Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-04-14

and, secondly, the phraseolOgy of the Code,
atmoneys that shall come to his hands on
account Of the State" was changed to "the
public money" Now how were shese very
important changes brought about? The
Comptroller was opposed to selecting the
Tennessee National Bank as a fiscal agent
Of the State, aud his consent was ALSO
lutely necessary, under the provision Of the
Code, but the President Of the bank headed
the Comptroller off by getting the Legis-
lature to pass a law comforting upon the
Treasurer exclusive authority to make the
selection, and not only this, but enlarging
his powers as 70 the money he shall de
post. Why did the Legislature make this
very important change, when it could lot
have been unknown TO the Radical mem-
bers Of that body that the Radical Comp
trOller was opposed to such change? What
potent influence did the President Of the
Tennessee National Bank bring to bear
with his Radical brethren in the Legisla-
ture to secure this very important change?
Here was the Treasurer authorized by the
Radical Legislature to select the fiscal
agents of the State without the concurrence
Of the Comptroller, and this warrant was
so worded as to authorize him to deposit
the school fund or any other "public
money! in the Tennessee National Bank
or any other bank. DR.. StanfOrd's letter to
Gov. BroWnlOW r~esigniDg his position as
Treasurer fully confirms this opinion. He
saws in that letter:
tRegarding this fund Of S61S,2j0 as pub
lie money! which had come into my
hands ION account of the State l felt
bound to deposit it in some fiscal agent Of
the State at the earliest possible moment.
Three National Banks had been notified
by me of their appointment as repositories
OF the public moneys. On the 9Th of June
last the Tennessee National Bank filed its
bond. prOperIg endorsed Uith the Secre-
tdrg Of State, and on the same day, accord
inc to NV understanding of the law, and
under a sense of the imperative duty, 1 de-
posted this fund in the hands Of the Presi-
dent Of that bank, taking his receipt, and
the bank agreeing to return this fund in
United States 7-30 treasury notes Of the
same series. l deposited it in the Tennes-
see National Bank because l believed to
be one of the best conducted in the State,
and because il was the only one that had
qualified itself by giving bond. l felt
bound by law TO deposit it, and could de-
post it no where else at the time"
We have now shown that the movement
to take the school fund.- from "the keep
ing 0sthe G-OVeFnOrand Comptroller, where
il had remained fifteen months in perfect
safety" and placing it in the hands Of the
Treasurer, originated with the political
friends and partisans Of Gov. BrOWnlOW,
and that it was carried through the Legis-
lature by their votes. We have shown that
the authority under which the Treasurer
deposited the school fund in the Tennessee
National Bank was conferred upon that Of
fcer By the Radical members Of the Legis-
lature, specially for that purpose, and that
they could not have been ignorant Of the
fact that the Comptroller had refused his
sanction TO the selection OF that bank as The
fiscal agent Of the State. What appliances
we're used to induce the Radical members Of
the Legislature 10 make this change in the
law, under which DR.. Stanford acted, is a
matter about which there has been a good
deal Of speculation. But the great fact
stands out in bold reliefthat but for the &C
ton Of the Radical members Of the Legs
lature, the political friends and partisans of
the Governor, the school fund.- would
have remained, ad would to-day have
been in the keeping of the Governor and
Comptroller. DR.. Stanford was simply the
instrument Of the Radical Legislature, and
the men who manipulated that vIrtuOus
body, and whatever crime attaches to him
for secretly lOaning'' the school fund.-
$50 an irresponsible, insolvent bank at
Memphis, - by which arrangement shalt Of
It turns out TO be a total loss 10 the State"
according to the "SeniOr Editor attaches
also to the Radical members Of the Legs
lature, who were accessories before the
fact.