.
The trustee states that, according to TIN
books OF the bank, its circulation was a
follows, tO-wIt:
New issue (issued in the STATED $50. Loco, 80
New sue ISSUED SOuth) .............. 17T,Oo
Total circulation when assignment
| was made ..s.--.----...... Sc. 4,ilV,oo
OLD ISSUE.
Amount of old issue................s2 9S3, 346 o
| of old issue he states that the
| following amounts have been burn
| ed and Cancelled, to-vit:
| Burned by Treasurer
| Rust and Others 3ls,Ibi %
| Burned by Treasurer
| Morrow and others sl4,lSl o.
Burned by Trustee aud
Others ,O9I, 81 10
Cancelled by Treasurer
| Morrow and others e. S2, 1872 90
Cancelled by Trustee IL -999 %
On hand ami not can
ceIed. go T5-s3, oS9 PILL
| Amount burned and Cancelled,
more than issued ............. l0j, 1851
NEW ISSUE.
| Amount of new issue $1,000. .......S H. 2O 0
| OF new issue the trustee states
that the following amounts have
been burned and Cancelled, tO-wit:
Burned by Watson and
| others - SSO,214 %
Burned by Morrow and
| others --.-.. ..-..-.....ll yo54 "
| On hand and not can
| celed ...................1O,l 34 5O-S 10l,7i2
Amount of new issue OutstaDd-
From the above statement il appear
thai there have been burned and Cancelled
SIO5, $50. 10 more of old issue than was eve
issued. Surprising this TO have been new